﻿---------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  O:\returns\returns_REStat_replication_23082022.log
  log type:  text
 opened on:  23 Aug 2022, 13:40:29

. cd "W:\returns"
W:\returns

. global estimation "W:\returns"

. 
. 
. **************************************************************************************
. 
. * This file performs the estimations for
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. **************************************************************************************
. 
. 
. do "$estimation\returns_EST_CEM_cluster_2022_08_22"             // estimations clustering at firm-treatment event level

. clear all

. set more off

. *capture log close
. set logtype text

. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by flavor of Stata.  See limits
    for more details.

. 
. local mydate: di %tdDNCY date(c(current_date), "DMY")

. 
. global output           "O:\returns"

. global data_path        "W:\returns\REStat_estimation_data" 

. global work                     "W:\returns\REStat_estimation_data" 

. global graphs           "O:\returns"

. 
. global graphs_do        0

. * choose 0 =  no graphs; 1 = do graphs
. global horse_race       1

. global dummy            1  /* 1 if estimate constant /  interacted TE models, 0 otherwise */

. global ownfirm          0  /* 1 if only use obs where the individuals in the firm they were in at t = 0 */

. *log using "${output}\returns_EST_CEM_`mydate'_noIQ.log" , replace
. 
. **************************************************************************************
. 
. * This file produces the main results for
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. 
. **************************************************************************************
. 
. /*  
> \
> ()
> {}
> []
> =
> `i'
>  >
>  <
>  |
>  +
> */
. 
. * set seed 
. set seed 346352014

. 
. **********************************************************************************************
. 
. * inventors
. 
. **********************************************************************************************
. 
. * NOTE on data cem - matching vector
. * A: cem on educ, STEM, IQ, manuf, sme, region
. * B: add age
. * C: add dwage over past 3 years
. * D: add avg wage over past 4 years
. * E: educ, STEM, IQ, manuf, region, age, firm size quintiles 
. * F: educ, STEM, manuf, region, age, firm size quintiles 
. * G: educ, STEM, manuf, region, age, firm size quintiles, dtf, suorv_d
. 
. capture program drop alterations

. program define alterations, eclass
  1.                 matrix A = e(b)
  2.                 matrix A[1,96] = 0
  3.                 ereturn repost b = A
  4.                 ereturn repost V = koev
  5. end

. 
. 
. 
. * choose data
. * NOTE: choose data_int == 6 if you want to use the IQ data; use data_int == 5 if you want to use the large data
. global data     G

. global data_int 5

. 
. global sose_types inventors sose_entr whitec sose_bc 

. global cow_types_oth sose_sr sose_mngt_jr sose_jr

.         
. local datacounter               = 3

. forvalues datacounter   = 3/4  {
  2. 
.         if  `datacounter' == 1 {
  3.                 use "${data_path}\cem_estim_inventors$data.dta", clear
  4.                 local sose_type         = "inv"
  5.                 }
  6.         else if `datacounter' == 2 {
  7.                 use "${data_path}\cem_estim_sose_entr$data.dta", clear
  8.                 local sose_type         = "entr"
  9.                 }
 10.         else if `datacounter' == 3 {
 11.                 use "${data_path}\returns_EST_sose_mngt_sr$data.dta", clear
 12.                 foreach k of global cow_types_oth {
 13.                         append using "${data_path}\returns_EST_`k'$data.dta"
 14.                         }
 15.                 local sose_type         = "whitec"
 16.                 }
 17.         else if `datacounter' == 4 {
 18.                 use "${data_path}\returns_EST_sose_bc$data.dta", clear
 19.                 local sose_type         = "bluec"
 20.                 }
 21. 
.         drop if ika >= 60
 22.         
.         capture:        drop if wage_l14_obs != 1
 23.         capture:        rename inventor treated
 24.         capture:        gen treated_cow = inv_1
 25.         capture:        gen     cem_weights = 1
 26.         capture:        drop treated
 27.         replace treated_cow                     = 0             if treated_cow == .  /* corresponds to inv_1 */
 28.         capture: bysort shnro: egen treated     = max(treated_cow)
 29.         * regressions
.         gen lnwage                                      = ln(wage)
 30.         gen lnearnings                          = ln(earnings)
 31.         gen lnwage_alt                          = ln(wage + 1)
 32.         gen lnearnings_alt                      = ln(earnings + 1)
 33. 
.         gen cem_year0                           = .
 34.         replace cem_year0                       = vuosi if cem_matched == 1
 35.         bysort shnro: egen cem_year     = max(cem_year0)
 36. 
.         * treatment = treated_cow
.         * treatment year = cem_year
.         * NOTE: if cem_year == ., the individual is an inventor who was not matched by cem
. 
.         sort shnro vuosi
 37.         forvalues i = 0/10 {
 38.                 gen l_`i'                               = .
 39.                 replace l_`i'                   = 0  
 40.                 replace l_`i'                   = 1 if vuosi == cem_year + `i' 
 41.                 }
 42.                 
.         forvalues i = 1/10 {
 43.                 gen inv_l_`i'                   = .
 44.                 replace inv_l_`i'               = 0  
 45.                 replace inv_l_`i'               = 1 if vuosi == cem_year + `i' & treated == 1 
 46.                 }
 47.                 
.         forvalues i = 1/4 {
 48.                 gen f_`i'                               = .
 49.                 replace f_`i'                   = 0 
 50.                 replace f_`i'                   = 1 if vuosi == cem_year - `i'
 51.                 gen inv_f_`i'                   = .
 52.                 replace inv_f_`i'               = 0 
 53.                 replace inv_f_`i'               = 1 if vuosi == cem_year - `i' & treated == 1 
 54.                 }
 55.         forvalues i = 5/7 {
 56.                 gen fl_`i'                              = .
 57.                 replace fl_`i'                  = 0 
 58.                 replace fl_`i'                  = 1 if vuosi == cem_year - `i' 
 59.                 gen inv_fl_`i'                  = .
 60.                 replace inv_fl_`i'              = 0 
 61.                 replace inv_fl_`i'              = 1 if vuosi == cem_year - `i' & treated == 1 
 62.                 }       
 63.                 
.         
.         gen treatment_time                      = vuosi - cem_year      
 64.         replace treatment_time          = . if (treatment_time < -6 | treatment_time > 10) & treatment_time != .
 65. 
.         egen minage                                     = min(ika)
 66.         gen age2                                        = ika
 67.         replace age2                            = minage + 1 if age2 <= minage + 1
 68.         local minage_plus                       = minage + 1
 69.         display "`minage_plus'"
 70.                                                         
.         char vuosi[omit] 1994
 71.         char age2[omit] `minage_plus'
 72.                 
.         xi i.vuosi*i.age2
 73. 
.         global calendar_year_ds _Ivuosi_*
 74.         global age_ds _Iage2_*
 75.         global interactions _IvuoXage*
 76. 
.         gen after                                       = 0
 77.         replace after                           = 1             if treatment_time >= 0 & treatment_time != .
 78.         gen treated_post                        = treated * after
 79. 
.         if $graphs_do == 1 {    
 80.                 regr lnwage                             $calendar_year_ds $age_ds $interactions if cem_year != . 
 81.                 predict lnwage_hat  
 82.                 regr lnearnings                         $calendar_year_ds $age_ds $interactions if cem_year != . 
 83.                 predict lnearnings_hat
 84. 
.                 gen wage_hat                    = exp(lnwage_hat)
 85.                 gen earnings_hat                = exp(lnearnings_hat)
 86.                 
.                 bysort treatment_time: egen wage_avg_control_raw0       = mean(wage) if treated == 0 & cem_year != . 
 87.                 bysort treatment_time: egen wage_avg_treat_raw0         = mean(wage) if treated == 1 & cem_year != .
 88.                 
.                 bysort treatment_time: egen wage_avg_control0           = mean(wage_hat) if treated == 0 & cem_year != . 
 89.                 bysort treatment_time: egen wage_avg_treat0                     = mean(wage_hat) if treated == 1 & cem_year != .
 90. 
.                 bysort treatment_time: egen earn_avg_control0           = mean(earnings_hat) if treated == 0 & cem_year != . 
 91.                 bysort treatment_time: egen earn_avg_treat0                     = mean(earnings_hat) if treated == 1 & cem_year !=
>  .
 92. 
.                 bysort treatment_time: egen wage_avg_control_raw        = mean(wage_avg_control_raw0)  
 93.                 bysort treatment_time: egen wage_avg_treat_raw          = mean(wage_avg_treat_raw0) 
 94.                 
.                 bysort treatment_time: egen wage_avg_control            = mean(wage_avg_control0)  
 95.                 bysort treatment_time: egen wage_avg_treat                      = mean(wage_avg_treat0) 
 96. 
.                 bysort treatment_time: egen earn_avg_control            = mean(earn_avg_control0) 
 97.                 bysort treatment_time: egen earn_avg_treat                      = mean(earn_avg_treat0) 
 98. 
.                 bysort vuosi: gen win_vuosi_ind                                         = _n if cem_year != .
 99.                 bysort treatment_time: gen win_tyear_ind                        = _n
100. 
.                 twoway  line wage_avg_treat_raw treatment_time if win_tyear_ind == 1 || ///
>                         line wage_avg_control_raw treatment_time if win_tyear_ind == 1, ///
>                         xline(0) ///
>                         legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                         graphregion(color(white)) bgcolor(white)
101.                 graph export "${graphs}\inventor_wage_raw_`sose_type'$data.pdf" , replace
102.                 
.                 twoway  line wage_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line wage_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
103.                         graph export "${graphs}\wage_time_`sose_type'$data.pdf" , replace
104.                                 
.                 twoway  line earn_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line earn_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
105.                         graph export "${graphs}\earn_time_`sose_type'$data.pdf" , replace
106. 
.                 gen earn_wage                   = earnings / wage
107.                 gen earn_wage_hat               = earnings_hat / wage_hat
108.                 display "controls, wage"
109.                 tabstat wage                                            if treated == 0, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p
> 99 n) by(after)
110.                 display "treated, wage"
111.                 tabstat wage                                            if treated == 1, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p
> 99 n) by(after)
112.                 display "controls, earnings"
113.                 tabstat earnings                                        if treated == 0, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p
> 99 n) by(after)
114.                 display "treated, earnings"
115.                 tabstat earnings                                        if treated == 1, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p
> 99 n) by(after)
116.                 tabstat earn_wage                                       if earn_wage > 1 & treated == 1, stat(mean p1 p5 p10 p25 p
> 50 p75 p90 p95 p99 n) by(after)
117.                         
.                 bysort vuosi: egen earn_wage_control_v0                         = mean(earn_wage) if treated == 0 & cem_year != .
118.                 bysort vuosi: egen earn_wage_treat_v0                           = mean(earn_wage) if treated == 1 & cem_year != .
119. 
.                 bysort vuosi: egen earn_wage_control_v                          = mean(earn_wage_control_v0) 
120.                 bysort vuosi: egen earn_wage_treat_v                            = mean(earn_wage_treat_v0)  
121. 
.                 bysort treatment_time: egen earn_wage_control_t0        = mean(earn_wage) if treated == 0 & cem_year != .
122.                 bysort treatment_time: egen earn_wage_treat_t0          = mean(earn_wage) if treated == 1 & cem_year != .
123. 
.                 bysort vuosi: egen earn_wage_control_t                          = mean(earn_wage_control_t0)
124.                 bysort vuosi: egen earn_wage_treat_t                            = mean(earn_wage_treat_t0) 
125. 
. 
.                 twoway  scatter earn_wage_treat_v vuosi if win_vuosi_ind == 1 || ///
>                                 scatter earn_wage_control_v vuosi  if win_vuosi_ind == 1 , ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
126.                         graph export "${graphs}\earn_wage_vuosi_`sose_type'$data.pdf" , replace
127. 
.                 twoway  scatter earn_wage_treat_t treatment_time if win_vuosi_ind == 1  || ///
>                                 scatter earn_wage_control_t treatment_time if win_vuosi_ind == 1 , ///
>                                 xline(0) ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
128.                         graph export "${graphs}\earn_wage_ttime_`sose_type'$data.pdf" , replace
129.                         
.                 twoway  kdensity wage_hat if treated == 1 & cem_year != . & treatment_time < 0 & wage < 200000 & wage > 20000 || /// 
>    
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time < 0 & wage < 200000 & wage > 20000
>  || ///
>                                 kdensity wage_hat if treated == 1 & cem_year != . & treatment_time >= 0 & wage < 200000 & wage > 2000
> 0 || ///   
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time >= 0 & wage < 200000 & wage > 2000
> 0 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "controls after"
> ) rows(2)) ///
>                                 xtitle("wage, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
130.                         graph export "${graphs}\distr_wage_ttime_`sose_type'$data.pdf" , replace
131.                                 
.                 twoway  kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time < 0 & earnings < 200000 & earnings > 2
> 0000 || ///        
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time < 0 & earnings < 200000 & earn
> ings > 20000 || ///
>                                 kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time >= 0 & earnings < 200000 & ear
> nings > 20000 || ///       
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time >= 0 & earnings < 200000 & ear
> nings > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "controls after"
> ) rows(2)) ///
>                                 xtitle("earnings, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
132.                         graph export "${graphs}\distr_earnings_ttime_`sose_type'$data.pdf" , replace
133.                 }
134.                         
.         * NOTE: using shnro or shtun makes no difference
. 
.         egen shnro_real                         = group(shnro)
135.         xtset shnro_real
136.         
.         
.         replace firm_size                       = firm_size / 1000
137.         gen firm_size2                          = firm_size^2
138.         gen firm_size3                          = firm_size^3
139. 
. 
.         bysort shnro: egen total_firm_size      = total(firm_size)
140.         
.         gen ue_d                                        = .
141.         replace ue_d                            = 0                     if ptoim1 == "11"  & sykstun != ""                        
>               /* 11 = työllinen */
142.         replace ue_d                            = 1                     if ptoim1 != "11"
143.         *replace ue_d                           = 1                     if ptoim1 == "24" 
.         *exit
.         sort shnro vuosi
144.         gen firm_size_new                       = firm_size
145.         replace firm_size_new = firm_size_new[_n - 1]           if firm_size_new[_n] == . & firm_size_new[_n - 1] != . & ue_d[_n] 
> == 1
146.         
.         bysort shnro: egen fam_size_max         = max(family_size_max)
147.         replace fam_size_max                            = 0 if fam_size_max == .
148. 
.         gen treated_famsize                     = treated_post * fam_size_max
149. 
.         if  $data_int == 6 {
150.                 gen high_iq                                     = .
151.                 replace high_iq                         = 0             if kuv_pc != .
152.                 replace high_iq                         = 1             if kuv_pc >= 90 & kuv_pc != .
153. 
.                 gen treated_iq                          = treated * high_iq
154.                 gen treated_post_iq                     = treated_post * high_iq
155.                 }
156.                 
.         gen star_inv                            = 0
157.         replace star_inv                        = 1                     if fwd_cits5_max >= 5 &  fwd_cits5_max != .
158. 
.         gen birth_year                          = vuosi - ika
159.         gen year                                        = vuosi
160.         sort shnro vuosi
161.         bysort shnro: gen within_ind            = _n
162.         tabstat birth_year if within_ind == 1, stat(mean p50)
163.         gen interact                            = 0
164.         replace interact                        = vuosi - suorv
165.         
.         gen msc_new                                     = 0 
166.         replace msc_new                         = 1                     if  edu_lev >= 4 & edu_lev != .
167.         
.         gen treated_ia                          = treated * interact
168.         gen treated_post_ia                     = treated_post * interact
169. 
.         gen treated_pre                         = treated * (f_1 + f_2 + f_3 + f_4)     
170.         gen treated_pre_ia                      = treated_pre * interact
171.         if   $data_int == 6 {
172.                 gen treated_pre_iq              = treated_pre * high_iq
173.                 }
174.         * name interaction
.         local inter                                     = "suorv"
175.         
.         * NOTE: using syrtun or sykstun makes no difference
. 
.         sort shnro vuosi
176.         gen djob_d                                      = .
177.         replace djob_d                          = 0                     if shnro == shnro[_n - 1] & syrtun == syrtun[_n - 1] & syr
> tun != "" & syrtun[_n - 1] != ""
178.         replace djob_d                          = 1                     if shnro == shnro[_n - 1] & syrtun != syrtun[_n - 1] & syr
> tun != "" & syrtun[_n - 1] != ""
179.         
.         if $ownfirm == 1 {
180.                 sort shnro vuosi
181.                 replace ue_d                    = ue_d[_n + 1]          if ue[_n + 1] == 1              & shnro == shnro[_n + 1] &
>  syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
182.                 replace djob_d                  = djob_d[_n + 1]        if djob_d[_n + 1] == 1  & shnro == shnro[_n + 1] & syrtun 
> != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != "" 
183.                 }
184.         global dep_vars lnwage
185. 
.         if `datacounter' == 1 {
186.         
.                 preserve
187.                 use "${data_path}\returns_DATAPREP_1.dta", clear
188.                 drop                                                                    if syrtun       == ""
189.                 keep syrtun vuosi inv_1
190.                 bysort syrtun: egen total_inv_1         = total(inv_1)
191.                 
.                 keep syrtun vuosi total_inv_1
192.                 
.                 bysort syrtun vuosi: gen index          = _n
193.                 keep                                                                    if index == 1
194.                 drop index
195.                 save "${data_path}\returns_inventor_count_data.dta", replace
196.                 restore
197.                 }
198.         else if `datacounter' != 1 {
199.                 drop _merge
200.                 merge m:1 syrtun using "${data_path}\returns_inventor_count_data.dta"
201.                 replace total_inv_1             = 3000                  if syrtun == ""
202.                 drop _merge
203.                 }
204. 
.         gen est_sample                          = .
205.         replace est_sample                      = .
206.         replace est_sample                      = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <
> = 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf 
> !=. & region_large !=. & age !=. // & iq !=.
207.         gen est_sample_rob                      = .
208.         replace est_sample_rob          = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & s
> yrtun != "" & firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf 
> !=. & region_large !=. & age !=. // & iq !=.
209.         gen est_sample_top3             = .
210.         replace est_sample_top3         = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & s
> yrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf 
> !=. & region_large !=. & age !=. & total_inv_1 < 850 // & iq !=.
211.         gen est_sample_long                     = .
212.         replace est_sample_long         = 1                     if cem_year != . & treatment_time >= -8 & treatment_time <= 10 & s
> yrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf 
> !=. & region_large !=. & age !=. // & iq !=.
213.         gen est_sample_publ                     = .
214.         replace est_sample_publ         = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & t
> otal_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf 
> !=. & region_large !=. & age !=.  // & iq !=.
215. 
.         if $ownfirm == 1 {
216.                 egen syrtun_num                 = group(syrtun)
217.                 gen syrtun_l0_0                 = syrtun_num    if l_0 == 1
218.                 
.                 bysort shnro: egen syrtun_l0 = max(syrtun_l0_0)
219.                 
.                 replace est_sample              = .                     if syrtun_num != syrtun_l0
220.                 replace est_sample_rob  = .                     if syrtun_num != syrtun_l0
221.                 replace est_sample_top3 = .                     if syrtun_num != syrtun_l0
222.                 replace est_sample_long = .                     if syrtun_num != syrtun_l0
223.                 replace est_sample_publ = .                     if syrtun_num != syrtun_l0
224.                 }
225.                 
.         global dep_vars lnwage
226.         global firm_size_vars firm_size_new // firm_size_d              
227.         
.         capture: drop interact birth_year
228.         
.         gen birth_year                          = vuosi - ika
229.         sort shnro vuosi
230.         tabstat birth_year                                                      if within_ind == 1, stat(mean p50)
231.         global short_depvar lnwage ue_d 
232.         
.         tabstat $short_depvar if est_sample == 1, stat(mean sd p50 n)
233.         tabstat $short_depvar if est_sample == 1, stat(mean) by(vuosi)
234. 
.         gen categ                                       = .
235.         replace categ                           = 0                     if after == 0
236.         replace categ                           = 1                     if treated == 0 & after == 0
237.         replace categ                           = 2                     if treated == 0 & after == 1
238.         replace categ                           = 3                     if treated == 1 & after == 0
239.         replace categ                           = 4                     if treated == 1 & after == 1
240.         replace categ                           = 5                     if after == 1   
241.         
.         gen bsc                                         = 0
242.         replace bsc                                     = 1                     if edu_lev >= 3 & edu_lev != .
243.         
.         gen est_sample_u        = .
244.         * generate dummy for working in one of top-3 firms in year of invention
.         rename total_inv_1 total_inv_a
245.         gen total_inv_b         = total_inv_a * l_0 
246.         bysort shnro: egen total_inv_1  = max(total_inv_b)
247. 
.         sort shnro vuosi
248.         capture: bysort shnro: gen within_shnro_ind = _n                
249.         
.         gen senior                      = 0
250.         replace senior          = 1                                     if ika > 30 & ika != .
251.         if  $data_int == 5 {
252.                 replace senior          = 0
253.                 replace senior          = 1                             if ika > 40 & ika != .
254.                 }       
255.         gen age_3135            = 0
256.         replace age_3135        = 1                                             if ika > 30 & ika <= 35
257.         gen age_3640            = 0
258.         replace age_3640        = 1                                             if ika >= 36 & ika <= 40
259.         gen age_4145            = 0
260.         replace age_4145        = 1                                             if ika > 40 & ika <= 45
261.         gen age_41                      = 0
262.         replace age_41          = 1                                             if ika > 40 & ika != .
263.         gen age_4650            = 0
264.         replace age_4650        = 1                                             if ika >= 46 & ika <= 50
265.         gen age_5155            = 0
266.         replace age_5155        = 1                                             if ika > 50 & ika <= 55
267.         gen age_5660            = 0
268.         replace age_5660        = 1                                             if ika >= 56 & ika <= 60
269.         gen age_61                      = 0
270.         replace age_61          = 1                                             if ika > 60 & ika != .  
271.                 
.         gen age_new                     = 2
272.         replace age_new         = 3                                     if ika > 30 & ika <= 40
273.         replace age_new         = 4                                     if ika > 40 & ika != .
274.         
.         
.         * 2nd interaction: level of education   
.         gen interact2                   = 0
275.         replace interact2               = 1                             if  edu_lev >= 4 & edu_lev != .
276.         if "`sose_type'" == "bluec" {
277.                 replace interact2       = 1                             if  edu_lev >= 3 & edu_lev != .
278.                 }
279. 
.         * 3rd interaction: distance to frontier of education
.         gen interact3                   = vuosi - suorv
280.         replace interact3               = 0                             if suorv == .
281.         replace interact3               = ika - 15                      if interact3 > ika - 15 & interact3 != . & suorv != .
282.         
.         gen dtf_610                             = 0
283.         replace dtf_610                 = 1                             if interact3 > 5 & interact3 <= 10
284.         gen dtf_1115                    = 0
285.         replace dtf_1115                = 1                             if interact3 > 10 & interact3 <= 15
286.         gen dtf_1620                    = 0
287.         replace dtf_1620                = 1                             if interact3 > 15 & interact3 <= 20
288.         gen dtf_2125                    = 0
289.         replace dtf_2125                = 1                             if interact3 > 20 & interact3 <= 25
290.         gen dtf_2630                    = 0
291.         replace dtf_2630                = 1                             if interact3 > 25 & interact3 <= 30
292.         gen dtf_31                              = 0
293.         replace dtf_31                  = 1                             if interact3 > 30 & interact3 != .
294.         
.         gen dtf_new                             = 5
295.         replace dtf_new                 = 10                            if interact3 > 5 & interact3 <= 10
296.         replace dtf_new                 = 15                            if interact3 > 10 & interact3 <= 15
297. 
.         replace dtf_new                 = 16                            if interact3 > 15 & interact3 != .
298.         
.         gen dtf_cat                             = .
299.         replace dtf_cat                 = 1                             if suorv_d == 0 & interact3 <= 5
300.         replace dtf_cat                 = 2                             if suorv_d == 0 & interact3 > 5 & interact3 <= 10
301.         replace dtf_cat                 = 3                             if suorv_d == 0 & interact3 > 10 & interact3 <= 15
302.         replace dtf_cat                 = 4                             if suorv_d == 0 & interact3 > 15 & interact3 <= 20
303.         replace dtf_cat                 = 5                             if suorv_d == 0 & interact3 > 20 & interact3 <= 25
304.         replace dtf_cat                 = 6                             if suorv_d == 0 & interact3 > 25 & interact3 <= 30
305.         replace dtf_cat                 = 7                             if suorv_d == 0 & interact3 > 30
306.         
. 
.         * 4th and 5th interaction: IQ
.         gen post                                        = after
307.         gen pre                                         = f_1 + f_2 + f_3 + f_4
308.         
.         if  $data_int == 6 {
309.                 gen interact4                           = 0
310.                 replace interact4                       = 1  if p_test_pc > 50 & p_test_pc <= 90
311.                 gen interact5                           = 0
312.                 replace interact5                       = 1  if p_test_pc > 90 & p_test_pc != .
313.                 }
314.                 
.         gen pre_iasenior                        = pre * senior
315.         gen pre_ia1_41                          = pre * age_41
316.         gen pre_ia1_4145                        = pre * age_4145
317.         gen pre_ia1_4650                        = pre * age_4650
318.         gen pre_ia1_5155                        = pre * age_5155
319.         gen pre_ia1_5660                        = pre * age_5660
320.         gen pre_ia1_61                          = pre * age_61
321.                 
.         gen pre_ia2                                     = pre * interact2
322.         gen pre_ia3                                     = pre * interact3
323.         gen pre_ia3_610                         = pre * dtf_610
324.         gen pre_ia3_1115                        = pre * dtf_1115
325.         gen pre_ia3_1620                        = pre * dtf_1620
326.         gen pre_ia3_2125                        = pre * dtf_2125
327.         gen pre_ia3_2630                        = pre * dtf_2630
328.         gen pre_ia3_31                          = pre * dtf_31
329.         gen pre_iasuorv_d                       = pre * suorv_d
330.         
.         if  $data_int == 6 {
331.                 gen pre_ia4                                     = pre * interact4
332.                 gen pre_ia5                                     = pre * interact5
333.                 }
334.                 
.         gen post_iasenior                       = post * senior
335.         gen post_ia1_41                         = post * age_41
336.         gen post_ia1_4145                       = post * age_4145
337.         gen post_ia1_4650                       = post * age_4650
338.         gen post_ia1_5155                       = post * age_5155
339.         gen post_ia1_5660                       = post * age_5660
340.         gen post_ia1_61                         = post * age_61
341.                 
.         gen post_ia2                            = post * interact2
342.         gen post_ia3                            = post * interact3
343.         gen post_ia3_610                        = post * dtf_610
344.         gen post_ia3_1115                       = post * dtf_1115
345.         gen post_ia3_1620                       = post * dtf_1620
346.         gen post_ia3_2125                       = post * dtf_2125
347.         gen post_ia3_2630                       = post * dtf_2630
348.         gen post_ia3_31                         = post * dtf_31
349.         gen post_iasuorv_d                      = post * suorv_d
350.         
.         if  $data_int == 6 {
351.                 gen post_ia4                            = post * interact4
352.                 gen post_ia5                            = post * interact5
353.                 }
354.                 
.         gen treated_iasenior            = treated * senior
355.         
.         gen treated_ia1_41                      = treated * age_41
356.         gen treated_ia1_4145            = treated * age_4145
357.         gen treated_ia1_4650            = treated * age_4650
358.         gen treated_ia1_5155            = treated * age_5155
359.         gen treated_ia1_5660            = treated * age_5660
360.         gen treated_ia1_61                      = treated * age_61
361.         gen treated_ia1_5160            = treated_ia1_5155 + treated_ia1_5660
362.         
.         gen treated_ia2                         = treated * interact2
363.         
.         gen treated_ia3                         = treated * interact3
364.         gen treated_ia3_610                     = treated * dtf_610 
365.         gen treated_ia3_1115            = treated * dtf_1115
366.         gen treated_ia3_1620            = treated * dtf_1620
367.         gen treated_ia3_2125            = treated * dtf_2125
368.         gen treated_ia3_2630            = treated * dtf_2630
369.         gen treated_ia3_31                      = treated * dtf_31
370.         
.         gen treated_iasuorv_d           = treated * suorv_d
371.         
.         if  $data_int == 6 {
372.                 gen treated_ia4                         = treated * interact4
373.                 gen treated_ia5                         = treated * interact5
374.                 }
375.                 
.         gen treated_post_iasenior       = treated_post * senior
376.         gen treated_post_ia1_41         = treated_post * age_41
377.         gen treated_post_ia1_4145       = treated_post * age_4145
378.         gen treated_post_ia1_4650       = treated_post * age_4650
379.         gen treated_post_ia1_5155       = treated_post * age_5155
380.         gen treated_post_ia1_5660       = treated_post * age_5660
381.         gen treated_post_ia1_61         = treated_post * age_61
382.         
.         gen treated_post_ia2            = treated_post * interact2
383.         
.         gen treated_post_ia3            = treated_post * interact3
384.         gen treated_post_ia3_610        = treated_post * dtf_610
385.         gen treated_post_ia3_1115       = treated_post * dtf_1115
386.         gen treated_post_ia3_1620       = treated_post * dtf_1620
387.         gen treated_post_ia3_2125       = treated_post * dtf_2125
388.         gen treated_post_ia3_2630       = treated_post * dtf_2630
389.         gen treated_post_ia3_31         = treated_post * dtf_31
390.         
.         gen treated_post_iasuorv_d      = treated_post * suorv_d
391.         
.         if  $data_int == 6 {
392.                 gen treated_post_ia4            = treated_post * interact4
393.                 gen treated_post_ia5            = treated_post * interact5
394.                 }
395.                 
.         gen treated_pre_iasenior        = treated_pre * senior
396.         gen treated_pre_ia1_41          = treated_pre * age_41
397.         gen treated_pre_ia1_4145        = treated_pre * age_4145
398.         gen treated_pre_ia1_4650        = treated_pre * age_4650
399.         gen treated_pre_ia1_5155        = treated_pre * age_5155
400.         gen treated_pre_ia1_5660        = treated_pre * age_5660
401.         gen treated_pre_ia1_61          = treated_pre * age_61
402.         
.         gen treated_pre_ia2                     = treated_pre * interact2
403.         
.         gen treated_pre_ia3                     = treated_pre * interact3
404.         gen treated_pre_ia3_610         = treated_pre * dtf_610
405.         gen treated_pre_ia3_1115        = treated_pre * dtf_1115
406.         gen treated_pre_ia3_1620        = treated_pre * dtf_1620
407.         gen treated_pre_ia3_2125        = treated_pre * dtf_2125
408.         gen treated_pre_ia3_2630        = treated_pre * dtf_2630
409.         gen treated_pre_ia3_31          = treated_pre * dtf_31
410.         
.         gen treated_pre_iasuorv_d       = treated_pre * suorv_d
411.         
.         gen post_ia2_senior                     = post * interact2 * senior
412.         gen pre_ia2_senior                      = pre * interact2 * senior
413.         gen post_ia2_ia3                        = post * interact2 * interact3
414.         gen pre_ia2_ia3                         = pre * interact2 * interact3
415.         
.         gen treated_post_ia2_senior     = treated_post * interact2 * senior
416.         gen treated_pre_ia2_senior      = treated_pre * interact2 * senior
417.         gen treated_post_ia2_ia3        = treated_post * interact2 * interact3
418.         gen treated_pre_ia2_ia3         = treated_pre * interact2 * interact3
419.         gen ia2_ia3                                     = interact2 * interact3
420.         gen ia2_senior                          = interact2 * senior
421.         
.         gen treated_ia2_senior          = treated * interact2 * senior
422.         gen treated_ia2_ia3                     = treated * interact2 * interact3
423.         
.         gen ia2_dtf610          = interact2 * dtf_610
424.         gen ia2_dtf1115         = interact2 * dtf_1115
425.         gen ia2_dtf1620         = interact2 * dtf_1620
426.         gen ia2_dtf2125         = interact2 * dtf_2125
427.         gen ia2_dtf2630         = interact2 * dtf_2630
428.         gen ia2_dtf31           = interact2 * dtf_31
429.         
.         gen treated_ia2_dtf610          = treated * interact2 * dtf_610
430.         gen treated_ia2_dtf1115         = treated * interact2 * dtf_1115
431.         gen treated_ia2_dtf1620         = treated * interact2 * dtf_1620
432.         gen treated_ia2_dtf2125         = treated * interact2 * dtf_2125
433.         gen treated_ia2_dtf2630         = treated * interact2 * dtf_2630
434.         gen treated_ia2_dtf31           = treated * interact2 * dtf_31
435.         
.         gen pre_ia2_dtf610      = pre * interact2 * dtf_610
436.         gen pre_ia2_dtf1115     = pre * interact2 * dtf_1115
437.         gen pre_ia2_dtf1620     = pre * interact2 * dtf_1620
438.         gen pre_ia2_dtf2125     = pre * interact2 * dtf_2125
439.         gen pre_ia2_dtf2630     = pre * interact2 * dtf_2630
440.         gen pre_ia2_dtf31       = pre * interact2 * dtf_31
441.         
.         gen post_ia2_dtf610     = post * interact2 * dtf_610
442.         gen post_ia2_dtf1115    = post * interact2 * dtf_1115
443.         gen post_ia2_dtf1620    = post * interact2 * dtf_1620
444.         gen post_ia2_dtf2125    = post * interact2 * dtf_2125
445.         gen post_ia2_dtf2630    = post * interact2 * dtf_2630
446.         gen post_ia2_dtf31              = post * interact2 * dtf_31
447. 
.         gen treated_pre_ia2_dtf610      = treated_pre * interact2 * dtf_610
448.         gen treated_pre_ia2_dtf1115     = treated_pre * interact2 * dtf_1115
449.         gen treated_pre_ia2_dtf1620     = treated_pre * interact2 * dtf_1620
450.         gen treated_pre_ia2_dtf2125     = treated_pre * interact2 * dtf_2125
451.         gen treated_pre_ia2_dtf2630     = treated_pre * interact2 * dtf_2630
452.         gen treated_pre_ia2_dtf31       = treated_pre * interact2 * dtf_31
453.         
.         gen treated_post_ia2_dtf610             = treated_post * interact2 * dtf_610
454.         gen treated_post_ia2_dtf1115    = treated_post * interact2 * dtf_1115
455.         gen treated_post_ia2_dtf1620    = treated_post * interact2 * dtf_1620
456.         gen treated_post_ia2_dtf2125    = treated_post * interact2 * dtf_2125
457.         gen treated_post_ia2_dtf2630    = treated_post * interact2 * dtf_2630
458.         gen treated_post_ia2_dtf31              = treated_post * interact2 * dtf_31
459. 
.         gen ia2_age4145         = interact2 * age_4145
460.         gen ia2_age4650         = interact2 * age_4650
461.         gen ia2_age5155         = interact2 * age_5155
462.         gen ia2_age5660         = interact2 * age_5660
463.         
.         gen treated_ia2_age4145         = treated * interact2 * age_4145
464.         gen treated_ia2_age4650         = treated * interact2 * age_4650
465.         gen treated_ia2_age5155         = treated * interact2 * age_5155
466.         gen treated_ia2_age5660         = treated * interact2 * age_5660
467.         
.         gen pre_ia2_age4145             = pre * interact2 * age_4145
468.         gen pre_ia2_age4650             = pre * interact2 * age_4650
469.         gen pre_ia2_age5155             = pre * interact2 * age_5155
470.         gen pre_ia2_age5660             = pre * interact2 * age_5660
471.         
.         gen post_ia2_age4145    = post * interact2 * age_4145
472.         gen post_ia2_age4650    = post * interact2 * age_4650
473.         gen post_ia2_age5155    = post * interact2 * age_5155
474.         gen post_ia2_age5660    = post * interact2 * age_5660
475.         
.         gen treated_pre_ia2_age4145             = treated_pre * interact2 * age_4145
476.         gen treated_pre_ia2_age4650             = treated_pre * interact2 * age_4650
477.         gen treated_pre_ia2_age5155             = treated_pre * interact2 * age_5155
478.         gen treated_pre_ia2_age5660             = treated_pre * interact2 * age_5660
479.         
.         gen treated_post_ia2_age4145    = treated_post * interact2 * age_4145
480.         gen treated_post_ia2_age4650    = treated_post * interact2 * age_4650
481.         gen treated_post_ia2_age5155    = treated_post * interact2 * age_5155
482.         gen treated_post_ia2_age5660    = treated_post * interact2 * age_5660
483.         
.         if  $data_int == 6 {
484.                 gen treated_pre_ia4                     = treated_pre * interact4
485.                 gen treated_pre_ia5                     = treated_pre * interact5
486.                 }
487.                 
.         global interactions             interact2 dtf_610 dtf_1115 dtf_16
488.         
.         global pre_ias_short            pre_iasenior pre_ia2 pre_ia3 pre_iasuorv_d
489.         global pre_ias_educ                     pre_ia2 pre_ia3 pre_iasuorv_d
490.         
.         global pre_ias_med                      pre_ia1_41 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
491.         global pre_ias_meduc            pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_ia3_31 pre_ias
> uorv_d
492.         global pre_ias_long                     pre_ia1_41 pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_16 pre_iasuorv_d // pre_ia1_31
> 35 pre_ia1_3640
493.         
.         if $data_int == 5 {
494.                 global pre_ias_med                      pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_61 pre_ia2 pre
> _ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
495.                 global pre_ias_long                     pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_61 pre_ia2 ///
>               // pre_ia1_3135 pre_ia1_3640   
>                                                                         pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_26
> 30 pre_ia3_31 pre_iasuorv_d
496.                 }
497.                 
.         global post_ias_short           post_iasenior post_ia2 post_ia3 post_iasuorv_d
498.         global post_ias_educ            post_ia2 post_ia3 post_iasuorv_d
499.         global post_ias_med                     post_ia1_41 post_ia2 post_ia3 post_iasuorv_d // post_ia1_3135 post_ia1_3640
500.         global post_ias_meduc           post_ia2 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_2630 post_ia3_31 
> post_iasuorv_d
501.         global post_ias_long            post_ia1_41 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_2630 
> post_ia3_31 post post_iasuorv_d
502.         
.         if $data_int == 5 {
503.                 global post_ias_med                     post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 post_i
> a2 post_ia3 post_iasuorv_d    // post_ia1_3135 post_ia1_3640 
504.                 global post_ias_long            post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 post_ia2  /// 
>       // post_ia1_3135 post_ia1_3640
>                                                                         post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_i
> a3_2630 post_ia3_31 post post_iasuorv_d
505.                 }
506.                 
.         global treated_educ                     treated_ia2 treated_ia3_* treated_suorv_d
507.         global treated_post_educ_ia             treated_post_ia2 treated_post_ia3_* post_iasuorv_d
508.         global treated_pre_educ_ia              treated_pre_ia2 treated_pre_ia3_* post_iasuorv_d
509.         
.         global treated_age                      treated_ia1_41 // treated_ia1_3135 treated_ia1_3640 
510.         global treated_pre_age_ia       treated_pre_ia1_41 // treated_pre_ia1_3135 treated_pre_ia1_3640 
511.         global treated_post_age_ia      treated_post_ia1_41 // treated_post_ia1_3135 treated_post_ia1_3640 
512.         
.         if $data_int == 5 {
513.                 global treated_age                      treated_ia1_4145 treated_ia1_4650 treated_ia1_5160 // treated_ia1_3135 tre
> ated_ia1_3640 
514.                 global treated_pre_age_ia       treated_pre_ia1_4145 treated_pre_ia1_4650 treated_pre_ia1_5155 treated_pre_ia1_566
> 0 treated_pre_ia1_61 // treated_pre_ia1_3135 treated_pre_ia1_3640 
515.                 global treated_post_age_ia      treated_post_ia1_4145 treated_post_ia1_4650 treated_post_ia1_5155 treated_post_ia1
> _5660 treated_post_ia1_61 // treated_post_ia1_3135 treated_post_ia1_3640 
516.                 }
517.                 
.         if  $data_int == 6 {
518.                 global interactions_iq          interact2 dtf_610 dtf_1115 dtf_16 interact4 interact5
519.                 global treated_ias_iq           treated_ia1_* treated_ia2 treated_ia3_* treated_ia4 treated_ia5
520.                 global treated_post_ias_iq      treated_post_ia1_* treated_post_ia2 treated_post_ia3_* treated_post_ia4 treated_po
> st_ia5
521.                 global treated_pre_ias_iq       treated_pre_ia1_* treated_pre_ia2 treated_pre_ia3_* treated_pre_ia4 treated_pre_ia
> 5
522.                 }
523.         
.         global ia2_dtfias                               ia2_dtf*
524.         global pre_ia2_dtfias                   pre_ia2_dtf*
525.         global post_ia2_dtfias                  post_ia2_dtf*
526.         
.         global treated_ia2_dtfias               treated_ia2_dtf*
527.         global treated_pre_ia2_dtfias   treated_pre_ia2_dtf*
528.         global treated_post_ia2_dtfias  treated_post_ia2_dtf*
529.         
.         global ia2_ageias                               ia2_age*
530.         global pre_ia2_ageias                   pre_ia2_age*
531.         global post_ia2_ageias                  post_ia2_age*   
532.         
.         global treated_ia2_ageias               treated_ia2_age*
533.         global treated_pre_ia2_ageias   treated_pre_ia2_age*
534.         global treated_post_ia2_ageias  treated_post_ia2_age*
535.         
.         *global interactions_long l_ia* inv_f_ia_* f_ia_*
.         global leads_and_lags l_0 l_1 l_2 l_3 l_4 l_5 l_6 l_7 l_8 l_9 l_10 f_1 f_2 f_3 f_4
536.         
.         foreach t of global interactions {
537.                 display "number of obs by treatment category conditional on `t'"
538.                 tab categ `t' if est_sample_u == 1 
539.                 }
540.                 
.         foreach d of global short_depvar {
541.                 
.                         replace est_sample_u            = est_sample
542.                         * need to use est_sample_publ for ue_d as otherwise ue_d == 0 by definition
.                         if "`d'" == "ue_d" {
543.                                 replace est_sample_u    = est_sample_publ
544.                                 }
545.                                 
.                         tab ptoim1                                                                                                   
>            if  est_sample_u == 1   
546.                 
.                         regr `d'        treated $treated_age ///
>                                 treated_pre ///
>                                 $treated_pre_age_ia   ///
>                                 treated_post ///
>                                 $treated_post_age_ia  ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars       if est_sample_u == 1
547.                         
.                         replace est_sample_u = e(sample)
548.                 
.                         display "dependent variable is `d'"     
549. 
.                         * Appendix A.2 descriptive statistics
.                         
.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated == 0, stat(mea
> n sd p50 n) save
550.                         matrix A = r(StatTotal)
551.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated == 1, stat(
> mean sd p50 n) save
552.                         matrix B = r(StatTotal)
553.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1, stat(mean sd p50 n) 
> by(treated) save
554.                         matrix C = r(StatTotal)
555.                         
.                         putexcel set "${graphs}\Appendix_A.2_tabstat_`sose_type'$data_`d'_noIQ_clust.xls", replace
556.                         putexcel B1 = "treated = 0"
557.                         putexcel B2 = matrix(A), names
558.                         putexcel B8 = "treated = 1"
559.                         putexcel B9 = matrix(B), names
560.                         putexcel B15 = "total"
561.                         putexcel B16 = matrix(C), names
562.                         
.                 
.                         
.                         *display " 0 = before, 1 = control before, 2 = control after, 3 = treated before, 4 = treated after 5 = after
>  "
.                         *tabstat $short_depvar  bsc msc dtf                             if est_sample_u == 1, stat(mean) by(categ)
.                         *tabstat $short_depvar  bsc msc dtf                             if est_sample_u == 1, stat(n) by(categ)
. 
.                         * Appendix A.3 desc stats on distribution of age and dtf
.                         tab age_new dtf_cat if est_sample_u == 1 , cell
563. 
.                         tab dtf         if ika == 35 & est_sample_u == 1 
564.                         /*
>                         twoway  histogram dtf if ika == 35 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_35_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         tab dtf         if ika == 45 & est_sample_u == 1 
565.                         /*
>                         twoway  histogram dtf if ika == 45 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_45_`sose_type'$data_`d'.pdf" , replace
>                         */              
.                         tab dtf         if ika == 55 & est_sample_u == 1 
566.                         /*
>                         twoway  histogram dtf if ika == 55 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_55_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         bysort ika: egen dtf_p10                = pctile(dtf)                           if est_sample_u == 1, p(10)
567.                         *bysort ika: egen dtf_p25               = pctile(dtf)                           if est_sample_u == 1, p(25
> )
.                         *bysort ika: egen dtf_p50               = pctile(dtf)                           if est_sample_u == 1, p(50)
.                         *bysort ika: egen dtf_p75               = pctile(dtf)                           if est_sample_u == 1, p(75)
.                         bysort ika: egen dtf_p90                = pctile(dtf)                           if est_sample_u == 1, p(90)
568.                         *bysort ika: egen dtf_mean              = mean(dtf)                                     if est_sample_u ==
>  1
.                         bysort ika: gen ika_ind                 = _n                                            if est_sample_u == 1
569.                         
.                         twoway rarea dtf_p10 dtf_p90 ika        if est_sample_u == 1 & ika_ind == 1     , ///
>                                         sort fcolor(gs10) ///
>                                         xtitle("age")  ///
>                                         ytitle("DTHCF") ///
>                                         lwidth(none) ///                                        
>                                         graphregion(color(white)) bgcolor(white) ///
>                                         legend( order(2 3) label(2 "10th percentile") label(3 "90th percentile")) ///
>                                         ||   line dtf_p10 ika if est_sample_u == 1 & ika_ind == 1 ///
>                                         ||   line dtf_p90 ika if est_sample_u == 1 & ika_ind == 1 
570.                                                         graph export "${graphs}\dtf_age_`sose_type'$data_`d'_noIQ_clust.pdf" , rep
> lace  
571. 
.                                         
.                 
.                         drop dtf_p10 dtf_p90 ika_ind
572. 
. 
.                                 pwcorr ika dtf                          if est_sample_u == 1 , sig
573.                         pwcorr ika interact3            if est_sample_u == 1 , sig
574.                         regr dtf ika                            if est_sample_u == 1, robust
575.                         
.                         pwcorr age_new dtf_cat          if est_sample_u == 1, sig
576. 
.                         gen treat_year                          = .
577.                         replace treat_year                      = year                  if treatment_time == 0
578.                         egen treat_year_count           = group(syrtun treat_year)
579.                         bysort shnro: egen my_group             = min(treat_year_count)
580.                         drop treat_year treat_year_count
581. 
.                         if $dummy == 1 {
582.                                 
. *******************************************************************                     
.                                 * 1. base -  pre + no interaction
. ******************************************************************* eqn_2
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age_ds $firm_size
> _vars  ///
>                                 if est_sample_u == 1, fe cluster(my_group)  
583.                                 estimates store eqn_2           
584.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                     
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post treated_post_i
> asenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_year_ds $age_ds $
> firm_size_vars   ///
>                                                         if est_sample_u == 1, fe cluster(my_group)  
585.                                 test treated_post + treated_post_iasenior = 0
586.                                 test treated_pre + treated_pre_iasenior = 0
587.                                 estimates store eqn_4           
588. 
. *******************************************************************     
.                                 * 2. base -  pre + only DTHCF
. ****************************************************************** eqn_8        
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u =
> = 1, fe cluster(my_group)  
589.                                 test treated_post + treated_post_ia3 = 0
590.                                 test treated_pre + treated_pre_ia3 = 0
591.                                 estimates store eqn_5           
592.                                 
.                                 
.                                 
. *******************************************************************     
.                                 * 2. base -  pre + simple educ
. ****************************************************************** 
. 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group
> )  
593.                                 estimates store eqn_6           
594.                                 testparm *ia3*
595.                                 testparm *pre*ia3  *post*ia3 
596.                                 testparm *pre*ia3  
597.                                 testparm *post*ia3
598.                                 test treated_post + treated_post_iasenior = 0
599.                                 test treated_post + treated_post_ia3 = 0
600.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
601.                                 
.                                 * senior + educ + dtf
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group
> )  
602.                                 estimates store eqn_7           
603.                                 testparm *ia2* *ia3*
604.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
605.                                 testparm *pre*ia2* *pre*ia3  
606.                                 testparm *post*ia2* *post*ia3
607.                                 test treated_post + treated_post_iasenior = 0
608.                                 test treated_post + treated_post_ia2 = 0
609.                                 test treated_post + treated_post_ia3 = 0
610.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
611.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
612.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
613.                                 
.                                 sum interact2                           if est_sample_u == 1 & senior == 0
614.                                 scalar educ_junior_m            = r(mean)
615.                                 local educ_junior_m                     = educ_junior_m
616.                                 local educ_junior_m: di %6.2f    educ_junior_m
617.         
.                                 sum interact2                           if est_sample_u == 1 & senior == 1
618.                                 scalar educ_senior_m            = r(mean)
619.                                 local educ_senior_m                     = educ_senior_m
620.                                 local educ_senior_m: di %6.2f    educ_senior_m
621.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0
622.                                 scalar dtf_junior_m                     = r(mean)
623.                                 local dtf_junior_m                      = dtf_junior_m
624.                                 local dtf_junior_m: di %6.2f     dtf_junior_m
625.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1
626.                                 scalar dtf_senior_m                     = r(mean)
627.                                 local dtf_senior_m                      = dtf_senior_m  
628.                                 local dtf_senior_m: di %6.2f     dtf_senior_m
629.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & interact2 == 0
630.                                 scalar dtf_junior_ml            = r(mean)
631.                                 local dtf_junior_ml                     = dtf_junior_ml
632.                                 local dtf_junior_ml: di %6.2f    dtf_junior_ml
633.                                 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & interact2 == 0
634.                                 scalar dtf_senior_ml            = r(mean)
635.                                 local dtf_senior_ml                     = dtf_senior_ml 
636.                                 local dtf_senior_ml: di %6.2f    dtf_senior_ml
637. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & interact2 == 1
638.                                 scalar dtf_junior_mh            = r(mean)
639.                                 local dtf_junior_mh                     = dtf_junior_mh 
640.                                 local dtf_junior_mh: di %6.2f    dtf_junior_mh
641. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & interact2 == 1
642.                                 scalar dtf_senior_mh            = r(mean)
643.                                 local dtf_senior_mh                     = dtf_senior_mh 
644.                                 local dtf_senior_mh: di %6.2f    dtf_senior_mh
645.         
. 
.         
.                                 *****
.                                 * Graph 1A: junior and senior, mean educ, mean dtf
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * `educ_junior_m' + 
> _b[treated_post_ia3] * `dtf_junior_m') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * `educ_seni
> or_m' + _b[treated_post_ia3] * `dtf_senior_m') 
646.                                 matrix phat1 = r(b)
647.                                 matrix pse1 = vecdiag(r(V))
648.                                 matrix CI1 = J(2,2,.)
649.                                 forvalues i = 1/2 {
650.                                         matrix CI1[1,`i'] = phat1[1, `i'] + sqrt(pse1[1, `i'])
651.                                         matrix CI1[2,`i'] = phat1[1, `i'] - sqrt(pse1[1, `i'])
652.                                         }       
653.                                 
.                                 * Graph 1B: junior and senior x low and high educ x mean dtf | senior, high educ
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0                 
>             + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0         
>                     + _b[treated_post_ia3] * `dtf_senior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1         
>                     + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1         
>                     + _b[treated_post_ia3] * `dtf_senior_mh') 
654.                                 matrix phat2 = r(b)
655.                                 matrix pse2 = vecdiag(r(V))
656.                                 matrix CI2 = J(4,4,.)
657.                                 forvalues i = 1/4 {
658.                                         matrix CI2[1,`i'] = phat2[1, `i'] + sqrt(pse2[1, `i'])
659.                                         matrix CI2[2,`i'] = phat2[1, `i'] - sqrt(pse2[1, `i'])
660.                                         }       
661.                                         
.                                 * Graph 1C: junior and senior with mean educ and mean dtf; junior and senior x low and high educ x me
> an dtf | senior, high educ; 
.                                 * junior and senior x  high     and low educ, dtf = 0                                                
>    
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0                 
>             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0         
>                     + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1         
>                     + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1         
>                     + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1         
>                     + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1         
>                     + _b[treated_post_ia3] * `dtf_senior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0         
>                     + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0         
>                     + _b[treated_post_ia3] * `dtf_senior_ml') 
662.                                 matrix phat3 = r(b)
663.                                 matrix pse3 = vecdiag(r(V))
664.                                 matrix CI3 = J(8,8,.)
665.                                 forvalues i = 1/8 {
666.                                         matrix CI3[1,`i'] = phat3[1, `i'] + sqrt(pse3[1, `i'])
667.                                         matrix CI3[2,`i'] = phat3[1, `i'] - sqrt(pse3[1, `i'])
668.                                         }
669.                                         
.                         
.                                 coefplot matrix(phat1), ci(CI1) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`educ_senior_m'
> )D(`dtf_senior_m')") ///
>                                                 saving(panelA, replace)
670.                                 graph export "${graphs}\Fig1_panelA_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
671.                                 
.                                 coefplot matrix(phat1), ci(CI1) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`educ_senior_m'
> )D(`dtf_senior_m')") ///
>                                                 saving(panelAv2, replace)
672.                                 graph export "${graphs}\Fig1_panelAv2_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
673. 
.                                 *               notes("LE = low educ; HE = high educ; J = junior; S = senior")
.                                 * REMEMBER: cols(x) 
.                                 coefplot matrix(phat2), ci(CI2) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml')"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelB, replace)
674.                                 graph export "${graphs}\Fig1_panelB_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
675.                                 
.                                 coefplot matrix(phat2), ci(CI2) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml')"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelBv2, replace)
676.                                 graph export "${graphs}\Fig1_panelBv2_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
677.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical recast(bar) ciopts(recast(rcap))  ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelC, replace)
678.                                 graph export "${graphs}\Fig1_panelC_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
679.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelCv2, replace)
680.                                 graph export "${graphs}\Fig1_panelCv2_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
681. 
.                                 gr combine panelA.gph panelB.gph, saving(panelAB, replace) imargin(0 0 0 0) cols(2)
682.                                 gr combine panelAB.gph panelC.gph, saving(Fig1_all, replace) imargin(tiny) cols(1)
683.                                 graph export "${graphs}\Fig1_all_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
684.         
.                                 gr combine panelAv2.gph panelBv2.gph, saving(panelABv2, replace) imargin(0 0 0 0) cols(2)
685.                                 gr combine panelABv2.gph panelCv2.gph, saving(Fig1v2_all, replace) imargin(tiny) cols(1)
686.                                 graph export "${graphs}\Fig1v2_all_`d'_`sose_type'_noIQ_clust_$data.pdf" , replace
687.                                 *****
.                                 
.         
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group
> )  
688.                                 test treated_post + treated_post_ia2 = 0
689.                                 test treated_post + treated_post_ia3 = 0
690.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
691.                                 test treated_pre + treated_pre_ia2 = 0
692.                                 test treated_pre + treated_pre_ia3 = 0
693.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
694.                                 estimates store eqn_8           
695. 
.                                 
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group
> )  
696.                                 estimates store eqn_12          
697.                                 testparm *ia2* *ia3*
698.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
699.                                 testparm *pre*ia2* *pre*ia3  
700.                                 testparm *post*ia2* *post*ia3
701.                                 test treated_post + treated_post_iasenior = 0
702.                                 test treated_post + treated_post_ia2 = 0
703.                                 test treated_post + treated_post_ia3 = 0
704.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
705.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
706.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
707. 
.                 
.                         
. 
. ******************************************************************* 
.                                 * 8 base - interaction drop top-3
.                                 
.                                 * 1. base -  pre + no interaction
. ******************************************************************* 
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age_ds $firm_size
> _vars  ///
>                                 if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
708.                                 estimates store eqn_top32               
709.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                             
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                         $pre_ia_educ $post_ia_educ ///
>                                         interact3 suorv_d ///
>                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1  & total_inv
> _1 < 850, fe cluster(my_group)  
710.                                 test treated_post + treated_post_ia3 = 0
711.                                 test treated_pre + treated_pre_ia3 = 0
712.                                 estimates store eqn_top33               
713.                                 
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post treated_post_i
> asenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_year_ds $age_ds $
> firm_size_vars   ///
>                                                         if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
714.                                 test treated_post + treated_post_iasenior = 0
715.                                 test treated_pre + treated_pre_iasenior = 0
716.                                 estimates store eqn_top34       
717.                                 
.                                 
. *******************************************************************                             
.                                 * 2. base -  pre + simple educ
. *******************************************************************     
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact2 interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u =
> = 1 & total_inv_1 < 850, fe cluster(my_group)  
718.                                 test treated_post + treated_post_ia2 = 0
719.                                 test treated_post + treated_post_ia3 = 0
720.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
721.                                 test treated_pre + treated_pre_ia2 = 0
722.                                 test treated_pre + treated_pre_ia3 = 0
723.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
724.                                 estimates store eqn_top35                                               
725. 
.                                 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & total_inv_1 < 850,
>  fe cluster(my_group)  
726.                                 estimates store eqn_top36               
727.                                 testparm *ia3*
728.                                 testparm *pre*ia3  *post*ia3 
729.                                 testparm *pre*ia3  
730.                                 testparm *post*ia3
731.                                 test treated_post + treated_post_iasenior = 0
732.                                 test treated_post + treated_post_ia3 = 0
733.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
734. 
.                                 * senior + educ
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & total_inv_1 < 850,
>  fe cluster(my_group)  
735.                                 estimates store eqn_top37               
736.                                 testparm *ia2* *ia3*
737.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
738.                                 testparm *pre*ia2* *pre*ia3  
739.                                 testparm *post*ia2* *post*ia3
740.                                 test treated_post + treated_post_iasenior = 0
741.                                 test treated_post + treated_post_ia2 = 0
742.                                 test treated_post + treated_post_ia3 = 0
743.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
744.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
745.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
746.                                 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group
> )  
747.                                 test treated_post + treated_post_ia2 = 0
748.                                 test treated_post + treated_post_ia3 = 0
749.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
750.                                 test treated_pre + treated_pre_ia2 = 0
751.                                 test treated_pre + treated_pre_ia3 = 0
752.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
753.                                 estimates store eqn_top38               
754. 
. 
. *************************************************************************************************************************************
> ***************************                                
. 
.                                 local filename          = "`d'"
755.                                 cd ${output}
756. 
.                                 if $ownfirm != 1 & $data_int == 6 {
757.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
758.                                                 }
759.                                 else if $ownfirm != 1 & $data_int == 5  {
760.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
761.                                                 }       
762.                                 if $ownfirm != 1 & $data_int == 6 {
763.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] //
> /
>                                                 using "`d'_`sose_type'_age_top3_noIQ_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
764.                                                 }
765.                                 else if $ownfirm != 1 & $data_int == 5  {
766.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] //
> /
>                                                 using "`d'_`sose_type'_age_top3_noIQ_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
767.                                                 }       
768.                                 if $ownfirm == 1 & $data_int == 6 {
769.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
770.                                                 }
771.                                 else if $ownfirm == 1 & $data_int == 5  {
772.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_clust_$data.xls", /// 
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
773.                                 if $ownfirm == 1 & $data_int == 6 {
774.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] //
> /
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
775.                                                 }
776.                                 else if $ownfirm == 1 & $data_int == 5  {
777.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] //
> /
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated
> _pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* tr
> eated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated
> _ia2* treated_ia* treated_ia*su*)
778.                                                 }                       
779.                                         */
.                                         }
780.                                 
.                                 /*              
>                                 outreg2 [eqn_long_1 eqn_long_2] using "`d'_`sose_type'_horser_long$data.xls", replace ///
>                                                 keep(treated treated_cow  inv_l_* inv_f_* inv_fl_*)
>                                 */
.                                 }
781.                         drop my_group           
782.         
.                 }
783.         local datacounter       = `datacounter' + 1     
784. 
.         }
(label _merge already defined)
(label _merge already defined)
(label _merge already defined)
(239,651 observations deleted)
(3,147,402 real changes made)
(132,209 missing values generated)
(103,355 missing values generated)
(3,324,847 missing values generated)
(177,445 real changes made)
(65358 missing values generated)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(178,336 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(174,703 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(170,837 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(149,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(135,159 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(117,864 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(103,525 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,280 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(70,798 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(56,345 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(50,576 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(88,902 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(86,883 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(75,827 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(68,602 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(59,504 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(52,094 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(44,751 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(35,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(27,890 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(25,069 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(177,042 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(90,154 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(175,944 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,582 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(164,590 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(83,884 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(156,261 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(79,760 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(148,976 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(76,067 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(141,822 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(72,449 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(132,136 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(67,508 real changes made)
(65,358 missing values generated)
(998,316 real changes made, 998,316 to missing)
(44,430 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,296,538 real changes made)
       panel variable:  shnro_real (unbalanced)
(2,870,653 real changes made)
(454,194 missing values generated)
(454,194 missing values generated)
(3,324,847 missing values generated)
(2,782,955 real changes made)
(418,774 real changes made)
(454,194 missing values generated)
(408,713 real changes made)
(3324847 missing values generated)
(3,324,847 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------
(3,192,566 real changes made, 374,857 to missing)
(666,404 real changes made)
(374,857 missing values generated)
(374,857 missing values generated)
(374,857 missing values generated)
(3,324,847 missing values generated)
(2,220,248 real changes made)
(400,153 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                     1,003,647
        from master                   454,194  (_merge==1)
        from using                    549,453  (_merge==2)

    matched                         2,870,653  (_merge==3)
    -----------------------------------------
(454,194 real changes made)
(3,874,300 missing values generated)
(0 real changes made)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,874,563 real changes made)
(3,874,300 missing values generated)
(1,991,729 real changes made)
(3,874,300 missing values generated)
(1,938,369 real changes made)
(549,453 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.66542         0
      sd |  .6092713         0
     p50 |  10.70241         0
       N |   1885513   1828195
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.46082         0
    1995 |  10.45269         0
    1996 |  10.52745         0
    1997 |  10.53696         0
    1998 |  10.56097         0
    1999 |  10.56886         0
    2000 |  10.56892         0
    2001 |  10.61203         0
    2002 |  10.61898         0
    2003 |  10.63067         0
    2004 |  10.65567         0
    2005 |  10.66955         0
    2006 |  10.69059         0
    2007 |  10.71738         0
    2008 |  10.74392         0
    2009 |  10.75992         0
    2010 |   10.7702         0
    2011 |  10.79585         0
    2012 |  10.80281         0
---------+--------------------
   Total |  10.66542         0
------------------------------
(3,874,300 missing values generated)
(2,028,309 real changes made)
(1,026,709 real changes made)
(641,051 real changes made)
(1,001,600 real changes made)
(655,487 real changes made)
(1,296,538 real changes made)
(2,029,548 real changes made)
(3,874,300 missing values generated)
(549,453 missing values generated)
(549453 missing values generated)
(2,494,609 real changes made)
(2,494,609 real changes made)
(1,506,426 real changes made)
(488,379 real changes made)
(499,804 real changes made)
(490,878 real changes made)
(1,506,426 real changes made)
(449,814 real changes made)
(356,926 real changes made)
(208,808 real changes made)
(0 real changes made)
(988,183 real changes made)
(1,506,426 real changes made)
(666,404 real changes made)
(924,310 missing values generated)
(924,310 real changes made)
(14 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(1,094,728 real changes made)
(3,874,300 missing values generated)
(831,882 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,886,584 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,886,584      100.00      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   = 1,885,513
-------------+----------------------------------   F(87, 1885425)  =   6373.83
       Model |  159070.669        87   1828.3985   Prob > F        =    0.0000
    Residual |  540853.079 1,885,425  .286860033   R-squared       =    0.2273
-------------+----------------------------------   Adj R-squared   =    0.2272
       Total |  699923.748 1,885,512  .371211505   Root MSE        =    .53559

---------------------------------------------------------------------------------------
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0337624   .0036695     9.20   0.000     .0265704    .0409545
     treated_ia1_4145 |   .0488185   .0065575     7.44   0.000     .0359661     .061671
     treated_ia1_4650 |   .0640597   .0068104     9.41   0.000     .0507116    .0774077
     treated_ia1_5160 |    .097091   .0078767    12.33   0.000     .0816529     .112529
          treated_pre |   .0188673   .0040099     4.71   0.000     .0110081    .0267264
 treated_pre_ia1_4145 |  -.0179303   .0069975    -2.56   0.010    -.0316452   -.0042154
 treated_pre_ia1_4650 |  -.0322815   .0072625    -4.44   0.000    -.0465157   -.0180474
 treated_pre_ia1_5155 |  -.0376624   .0083132    -4.53   0.000    -.0539559   -.0213688
 treated_pre_ia1_5660 |  -.0381243   .0100001    -3.81   0.000    -.0577242   -.0185245
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0469079   .0038603    12.15   0.000     .0393419     .054474
treated_post_ia1_4145 |  -.0424488   .0066663    -6.37   0.000    -.0555146    -.029383
treated_post_ia1_4650 |   -.070996   .0069146   -10.27   0.000    -.0845483   -.0574436
treated_post_ia1_5155 |  -.1105512   .0079677   -13.87   0.000    -.1261677   -.0949347
treated_post_ia1_5660 |    -.09801   .0084736   -11.57   0.000    -.1146179    -.081402
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |    .016892   .0026949     6.27   0.000       .01161     .022174
                  l_1 |   .0743576   .0027309    27.23   0.000      .069005    .0797102
                  l_2 |   .0603645   .0027643    21.84   0.000     .0549464    .0657825
                  l_3 |   .0569287    .002819    20.19   0.000     .0514036    .0624539
                  l_4 |   .0546285   .0028676    19.05   0.000     .0490082    .0602488
                  l_5 |   .0501995   .0029294    17.14   0.000      .044458     .055941
                  l_6 |   .0472612   .0030113    15.69   0.000     .0413592    .0531632
                  l_7 |    .043753   .0031083    14.08   0.000     .0376608    .0498452
                  l_8 |   .0457788   .0032614    14.04   0.000     .0393867     .052171
                  l_9 |   .0428347   .0034407    12.45   0.000      .036091    .0495784
                 l_10 |    .042309   .0035531    11.91   0.000     .0353452    .0492729
                  f_1 |   .0335141   .0027779    12.06   0.000     .0280695    .0389588
                  f_2 |   .0203332   .0027997     7.26   0.000     .0148458    .0258206
                  f_3 |    .011004   .0028222     3.90   0.000     .0054726    .0165355
                  f_4 |   .0017611   .0028459     0.62   0.536    -.0038168     .007339
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0082984   .0038338     2.16   0.030     .0007843    .0158125
         _Ivuosi_1996 |   .0727416   .0037623    19.33   0.000     .0653675    .0801156
         _Ivuosi_1997 |   .0763539   .0036703    20.80   0.000     .0691603    .0835475
         _Ivuosi_1998 |   .1000126   .0036114    27.69   0.000     .0929344    .1070909
         _Ivuosi_1999 |   .1176668   .0035074    33.55   0.000     .1107923    .1245412
         _Ivuosi_2000 |   .1311884   .0033915    38.68   0.000     .1245411    .1378356
         _Ivuosi_2001 |   .1610548   .0033631    47.89   0.000     .1544633    .1676463
         _Ivuosi_2002 |    .160597   .0033377    48.12   0.000     .1540553    .1671387
         _Ivuosi_2003 |   .1703102    .003303    51.56   0.000     .1638365     .176784
         _Ivuosi_2004 |   .1928852   .0032707    58.97   0.000     .1864748    .1992957
         _Ivuosi_2005 |   .2113533   .0032494    65.04   0.000     .2049846    .2177219
         _Ivuosi_2006 |   .2167662   .0032711    66.27   0.000     .2103551    .2231774
         _Ivuosi_2007 |   .2322437   .0032954    70.48   0.000     .2257848    .2387025
         _Ivuosi_2008 |   .2435971   .0033168    73.44   0.000     .2370964    .2500979
         _Ivuosi_2009 |   .2411787   .0033588    71.80   0.000     .2345955    .2477618
         _Ivuosi_2010 |    .241793    .003382    71.49   0.000     .2351644    .2484217
         _Ivuosi_2011 |   .2458833   .0034585    71.10   0.000     .2391047    .2526618
         _Ivuosi_2012 |   .2457982   .0035143    69.94   0.000     .2389102    .2526862
            _Iage2_21 |   .3984763   .0089874    44.34   0.000     .3808613    .4160913
            _Iage2_22 |   .5422289   .0083392    65.02   0.000     .5258843    .5585735
            _Iage2_23 |   .6706946   .0078875    85.03   0.000     .6552353    .6861539
            _Iage2_24 |   .8296829   .0075263   110.24   0.000     .8149317    .8444342
            _Iage2_25 |   1.037846   .0073165   141.85   0.000     1.023506    1.052186
            _Iage2_26 |   1.212385   .0071883   168.66   0.000     1.198297    1.226474
            _Iage2_27 |   1.337928   .0071043   188.33   0.000     1.324004    1.351852
            _Iage2_28 |   1.435554   .0070497   203.63   0.000     1.421737    1.449371
            _Iage2_29 |   1.505186   .0070121   214.66   0.000     1.491443     1.51893
            _Iage2_30 |   1.557459   .0069863   222.93   0.000     1.543766    1.571152
            _Iage2_31 |   1.602431    .006967   230.00   0.000     1.588776    1.616086
            _Iage2_32 |   1.641808   .0069516   236.18   0.000     1.628183    1.655433
            _Iage2_33 |   1.676753   .0069416   241.55   0.000     1.663147    1.690358
            _Iage2_34 |   1.702756   .0069347   245.54   0.000     1.689164    1.716348
            _Iage2_35 |   1.727582   .0069307   249.27   0.000     1.713998    1.741166
            _Iage2_36 |   1.748755   .0069303   252.33   0.000     1.735172    1.762338
            _Iage2_37 |    1.76769   .0069312   255.04   0.000     1.754105    1.781275
            _Iage2_38 |   1.784529   .0069333   257.39   0.000      1.77094    1.798117
            _Iage2_39 |   1.798268   .0069345   259.32   0.000     1.784676    1.811859
            _Iage2_40 |   1.810667   .0069357   261.07   0.000     1.797074    1.824261
            _Iage2_41 |   1.813487    .007022   258.26   0.000     1.799724     1.82725
            _Iage2_42 |   1.826774    .007023   260.11   0.000     1.813009    1.840539
            _Iage2_43 |   1.834348   .0070244   261.14   0.000      1.82058    1.848115
            _Iage2_44 |   1.839874   .0070268   261.83   0.000     1.826101    1.853646
            _Iage2_45 |    1.84283   .0070295   262.16   0.000     1.829052    1.856608
            _Iage2_46 |   1.851318    .007038   263.05   0.000     1.837524    1.865113
            _Iage2_47 |   1.854708   .0070416   263.39   0.000     1.840907    1.868509
            _Iage2_48 |   1.858451   .0070458   263.77   0.000     1.844642    1.872261
            _Iage2_49 |   1.856959   .0070518   263.33   0.000     1.843137     1.87078
            _Iage2_50 |   1.856729     .00706   262.99   0.000     1.842891    1.870566
            _Iage2_51 |   1.855592   .0070793   262.12   0.000     1.841716    1.869467
            _Iage2_52 |   1.859638   .0070862   262.43   0.000     1.845749    1.873526
            _Iage2_53 |   1.863137   .0070948   262.61   0.000     1.849232    1.877042
            _Iage2_54 |   1.861834   .0071074   261.96   0.000     1.847903    1.875764
            _Iage2_55 |   1.860608   .0071495   260.24   0.000     1.846595    1.874621
            _Iage2_56 |   1.854693   .0072861   254.55   0.000     1.840412    1.868973
            _Iage2_57 |   1.836723   .0073469   250.00   0.000     1.822323    1.851123
            _Iage2_58 |   1.829518   .0074552   245.40   0.000     1.814906     1.84413
            _Iage2_59 |   1.797706   .0075907   236.83   0.000     1.782829    1.812584
        firm_size_new |   .0017562   .0002642     6.65   0.000     .0012384     .002274
                _cons |   8.697283   .0074913  1160.99   0.000     8.682601    8.711966
---------------------------------------------------------------------------------------
(1,988,787 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.62383         0  41.06355  .6419092  .2353308  14.25271
      sd |  .5944325         0  9.670137  .4794393  .4242056   9.24824
     p50 |  10.66401         0        41         1         0        13
       N |    928918    896168    928918    928918    928918    832465
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |   10.7058         0  41.13015  .6973526  .2453431  14.25693
      sd |  .6206825         0  9.637819  .4594042  .4302907  9.253291
     p50 |  10.74198         0        41         1         0        13
       N |    956595    931003    956595    956595    956595    858531
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.62383         0  41.06355  .6419092  .2353308  14.25271
         |  .5944325         0  9.670137  .4794393  .4242056   9.24824
         |  10.66401         0        41         1         0        13
         |    928918    896168    928918    928918    928918    832465
---------+------------------------------------------------------------
       1 |   10.7058         0  41.13015  .6973526  .2453431  14.25693
         |  .6206825         0  9.637819  .4594042  .4302907  9.253291
         |  10.74198         0        41         1         0        13
         |    956595    931003    956595    956595    956595    858531
---------+------------------------------------------------------------
   Total |  10.66542         0  41.09734  .6700378  .2404104  14.25486
         |  .6092713         0  9.653809  .4701992  .4273328  9.250803
         |  10.70241         0        41         1         0        13
         |   1885513   1827171   1885513   1885513   1885513   1690996
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
	
Linear regression                               Number of obs     =  1,690,996
                                                F(1, 1690994)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6343
                                                Root MSE          =     5.5944

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7878825   .0004796  1642.92   0.000     .7869425    .7888224
       _cons |  -17.50656   .0174482 -1003.35   0.000    -17.54076   -17.47236
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7017   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2663                         Obs per group: min =         1
       between = 0.1578                                        avg =      11.8
       overall = 0.1133                                        max =        48

                                                F(74,26947)        =    617.96
corr(u_i, Xb)  = -0.9237                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,948 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0119607   .0035382     3.38   0.001     .0050256    .0188958
 treated_post |    .024629   .0052131     4.72   0.000     .0144109     .034847
          l_0 |  -.4751225   .1109768    -4.28   0.000    -.6926428   -.2576021
          l_1 |  -.5505214   .1331728    -4.13   0.000     -.811547   -.2894958
          l_2 |  -.6744804   .1553474    -4.34   0.000    -.9789693   -.3699915
          l_3 |  -.7883025   .1775167    -4.44   0.000    -1.136244   -.4403606
          l_4 |  -.9007537   .1997236    -4.51   0.000    -1.292222    -.509285
          l_5 |  -1.012613   .2219288    -4.56   0.000    -1.447605   -.5776209
          l_6 |  -1.123843   .2441096    -4.60   0.000    -1.602311   -.6453759
          l_7 |  -1.236347   .2662831    -4.64   0.000    -1.758276   -.7144184
          l_8 |  -1.340288   .2884285    -4.65   0.000    -1.905623    -.774953
          l_9 |  -1.444764   .3107067    -4.65   0.000    -2.053765   -.8357625
         l_10 |   -1.55146   .3328979    -4.66   0.000    -2.203957   -.8989623
          f_1 |   -.375559   .0887996    -4.23   0.000    -.5496108   -.2015072
          f_2 |  -.2854636   .0665938    -4.29   0.000     -.415991   -.1549362
          f_3 |  -.1949351   .0443917    -4.39   0.000    -.2819451   -.1079251
          f_4 |  -.1019186   .0222439    -4.58   0.000    -.1455177   -.0583195
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0098316   .0034583     2.84   0.004     .0030531    .0166102
 _Ivuosi_1996 |   .0381649     .00359    10.63   0.000     .0311284    .0452014
 _Ivuosi_1997 |   .0300854   .0038203     7.88   0.000     .0225974    .0375733
 _Ivuosi_1998 |   .0386831   .0040104     9.65   0.000     .0308226    .0465436
 _Ivuosi_1999 |   .0440719   .0038971    11.31   0.000     .0364333    .0517105
 _Ivuosi_2000 |   .0448775   .0039368    11.40   0.000     .0371612    .0525938
 _Ivuosi_2001 |   .0577329   .0037861    15.25   0.000     .0503119    .0651539
 _Ivuosi_2002 |    .040518   .0033638    12.05   0.000     .0339248    .0471112
 _Ivuosi_2003 |   .0337911    .003089    10.94   0.000     .0277366    .0398456
 _Ivuosi_2004 |   .0426437   .0029931    14.25   0.000     .0367771    .0485102
 _Ivuosi_2005 |   .0515153   .0027914    18.45   0.000     .0460439    .0569866
 _Ivuosi_2006 |   .0451959   .0026979    16.75   0.000     .0399079    .0504839
 _Ivuosi_2007 |   .0479455    .002684    17.86   0.000     .0426847    .0532063
 _Ivuosi_2008 |   .0452616   .0024764    18.28   0.000     .0404077    .0501155
 _Ivuosi_2009 |   .0241708   .0022481    10.75   0.000     .0197645    .0285771
 _Ivuosi_2010 |   .0158925   .0021929     7.25   0.000     .0115944    .0201907
 _Ivuosi_2011 |   .0082366   .0016401     5.02   0.000      .005022    .0114512
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5948786   .0348211    17.08   0.000     .5266275    .6631298
    _Iage2_22 |    .868801   .0563582    15.42   0.000     .7583359    .9792661
    _Iage2_23 |   1.127674    .078186    14.42   0.000     .9744255    1.280923
    _Iage2_24 |   1.412363   .1005198    14.05   0.000     1.215339    1.609387
    _Iage2_25 |   1.749905    .123005    14.23   0.000     1.508809    1.991001
    _Iage2_26 |   2.050897   .1452464    14.12   0.000     1.766207    2.335588
    _Iage2_27 |   2.304119   .1673484    13.77   0.000     1.976107     2.63213
    _Iage2_28 |   2.526721    .189523    13.33   0.000     2.155246    2.898196
    _Iage2_29 |   2.721879   .2116715    12.86   0.000     2.306992    3.136766
    _Iage2_30 |   2.898732   .2337555    12.40   0.000     2.440559    3.356905
    _Iage2_31 |   3.066748   .2559241    11.98   0.000     2.565124    3.568373
    _Iage2_32 |   3.227734   .2780614    11.61   0.000     2.682719    3.772748
    _Iage2_33 |   3.385196   .3002114    11.28   0.000     2.796766    3.973626
    _Iage2_34 |   3.533852   .3222998    10.96   0.000     2.902127    4.165576
    _Iage2_35 |   3.683516   .3445119    10.69   0.000     3.008255    4.358778
    _Iage2_36 |   3.829771   .3667059    10.44   0.000     3.111008    4.548533
    _Iage2_37 |   3.973641   .3889474    10.22   0.000     3.211284    4.735998
    _Iage2_38 |     4.1149    .411105    10.01   0.000     3.309113    4.920687
    _Iage2_39 |   4.252975   .4332528     9.82   0.000     3.403777    5.102173
    _Iage2_40 |   4.389547   .4554292     9.64   0.000     3.496882    5.282212
    _Iage2_41 |   4.522459    .477579     9.47   0.000     3.586379    5.458539
    _Iage2_42 |    4.65893   .4997973     9.32   0.000     3.679302    5.638559
    _Iage2_43 |   4.789184   .5219649     9.18   0.000     3.766106    5.812262
    _Iage2_44 |   4.916247   .5441152     9.04   0.000     3.849753    5.982742
    _Iage2_45 |   5.042645   .5663289     8.90   0.000     3.932611    6.152679
    _Iage2_46 |   5.167398    .588544     8.78   0.000     4.013821    6.320975
    _Iage2_47 |   5.292234    .610719     8.67   0.000     4.095193    6.489275
    _Iage2_48 |   5.412266   .6328693     8.55   0.000      4.17181    6.652723
    _Iage2_49 |   5.529103   .6550698     8.44   0.000     4.245132    6.813074
    _Iage2_50 |   5.645923   .6772418     8.34   0.000     4.318494    6.973352
    _Iage2_51 |   5.762819   .6994096     8.24   0.000      4.39194    7.133698
    _Iage2_52 |   5.881897   .7216104     8.15   0.000     4.467503    7.296291
    _Iage2_53 |   5.997563   .7437928     8.06   0.000      4.53969    7.455436
    _Iage2_54 |   6.111011   .7659104     7.98   0.000     4.609787    7.612236
    _Iage2_55 |   6.223131   .7881492     7.90   0.000     4.678318    7.767945
    _Iage2_56 |   6.336032    .810305     7.82   0.000     4.747792    7.924272
    _Iage2_57 |   6.430169   .8325162     7.72   0.000     4.798394    8.061944
    _Iage2_58 |   6.530233   .8547056     7.64   0.000     4.854965      8.2055
    _Iage2_59 |   6.609232   .8768347     7.54   0.000     4.890591    8.327874
firm_size_new |   .0051416   .0005507     9.34   0.000     .0040621    .0062211
        _cons |   6.843768   .3384079    20.22   0.000     6.180471    7.507065
--------------+----------------------------------------------------------------
      sigma_u |  1.3266242
      sigma_e |  .34453867
          rho |  .93681228   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2667                         Obs per group: min =         1
       between = 0.1562                                        avg =      11.8
       overall = 0.1120                                        max =        48

                                                F(79,26947)        =    585.84
corr(u_i, Xb)  = -0.9262                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,948 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0242372   .0070383     3.44   0.001     .0104417    .0380327
          treated_pre |   .0218158     .00497     4.39   0.000     .0120743    .0315574
 treated_pre_iasenior |  -.0237411   .0058133    -4.08   0.000    -.0351354   -.0123469
         treated_post |   .0506882   .0074507     6.80   0.000     .0360846    .0652919
treated_post_iasenior |  -.0512644   .0080031    -6.41   0.000    -.0669509   -.0355778
               senior |          0  (omitted)
         pre_iasenior |  -.0037272   .0038463    -0.97   0.333    -.0112662    .0038118
        post_iasenior |  -.0267943   .0053749    -4.99   0.000    -.0373293   -.0162592
                  l_0 |  -.4773757    .110948    -4.30   0.000    -.6948396   -.2599119
                  l_1 |  -.5547507   .1331144    -4.17   0.000    -.8156619   -.2938394
                  l_2 |  -.6807642   .1552634    -4.38   0.000    -.9850886   -.3764399
                  l_3 |  -.7966595   .1774083    -4.49   0.000    -1.144389     -.44893
                  l_4 |   -.911198   .1995913    -4.57   0.000    -1.302407   -.5199886
                  l_5 |  -1.025227   .2217733    -4.62   0.000    -1.459915   -.5905401
                  l_6 |  -1.138588   .2439311    -4.67   0.000    -1.616705   -.6604702
                  l_7 |  -1.253337   .2660824    -4.71   0.000    -1.774872   -.7318016
                  l_8 |  -1.359501   .2882055    -4.72   0.000    -1.924399   -.7946035
                  l_9 |  -1.466276   .3104574    -4.72   0.000    -2.074788    -.857763
                 l_10 |  -1.575175   .3326262    -4.74   0.000     -2.22714   -.9232104
                  f_1 |    -.38471   .0887414    -4.34   0.000    -.5586477   -.2107724
                  f_2 |  -.2919914   .0665667    -4.39   0.000    -.4224656   -.1615171
                  f_3 |  -.1988928   .0444031    -4.48   0.000    -.2859252   -.1118603
                  f_4 |  -.1033014   .0223276    -4.63   0.000    -.1470647   -.0595382
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0100384   .0034653     2.90   0.004     .0032462    .0168307
         _Ivuosi_1996 |   .0382885   .0035829    10.69   0.000     .0312658    .0453111
         _Ivuosi_1997 |   .0301852    .003805     7.93   0.000     .0227271    .0376433
         _Ivuosi_1998 |   .0391116   .0039898     9.80   0.000     .0312913    .0469319
         _Ivuosi_1999 |   .0446406   .0038816    11.50   0.000     .0370324    .0522488
         _Ivuosi_2000 |   .0448827   .0039294    11.42   0.000     .0371809    .0525845
         _Ivuosi_2001 |   .0576466   .0037766    15.26   0.000     .0502442     .065049
         _Ivuosi_2002 |   .0403941   .0033609    12.02   0.000     .0338065    .0469816
         _Ivuosi_2003 |   .0336584   .0030894    10.89   0.000     .0276029    .0397138
         _Ivuosi_2004 |    .042423   .0029984    14.15   0.000     .0365461       .0483
         _Ivuosi_2005 |   .0515502   .0027871    18.50   0.000     .0460873    .0570131
         _Ivuosi_2006 |   .0451552    .002694    16.76   0.000     .0398748    .0504356
         _Ivuosi_2007 |   .0478234   .0026774    17.86   0.000     .0425755    .0530713
         _Ivuosi_2008 |   .0450016   .0024681    18.23   0.000     .0401641    .0498391
         _Ivuosi_2009 |   .0240355   .0022419    10.72   0.000     .0196412    .0284297
         _Ivuosi_2010 |   .0159521   .0021905     7.28   0.000     .0116587    .0202456
         _Ivuosi_2011 |   .0082241    .001638     5.02   0.000     .0050135    .0114348
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5950551   .0347881    17.11   0.000     .5268685    .6632416
            _Iage2_22 |   .8689149   .0563004    15.43   0.000     .7585631    .9792666
            _Iage2_23 |   1.128031   .0781036    14.44   0.000     .9749437    1.281118
            _Iage2_24 |   1.412882   .1004135    14.07   0.000     1.216066    1.609698
            _Iage2_25 |   1.750388   .1228705    14.25   0.000     1.509556    1.991221
            _Iage2_26 |   2.051276   .1450846    14.14   0.000     1.766903     2.33565
            _Iage2_27 |   2.304475   .1671624    13.79   0.000     1.976828    2.632122
            _Iage2_28 |   2.527085   .1893106    13.35   0.000     2.156027    2.898144
            _Iage2_29 |   2.722252   .2114339    12.88   0.000      2.30783    3.136673
            _Iage2_30 |   2.899297   .2334945    12.42   0.000     2.441635    3.356958
            _Iage2_31 |   3.067592   .2556389    12.00   0.000     2.566527    3.568658
            _Iage2_32 |   3.228962   .2777524    11.63   0.000     2.684553    3.773371
            _Iage2_33 |   3.386845   .2998786    11.29   0.000     2.799068    3.974623
            _Iage2_34 |   3.536016   .3219439    10.98   0.000     2.904989    4.167043
            _Iage2_35 |   3.686227   .3441332    10.71   0.000     3.011708    4.360746
            _Iage2_36 |   3.833065   .3663037    10.46   0.000      3.11509    4.551039
            _Iage2_37 |   3.977744   .3885231    10.24   0.000     3.216218     4.73927
            _Iage2_38 |   4.120115   .4106586    10.03   0.000     3.315203    4.925027
            _Iage2_39 |   4.259633   .4327838     9.84   0.000     3.411354    5.107912
            _Iage2_40 |   4.397981   .4549383     9.67   0.000     3.506278    5.289684
            _Iage2_41 |    4.56029   .4770935     9.56   0.000     3.625162    5.495418
            _Iage2_42 |   4.699417   .4992904     9.41   0.000     3.720782    5.678053
            _Iage2_43 |   4.832624   .5214389     9.27   0.000     3.810577    5.854672
            _Iage2_44 |   4.962931   .5435686     9.13   0.000     3.897508    6.028354
            _Iage2_45 |   5.092867   .5657619     9.00   0.000     3.983944     6.20179
            _Iage2_46 |    5.22142   .5879578     8.88   0.000     4.068992    6.373848
            _Iage2_47 |   5.350174   .6101145     8.77   0.000     4.154318     6.54603
            _Iage2_48 |   5.474301    .632246     8.66   0.000     4.235065    6.713536
            _Iage2_49 |   5.595339   .6544281     8.55   0.000     4.312626    6.878052
            _Iage2_50 |   5.716366   .6765812     8.45   0.000     4.390231      7.0425
            _Iage2_51 |   5.837579   .6987297     8.35   0.000     4.468033    7.207126
            _Iage2_52 |   5.960941    .720912     8.27   0.000     4.547916    7.373966
            _Iage2_53 |   6.080981   .7430758     8.18   0.000     4.624514    7.537449
            _Iage2_54 |   6.198827   .7651755     8.10   0.000     4.699044    7.698611
            _Iage2_55 |   6.315719   .7873971     8.02   0.000      4.77238    7.859058
            _Iage2_56 |   6.432923   .8095329     7.95   0.000     4.846197     8.01965
            _Iage2_57 |   6.531601   .8317226     7.85   0.000     4.901381    8.161821
            _Iage2_58 |   6.636404   .8538937     7.77   0.000     4.962728     8.31008
            _Iage2_59 |   6.720499   .8760028     7.67   0.000     5.003488     8.43751
        firm_size_new |   .0052755   .0005531     9.54   0.000     .0041914    .0063596
                _cons |   6.820509   .3380479    20.18   0.000     6.157918    7.483101
----------------------+----------------------------------------------------------------
              sigma_u |  1.3494689
              sigma_e |   .3444526
                  rho |  .93883243   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =    0.01
            Prob > F =    0.9131

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26947) =    0.26
            Prob > F =    0.6122
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2703                         Obs per group: min =         1
       between = 0.1535                                        avg =      11.8
       overall = 0.1112                                        max =        48

                                                F(82,26947)        =    561.41
corr(u_i, Xb)  = -0.9243                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0048815   .0005856     8.34   0.000     .0037337    .0060292
     treated_iasuorv_d |   .1052936   .0293134     3.59   0.000     .0478379    .1627493
           treated_pre |   .0424278   .0056226     7.55   0.000     .0314072    .0534484
       treated_pre_ia3 |  -.0025378   .0002912    -8.72   0.000    -.0031085    -.001967
 treated_pre_iasuorv_d |  -.0696066   .0076319    -9.12   0.000    -.0845655   -.0546478
          treated_post |   .1099579    .008585    12.81   0.000     .0931308     .126785
      treated_post_ia3 |  -.0060522   .0003965   -15.26   0.000    -.0068294    -.005275
treated_post_iasuorv_d |  -.2094973   .0103487   -20.24   0.000    -.2297813   -.1892133
             interact3 |  -.0091687   .0003393   -27.02   0.000    -.0098337   -.0085037
               suorv_d |  -.0416131   .0168565    -2.47   0.014    -.0746526   -.0085736
                   l_0 |  -.4712881   .1112399    -4.24   0.000     -.689324   -.2532521
                   l_1 |  -.5460701   .1334878    -4.09   0.000     -.807713   -.2844271
                   l_2 |  -.6691018   .1557118    -4.30   0.000     -.974305   -.3638987
                   l_3 |  -.7818129   .1779268    -4.39   0.000    -1.130559   -.4330671
                   l_4 |  -.8930433   .2001781    -4.46   0.000    -1.285403   -.5006838
                   l_5 |   -1.00395    .222428    -4.51   0.000     -1.43992   -.5679792
                   l_6 |  -1.114159   .2446554    -4.55   0.000    -1.593696   -.6346215
                   l_7 |  -1.225325   .2668813    -4.59   0.000    -1.748426   -.7022235
                   l_8 |  -1.328281    .289082    -4.59   0.000    -1.894897   -.7616649
                   l_9 |  -1.431869   .3114097    -4.60   0.000    -2.042248   -.8214894
                  l_10 |  -1.537436   .3336512    -4.61   0.000    -2.191409   -.8834623
                   f_1 |  -.3734297   .0890015    -4.20   0.000    -.5478773   -.1989821
                   f_2 |  -.2833796   .0667425    -4.25   0.000    -.4141984   -.1525608
                   f_3 |  -.1930544   .0444899    -4.34   0.000    -.2802569    -.105852
                   f_4 |  -.1002652   .0222948    -4.50   0.000    -.1439641   -.0565663
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0100116    .003446     2.91   0.004     .0032573    .0167659
          _Ivuosi_1996 |   .0378261   .0035965    10.52   0.000     .0307767    .0448755
          _Ivuosi_1997 |    .029652   .0038063     7.79   0.000     .0221914    .0371126
          _Ivuosi_1998 |   .0383516   .0039862     9.62   0.000     .0305384    .0461648
          _Ivuosi_1999 |    .043658    .003907    11.17   0.000         .036     .051316
          _Ivuosi_2000 |   .0445888   .0039488    11.29   0.000     .0368489    .0523287
          _Ivuosi_2001 |   .0575547   .0038109    15.10   0.000     .0500851    .0650243
          _Ivuosi_2002 |   .0401467   .0033933    11.83   0.000     .0334956    .0467978
          _Ivuosi_2003 |   .0335197   .0031304    10.71   0.000      .027384    .0396555
          _Ivuosi_2004 |   .0425165   .0030185    14.09   0.000        .0366     .048433
          _Ivuosi_2005 |   .0515026   .0028162    18.29   0.000     .0459828    .0570225
          _Ivuosi_2006 |   .0451913   .0027049    16.71   0.000     .0398896     .050493
          _Ivuosi_2007 |   .0480913   .0026675    18.03   0.000     .0428629    .0533196
          _Ivuosi_2008 |    .044823   .0024654    18.18   0.000     .0399907    .0496554
          _Ivuosi_2009 |   .0240639   .0022345    10.77   0.000     .0196841    .0284437
          _Ivuosi_2010 |   .0154505   .0021874     7.06   0.000     .0111632    .0197378
          _Ivuosi_2011 |   .0079781   .0016404     4.86   0.000     .0047628    .0111933
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5985845   .0347887    17.21   0.000     .5303968    .6667722
             _Iage2_22 |   .8756656   .0563336    15.54   0.000     .7652488    .9860823
             _Iage2_23 |   1.137577   .0781988    14.55   0.000     .9843028     1.29085
             _Iage2_24 |    1.42223   .1005665    14.14   0.000     1.225114    1.619345
             _Iage2_25 |   1.757613   .1230675    14.28   0.000     1.516394    1.998832
             _Iage2_26 |   2.057138   .1453391    14.15   0.000     1.772266     2.34201
             _Iage2_27 |   2.310631   .1674779    13.80   0.000     1.982365    2.638896
             _Iage2_28 |   2.534786   .1896905    13.36   0.000     2.162983    2.906589
             _Iage2_29 |   2.732357   .2118779    12.90   0.000     2.317066    3.147649
             _Iage2_30 |   2.912518   .2340066    12.45   0.000     2.453853    3.371183
             _Iage2_31 |   3.084152   .2562159    12.04   0.000     2.581956    3.586349
             _Iage2_32 |   3.249438   .2784037    11.67   0.000     2.703752    3.795123
             _Iage2_33 |   3.411379   .3006078    11.35   0.000     2.822172    4.000586
             _Iage2_34 |   3.564849   .3227503    11.05   0.000     2.932242    4.197457
             _Iage2_35 |   3.719692   .3450117    10.78   0.000     3.043451    4.395933
             _Iage2_36 |   3.871262   .3672605    10.54   0.000     3.151413    4.591112
             _Iage2_37 |   4.020483   .3895541    10.32   0.000     3.256937     4.78403
             _Iage2_38 |   4.167603    .411762    10.12   0.000     3.360528    4.974677
             _Iage2_39 |   4.311504   .4339658     9.94   0.000     3.460909      5.1621
             _Iage2_40 |   4.454107   .4561924     9.76   0.000     3.559946    5.348268
             _Iage2_41 |   4.593257   .4783997     9.60   0.000     3.655569    5.530945
             _Iage2_42 |   4.736401   .5006766     9.46   0.000     3.755048    5.717753
             _Iage2_43 |   4.873295   .5228985     9.32   0.000     3.848387    5.898203
             _Iage2_44 |   5.007078   .5451051     9.19   0.000     3.938644    6.075513
             _Iage2_45 |   5.140727    .567375     9.06   0.000     4.028642    6.252812
             _Iage2_46 |   5.272818   .5896428     8.94   0.000     4.117088    6.428549
             _Iage2_47 |   5.404867   .6118721     8.83   0.000     4.205566    6.604168
             _Iage2_48 |   5.532142   .6340762     8.72   0.000     4.289319    6.774964
             _Iage2_49 |   5.656576    .656331     8.62   0.000     4.370133    6.943019
             _Iage2_50 |   5.780877   .6785628     8.52   0.000     4.450859    7.110896
             _Iage2_51 |    5.90575   .7007908     8.43   0.000     4.532163    7.279336
             _Iage2_52 |   6.032463   .7230508     8.34   0.000     4.615246     7.44968
             _Iage2_53 |   6.156004   .7452883     8.26   0.000       4.6952    7.616808
             _Iage2_54 |   6.277377    .767464     8.18   0.000     4.773107    7.781646
             _Iage2_55 |   6.398096   .7897549     8.10   0.000     4.850135    7.946057
             _Iage2_56 |   6.518669   .8119695     8.03   0.000     4.927167    8.110172
             _Iage2_57 |   6.620901   .8342388     7.94   0.000      4.98575    8.256053
             _Iage2_58 |    6.72934   .8564882     7.86   0.000     5.050578    8.408101
             _Iage2_59 |   6.817487   .8786732     7.76   0.000     5.095241    8.539732
         firm_size_new |   .0053005   .0005466     9.70   0.000     .0042291    .0063718
                 _cons |   6.849032   .3387415    20.22   0.000     6.185081    7.512983
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3380528
               sigma_e |  .34361158
                   rho |  .93813375   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =  157.08
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =   54.61
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2703                         Obs per group: min =         1
       between = 0.1537                                        avg =      11.8
       overall = 0.1114                                        max =        48

                                                F(85,26947)        =    551.80
corr(u_i, Xb)  = -0.9239                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0328102   .0067086    -4.89   0.000    -.0459594   -.0196609
           treated_ia3 |   .0058191   .0006202     9.38   0.000     .0046034    .0070348
     treated_iasuorv_d |   .1145425     .02962     3.87   0.000     .0564857    .1725993
           treated_pre |   .0440008   .0055758     7.89   0.000     .0330721    .0549296
  treated_pre_iasenior |   .0079136   .0055662     1.42   0.155    -.0029964    .0188235
       treated_pre_ia3 |  -.0028404   .0003422    -8.30   0.000    -.0035111   -.0021697
 treated_pre_iasuorv_d |  -.0754843   .0094793    -7.96   0.000    -.0940641   -.0569044
          treated_post |   .1136463   .0086319    13.17   0.000     .0967273    .1305652
 treated_post_iasenior |   .0178225   .0068386     2.61   0.009     .0044184    .0312266
      treated_post_ia3 |  -.0066943   .0004328   -15.47   0.000    -.0075427    -.005846
treated_post_iasuorv_d |  -.2227443   .0117309   -18.99   0.000    -.2457376   -.1997511
                senior |   6.814238   .8790245     7.75   0.000     5.091304    8.537172
             interact3 |  -.0093535    .000342   -27.35   0.000    -.0100238   -.0086832
               suorv_d |   -.041615   .0168575    -2.47   0.014    -.0746565   -.0085735
                   l_0 |  -.4711777   .1112867    -4.23   0.000    -.6893055   -.2530499
                   l_1 |  -.5456601   .1335423    -4.09   0.000      -.80741   -.2839103
                   l_2 |  -.6683923   .1557741    -4.29   0.000    -.9737177   -.3630669
                   l_3 |  -.7808021   .1779965    -4.39   0.000    -1.129685   -.4319197
                   l_4 |  -.8917311   .2002558    -4.45   0.000    -1.284243   -.4992194
                   l_5 |  -1.002338   .2225137    -4.50   0.000    -1.438476    -.566199
                   l_6 |  -1.112243   .2447486    -4.54   0.000    -1.591963   -.6325225
                   l_7 |  -1.223101   .2669823    -4.58   0.000      -1.7464   -.6998014
                   l_8 |  -1.325735   .2891909    -4.58   0.000    -1.892564   -.7589055
                   l_9 |  -1.428979   .3115257    -4.59   0.000    -2.039585   -.8183721
                  l_10 |    -1.5342   .3337743    -4.60   0.000    -2.188415   -.8799853
                   f_1 |  -.3726102   .0890341    -4.19   0.000    -.5471216   -.1980988
                   f_2 |   -.282883   .0667677    -4.24   0.000    -.4137511   -.1520149
                   f_3 |  -.1928795   .0445079    -4.33   0.000    -.2801174   -.1056416
                   f_4 |  -.1004204   .0223053    -4.50   0.000      -.14414   -.0567007
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0099703   .0034455     2.89   0.004      .003217    .0167236
          _Ivuosi_1996 |   .0378052   .0035952    10.52   0.000     .0307583     .044852
          _Ivuosi_1997 |   .0296421   .0038088     7.78   0.000     .0221768    .0371075
          _Ivuosi_1998 |   .0383128   .0039886     9.61   0.000     .0304949    .0461307
          _Ivuosi_1999 |   .0436017    .003909    11.15   0.000     .0359399    .0512635
          _Ivuosi_2000 |   .0445983   .0039519    11.29   0.000     .0368524    .0523442
          _Ivuosi_2001 |     .05755   .0038144    15.09   0.000     .0500736    .0650265
          _Ivuosi_2002 |   .0401133   .0033969    11.81   0.000     .0334551    .0467714
          _Ivuosi_2003 |   .0334857   .0031339    10.68   0.000      .027343    .0396284
          _Ivuosi_2004 |   .0425033   .0030214    14.07   0.000     .0365811    .0484254
          _Ivuosi_2005 |   .0514703    .002819    18.26   0.000      .045945    .0569957
          _Ivuosi_2006 |   .0451539   .0027066    16.68   0.000     .0398488     .050459
          _Ivuosi_2007 |   .0480688   .0026682    18.02   0.000     .0428389    .0532986
          _Ivuosi_2008 |   .0448208   .0024664    18.17   0.000     .0399866    .0496551
          _Ivuosi_2009 |   .0240389   .0022356    10.75   0.000      .019657    .0284208
          _Ivuosi_2010 |   .0154358   .0021875     7.06   0.000     .0111483    .0197234
          _Ivuosi_2011 |   .0079748   .0016406     4.86   0.000     .0047591    .0111904
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5983743   .0347943    17.20   0.000     .5301756     .666573
             _Iage2_22 |   .8752228    .056347    15.53   0.000     .7647797    .9856658
             _Iage2_23 |   1.136877   .0782196    14.53   0.000     .9835628    1.290192
             _Iage2_24 |   1.421382   .1005941    14.13   0.000     1.224213    1.618552
             _Iage2_25 |   1.756597   .1231023    14.27   0.000      1.51531    1.997884
             _Iage2_26 |   2.055919   .1453808    14.14   0.000     1.770965    2.340873
             _Iage2_27 |   2.309201   .1675264    13.78   0.000     1.980841    2.637561
             _Iage2_28 |   2.533134   .1897453    13.35   0.000     2.161223    2.905044
             _Iage2_29 |   2.730482   .2119389    12.88   0.000      2.31507    3.145893
             _Iage2_30 |   2.910426   .2340741    12.43   0.000     2.451628    3.369223
             _Iage2_31 |   3.081848   .2562896    12.02   0.000     2.579507    3.584189
             _Iage2_32 |   3.246936   .2784835    11.66   0.000     2.701094    3.792778
             _Iage2_33 |   3.408693   .3006939    11.34   0.000     2.819317    3.998068
             _Iage2_34 |   3.561976   .3228425    11.03   0.000     2.929188    4.194765
             _Iage2_35 |   3.716643   .3451098    10.77   0.000      3.04021    4.393076
             _Iage2_36 |   3.868047   .3673649    10.53   0.000     3.147993    4.588102
             _Iage2_37 |   4.017072   .3896646    10.31   0.000     3.253309    4.780835
             _Iage2_38 |   4.163975   .4118782    10.11   0.000     3.356672    4.971278
             _Iage2_39 |   4.307619   .4340888     9.92   0.000     3.456782    5.158455
             _Iage2_40 |    4.44993   .4563226     9.75   0.000     3.555514    5.344346
             _Iage2_41 |  -2.216014    .400578    -5.53   0.000    -3.001167    -1.43086
             _Iage2_42 |   -2.07328   .3782831    -5.48   0.000    -2.814734   -1.331825
             _Iage2_43 |  -1.936821   .3560439    -5.44   0.000    -2.634685   -1.238956
             _Iage2_44 |  -1.803493   .3338202    -5.40   0.000    -2.457798   -1.149188
             _Iage2_45 |  -1.670309    .311535    -5.36   0.000    -2.280934   -1.059684
             _Iage2_46 |  -1.538711   .2892496    -5.32   0.000    -2.105655   -.9717663
             _Iage2_47 |  -1.407139   .2670058    -5.27   0.000    -1.930484   -.8837935
             _Iage2_48 |  -1.280365   .2447866    -5.23   0.000     -1.76016   -.8005706
             _Iage2_49 |  -1.156428   .2225156    -5.20   0.000     -1.59257   -.7202857
             _Iage2_50 |  -1.032607    .200272    -5.16   0.000    -1.425151   -.6400638
             _Iage2_51 |  -.9082107   .1780353    -5.10   0.000    -1.257169   -.5592523
             _Iage2_52 |  -.7819708   .1557658    -5.02   0.000     -1.08728   -.4766617
             _Iage2_53 |   -.658882   .1335176    -4.93   0.000    -.9205833   -.3971807
             _Iage2_54 |  -.5379516   .1113367    -4.83   0.000    -.7561773   -.3197259
             _Iage2_55 |  -.4177056   .0890454    -4.69   0.000    -.5922393   -.2431719
             _Iage2_56 |  -.2975575   .0668346    -4.45   0.000    -.4285568   -.1665581
             _Iage2_57 |  -.1957429   .0445803    -4.39   0.000    -.2831226   -.1083633
             _Iage2_58 |  -.0877333   .0223724    -3.92   0.000    -.1315843   -.0438823
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0052918   .0005467     9.68   0.000     .0042202    .0063633
                 _cons |   6.851832   .3388344    20.22   0.000     6.187699    7.515966
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3348442
               sigma_e |  .34360169
                   rho |  .93785783   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26947) =   95.51
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =  143.22
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26947) =   68.90
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26947) =  239.23
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =  173.16
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =  162.80
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =  167.28
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2798                         Obs per group: min =         1
       between = 0.1786                                        avg =      11.8
       overall = 0.1317                                        max =        48

                                                F(89,26947)        =    631.87
corr(u_i, Xb)  = -0.9225                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0217175   .0067056    -3.24   0.001    -.0348608   -.0085741
           treated_ia2 |  -.1663239   .0168358    -9.88   0.000    -.1993229   -.1333249
           treated_ia3 |   .0054936   .0006263     8.77   0.000      .004266    .0067212
     treated_iasuorv_d |   .1052917   .0288294     3.65   0.000     .0487847    .1617988
           treated_pre |   .0428712   .0059441     7.21   0.000     .0312205    .0545219
  treated_pre_iasenior |     .00373   .0055934     0.67   0.505    -.0072333    .0146933
       treated_pre_ia2 |   .0101141   .0054158     1.87   0.062    -.0005012    .0207294
       treated_pre_ia3 |  -.0027315   .0003533    -7.73   0.000    -.0034239    -.002039
 treated_pre_iasuorv_d |  -.0559275   .0097778    -5.72   0.000    -.0750926   -.0367625
          treated_post |   .0995969   .0084939    11.73   0.000     .0829485    .1162453
 treated_post_iasenior |   .0023186   .0067338     0.34   0.731      -.01088    .0155172
      treated_post_ia2 |    .043249   .0073982     5.85   0.000     .0287481    .0577498
      treated_post_ia3 |  -.0060191    .000438   -13.74   0.000    -.0068776   -.0051606
treated_post_iasuorv_d |  -.1505934   .0118132   -12.75   0.000    -.1737479   -.1274389
                senior |   6.548849   .8782522     7.46   0.000     4.827429    8.270269
             interact2 |   .4676897   .0112201    41.68   0.000     .4456977    .4896818
             interact3 |  -.0024682   .0003181    -7.76   0.000    -.0030917   -.0018448
               suorv_d |  -.0425357   .0163913    -2.60   0.009    -.0746635    -.010408
                   l_0 |  -.4746138   .1112025    -4.27   0.000    -.6925764   -.2566512
                   l_1 |  -.5500509   .1334675    -4.12   0.000    -.8116542   -.2884476
                   l_2 |  -.6730976   .1556967    -4.32   0.000    -.9782712   -.3679241
                   l_3 |   -.785475   .1779102    -4.42   0.000    -1.134188   -.4367618
                   l_4 |  -.8964997   .2001612    -4.48   0.000    -1.288826   -.5041733
                   l_5 |  -1.007103   .2224196    -4.53   0.000    -1.443057   -.5711487
                   l_6 |  -1.117144   .2446455    -4.57   0.000    -1.596661   -.6376257
                   l_7 |  -1.228045   .2668672    -4.60   0.000    -1.751119   -.7049716
                   l_8 |  -1.330145   .2890691    -4.60   0.000    -1.896735   -.7635545
                   l_9 |  -1.433765   .3113939    -4.60   0.000    -2.044113   -.8234167
                  l_10 |  -1.539145   .3336281    -4.61   0.000    -2.193073   -.8852165
                   f_1 |  -.3749268   .0889922    -4.21   0.000    -.5493562   -.2004974
                   f_2 |   -.284968   .0667361    -4.27   0.000    -.4157743   -.1541617
                   f_3 |   -.194666   .0444851    -4.38   0.000     -.281859   -.1074729
                   f_4 |  -.1017243   .0222913    -4.56   0.000    -.1454164   -.0580321
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0114567   .0033077     3.46   0.001     .0049734      .01794
          _Ivuosi_1996 |   .0398153   .0034519    11.53   0.000     .0330494    .0465812
          _Ivuosi_1997 |   .0325042   .0036559     8.89   0.000     .0253384      .03967
          _Ivuosi_1998 |   .0418844   .0038213    10.96   0.000     .0343944    .0493743
          _Ivuosi_1999 |   .0467744   .0037238    12.56   0.000     .0394756    .0540732
          _Ivuosi_2000 |   .0492138    .003757    13.10   0.000     .0418499    .0565777
          _Ivuosi_2001 |   .0626013   .0036322    17.24   0.000      .055482    .0697207
          _Ivuosi_2002 |   .0453654   .0032247    14.07   0.000     .0390448    .0516859
          _Ivuosi_2003 |   .0387611   .0029604    13.09   0.000     .0329585    .0445636
          _Ivuosi_2004 |   .0479504   .0028551    16.79   0.000     .0423543    .0535465
          _Ivuosi_2005 |   .0568637   .0026701    21.30   0.000     .0516302    .0620972
          _Ivuosi_2006 |   .0505291   .0025645    19.70   0.000     .0455026    .0555557
          _Ivuosi_2007 |   .0533439   .0025367    21.03   0.000     .0483719    .0583158
          _Ivuosi_2008 |   .0484028   .0023499    20.60   0.000     .0437968    .0530088
          _Ivuosi_2009 |   .0269781   .0021613    12.48   0.000     .0227419    .0312143
          _Ivuosi_2010 |   .0171303   .0021196     8.08   0.000     .0129758    .0212848
          _Ivuosi_2011 |    .008809    .001622     5.43   0.000     .0056298    .0119882
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5964209   .0347647    17.16   0.000     .5282804    .6645615
             _Iage2_22 |   .8719885   .0563393    15.48   0.000     .7615605    .9824165
             _Iage2_23 |     1.1322   .0781766    14.48   0.000     .9789696     1.28543
             _Iage2_24 |   1.411254   .1005079    14.04   0.000     1.214253    1.608255
             _Iage2_25 |    1.73253   .1228914    14.10   0.000     1.491657    1.973404
             _Iage2_26 |   2.013992   .1451129    13.88   0.000     1.729563    2.298421
             _Iage2_27 |   2.251128   .1672192    13.46   0.000      1.92337    2.578887
             _Iage2_28 |   2.461575   .1893942    13.00   0.000     2.090353    2.832798
             _Iage2_29 |   2.647494     .21158    12.51   0.000     2.232786    3.062202
             _Iage2_30 |   2.817645    .233701    12.06   0.000     2.359579    3.275711
             _Iage2_31 |   2.979829   .2558978    11.64   0.000     2.478256    3.481402
             _Iage2_32 |   3.136986   .2780894    11.28   0.000     2.591917    3.682056
             _Iage2_33 |   3.290907   .3002952    10.96   0.000     2.702312    3.879501
             _Iage2_34 |    3.43715   .3224333    10.66   0.000     2.805164    4.069136
             _Iage2_35 |   3.584915    .344691    10.40   0.000     2.909303    4.260528
             _Iage2_36 |    3.72969   .3669338    10.16   0.000     3.010481    4.448899
             _Iage2_37 |   3.872173   .3892237     9.95   0.000     3.109274    4.635072
             _Iage2_38 |   4.012623   .4114199     9.75   0.000     3.206219    4.819028
             _Iage2_39 |   4.150048   .4336151     9.57   0.000      3.30014    4.999957
             _Iage2_40 |   4.286442   .4558357     9.40   0.000      3.39298    5.179903
             _Iage2_41 |  -2.120078   .4002919    -5.30   0.000    -2.904671   -1.335485
             _Iage2_42 |  -1.983326   .3780118    -5.25   0.000    -2.724248   -1.242403
             _Iage2_43 |  -1.852503   .3557881    -5.21   0.000    -2.549867    -1.15514
             _Iage2_44 |  -1.724978    .333577    -5.17   0.000    -2.378806   -1.071149
             _Iage2_45 |  -1.597508   .3113055    -5.13   0.000    -2.207683    -.987333
             _Iage2_46 |  -1.471782   .2890339    -5.09   0.000    -2.038304   -.9052609
             _Iage2_47 |  -1.345759   .2668044    -5.04   0.000     -1.86871    -.822809
             _Iage2_48 |  -1.224453   .2445996    -5.01   0.000    -1.703881   -.7450251
             _Iage2_49 |  -1.106099   .2223442    -4.97   0.000    -1.541905   -.6702928
             _Iage2_50 |    -.98797   .2001196    -4.94   0.000    -1.380215   -.5957251
             _Iage2_51 |  -.8689441   .1779035    -4.88   0.000    -1.217644    -.520244
             _Iage2_52 |  -.7479806   .1556511    -4.81   0.000    -1.053065   -.4428964
             _Iage2_53 |  -.6300722   .1334181    -4.72   0.000    -.8915788   -.3685657
             _Iage2_54 |  -.5142569   .1112497    -4.62   0.000    -.7323122   -.2962016
             _Iage2_55 |  -.3989001   .0889748    -4.48   0.000    -.5732954   -.2245048
             _Iage2_56 |  -.2835048   .0667812    -4.25   0.000    -.4143995   -.1526101
             _Iage2_57 |  -.1863837   .0445437    -4.18   0.000    -.2736917   -.0990758
             _Iage2_58 |  -.0830437   .0223538    -3.71   0.000    -.1268584   -.0392291
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0052658    .000532     9.90   0.000     .0042231    .0063085
                 _cons |   6.837659   .3385698    20.20   0.000     6.174045    7.501273
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3034158
               sigma_e |  .34136483
                   rho |  .93581112   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26947) =   74.77
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26947) =   89.99
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26947) =   38.80
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =  147.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   97.50
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =  280.61
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =  129.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26947) =  218.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =   92.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =  211.84
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    909,614    .2219689    .4155706          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    975,899    .2323365    .4223227          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    869,619     8.09899    5.220287          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    821,377    20.77227    8.045613          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    667,935     8.73398     5.37101          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    595,116    21.66356    7.956083          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    201,684    5.996038    4.025784          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    226,261      18.428    7.804822          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.22 + _b[treated_post_ia3] *   8.10
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.23 + _b[treated_post_ia3] *  20.77

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0603569   .0064107     9.42   0.000     .0477922    .0729217
       _nl_2 |  -.0131541   .0058138    -2.26   0.024     -.024549   -.0017592
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.73
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.66
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.00
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.43

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0470501   .0067872     6.93   0.000     .0337475    .0603527
       _nl_2 |  -.0284584    .006113    -4.66   0.000    -.0404395   -.0164772
       _nl_3 |   .1067313   .0079424    13.44   0.000     .0911644    .1222981
       _nl_4 |   .0342323   .0078422     4.37   0.000     .0188619    .0496027
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.00
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.43
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.73
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.66

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0995969   .0084939    11.73   0.000     .0829492    .1162446
       _nl_2 |   .1019155   .0103212     9.87   0.000     .0816864    .1221446
       _nl_3 |   .1428459   .0085274    16.75   0.000     .1261325    .1595593
       _nl_4 |   .1451645    .009831    14.77   0.000      .125896    .1644329
       _nl_5 |   .1067313   .0079424    13.44   0.000     .0911644    .1222981
       _nl_6 |   .0342323   .0078422     4.37   0.000     .0188619    .0496027
       _nl_7 |   .0470501   .0067872     6.93   0.000     .0337475    .0603527
       _nl_8 |  -.0284584    .006113    -4.66   0.000    -.0404395   -.0164772
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_whitec_noIQ_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2797                         Obs per group: min =         1
       between = 0.1786                                        avg =      11.8
       overall = 0.1317                                        max =        48

                                                F(86,26947)        =    643.70
corr(u_i, Xb)  = -0.9226                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1686831    .016771   -10.06   0.000    -.2015551    -.135811
           treated_ia3 |   .0049301   .0005888     8.37   0.000     .0037761    .0060841
     treated_iasuorv_d |   .1021398   .0284706     3.59   0.000      .046336    .1579437
           treated_pre |   .0414631   .0059673     6.95   0.000     .0297668    .0531593
       treated_pre_ia2 |   .0105439   .0053619     1.97   0.049     .0000343    .0210535
       treated_pre_ia3 |  -.0025733   .0002931    -8.78   0.000    -.0031477   -.0019989
 treated_pre_iasuorv_d |  -.0526498    .007759    -6.79   0.000    -.0678578   -.0374418
          treated_post |    .096305   .0084816    11.35   0.000     .0796805    .1129295
      treated_post_ia2 |   .0433167   .0073668     5.88   0.000     .0288774    .0577561
      treated_post_ia3 |  -.0059034   .0003927   -15.03   0.000    -.0066731   -.0051337
treated_post_iasuorv_d |  -.1483885   .0102352   -14.50   0.000      -.16845   -.1283269
             interact2 |   .4687779   .0112056    41.83   0.000     .4468143    .4907414
             interact3 |  -.0022555   .0003162    -7.13   0.000    -.0028753   -.0016357
               suorv_d |  -.0422512   .0163938    -2.58   0.010    -.0743839   -.0101184
                   l_0 |  -.4735019   .1111807    -4.26   0.000    -.6914218    -.255582
                   l_1 |  -.5489916   .1334432    -4.11   0.000    -.8105473   -.2874359
                   l_2 |  -.6720899   .1556697    -4.32   0.000    -.9772105   -.3669692
                   l_3 |  -.7845186   .1778809    -4.41   0.000    -1.133174   -.4358628
                   l_4 |   -.895592   .2001292    -4.48   0.000    -1.287856   -.5033284
                   l_5 |  -1.006242    .222385    -4.52   0.000    -1.442128   -.5703554
                   l_6 |  -1.116342   .2446085    -4.56   0.000    -1.595787   -.6368964
                   l_7 |  -1.227286   .2668277    -4.60   0.000    -1.750282   -.7042899
                   l_8 |  -1.329442   .2890267    -4.60   0.000    -1.895949   -.7629346
                   l_9 |  -1.433145   .3113498    -4.60   0.000    -2.043407   -.8228834
                  l_10 |  -1.538621    .333582    -4.61   0.000    -2.192459   -.8847833
                   f_1 |   -.374737     .08898    -4.21   0.000    -.5491424   -.2003315
                   f_2 |   -.284723   .0667261    -4.27   0.000    -.4155097   -.1539363
                   f_3 |  -.1943686   .0444772    -4.37   0.000    -.2815463   -.1071909
                   f_4 |  -.1013654   .0222858    -4.55   0.000    -.1450468    -.057684
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0114597   .0033069     3.47   0.001     .0049779    .0179414
          _Ivuosi_1996 |   .0398031   .0034533    11.53   0.000     .0330344    .0465718
          _Ivuosi_1997 |   .0324947    .003655     8.89   0.000     .0253308    .0396587
          _Ivuosi_1998 |   .0418762   .0038209    10.96   0.000      .034387    .0493654
          _Ivuosi_1999 |   .0467683   .0037236    12.56   0.000     .0394698    .0540667
          _Ivuosi_2000 |   .0492048   .0037557    13.10   0.000     .0418434    .0565662
          _Ivuosi_2001 |   .0626139   .0036301    17.25   0.000     .0554986    .0697291
          _Ivuosi_2002 |   .0453969   .0032217    14.09   0.000     .0390821    .0517117
          _Ivuosi_2003 |   .0387987   .0029576    13.12   0.000     .0330018    .0445957
          _Ivuosi_2004 |   .0479803   .0028523    16.82   0.000     .0423897    .0535709
          _Ivuosi_2005 |   .0568862   .0026677    21.32   0.000     .0516573    .0621151
          _Ivuosi_2006 |   .0505541   .0025622    19.73   0.000      .045532    .0555762
          _Ivuosi_2007 |   .0533701   .0025356    21.05   0.000     .0484001      .05834
          _Ivuosi_2008 |    .048421   .0023493    20.61   0.000     .0438163    .0530258
          _Ivuosi_2009 |   .0270052   .0021609    12.50   0.000     .0227698    .0312406
          _Ivuosi_2010 |   .0171369   .0021195     8.09   0.000     .0129826    .0212911
          _Ivuosi_2011 |    .008812   .0016218     5.43   0.000     .0056332    .0119908
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5964337   .0347648    17.16   0.000     .5282929    .6645744
             _Iage2_22 |   .8720077   .0563374    15.48   0.000     .7615833     .982432
             _Iage2_23 |   1.132253   .0781721    14.48   0.000     .9790313    1.285474
             _Iage2_24 |   1.411309    .100501    14.04   0.000     1.214322    1.608296
             _Iage2_25 |   1.732624   .1228825    14.10   0.000     1.491768     1.97348
             _Iage2_26 |   2.014148   .1451026    13.88   0.000      1.72974    2.298557
             _Iage2_27 |   2.251345   .1672071    13.46   0.000      1.92361     2.57908
             _Iage2_28 |   2.461863   .1893811    13.00   0.000     2.090666    2.833059
             _Iage2_29 |   2.647858    .211566    12.52   0.000     2.233177    3.062538
             _Iage2_30 |   2.818085   .2336858    12.06   0.000     2.360048    3.276121
             _Iage2_31 |   2.980353    .255882    11.65   0.000     2.478811    3.481895
             _Iage2_32 |   3.137589   .2780728    11.28   0.000     2.592552    3.682626
             _Iage2_33 |   3.291584   .3002779    10.96   0.000     2.703024    3.880145
             _Iage2_34 |   3.437906   .3224155    10.66   0.000     2.805955    4.069857
             _Iage2_35 |   3.585751   .3446727    10.40   0.000     2.910174    4.261327
             _Iage2_36 |   3.730594   .3669149    10.17   0.000     3.011422    4.449766
             _Iage2_37 |   3.873151   .3892041     9.95   0.000      3.11029    4.636011
             _Iage2_38 |   4.013667   .4113998     9.76   0.000     3.207302    4.820032
             _Iage2_39 |   4.151163   .4335936     9.57   0.000     3.301297    5.001029
             _Iage2_40 |   4.287623   .4558124     9.41   0.000     3.394207    5.181039
             _Iage2_41 |   4.420353   .4780068     9.25   0.000     3.483435    5.357271
             _Iage2_42 |   4.557194   .5002748     9.11   0.000     3.576629    5.537759
             _Iage2_43 |   4.688101   .5224868     8.97   0.000     3.663999    5.712202
             _Iage2_44 |   4.815702   .5446864     8.84   0.000     3.748088    5.883315
             _Iage2_45 |   4.943229    .566948     8.72   0.000     3.831982    6.054477
             _Iage2_46 |   5.069016   .5892073     8.60   0.000     3.914139    6.223893
             _Iage2_47 |   5.195085   .6114274     8.50   0.000     3.996656    6.393515
             _Iage2_48 |   5.316446   .6336223     8.39   0.000     4.074513    6.558379
             _Iage2_49 |   5.434855   .6558669     8.29   0.000     4.149322    6.720388
             _Iage2_50 |   5.553029   .6780849     8.19   0.000     4.223948    6.882111
             _Iage2_51 |   5.672108   .7002975     8.10   0.000     4.299489    7.044728
             _Iage2_52 |   5.793126   .7225457     8.02   0.000     4.376899    7.209354
             _Iage2_53 |    5.91109   .7447735     7.94   0.000     4.451295    7.370885
             _Iage2_54 |   6.026956   .7669421     7.86   0.000     4.523709    7.530202
             _Iage2_55 |   6.142379   .7892223     7.78   0.000     4.595462    7.689295
             _Iage2_56 |   6.257824   .8114253     7.71   0.000     4.667388     7.84826
             _Iage2_57 |   6.354993   .8336841     7.62   0.000     4.720928    7.989057
             _Iage2_58 |   6.458394   .8559213     7.55   0.000     4.780744    8.136045
             _Iage2_59 |   6.541489   .8780924     7.45   0.000     4.820382    8.262595
         firm_size_new |   .0052648   .0005315     9.91   0.000      .004223    .0063067
                 _cons |   6.837186   .3385624    20.19   0.000     6.173586    7.500786
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3039596
               sigma_e |  .34137279
                   rho |  .93585841   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =  274.66
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =  121.88
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =  264.11
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26947) =   72.69
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =   45.88
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26947) =   69.17
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2798                         Obs per group: min =         1
       between = 0.1786                                        avg =      11.8
       overall = 0.1317                                        max =        48

                                                F(89,26947)        =    631.87
corr(u_i, Xb)  = -0.9225                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0217175   .0067056    -3.24   0.001    -.0348608   -.0085741
           treated_ia2 |  -.1663239   .0168358    -9.88   0.000    -.1993229   -.1333249
           treated_ia3 |   .0054936   .0006263     8.77   0.000      .004266    .0067212
     treated_iasuorv_d |   .1052917   .0288294     3.65   0.000     .0487847    .1617988
           treated_pre |   .0428712   .0059441     7.21   0.000     .0312205    .0545219
  treated_pre_iasenior |     .00373   .0055934     0.67   0.505    -.0072333    .0146933
       treated_pre_ia2 |   .0101141   .0054158     1.87   0.062    -.0005012    .0207294
       treated_pre_ia3 |  -.0027315   .0003533    -7.73   0.000    -.0034239    -.002039
 treated_pre_iasuorv_d |  -.0559275   .0097778    -5.72   0.000    -.0750926   -.0367625
          treated_post |   .0995969   .0084939    11.73   0.000     .0829485    .1162453
 treated_post_iasenior |   .0023186   .0067338     0.34   0.731      -.01088    .0155172
      treated_post_ia2 |    .043249   .0073982     5.85   0.000     .0287481    .0577498
      treated_post_ia3 |  -.0060191    .000438   -13.74   0.000    -.0068776   -.0051606
treated_post_iasuorv_d |  -.1505934   .0118132   -12.75   0.000    -.1737479   -.1274389
                senior |   6.548849   .8782522     7.46   0.000     4.827429    8.270269
             interact2 |   .4676897   .0112201    41.68   0.000     .4456977    .4896818
             interact3 |  -.0024682   .0003181    -7.76   0.000    -.0030917   -.0018448
               suorv_d |  -.0425357   .0163913    -2.60   0.009    -.0746635    -.010408
                   l_0 |  -.4746138   .1112025    -4.27   0.000    -.6925764   -.2566512
                   l_1 |  -.5500509   .1334675    -4.12   0.000    -.8116542   -.2884476
                   l_2 |  -.6730976   .1556967    -4.32   0.000    -.9782712   -.3679241
                   l_3 |   -.785475   .1779102    -4.42   0.000    -1.134188   -.4367618
                   l_4 |  -.8964997   .2001612    -4.48   0.000    -1.288826   -.5041733
                   l_5 |  -1.007103   .2224196    -4.53   0.000    -1.443057   -.5711487
                   l_6 |  -1.117144   .2446455    -4.57   0.000    -1.596661   -.6376257
                   l_7 |  -1.228045   .2668672    -4.60   0.000    -1.751119   -.7049716
                   l_8 |  -1.330145   .2890691    -4.60   0.000    -1.896735   -.7635545
                   l_9 |  -1.433765   .3113939    -4.60   0.000    -2.044113   -.8234167
                  l_10 |  -1.539145   .3336281    -4.61   0.000    -2.193073   -.8852165
                   f_1 |  -.3749268   .0889922    -4.21   0.000    -.5493562   -.2004974
                   f_2 |   -.284968   .0667361    -4.27   0.000    -.4157743   -.1541617
                   f_3 |   -.194666   .0444851    -4.38   0.000     -.281859   -.1074729
                   f_4 |  -.1017243   .0222913    -4.56   0.000    -.1454164   -.0580321
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0114567   .0033077     3.46   0.001     .0049734      .01794
          _Ivuosi_1996 |   .0398153   .0034519    11.53   0.000     .0330494    .0465812
          _Ivuosi_1997 |   .0325042   .0036559     8.89   0.000     .0253384      .03967
          _Ivuosi_1998 |   .0418844   .0038213    10.96   0.000     .0343944    .0493743
          _Ivuosi_1999 |   .0467744   .0037238    12.56   0.000     .0394756    .0540732
          _Ivuosi_2000 |   .0492138    .003757    13.10   0.000     .0418499    .0565777
          _Ivuosi_2001 |   .0626013   .0036322    17.24   0.000      .055482    .0697207
          _Ivuosi_2002 |   .0453654   .0032247    14.07   0.000     .0390448    .0516859
          _Ivuosi_2003 |   .0387611   .0029604    13.09   0.000     .0329585    .0445636
          _Ivuosi_2004 |   .0479504   .0028551    16.79   0.000     .0423543    .0535465
          _Ivuosi_2005 |   .0568637   .0026701    21.30   0.000     .0516302    .0620972
          _Ivuosi_2006 |   .0505291   .0025645    19.70   0.000     .0455026    .0555557
          _Ivuosi_2007 |   .0533439   .0025367    21.03   0.000     .0483719    .0583158
          _Ivuosi_2008 |   .0484028   .0023499    20.60   0.000     .0437968    .0530088
          _Ivuosi_2009 |   .0269781   .0021613    12.48   0.000     .0227419    .0312143
          _Ivuosi_2010 |   .0171303   .0021196     8.08   0.000     .0129758    .0212848
          _Ivuosi_2011 |    .008809    .001622     5.43   0.000     .0056298    .0119882
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5964209   .0347647    17.16   0.000     .5282804    .6645615
             _Iage2_22 |   .8719885   .0563393    15.48   0.000     .7615605    .9824165
             _Iage2_23 |     1.1322   .0781766    14.48   0.000     .9789696     1.28543
             _Iage2_24 |   1.411254   .1005079    14.04   0.000     1.214253    1.608255
             _Iage2_25 |    1.73253   .1228914    14.10   0.000     1.491657    1.973404
             _Iage2_26 |   2.013992   .1451129    13.88   0.000     1.729563    2.298421
             _Iage2_27 |   2.251128   .1672192    13.46   0.000      1.92337    2.578887
             _Iage2_28 |   2.461575   .1893942    13.00   0.000     2.090353    2.832798
             _Iage2_29 |   2.647494     .21158    12.51   0.000     2.232786    3.062202
             _Iage2_30 |   2.817645    .233701    12.06   0.000     2.359579    3.275711
             _Iage2_31 |   2.979829   .2558978    11.64   0.000     2.478256    3.481402
             _Iage2_32 |   3.136986   .2780894    11.28   0.000     2.591917    3.682056
             _Iage2_33 |   3.290907   .3002952    10.96   0.000     2.702312    3.879501
             _Iage2_34 |    3.43715   .3224333    10.66   0.000     2.805164    4.069136
             _Iage2_35 |   3.584915    .344691    10.40   0.000     2.909303    4.260528
             _Iage2_36 |    3.72969   .3669338    10.16   0.000     3.010481    4.448899
             _Iage2_37 |   3.872173   .3892237     9.95   0.000     3.109274    4.635072
             _Iage2_38 |   4.012623   .4114199     9.75   0.000     3.206219    4.819028
             _Iage2_39 |   4.150048   .4336151     9.57   0.000      3.30014    4.999957
             _Iage2_40 |   4.286442   .4558357     9.40   0.000      3.39298    5.179903
             _Iage2_41 |  -2.120078   .4002919    -5.30   0.000    -2.904671   -1.335485
             _Iage2_42 |  -1.983326   .3780118    -5.25   0.000    -2.724248   -1.242403
             _Iage2_43 |  -1.852503   .3557881    -5.21   0.000    -2.549867    -1.15514
             _Iage2_44 |  -1.724978    .333577    -5.17   0.000    -2.378806   -1.071149
             _Iage2_45 |  -1.597508   .3113055    -5.13   0.000    -2.207683    -.987333
             _Iage2_46 |  -1.471782   .2890339    -5.09   0.000    -2.038304   -.9052609
             _Iage2_47 |  -1.345759   .2668044    -5.04   0.000     -1.86871    -.822809
             _Iage2_48 |  -1.224453   .2445996    -5.01   0.000    -1.703881   -.7450251
             _Iage2_49 |  -1.106099   .2223442    -4.97   0.000    -1.541905   -.6702928
             _Iage2_50 |    -.98797   .2001196    -4.94   0.000    -1.380215   -.5957251
             _Iage2_51 |  -.8689441   .1779035    -4.88   0.000    -1.217644    -.520244
             _Iage2_52 |  -.7479806   .1556511    -4.81   0.000    -1.053065   -.4428964
             _Iage2_53 |  -.6300722   .1334181    -4.72   0.000    -.8915788   -.3685657
             _Iage2_54 |  -.5142569   .1112497    -4.62   0.000    -.7323122   -.2962016
             _Iage2_55 |  -.3989001   .0889748    -4.48   0.000    -.5732954   -.2245048
             _Iage2_56 |  -.2835048   .0667812    -4.25   0.000    -.4143995   -.1526101
             _Iage2_57 |  -.1863837   .0445437    -4.18   0.000    -.2736917   -.0990758
             _Iage2_58 |  -.0830437   .0223538    -3.71   0.000    -.1268584   -.0392291
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0052658    .000532     9.90   0.000     .0042231    .0063085
                 _cons |   6.837659   .3385698    20.20   0.000     6.174045    7.501273
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3034158
               sigma_e |  .34136483
                   rho |  .93581112   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26947) =   74.77
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26947) =   89.99
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26947) =   38.80
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =  147.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   97.50
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =  280.61
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =  129.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26947) =  218.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =   92.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =  211.84
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1884160
Group variable: shnro_real                      Number of groups   =    159300

R-sq:  within  = 0.2665                         Obs per group: min =         1
       between = 0.1578                                        avg =      11.8
       overall = 0.1133                                        max =        48

                                                F(74,26939)        =    617.17
corr(u_i, Xb)  = -0.9240                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,940 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0120587   .0035368     3.41   0.001     .0051264    .0189911
 treated_post |    .024527   .0052123     4.71   0.000     .0143107    .0347433
          l_0 |  -.4763796   .1110243    -4.29   0.000     -.693993   -.2587661
          l_1 |  -.5521663   .1332295    -4.14   0.000     -.813303   -.2910296
          l_2 |  -.6764324   .1554133    -4.35   0.000    -.9810505   -.3718143
          l_3 |  -.7905826   .1775916    -4.45   0.000    -1.138671   -.4424939
          l_4 |  -.9034695   .1998072    -4.52   0.000    -1.295102    -.511837
          l_5 |   -1.01554   .2220216    -4.57   0.000    -1.450714   -.5803664
          l_6 |  -1.127073   .2442112    -4.62   0.000    -1.605739   -.6484062
          l_7 |  -1.239771   .2663935    -4.65   0.000    -1.761916    -.717626
          l_8 |   -1.34406   .2885481    -4.66   0.000    -1.909629   -.7784906
          l_9 |  -1.448688   .3108361    -4.66   0.000    -2.057943   -.8394329
         l_10 |  -1.555581   .3330365    -4.67   0.000     -2.20835   -.9028121
          f_1 |  -.3767178   .0888372    -4.24   0.000    -.5508434   -.2025922
          f_2 |  -.2863154    .066622    -4.30   0.000    -.4168981   -.1557327
          f_3 |  -.1955265   .0444104    -4.40   0.000    -.2825733   -.1084798
          f_4 |  -.1022653   .0222533    -4.60   0.000    -.1458829   -.0586477
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0095519   .0034427     2.77   0.006      .002804    .0162997
 _Ivuosi_1996 |   .0375039   .0035753    10.49   0.000     .0304962    .0445117
 _Ivuosi_1997 |    .029266   .0037924     7.72   0.000     .0218326    .0366994
 _Ivuosi_1998 |   .0377412   .0039738     9.50   0.000     .0299523      .04553
 _Ivuosi_1999 |    .042658   .0038206    11.17   0.000     .0351694    .0501466
 _Ivuosi_2000 |   .0436815    .003879    11.26   0.000     .0360785    .0512845
 _Ivuosi_2001 |   .0569247   .0037584    15.15   0.000     .0495581    .0642914
 _Ivuosi_2002 |   .0396492    .003332    11.90   0.000     .0331183      .04618
 _Ivuosi_2003 |   .0331312   .0030708    10.79   0.000     .0271122    .0391502
 _Ivuosi_2004 |   .0421047   .0029818    14.12   0.000     .0362602    .0479492
 _Ivuosi_2005 |   .0510246   .0027778    18.37   0.000       .04558    .0564693
 _Ivuosi_2006 |   .0447959   .0026878    16.67   0.000     .0395277    .0500642
 _Ivuosi_2007 |   .0475507   .0026752    17.77   0.000     .0423072    .0527941
 _Ivuosi_2008 |   .0449596   .0024704    18.20   0.000     .0401176    .0498017
 _Ivuosi_2009 |   .0239363   .0022442    10.67   0.000     .0195376     .028335
 _Ivuosi_2010 |   .0157129   .0021908     7.17   0.000     .0114189     .020007
 _Ivuosi_2011 |   .0081571   .0016395     4.98   0.000     .0049436    .0113707
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5954043    .034846    17.09   0.000     .5271042    .6637043
    _Iage2_22 |    .869578    .056392    15.42   0.000     .7590467    .9801093
    _Iage2_23 |   1.128737   .0782292    14.43   0.000     .9754033     1.28207
    _Iage2_24 |   1.413764   .1005717    14.06   0.000     1.216639     1.61089
    _Iage2_25 |   1.751145   .1230703    14.23   0.000      1.50992    1.992369
    _Iage2_26 |   2.052496    .145322    14.12   0.000     1.767658    2.337335
    _Iage2_27 |   2.305965   .1674332    13.77   0.000     1.977787    2.634143
    _Iage2_28 |   2.528528   .1896185    13.33   0.000     2.156866     2.90019
    _Iage2_29 |   2.723889   .2117767    12.86   0.000     2.308796    3.138982
    _Iage2_30 |   2.900992   .2338703    12.40   0.000     2.442594     3.35939
    _Iage2_31 |   3.069416   .2560485    11.99   0.000     2.567548    3.571285
    _Iage2_32 |   3.230468   .2781946    11.61   0.000     2.685192    3.775744
    _Iage2_33 |   3.388149    .300354    11.28   0.000     2.799439    3.976858
    _Iage2_34 |   3.537059   .3224515    10.97   0.000     2.905037     4.16908
    _Iage2_35 |   3.686983   .3446726    10.70   0.000     3.011407    4.362559
    _Iage2_36 |   3.833382   .3668762    10.45   0.000     3.114286    4.552479
    _Iage2_37 |   3.977527    .389127    10.22   0.000     3.214818    4.740236
    _Iage2_38 |   4.119142   .4112938    10.02   0.000     3.312985    4.925299
    _Iage2_39 |   4.257394   .4334506     9.82   0.000     3.407809     5.10698
    _Iage2_40 |   4.394127   .4556364     9.64   0.000     3.501056    5.287198
    _Iage2_41 |   4.527221   .4777956     9.48   0.000     3.590717    5.463725
    _Iage2_42 |   4.663778   .5000223     9.33   0.000     3.683708    5.643848
    _Iage2_43 |   4.794262   .5221997     9.18   0.000     3.770723      5.8178
    _Iage2_44 |   4.921681   .5443595     9.04   0.000     3.854709    5.988654
    _Iage2_45 |    5.04822   .5665821     8.91   0.000      3.93769    6.158751
    _Iage2_46 |   5.173404   .5888071     8.79   0.000     4.019311    6.327496
    _Iage2_47 |   5.298441   .6109918     8.67   0.000     4.100865    6.496016
    _Iage2_48 |    5.41871   .6331517     8.56   0.000       4.1777    6.659721
    _Iage2_49 |   5.535884   .6553608     8.45   0.000     4.251342    6.820425
    _Iage2_50 |   5.652695   .6775419     8.34   0.000     4.324677    6.980712
    _Iage2_51 |   5.770112   .6997193     8.25   0.000     4.398626    7.141599
    _Iage2_52 |   5.889212   .7219286     8.16   0.000     4.474194    7.304229
    _Iage2_53 |    6.00528   .7441204     8.07   0.000     4.546765    7.463795
    _Iage2_54 |   6.118889   .7662476     7.99   0.000     4.617004    7.620774
    _Iage2_55 |   6.231352   .7884955     7.90   0.000     4.685859    7.776844
    _Iage2_56 |   6.344289   .8106608     7.83   0.000     4.755352    7.933226
    _Iage2_57 |   6.438737   .8328807     7.73   0.000     4.806247    8.071226
    _Iage2_58 |   6.538956   .8550802     7.65   0.000     4.862955    8.214958
    _Iage2_59 |   6.617972   .8772197     7.54   0.000     4.898575    8.337368
firm_size_new |   .0050318   .0005536     9.09   0.000     .0039467    .0061169
        _cons |   6.840631   .3386535    20.20   0.000     6.176853     7.50441
--------------+----------------------------------------------------------------
      sigma_u |  1.3286726
      sigma_e |   .3441571
          rho |   .9371254   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1884160
Group variable: shnro_real                      Number of groups   =    159300

R-sq:  within  = 0.2705                         Obs per group: min =         1
       between = 0.1536                                        avg =      11.8
       overall = 0.1112                                        max =        48

                                                F(82,26939)        =    560.72
corr(u_i, Xb)  = -0.9246                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0048968   .0005854     8.36   0.000     .0037493    .0060443
     treated_iasuorv_d |    .105208   .0293256     3.59   0.000     .0477283    .1626878
           treated_pre |   .0425508   .0056221     7.57   0.000     .0315312    .0535705
       treated_pre_ia3 |  -.0025427   .0002911    -8.73   0.000    -.0031134   -.0019721
 treated_pre_iasuorv_d |  -.0695181   .0076284    -9.11   0.000    -.0844702    -.054566
          treated_post |   .1099093   .0085862    12.80   0.000     .0930798    .1267388
      treated_post_ia3 |   -.006063   .0003965   -15.29   0.000    -.0068402   -.0052858
treated_post_iasuorv_d |  -.2091843    .010348   -20.21   0.000    -.2294669   -.1889017
             interact3 |  -.0091562   .0003392   -26.99   0.000     -.009821   -.0084914
               suorv_d |  -.0416528    .016856    -2.47   0.013    -.0746915   -.0086141
                   l_0 |   -.472631   .1112868    -4.25   0.000    -.6907589   -.2545032
                   l_1 |  -.5478196   .1335438    -4.10   0.000    -.8095724   -.2860669
                   l_2 |  -.6711717   .1557769    -4.31   0.000    -.9765025   -.3658408
                   l_3 |  -.7842279   .1780009    -4.41   0.000    -1.133119   -.4353368
                   l_4 |  -.8959136   .2002608    -4.47   0.000    -1.288435    -.503392
                   l_5 |  -1.007051   .2225199    -4.53   0.000    -1.443201   -.5709003
                   l_6 |   -1.11758    .244756    -4.57   0.000    -1.597314   -.6378454
                   l_7 |  -1.228961   .2669908    -4.60   0.000    -1.752277   -.7056449
                   l_8 |  -1.332285   .2892007    -4.61   0.000    -1.899133   -.7654367
                   l_9 |   -1.43605   .3115381    -4.61   0.000    -2.046681    -.825419
                  l_10 |  -1.541838   .3337888    -4.62   0.000    -2.196081   -.8875947
                   f_1 |  -.3746611   .0890388    -4.21   0.000    -.5491818   -.2001404
                   f_2 |  -.2842841   .0667704    -4.26   0.000    -.4151576   -.1534107
                   f_3 |  -.1936797   .0445084    -4.35   0.000    -.2809185   -.1064409
                   f_4 |  -.1006254    .022304    -4.51   0.000    -.1443424   -.0569083
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0097242   .0034312     2.83   0.005     .0029987    .0164496
          _Ivuosi_1996 |   .0371788   .0035834    10.38   0.000     .0301552    .0442024
          _Ivuosi_1997 |   .0288559   .0037812     7.63   0.000     .0214446    .0362673
          _Ivuosi_1998 |   .0374295   .0039523     9.47   0.000     .0296827    .0451762
          _Ivuosi_1999 |   .0422634   .0038341    11.02   0.000     .0347484    .0497783
          _Ivuosi_2000 |   .0434072   .0038937    11.15   0.000     .0357754    .0510389
          _Ivuosi_2001 |   .0567621   .0037851    15.00   0.000      .049343    .0641812
          _Ivuosi_2002 |   .0392882   .0033632    11.68   0.000     .0326961    .0458804
          _Ivuosi_2003 |   .0328681   .0031135    10.56   0.000     .0267655    .0389707
          _Ivuosi_2004 |   .0419838    .003008    13.96   0.000     .0360878    .0478797
          _Ivuosi_2005 |   .0510174   .0028033    18.20   0.000     .0455228     .056512
          _Ivuosi_2006 |   .0447968   .0026954    16.62   0.000     .0395137    .0500798
          _Ivuosi_2007 |   .0477016    .002659    17.94   0.000     .0424898    .0529134
          _Ivuosi_2008 |   .0445266   .0024597    18.10   0.000     .0397055    .0493477
          _Ivuosi_2009 |   .0238343   .0022308    10.68   0.000     .0194618    .0282068
          _Ivuosi_2010 |   .0152759   .0021854     6.99   0.000     .0109925    .0195593
          _Ivuosi_2011 |   .0079013   .0016398     4.82   0.000     .0046871    .0111154
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5990864    .034814    17.21   0.000     .5308491    .6673237
             _Iage2_22 |   .8764351   .0563677    15.55   0.000     .7659514    .9869188
             _Iage2_23 |   1.138646   .0782424    14.55   0.000      .985287    1.292005
             _Iage2_24 |   1.423647   .1006187    14.15   0.000     1.226429    1.620865
             _Iage2_25 |   1.758892   .1231329    14.28   0.000     1.517545    2.000238
             _Iage2_26 |    2.05879   .1454146    14.16   0.000      1.77377     2.34381
             _Iage2_27 |   2.312542   .1675625    13.80   0.000     1.984111    2.640974
             _Iage2_28 |   2.536667   .1897857    13.37   0.000     2.164678    2.908657
             _Iage2_29 |   2.734461   .2119826    12.90   0.000     2.318964    3.149957
             _Iage2_30 |   2.914876   .2341208    12.45   0.000     2.455986    3.373765
             _Iage2_31 |   3.086921   .2563396    12.04   0.000     2.584482     3.58936
             _Iage2_32 |   3.252281   .2785363    11.68   0.000     2.706336    3.798227
             _Iage2_33 |   3.414444   .3007497    11.35   0.000     2.824959    4.003929
             _Iage2_34 |   3.568177   .3229012    11.05   0.000     2.935274     4.20108
             _Iage2_35 |   3.723288   .3451717    10.79   0.000     3.046734    4.399842
             _Iage2_36 |   3.875011   .3674302    10.55   0.000     3.154829    4.595193
             _Iage2_37 |   4.024517    .389733    10.33   0.000      3.26062    4.788414
             _Iage2_38 |   4.171999   .4119499    10.13   0.000     3.364555    4.979442
             _Iage2_39 |   4.316085   .4341627     9.94   0.000     3.465104    5.167067
             _Iage2_40 |   4.458854   .4563988     9.77   0.000     3.564288    5.353419
             _Iage2_41 |   4.598195   .4786154     9.61   0.000     3.660084    5.536307
             _Iage2_42 |   4.741432   .5009008     9.47   0.000      3.75964    5.723224
             _Iage2_43 |   4.878565   .5231324     9.33   0.000     3.853198    5.903932
             _Iage2_44 |   5.012713   .5453484     9.19   0.000     3.943801    6.081624
             _Iage2_45 |   5.146509   .5676274     9.07   0.000     4.033929    6.259088
             _Iage2_46 |    5.27904   .5899049     8.95   0.000     4.122795    6.435284
             _Iage2_47 |   5.411299   .6121438     8.84   0.000     4.211465    6.611132
             _Iage2_48 |   5.538822   .6343574     8.73   0.000     4.295448    6.782195
             _Iage2_49 |   5.663602   .6566208     8.63   0.000     4.376591    6.950613
             _Iage2_50 |   5.787905   .6788619     8.53   0.000     4.457301     7.11851
             _Iage2_51 |   5.913307   .7010993     8.43   0.000     4.539116    7.287499
             _Iage2_52 |   6.040053    .723368     8.35   0.000     4.622214    7.457892
             _Iage2_53 |   6.164006   .7456147     8.27   0.000     4.702563     7.62545
             _Iage2_54 |   6.285553   .7677999     8.19   0.000     4.780625    7.790481
             _Iage2_55 |   6.406626   .7900999     8.11   0.000     4.857989    7.955263
             _Iage2_56 |   6.527246    .812324     8.04   0.000     4.935049    8.119443
             _Iage2_57 |     6.6298    .834602     7.94   0.000     4.993936    8.265663
             _Iage2_58 |   6.738408   .8568614     7.86   0.000     5.058915    8.417901
             _Iage2_59 |    6.82658   .8790568     7.77   0.000     5.103583    8.549577
         firm_size_new |   .0051923   .0005497     9.45   0.000     .0041149    .0062697
                 _cons |   6.845615   .3389869    20.19   0.000     6.181183    7.510047
-----------------------+----------------------------------------------------------------
               sigma_u |   1.340278
               sigma_e |  .34323107
                   rho |  .93845445   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =  156.86
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26939) =   54.94
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1884160
Group variable: shnro_real                      Number of groups   =    159300

R-sq:  within  = 0.2669                         Obs per group: min =         1
       between = 0.1563                                        avg =      11.8
       overall = 0.1120                                        max =        48

                                                F(79,26939)        =    585.06
corr(u_i, Xb)  = -0.9266                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,940 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0240249   .0070377     3.41   0.001     .0102306    .0378193
          treated_pre |   .0219614   .0049692     4.42   0.000     .0122215    .0317013
 treated_pre_iasenior |  -.0237997   .0058125    -4.09   0.000    -.0351925   -.0124069
         treated_post |   .0507782   .0074529     6.81   0.000     .0361702    .0653862
treated_post_iasenior |  -.0514708   .0080039    -6.43   0.000    -.0671589   -.0357828
               senior |          0  (omitted)
         pre_iasenior |  -.0038194   .0038461    -0.99   0.321     -.011358    .0037193
        post_iasenior |  -.0270433   .0053724    -5.03   0.000    -.0375736    -.016513
                  l_0 |  -.4786911   .1109953    -4.31   0.000    -.6962476   -.2611346
                  l_1 |  -.5564756   .1331707    -4.18   0.000    -.8174971   -.2954541
                  l_2 |   -.682818   .1553287    -4.40   0.000    -.9872703   -.3783657
                  l_3 |  -.7990626   .1774824    -4.50   0.000    -1.146937   -.4511878
                  l_4 |  -.9140587   .1996739    -4.58   0.000     -1.30543   -.5226876
                  l_5 |  -1.028322   .2218649    -4.63   0.000    -1.463189   -.5934555
                  l_6 |  -1.142008   .2440313    -4.68   0.000    -1.620322   -.6636936
                  l_7 |  -1.256975   .2661913    -4.72   0.000    -1.778724   -.7352261
                  l_8 |  -1.363512   .2883235    -4.73   0.000    -1.928641   -.7983832
                  l_9 |  -1.470467    .310585    -4.73   0.000    -2.079229   -.8617038
                 l_10 |  -1.579588   .3327627    -4.75   0.000     -2.23182   -.9273555
                  f_1 |  -.3859449   .0887785    -4.35   0.000    -.5599553   -.2119345
                  f_2 |  -.2928941   .0665946    -4.40   0.000    -.4234229   -.1623653
                  f_3 |  -.1995101   .0444217    -4.49   0.000     -.286579   -.1124412
                  f_4 |  -.1036492    .022337    -4.64   0.000    -.1474309   -.0598674
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0097627   .0034496     2.83   0.005     .0030013     .016524
         _Ivuosi_1996 |   .0376326   .0035682    10.55   0.000     .0306387    .0446265
         _Ivuosi_1997 |   .0293724   .0037773     7.78   0.000     .0219687    .0367761
         _Ivuosi_1998 |   .0381779   .0039533     9.66   0.000     .0304292    .0459265
         _Ivuosi_1999 |   .0432332   .0038052    11.36   0.000     .0357749    .0506916
         _Ivuosi_2000 |   .0436872   .0038716    11.28   0.000     .0360987    .0512757
         _Ivuosi_2001 |   .0568387    .003749    15.16   0.000     .0494904    .0641869
         _Ivuosi_2002 |   .0395243   .0033292    11.87   0.000     .0329989    .0460497
         _Ivuosi_2003 |   .0329955   .0030714    10.74   0.000     .0269754    .0390157
         _Ivuosi_2004 |   .0418802   .0029873    14.02   0.000      .036025    .0477353
         _Ivuosi_2005 |    .051057   .0027735    18.41   0.000     .0456207    .0564933
         _Ivuosi_2006 |   .0447532    .002684    16.67   0.000     .0394924     .050014
         _Ivuosi_2007 |   .0474256   .0026686    17.77   0.000      .042195    .0526561
         _Ivuosi_2008 |   .0446963    .002462    18.15   0.000     .0398707    .0495219
         _Ivuosi_2009 |   .0237992    .002238    10.63   0.000     .0194126    .0281858
         _Ivuosi_2010 |   .0157723   .0021884     7.21   0.000      .011483    .0200616
         _Ivuosi_2011 |   .0081442   .0016375     4.97   0.000     .0049347    .0113538
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5955938   .0348129    17.11   0.000     .5273588    .6638288
            _Iage2_22 |   .8697155   .0563338    15.44   0.000     .7592984    .9801327
            _Iage2_23 |   1.129133   .0781463    14.45   0.000     .9759623    1.282304
            _Iage2_24 |   1.414333   .1004648    14.08   0.000     1.217417     1.61125
            _Iage2_25 |   1.751687    .122935    14.25   0.000     1.510728    1.992646
            _Iage2_26 |   2.052941   .1451593    14.14   0.000     1.768421    2.337461
            _Iage2_27 |   2.306394    .167246    13.79   0.000     1.978583    2.634205
            _Iage2_28 |   2.528972   .1894049    13.35   0.000     2.157728    2.900215
            _Iage2_29 |   2.724348   .2115376    12.88   0.000     2.309723    3.138973
            _Iage2_30 |   2.901651   .2336077    12.42   0.000     2.443768    3.359535
            _Iage2_31 |   3.070364   .2557615    12.00   0.000     2.569058    3.571669
            _Iage2_32 |    3.23181   .2778836    11.63   0.000     2.687144    3.776476
            _Iage2_33 |   3.389921   .3000191    11.30   0.000     2.801868    3.977974
            _Iage2_34 |   3.539358   .3220933    10.99   0.000     2.908038    4.170677
            _Iage2_35 |   3.689841   .3442915    10.72   0.000     3.015011     4.36467
            _Iage2_36 |   3.836834   .3664715    10.47   0.000     3.118531    4.555137
            _Iage2_37 |   3.981803      .3887    10.24   0.000      3.21993    4.743675
            _Iage2_38 |   4.124545   .4108445    10.04   0.000     3.319268    4.929821
            _Iage2_39 |   4.264258   .4329784     9.85   0.000     3.415598    5.112918
            _Iage2_40 |   4.402787   .4551423     9.67   0.000     3.510684    5.294889
            _Iage2_41 |   4.565665   .4773059     9.57   0.000     3.630121    5.501209
            _Iage2_42 |   4.704902   .4995109     9.42   0.000     3.725835     5.68397
            _Iage2_43 |   4.838368   .5216692     9.27   0.000      3.81587    5.860867
            _Iage2_44 |   4.969061    .543808     9.14   0.000     3.903169    6.034953
            _Iage2_45 |   5.099171   .5660102     9.01   0.000     3.989761     6.20858
            _Iage2_46 |   5.228188   .5882158     8.89   0.000     4.075254    6.381122
            _Iage2_47 |   5.357176   .6103819     8.78   0.000     4.160796    6.553557
            _Iage2_48 |   5.481576   .6325229     8.67   0.000     4.241798    6.721354
            _Iage2_49 |   5.602988   .6547133     8.56   0.000     4.319716     6.88626
            _Iage2_50 |   5.724042   .6768755     8.46   0.000     4.397331    7.050753
            _Iage2_51 |   5.845815   .6990332     8.36   0.000     4.475673    7.215956
            _Iage2_52 |   5.969233   .7212238     8.28   0.000     4.555597     7.38287
            _Iage2_53 |   6.089713   .7433969     8.19   0.000     4.632617     7.54681
            _Iage2_54 |   6.207759   .7655059     8.11   0.000     4.707328     7.70819
            _Iage2_55 |   6.325033   .7877364     8.03   0.000     4.781029    7.869038
            _Iage2_56 |    6.44231   .8098816     7.95   0.000       4.8549    8.029721
            _Iage2_57 |   6.541338   .8320798     7.86   0.000     4.910418    8.172258
            _Iage2_58 |   6.646337   .8542608     7.78   0.000     4.971941    8.320732
            _Iage2_59 |   6.730488   .8763803     7.68   0.000     5.012737    8.448239
        firm_size_new |   .0051641   .0005559     9.29   0.000     .0040744    .0062537
                _cons |    6.81709   .3382909    20.15   0.000     6.154022    7.480158
----------------------+----------------------------------------------------------------
              sigma_u |  1.3517635
              sigma_e |   .3440697
                  rho |   .9391545   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =    0.02
            Prob > F =    0.8955

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26939) =    0.23
            Prob > F =    0.6281
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1884160
Group variable: shnro_real                      Number of groups   =    159300

R-sq:  within  = 0.2799                         Obs per group: min =         1
       between = 0.1786                                        avg =      11.8
       overall = 0.1316                                        max =        48

                                                F(86,26939)        =    642.60
corr(u_i, Xb)  = -0.9230                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1694321    .016797   -10.09   0.000    -.2023551   -.1365092
           treated_ia3 |   .0049307   .0005885     8.38   0.000     .0037772    .0060842
     treated_iasuorv_d |   .1018505    .028484     3.58   0.000     .0460204    .1576807
           treated_pre |   .0415243   .0059678     6.96   0.000      .029827    .0532216
       treated_pre_ia2 |   .0108364   .0053585     2.02   0.043     .0003334    .0213394
       treated_pre_ia3 |   -.002576    .000293    -8.79   0.000    -.0031503   -.0020016
 treated_pre_iasuorv_d |  -.0525267   .0077562    -6.77   0.000    -.0677293   -.0373242
          treated_post |    .096536   .0084843    11.38   0.000     .0799063    .1131656
      treated_post_ia2 |    .042991   .0073684     5.83   0.000     .0285485    .0574336
      treated_post_ia3 |  -.0059168   .0003927   -15.07   0.000    -.0066866    -.005147
treated_post_iasuorv_d |  -.1484277    .010235   -14.50   0.000    -.1684889   -.1283666
             interact2 |   .4688203   .0112066    41.83   0.000     .4468548    .4907858
             interact3 |  -.0022511   .0003162    -7.12   0.000    -.0028709   -.0016313
               suorv_d |  -.0422547   .0163937    -2.58   0.010    -.0743872   -.0101222
                   l_0 |  -.4750322   .1112305    -4.27   0.000    -.6930497   -.2570147
                   l_1 |  -.5509408   .1335028    -4.13   0.000    -.8126132   -.2892684
                   l_2 |  -.6743609   .1557392    -4.33   0.000    -.9796178   -.3691041
                   l_3 |  -.7871458   .1779601    -4.42   0.000    -1.135957   -.4383347
                   l_4 |  -.8986909   .2002177    -4.49   0.000    -1.291128   -.5062538
                   l_5 |  -1.009588   .2224835    -4.54   0.000    -1.445667   -.5735082
                   l_6 |  -1.120025   .2447166    -4.58   0.000    -1.599682   -.6403675
                   l_7 |  -1.231197   .2669453    -4.61   0.000    -1.754423   -.7079701
                   l_8 |  -1.333733   .2891542    -4.61   0.000     -1.90049   -.7669755
                   l_9 |  -1.437622   .3114878    -4.62   0.000    -2.048154   -.8270892
                  l_10 |  -1.543332   .3337299    -4.62   0.000     -2.19746   -.8892043
                   f_1 |  -.3760678   .0890198    -4.22   0.000    -.5505513   -.2015843
                   f_2 |  -.2857027   .0667559    -4.28   0.000    -.4165478   -.1548576
                   f_3 |  -.1950528    .044497    -4.38   0.000    -.2822692   -.1078365
                   f_4 |   -.101761   .0222956    -4.56   0.000    -.1454616   -.0580604
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0111626   .0032952     3.39   0.001     .0047038    .0176215
          _Ivuosi_1996 |   .0392126    .003445    11.38   0.000     .0324603    .0459649
          _Ivuosi_1997 |   .0317894   .0036368     8.74   0.000     .0246611    .0389177
          _Ivuosi_1998 |   .0410463    .003794    10.82   0.000     .0336098    .0484828
          _Ivuosi_1999 |   .0454757   .0036593    12.43   0.000     .0383033    .0526482
          _Ivuosi_2000 |   .0481148   .0037072    12.98   0.000     .0408484    .0553812
          _Ivuosi_2001 |   .0619049   .0036094    17.15   0.000     .0548303    .0689796
          _Ivuosi_2002 |   .0446093   .0031968    13.95   0.000     .0383435    .0508751
          _Ivuosi_2003 |   .0382118   .0029449    12.98   0.000     .0324397    .0439839
          _Ivuosi_2004 |   .0475043   .0028451    16.70   0.000     .0419277    .0530809
          _Ivuosi_2005 |   .0564538   .0026578    21.24   0.000     .0512444    .0616632
          _Ivuosi_2006 |   .0502018    .002555    19.65   0.000     .0451939    .0552098
          _Ivuosi_2007 |   .0530152   .0025291    20.96   0.000     .0480581    .0579723
          _Ivuosi_2008 |   .0481525   .0023449    20.53   0.000     .0435563    .0527486
          _Ivuosi_2009 |   .0267974    .002158    12.42   0.000     .0225675    .0310272
          _Ivuosi_2010 |   .0169786    .002118     8.02   0.000     .0128271      .02113
          _Ivuosi_2011 |   .0087435   .0016214     5.39   0.000     .0055655    .0119215
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5969696    .034791    17.16   0.000     .5287775    .6651617
             _Iage2_22 |   .8727979   .0563737    15.48   0.000     .7623026    .9832932
             _Iage2_23 |   1.133357   .0782185    14.49   0.000     .9800442    1.286669
             _Iage2_24 |   1.412786   .1005571    14.05   0.000     1.215689    1.609884
             _Iage2_25 |   1.734058   .1229518    14.10   0.000     1.493066     1.97505
             _Iage2_26 |   2.016019   .1451825    13.89   0.000     1.731454    2.300584
             _Iage2_27 |   2.253539   .1672963    13.47   0.000     1.925629    2.581448
             _Iage2_28 |   2.464069   .1894813    13.00   0.000     2.092675    2.835462
             _Iage2_29 |   2.650357   .2116764    12.52   0.000      2.23546    3.065253
             _Iage2_30 |    2.82089   .2338063    12.07   0.000     2.362618    3.279163
             _Iage2_31 |   2.983605   .2560125    11.65   0.000     2.481807    3.485403
             _Iage2_32 |   3.140946   .2782128    11.29   0.000     2.595635    3.686258
             _Iage2_33 |     3.2952   .3004279    10.97   0.000     2.706346    3.884054
             _Iage2_34 |    3.44183   .3225752    10.67   0.000     2.809566    4.074095
             _Iage2_35 |   3.589979    .344842    10.41   0.000     2.914071    4.265887
             _Iage2_36 |   3.735007   .3670944    10.17   0.000     3.015483    4.454532
             _Iage2_37 |   3.877883   .3893935     9.96   0.000     3.114652    4.641115
             _Iage2_38 |   4.018792   .4115989     9.76   0.000     3.212036    4.825547
             _Iage2_39 |   4.156506   .4338023     9.58   0.000     3.306231    5.006781
             _Iage2_40 |   4.293166   .4560312     9.41   0.000     3.399321    5.187011
             _Iage2_41 |   4.426122   .4782357     9.26   0.000     3.488755    5.363489
             _Iage2_42 |    4.56309    .500513     9.12   0.000     3.582059    5.544122
             _Iage2_43 |   4.694267   .5227353     8.98   0.000     3.669679    5.718855
             _Iage2_44 |   4.822267   .5449448     8.85   0.000     3.754147    5.890387
             _Iage2_45 |   4.949979   .5672162     8.73   0.000     3.838206    6.061752
             _Iage2_46 |    5.07624   .5894857     8.61   0.000     3.920817    6.231662
             _Iage2_47 |   5.202554    .611716     8.50   0.000     4.003559    6.401549
             _Iage2_48 |   5.324197    .633921     8.40   0.000     4.081679    6.566715
             _Iage2_49 |   5.442985   .6561749     8.30   0.000     4.156848    6.729122
             _Iage2_50 |   5.561195   .6784029     8.20   0.000      4.23149      6.8909
             _Iage2_51 |   5.680838   .7006253     8.11   0.000     4.307576      7.0541
             _Iage2_52 |    5.80192    .722883     8.03   0.000     4.385032    7.218809
             _Iage2_53 |    5.92033   .7451207     7.95   0.000     4.459855    7.380805
             _Iage2_54 |   6.036404   .7672994     7.87   0.000     4.532457     7.54035
             _Iage2_55 |   6.152215   .7895893     7.79   0.000     4.604579    7.699851
             _Iage2_56 |   6.267744   .8118025     7.72   0.000     4.676569     7.85892
             _Iage2_57 |   6.365271   .8340707     7.63   0.000     4.730449    8.000093
             _Iage2_58 |   6.468879   .8563184     7.55   0.000     4.790451    8.147308
             _Iage2_59 |   6.552039   .8785005     7.46   0.000     4.830133    8.273946
         firm_size_new |   .0051788   .0005361     9.66   0.000      .004128    .0062295
                 _cons |   6.833325   .3388185    20.17   0.000     6.169223    7.497427
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3065014
               sigma_e |   .3409973
                   rho |  .93622337   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26939) =  274.31
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =  122.40
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26939) =  263.73
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26939) =   73.77
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26939) =   46.01
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26939) =   70.25
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1884160
Group variable: shnro_real                      Number of groups   =    159300

R-sq:  within  = 0.2705                         Obs per group: min =         1
       between = 0.1537                                        avg =      11.8
       overall = 0.1114                                        max =        48

                                                F(85,26939)        =    551.20
corr(u_i, Xb)  = -0.9243                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0328162   .0067078    -4.89   0.000    -.0459638   -.0196687
           treated_ia3 |   .0058299   .0006202     9.40   0.000     .0046144    .0070454
     treated_iasuorv_d |   .1142652    .029631     3.86   0.000     .0561869    .1723435
           treated_pre |   .0441362    .005575     7.92   0.000     .0332089    .0550636
  treated_pre_iasenior |   .0077746   .0055655     1.40   0.162    -.0031341    .0186832
       treated_pre_ia3 |  -.0028406   .0003421    -8.30   0.000    -.0035112     -.00217
 treated_pre_iasuorv_d |   -.075309   .0094763    -7.95   0.000     -.093883   -.0567349
          treated_post |   .1136581    .008633    13.17   0.000     .0967369    .1305793
 treated_post_iasenior |   .0173091   .0068345     2.53   0.011     .0039131    .0307052
      treated_post_ia3 |  -.0066884   .0004328   -15.46   0.000    -.0075366   -.0058402
treated_post_iasuorv_d |  -.2220836   .0117276   -18.94   0.000    -.2450703   -.1990968
                senior |   6.823837   .8794036     7.76   0.000      5.10016    8.547513
             interact3 |  -.0093456   .0003419   -27.33   0.000    -.0100158   -.0086754
               suorv_d |  -.0416671    .016857    -2.47   0.013    -.0747077   -.0086265
                   l_0 |  -.4725901    .111333    -4.24   0.000    -.6908086   -.2543716
                   l_1 |  -.5474863   .1335976    -4.10   0.000    -.8093445   -.2856281
                   l_2 |  -.6705459   .1558384    -4.30   0.000    -.9759974   -.3650945
                   l_3 |  -.7833082   .1780696    -4.40   0.000    -1.132334   -.4342824
                   l_4 |  -.8947001   .2003374    -4.47   0.000    -1.287372   -.5020284
                   l_5 |  -1.005545   .2226044    -4.52   0.000    -1.441861   -.5692287
                   l_6 |  -1.115777   .2448479    -4.56   0.000    -1.595692   -.6358624
                   l_7 |  -1.226858   .2670903    -4.59   0.000    -1.750369   -.7033476
                   l_8 |  -1.329869   .2893079    -4.60   0.000    -1.896927   -.7628099
                   l_9 |  -1.433297   .3116524    -4.60   0.000    -2.044152   -.8224423
                  l_10 |  -1.538746   .3339101    -4.61   0.000    -2.193227   -.8842648
                   f_1 |  -.3738814   .0890708    -4.20   0.000    -.5484649   -.1992979
                   f_2 |  -.2838193   .0667952    -4.25   0.000    -.4147414   -.1528972
                   f_3 |  -.1935283   .0445262    -4.35   0.000    -.2808021   -.1062546
                   f_4 |  -.1007964   .0223145    -4.52   0.000    -.1445339   -.0570589
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0096841   .0034308     2.82   0.005     .0029595    .0164087
          _Ivuosi_1996 |   .0371589   .0035821    10.37   0.000     .0301378      .04418
          _Ivuosi_1997 |   .0288464   .0037836     7.62   0.000     .0214303    .0362625
          _Ivuosi_1998 |   .0373916   .0039548     9.45   0.000     .0296401    .0451432
          _Ivuosi_1999 |   .0422084   .0038361    11.00   0.000     .0346894    .0497273
          _Ivuosi_2000 |   .0434159   .0038967    11.14   0.000     .0357781    .0510537
          _Ivuosi_2001 |   .0567562   .0037887    14.98   0.000     .0493302    .0641822
          _Ivuosi_2002 |   .0392536   .0033669    11.66   0.000     .0326543    .0458529
          _Ivuosi_2003 |   .0328325   .0031171    10.53   0.000     .0267229    .0389421
          _Ivuosi_2004 |   .0419688    .003011    13.94   0.000      .036067    .0478705
          _Ivuosi_2005 |   .0509844   .0028062    18.17   0.000     .0454841    .0564847
          _Ivuosi_2006 |   .0447588   .0026972    16.59   0.000     .0394722    .0500454
          _Ivuosi_2007 |   .0476779   .0026598    17.93   0.000     .0424645    .0528912
          _Ivuosi_2008 |    .044523   .0024606    18.09   0.000        .0397     .049346
          _Ivuosi_2009 |   .0238085   .0022319    10.67   0.000     .0194339     .028183
          _Ivuosi_2010 |   .0152612   .0021855     6.98   0.000     .0109776    .0195449
          _Ivuosi_2011 |   .0078978   .0016401     4.82   0.000     .0046832    .0111124
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5988813   .0348195    17.20   0.000     .5306333    .6671294
             _Iage2_22 |   .8760053   .0563808    15.54   0.000     .7654959    .9865146
             _Iage2_23 |   1.137967   .0782628    14.54   0.000     .9845678    1.291366
             _Iage2_24 |   1.422825   .1006458    14.14   0.000     1.225553    1.620096
             _Iage2_25 |   1.757906   .1231669    14.27   0.000     1.516492     1.99932
             _Iage2_26 |   2.057605   .1454555    14.15   0.000     1.772504    2.342705
             _Iage2_27 |   2.311151     .16761    13.79   0.000     1.982626    2.639675
             _Iage2_28 |   2.535057   .1898393    13.35   0.000     2.162962    2.907152
             _Iage2_29 |   2.732631   .2120424    12.89   0.000     2.317017    3.148245
             _Iage2_30 |   2.912833    .234187    12.44   0.000     2.453814    3.371851
             _Iage2_31 |   3.084669   .2564118    12.03   0.000     2.582089     3.58725
             _Iage2_32 |   3.249836   .2786144    11.66   0.000     2.703737    3.795934
             _Iage2_33 |   3.411816    .300834    11.34   0.000     2.822166    4.001466
             _Iage2_34 |   3.565365   .3229916    11.04   0.000     2.932285    4.198446
             _Iage2_35 |   3.720302   .3452677    10.78   0.000      3.04356    4.397045
             _Iage2_36 |   3.871862   .3675324    10.53   0.000     3.151479    4.592244
             _Iage2_37 |   4.021174   .3898412    10.31   0.000     3.257065    4.785283
             _Iage2_38 |   4.168444   .4120637    10.12   0.000     3.360778     4.97611
             _Iage2_39 |   4.312277   .4342831     9.93   0.000     3.461059    5.163495
             _Iage2_40 |    4.45476   .4565262     9.76   0.000     3.559945    5.349575
             _Iage2_41 |  -2.220391    .400744    -5.54   0.000     -3.00587   -1.434912
             _Iage2_42 |  -2.077555   .3784407    -5.49   0.000    -2.819319   -1.335792
             _Iage2_43 |  -1.940847   .3561918    -5.45   0.000    -2.639002   -1.242693
             _Iage2_44 |  -1.807144   .3339589    -5.41   0.000    -2.461721   -1.152567
             _Iage2_45 |    -1.6738   .3116647    -5.37   0.000    -2.284679   -1.062921
             _Iage2_46 |  -1.541748   .2893698    -5.33   0.000    -2.108928   -.9745686
             _Iage2_47 |  -1.409953   .2671164    -5.28   0.000    -1.933515   -.8863907
             _Iage2_48 |  -1.282917   .2448878    -5.24   0.000     -1.76291   -.8029239
             _Iage2_49 |  -1.158619   .2226082    -5.20   0.000    -1.594943   -.7222957
             _Iage2_50 |  -1.034784   .2003555    -5.16   0.000    -1.427491   -.6420762
             _Iage2_51 |  -.9098434   .1781094    -5.11   0.000    -1.258947   -.5607398
             _Iage2_52 |  -.7835584   .1558314    -5.03   0.000    -1.088996   -.4781208
             _Iage2_53 |  -.6600446   .1335738    -4.94   0.000    -.9218562    -.398233
             _Iage2_54 |  -.5389282   .1113836    -4.84   0.000    -.7572458   -.3206105
             _Iage2_55 |  -.4183151   .0890832    -4.70   0.000    -.5929227   -.2437074
             _Iage2_56 |  -.2981088   .0668631    -4.46   0.000    -.4291638   -.1670537
             _Iage2_57 |  -.1959606   .0445997    -4.39   0.000    -.2833783   -.1085428
             _Iage2_58 |  -.0877701   .0223819    -3.92   0.000    -.1316397   -.0439005
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0051836   .0005498     9.43   0.000      .004106    .0062612
                 _cons |    6.84835   .3390778    20.20   0.000      6.18374     7.51296
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3371491
               sigma_e |    .343221
                   rho |  .93818732   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26939) =   95.33
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26939) =  142.95
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26939) =   68.93
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26939) =  238.86
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =  172.08
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =  162.80
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26939) =  166.20
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1884160
Group variable: shnro_real                      Number of groups   =    159300

R-sq:  within  = 0.2800                         Obs per group: min =         1
       between = 0.1786                                        avg =      11.8
       overall = 0.1316                                        max =        48

                                                F(89,26939)        =    630.88
corr(u_i, Xb)  = -0.9230                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0217442   .0067053    -3.24   0.001    -.0348869   -.0086015
           treated_ia2 |  -.1670961   .0168618    -9.91   0.000     -.200146   -.1340461
           treated_ia3 |   .0054902   .0006261     8.77   0.000      .004263    .0067174
     treated_iasuorv_d |   .1048085    .028841     3.63   0.000     .0482785    .1613384
           treated_pre |   .0429278   .0059442     7.22   0.000     .0312768    .0545787
  treated_pre_iasenior |   .0035536   .0055926     0.64   0.525    -.0074082    .0145154
       treated_pre_ia2 |   .0104357   .0054121     1.93   0.054    -.0001722    .0210436
       treated_pre_ia3 |  -.0027275   .0003532    -7.72   0.000    -.0034199   -.0020351
 treated_pre_iasuorv_d |   -.055669   .0097753    -5.69   0.000    -.0748291   -.0365089
          treated_post |   .0998546   .0084956    11.75   0.000     .0832027    .1165065
 treated_post_iasenior |   .0019014   .0067308     0.28   0.778    -.0112914    .0150941
      treated_post_ia2 |    .042987      .0074     5.81   0.000     .0284826    .0574913
      treated_post_ia3 |  -.0060179    .000438   -13.74   0.000    -.0068764   -.0051594
treated_post_iasuorv_d |  -.1503191   .0118119   -12.73   0.000    -.1734711   -.1271671
                senior |    6.55986    .878657     7.47   0.000     4.837647    8.282073
             interact2 |   .4677212   .0112215    41.68   0.000     .4457265    .4897159
             interact3 |   -.002468   .0003181    -7.76   0.000    -.0030914   -.0018445
               suorv_d |  -.0425482   .0163911    -2.60   0.009    -.0746756   -.0104208
                   l_0 |  -.4762057   .1112518    -4.28   0.000     -.694265   -.2581463
                   l_1 |  -.5520685   .1335265    -4.13   0.000    -.8137874   -.2903496
                   l_2 |  -.6754439   .1557655    -4.34   0.000    -.9807524   -.3701354
                   l_3 |  -.7881841   .1779887    -4.43   0.000    -1.137051    -.439317
                   l_4 |  -.8996875   .2002489    -4.49   0.000    -1.292186   -.5071893
                   l_5 |  -1.010545   .2225173    -4.54   0.000     -1.44669   -.5743991
                   l_6 |  -1.120929   .2447525    -4.58   0.000    -1.600657   -.6412014
                   l_7 |  -1.232066   .2669837    -4.61   0.000    -1.755368    -.708764
                   l_8 |  -1.334553   .2891954    -4.61   0.000    -1.901391   -.7677148
                   l_9 |  -1.438365   .3115306    -4.62   0.000    -2.048982   -.8277492
                  l_10 |  -1.543986   .3337746    -4.63   0.000    -2.198201   -.8897703
                   f_1 |  -.3762933   .0890317    -4.23   0.000    -.5508001   -.2017866
                   f_2 |  -.2859764   .0667656    -4.28   0.000    -.4168404   -.1551123
                   f_3 |  -.1953716   .0445046    -4.39   0.000     -.282603   -.1081403
                   f_4 |  -.1021344    .022301    -4.58   0.000    -.1458455   -.0584232
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0111611   .0032961     3.39   0.001     .0047006    .0176216
          _Ivuosi_1996 |   .0392264   .0034436    11.39   0.000     .0324768     .045976
          _Ivuosi_1997 |   .0318004   .0036378     8.74   0.000     .0246701    .0389306
          _Ivuosi_1998 |   .0410563   .0037944    10.82   0.000      .033619    .0484936
          _Ivuosi_1999 |   .0454837   .0036595    12.43   0.000     .0383108    .0526566
          _Ivuosi_2000 |   .0481242   .0037086    12.98   0.000     .0408552    .0553931
          _Ivuosi_2001 |   .0618926   .0036115    17.14   0.000     .0548138    .0689713
          _Ivuosi_2002 |   .0445779   .0031998    13.93   0.000     .0383062    .0508497
          _Ivuosi_2003 |   .0381737   .0029478    12.95   0.000     .0323959    .0439515
          _Ivuosi_2004 |   .0474739    .002848    16.67   0.000     .0418917    .0530561
          _Ivuosi_2005 |   .0564311   .0026602    21.21   0.000      .051217    .0616452
          _Ivuosi_2006 |   .0501768   .0025574    19.62   0.000     .0451642    .0551893
          _Ivuosi_2007 |   .0529883   .0025301    20.94   0.000     .0480291    .0579475
          _Ivuosi_2008 |   .0481335   .0023455    20.52   0.000     .0435361    .0527308
          _Ivuosi_2009 |   .0267698   .0021584    12.40   0.000     .0225392    .0310004
          _Ivuosi_2010 |   .0169721   .0021181     8.01   0.000     .0128204    .0211238
          _Ivuosi_2011 |   .0087405   .0016216     5.39   0.000     .0055621    .0119189
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5969648   .0347907    17.16   0.000     .5287731    .6651564
             _Iage2_22 |   .8727946   .0563753    15.48   0.000     .7622961    .9832931
             _Iage2_23 |   1.133327   .0782227    14.49   0.000     .9800069    1.286648
             _Iage2_24 |   1.412761   .1005636    14.05   0.000     1.215651    1.609871
             _Iage2_25 |      1.734   .1229603    14.10   0.000     1.492991    1.975008
             _Iage2_26 |   2.015903   .1451922    13.88   0.000     1.731319    2.300488
             _Iage2_27 |   2.253368   .1673077    13.47   0.000     1.925436      2.5813
             _Iage2_28 |   2.463832   .1894937    13.00   0.000     2.092414    2.835249
             _Iage2_29 |   2.650048   .2116895    12.52   0.000     2.235126    3.064971
             _Iage2_30 |   2.820511   .2338205    12.06   0.000      2.36221    3.278811
             _Iage2_31 |   2.983144   .2560273    11.65   0.000     2.481318    3.484971
             _Iage2_32 |   3.140411   .2782282    11.29   0.000      2.59507    3.685753
             _Iage2_33 |   3.294593   .3004438    10.97   0.000     2.705708    3.883479
             _Iage2_34 |   3.441149   .3225916    10.67   0.000     2.808853    4.073446
             _Iage2_35 |   3.589221   .3448589    10.41   0.000      2.91328    4.265162
             _Iage2_36 |   3.734184   .3671117    10.17   0.000     3.014626    4.453742
             _Iage2_37 |    3.87699   .3894114     9.96   0.000     3.113724    4.640257
             _Iage2_38 |   4.017837   .4116172     9.76   0.000     3.211046    4.824628
             _Iage2_39 |   4.155485   .4338219     9.58   0.000     3.305172    5.005799
             _Iage2_40 |   4.292085   .4560525     9.41   0.000     3.398198    5.185971
             _Iage2_41 |  -2.125041   .4004697    -5.31   0.000    -2.909982     -1.3401
             _Iage2_42 |  -1.988154   .3781804    -5.26   0.000    -2.729407   -1.246901
             _Iage2_43 |  -1.857053   .3559464    -5.22   0.000    -2.554726   -1.159379
             _Iage2_44 |  -1.729118   .3337256    -5.18   0.000    -2.383238   -1.074999
             _Iage2_45 |  -1.601454   .3114444    -5.14   0.000    -2.211901   -.9910071
             _Iage2_46 |  -1.475243   .2891626    -5.10   0.000    -2.042017   -.9084696
             _Iage2_47 |  -1.348965   .2669229    -5.05   0.000    -1.872148    -.825782
             _Iage2_48 |  -1.227364   .2447081    -5.02   0.000    -1.707005   -.7477238
             _Iage2_49 |   -1.10862   .2224435    -4.98   0.000    -1.544621   -.6726193
             _Iage2_50 |  -.9904442    .200209    -4.95   0.000    -1.382864   -.5980241
             _Iage2_51 |  -.8708437    .177983    -4.89   0.000      -1.2197   -.5219878
             _Iage2_52 |  -.7498056   .1557213    -4.82   0.000    -1.055027   -.4445838
             _Iage2_53 |  -.6314404   .1334784    -4.73   0.000    -.8930651   -.3698158
             _Iage2_54 |  -.5154076      .1113    -4.63   0.000    -.7335613   -.2972538
             _Iage2_55 |  -.3996513   .0890152    -4.49   0.000    -.5741258   -.2251768
             _Iage2_56 |   -.284163   .0668117    -4.25   0.000    -.4151173   -.1532086
             _Iage2_57 |  -.1866739   .0445643    -4.19   0.000    -.2740224   -.0993255
             _Iage2_58 |  -.0831185    .022364    -3.72   0.000     -.126953   -.0392839
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0051798   .0005365     9.65   0.000     .0041282    .0062315
                 _cons |   6.833729   .3388245    20.17   0.000     6.169616    7.497843
-----------------------+----------------------------------------------------------------
               sigma_u |    1.30603
               sigma_e |  .34098903
                   rho |  .93618316   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26939) =   74.54
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26939) =   89.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26939) =   38.98
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26939) =  147.46
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =   97.26
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26939) =  280.57
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =  130.06
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26939) =  217.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26939) =   92.30
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26939) =  210.83
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1885513
Group variable: shnro_real                      Number of groups   =    159429

R-sq:  within  = 0.2797                         Obs per group: min =         1
       between = 0.1786                                        avg =      11.8
       overall = 0.1317                                        max =        48

                                                F(86,26947)        =    643.70
corr(u_i, Xb)  = -0.9226                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1686831    .016771   -10.06   0.000    -.2015551    -.135811
           treated_ia3 |   .0049301   .0005888     8.37   0.000     .0037761    .0060841
     treated_iasuorv_d |   .1021398   .0284706     3.59   0.000      .046336    .1579437
           treated_pre |   .0414631   .0059673     6.95   0.000     .0297668    .0531593
       treated_pre_ia2 |   .0105439   .0053619     1.97   0.049     .0000343    .0210535
       treated_pre_ia3 |  -.0025733   .0002931    -8.78   0.000    -.0031477   -.0019989
 treated_pre_iasuorv_d |  -.0526498    .007759    -6.79   0.000    -.0678578   -.0374418
          treated_post |    .096305   .0084816    11.35   0.000     .0796805    .1129295
      treated_post_ia2 |   .0433167   .0073668     5.88   0.000     .0288774    .0577561
      treated_post_ia3 |  -.0059034   .0003927   -15.03   0.000    -.0066731   -.0051337
treated_post_iasuorv_d |  -.1483885   .0102352   -14.50   0.000      -.16845   -.1283269
             interact2 |   .4687779   .0112056    41.83   0.000     .4468143    .4907414
             interact3 |  -.0022555   .0003162    -7.13   0.000    -.0028753   -.0016357
               suorv_d |  -.0422512   .0163938    -2.58   0.010    -.0743839   -.0101184
                   l_0 |  -.4735019   .1111807    -4.26   0.000    -.6914218    -.255582
                   l_1 |  -.5489916   .1334432    -4.11   0.000    -.8105473   -.2874359
                   l_2 |  -.6720899   .1556697    -4.32   0.000    -.9772105   -.3669692
                   l_3 |  -.7845186   .1778809    -4.41   0.000    -1.133174   -.4358628
                   l_4 |   -.895592   .2001292    -4.48   0.000    -1.287856   -.5033284
                   l_5 |  -1.006242    .222385    -4.52   0.000    -1.442128   -.5703554
                   l_6 |  -1.116342   .2446085    -4.56   0.000    -1.595787   -.6368964
                   l_7 |  -1.227286   .2668277    -4.60   0.000    -1.750282   -.7042899
                   l_8 |  -1.329442   .2890267    -4.60   0.000    -1.895949   -.7629346
                   l_9 |  -1.433145   .3113498    -4.60   0.000    -2.043407   -.8228834
                  l_10 |  -1.538621    .333582    -4.61   0.000    -2.192459   -.8847833
                   f_1 |   -.374737     .08898    -4.21   0.000    -.5491424   -.2003315
                   f_2 |   -.284723   .0667261    -4.27   0.000    -.4155097   -.1539363
                   f_3 |  -.1943686   .0444772    -4.37   0.000    -.2815463   -.1071909
                   f_4 |  -.1013654   .0222858    -4.55   0.000    -.1450468    -.057684
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0114597   .0033069     3.47   0.001     .0049779    .0179414
          _Ivuosi_1996 |   .0398031   .0034533    11.53   0.000     .0330344    .0465718
          _Ivuosi_1997 |   .0324947    .003655     8.89   0.000     .0253308    .0396587
          _Ivuosi_1998 |   .0418762   .0038209    10.96   0.000      .034387    .0493654
          _Ivuosi_1999 |   .0467683   .0037236    12.56   0.000     .0394698    .0540667
          _Ivuosi_2000 |   .0492048   .0037557    13.10   0.000     .0418434    .0565662
          _Ivuosi_2001 |   .0626139   .0036301    17.25   0.000     .0554986    .0697291
          _Ivuosi_2002 |   .0453969   .0032217    14.09   0.000     .0390821    .0517117
          _Ivuosi_2003 |   .0387987   .0029576    13.12   0.000     .0330018    .0445957
          _Ivuosi_2004 |   .0479803   .0028523    16.82   0.000     .0423897    .0535709
          _Ivuosi_2005 |   .0568862   .0026677    21.32   0.000     .0516573    .0621151
          _Ivuosi_2006 |   .0505541   .0025622    19.73   0.000      .045532    .0555762
          _Ivuosi_2007 |   .0533701   .0025356    21.05   0.000     .0484001      .05834
          _Ivuosi_2008 |    .048421   .0023493    20.61   0.000     .0438163    .0530258
          _Ivuosi_2009 |   .0270052   .0021609    12.50   0.000     .0227698    .0312406
          _Ivuosi_2010 |   .0171369   .0021195     8.09   0.000     .0129826    .0212911
          _Ivuosi_2011 |    .008812   .0016218     5.43   0.000     .0056332    .0119908
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5964337   .0347648    17.16   0.000     .5282929    .6645744
             _Iage2_22 |   .8720077   .0563374    15.48   0.000     .7615833     .982432
             _Iage2_23 |   1.132253   .0781721    14.48   0.000     .9790313    1.285474
             _Iage2_24 |   1.411309    .100501    14.04   0.000     1.214322    1.608296
             _Iage2_25 |   1.732624   .1228825    14.10   0.000     1.491768     1.97348
             _Iage2_26 |   2.014148   .1451026    13.88   0.000      1.72974    2.298557
             _Iage2_27 |   2.251345   .1672071    13.46   0.000      1.92361     2.57908
             _Iage2_28 |   2.461863   .1893811    13.00   0.000     2.090666    2.833059
             _Iage2_29 |   2.647858    .211566    12.52   0.000     2.233177    3.062538
             _Iage2_30 |   2.818085   .2336858    12.06   0.000     2.360048    3.276121
             _Iage2_31 |   2.980353    .255882    11.65   0.000     2.478811    3.481895
             _Iage2_32 |   3.137589   .2780728    11.28   0.000     2.592552    3.682626
             _Iage2_33 |   3.291584   .3002779    10.96   0.000     2.703024    3.880145
             _Iage2_34 |   3.437906   .3224155    10.66   0.000     2.805955    4.069857
             _Iage2_35 |   3.585751   .3446727    10.40   0.000     2.910174    4.261327
             _Iage2_36 |   3.730594   .3669149    10.17   0.000     3.011422    4.449766
             _Iage2_37 |   3.873151   .3892041     9.95   0.000      3.11029    4.636011
             _Iage2_38 |   4.013667   .4113998     9.76   0.000     3.207302    4.820032
             _Iage2_39 |   4.151163   .4335936     9.57   0.000     3.301297    5.001029
             _Iage2_40 |   4.287623   .4558124     9.41   0.000     3.394207    5.181039
             _Iage2_41 |   4.420353   .4780068     9.25   0.000     3.483435    5.357271
             _Iage2_42 |   4.557194   .5002748     9.11   0.000     3.576629    5.537759
             _Iage2_43 |   4.688101   .5224868     8.97   0.000     3.663999    5.712202
             _Iage2_44 |   4.815702   .5446864     8.84   0.000     3.748088    5.883315
             _Iage2_45 |   4.943229    .566948     8.72   0.000     3.831982    6.054477
             _Iage2_46 |   5.069016   .5892073     8.60   0.000     3.914139    6.223893
             _Iage2_47 |   5.195085   .6114274     8.50   0.000     3.996656    6.393515
             _Iage2_48 |   5.316446   .6336223     8.39   0.000     4.074513    6.558379
             _Iage2_49 |   5.434855   .6558669     8.29   0.000     4.149322    6.720388
             _Iage2_50 |   5.553029   .6780849     8.19   0.000     4.223948    6.882111
             _Iage2_51 |   5.672108   .7002975     8.10   0.000     4.299489    7.044728
             _Iage2_52 |   5.793126   .7225457     8.02   0.000     4.376899    7.209354
             _Iage2_53 |    5.91109   .7447735     7.94   0.000     4.451295    7.370885
             _Iage2_54 |   6.026956   .7669421     7.86   0.000     4.523709    7.530202
             _Iage2_55 |   6.142379   .7892223     7.78   0.000     4.595462    7.689295
             _Iage2_56 |   6.257824   .8114253     7.71   0.000     4.667388     7.84826
             _Iage2_57 |   6.354993   .8336841     7.62   0.000     4.720928    7.989057
             _Iage2_58 |   6.458394   .8559213     7.55   0.000     4.780744    8.136045
             _Iage2_59 |   6.541489   .8780924     7.45   0.000     4.820382    8.262595
         firm_size_new |   .0052648   .0005315     9.91   0.000      .004223    .0063067
                 _cons |   6.837186   .3385624    20.19   0.000     6.173586    7.500786
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3039596
               sigma_e |  .34137279
                   rho |  .93585841   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =  274.66
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =  121.88
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =  264.11
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26947) =   72.69
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =   45.88
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26947) =   69.17
            Prob > F =    0.0000
O:\returns
lnwage_whitec_age_short_noIQ_clust_G.xls
dir : seeout
lnwage_whitec_age_top3_noIQ_clust_G.xls
dir : seeout
(1,988,787 real changes made, 1,987,716 to missing)
(51,785 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,901,221       98.08       98.08
         12 |     11,821        0.61       98.69
         22 |     17,792        0.92       99.61
         24 |      2,148        0.11       99.72
         25 |      2,128        0.11       99.83
         99 |      3,259        0.17      100.00
------------+-----------------------------------
      Total |  1,938,369      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   = 1,864,183
-------------+----------------------------------   F(87, 1864095)  =   4094.96
       Model |  5662.88526        87  65.0906352   Prob > F        =    0.0000
    Residual |  29630.3674 1,864,095   .01589531   R-squared       =    0.1605
-------------+----------------------------------   Adj R-squared   =    0.1604
       Total |  35293.2527 1,864,182    .0189323   Root MSE        =    .12608

---------------------------------------------------------------------------------------
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0244377   .0008203    29.79   0.000       .02283    .0260454
     treated_ia1_4145 |  -.0650209   .0015256   -42.62   0.000     -.068011   -.0620308
     treated_ia1_4650 |  -.0683932    .001585   -43.15   0.000    -.0714998   -.0652866
     treated_ia1_5160 |  -.0728474   .0018398   -39.60   0.000    -.0764533   -.0692414
          treated_pre |  -.0175402   .0009045   -19.39   0.000     -.019313   -.0157675
 treated_pre_ia1_4145 |   .0573396   .0016309    35.16   0.000     .0541431    .0605361
 treated_pre_ia1_4650 |    .057301   .0016937    33.83   0.000     .0539814    .0606206
 treated_pre_ia1_5155 |   .0592008   .0019447    30.44   0.000     .0553893    .0630122
 treated_pre_ia1_5660 |   .0555238    .002354    23.59   0.000     .0509101    .0601375
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0269313     .00087   -30.96   0.000    -.0286365   -.0252262
treated_post_ia1_4145 |   .0712758   .0015527    45.91   0.000     .0682326    .0743189
treated_post_ia1_4650 |   .0734853   .0016109    45.62   0.000      .070328    .0766426
treated_post_ia1_5155 |   .0775473   .0018621    41.64   0.000     .0738975     .081197
treated_post_ia1_5660 |   .0728198   .0019844    36.70   0.000     .0689305    .0767091
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0603018   .0006227   -96.84   0.000    -.0615223   -.0590814
                  l_1 |  -.0442684   .0006317   -70.08   0.000    -.0455065   -.0430302
                  l_2 |  -.0395472   .0006384   -61.94   0.000    -.0407985   -.0382959
                  l_3 |  -.0355304    .000651   -54.58   0.000    -.0368064   -.0342544
                  l_4 |  -.0319158    .000663   -48.14   0.000    -.0332152   -.0306163
                  l_5 |  -.0298611   .0006783   -44.03   0.000    -.0311905   -.0285318
                  l_6 |  -.0298371      .0007   -42.63   0.000     -.031209   -.0284651
                  l_7 |  -.0310406   .0007221   -42.98   0.000    -.0324559   -.0296252
                  l_8 |  -.0313971   .0007615   -41.23   0.000    -.0328895   -.0299047
                  l_9 |  -.0318649    .000804   -39.63   0.000    -.0334407   -.0302891
                 l_10 |  -.0323957   .0008343   -38.83   0.000    -.0340309   -.0307605
                  f_1 |  -.0469364   .0006402   -73.31   0.000    -.0481912   -.0456816
                  f_2 |  -.0458412   .0006454   -71.02   0.000    -.0471063   -.0445762
                  f_3 |  -.0390261   .0006497   -60.06   0.000    -.0402995   -.0377526
                  f_4 |  -.0248658   .0006537   -38.04   0.000     -.026147   -.0235846
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0197244   .0008794   -22.43   0.000    -.0214479   -.0180009
         _Ivuosi_1996 |   .0193959   .0008557    22.67   0.000     .0177188     .021073
         _Ivuosi_1997 |   .0102705   .0008373    12.27   0.000     .0086295    .0119116
         _Ivuosi_1998 |  -.0055991   .0008278    -6.76   0.000    -.0072215   -.0039767
         _Ivuosi_1999 |  -.0113009   .0008033   -14.07   0.000    -.0128752   -.0097265
         _Ivuosi_2000 |  -.0249405    .000778   -32.06   0.000    -.0264653   -.0234158
         _Ivuosi_2001 |  -.0802437   .0007775  -103.21   0.000    -.0817676   -.0787199
         _Ivuosi_2002 |  -.0786348   .0007709  -102.01   0.000    -.0801456   -.0771239
         _Ivuosi_2003 |  -.0787371    .000762  -103.33   0.000    -.0802306   -.0772437
         _Ivuosi_2004 |  -.0766869   .0007543  -101.66   0.000    -.0781653   -.0752084
         _Ivuosi_2005 |  -.0775637   .0007481  -103.68   0.000      -.07903   -.0760975
         _Ivuosi_2006 |  -.0753222   .0007812   -96.42   0.000    -.0768533   -.0737911
         _Ivuosi_2007 |  -.0718782   .0007589   -94.71   0.000    -.0733658   -.0703907
         _Ivuosi_2008 |  -.0704893   .0007645   -92.21   0.000    -.0719876   -.0689909
         _Ivuosi_2009 |   -.070395   .0007744   -90.90   0.000    -.0719129   -.0688771
         _Ivuosi_2010 |  -.0699784   .0007809   -89.61   0.000     -.071509   -.0684478
         _Ivuosi_2011 |  -.0725506   .0007988   -90.83   0.000    -.0741161    -.070985
         _Ivuosi_2012 |  -.0733752   .0008123   -90.33   0.000    -.0749672   -.0717831
            _Iage2_21 |  -.1291249   .0017661   -73.11   0.000    -.1325864   -.1256635
            _Iage2_22 |  -.1765286   .0016482  -107.10   0.000    -.1797591   -.1732981
            _Iage2_23 |  -.2174943   .0015589  -139.52   0.000    -.2205496   -.2144389
            _Iage2_24 |  -.2696591   .0014842  -181.69   0.000     -.272568   -.2667502
            _Iage2_25 |   -.303272   .0014372  -211.02   0.000    -.3060888   -.3004552
            _Iage2_26 |   -.321979   .0014058  -229.03   0.000    -.3247344   -.3192236
            _Iage2_27 |  -.3358813   .0013848  -242.56   0.000    -.3385954   -.3331672
            _Iage2_28 |  -.3438981   .0013702  -250.98   0.000    -.3465837   -.3412126
            _Iage2_29 |  -.3480581   .0013601  -255.91   0.000    -.3507238   -.3453923
            _Iage2_30 |  -.3518193   .0013532  -259.99   0.000    -.3544715   -.3491671
            _Iage2_31 |  -.3543005   .0013474  -262.94   0.000    -.3569414   -.3516595
            _Iage2_32 |    -.35534    .001343  -264.59   0.000    -.3579721   -.3527078
            _Iage2_33 |  -.3552843   .0013397  -265.19   0.000    -.3579102   -.3526585
            _Iage2_34 |  -.3568044   .0013381  -266.65   0.000    -.3594271   -.3541818
            _Iage2_35 |  -.3582504   .0013372  -267.91   0.000    -.3608713   -.3556296
            _Iage2_36 |  -.3577303    .001337  -267.56   0.000    -.3603508   -.3551098
            _Iage2_37 |  -.3587719   .0013375  -268.24   0.000    -.3613933   -.3561504
            _Iage2_38 |    -.35854   .0013384  -267.89   0.000    -.3611633   -.3559168
            _Iage2_39 |  -.3587909   .0013388  -268.00   0.000    -.3614149   -.3561669
            _Iage2_40 |  -.3594407   .0013392  -268.40   0.000    -.3620654   -.3568159
            _Iage2_41 |  -.3582686    .001365  -262.47   0.000    -.3609439   -.3555933
            _Iage2_42 |  -.3591273   .0013655  -262.99   0.000    -.3618037   -.3564509
            _Iage2_43 |  -.3586828   .0013658  -262.63   0.000    -.3613596    -.356006
            _Iage2_44 |  -.3594657   .0013665  -263.05   0.000     -.362144   -.3567873
            _Iage2_45 |  -.3597908   .0013676  -263.08   0.000    -.3624712   -.3571103
            _Iage2_46 |  -.3590999   .0013697  -262.17   0.000    -.3617846   -.3564153
            _Iage2_47 |  -.3591138   .0013709  -261.96   0.000    -.3618007    -.356427
            _Iage2_48 |  -.3590512   .0013717  -261.75   0.000    -.3617397   -.3563627
            _Iage2_49 |  -.3591058   .0013738  -261.40   0.000    -.3617983   -.3564132
            _Iage2_50 |  -.3583422    .001376  -260.42   0.000    -.3610391   -.3556453
            _Iage2_51 |  -.3572609   .0013816  -258.58   0.000    -.3599688    -.354553
            _Iage2_52 |  -.3575068   .0013839  -258.33   0.000    -.3602192   -.3547943
            _Iage2_53 |  -.3563699   .0013865  -257.02   0.000    -.3590875   -.3536524
            _Iage2_54 |  -.3556963    .001391  -255.72   0.000    -.3584226   -.3529701
            _Iage2_55 |  -.3522614   .0014034  -251.00   0.000     -.355012   -.3495108
            _Iage2_56 |  -.3463777    .001443  -240.05   0.000    -.3492058   -.3435495
            _Iage2_57 |  -.3441105   .0014605  -235.61   0.000    -.3469731   -.3412479
            _Iage2_58 |  -.3372039   .0014894  -226.40   0.000    -.3401231   -.3342847
            _Iage2_59 |  -.3330282   .0015266  -218.15   0.000    -.3360203   -.3300362
        firm_size_new |   .0000744   .0000622     1.20   0.232    -.0000475    .0001962
                _cons |   .4604835   .0014693   313.41   0.000     .4576037    .4633632
---------------------------------------------------------------------------------------
(2,010,117 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.59705  .0197891  40.86823  .6348333  .2302273   14.1355
      sd |  .6606799   .139275   9.79175  .4814771  .4209785  9.263996
     p50 |  10.65852         0        41         1         0        13
       N |    909511    914796    914796    914796    914796    817943
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.68195  .0188385  40.93569  .6910438  .2407775   14.1434
      sd |  .6800638  .1359544    9.7629  .4620633  .4275557  9.273282
     p50 |  10.73854         0        41         1         0        13
       N |    943713    949387    949387    949387    949387    850846
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.59705  .0197891  40.86823  .6348333  .2302273   14.1355
         |  .6606799   .139275   9.79175  .4814771  .4209785  9.263996
         |  10.65852         0        41         1         0        13
         |    909511    914796    914796    914796    914796    817943
---------+------------------------------------------------------------
       1 |  10.68195  .0188385  40.93569  .6910438  .2407775   14.1434
         |  .6800638  .1359544    9.7629  .4620633  .4275557  9.273282
         |  10.73854         0        41         1         0        13
         |    943713    949387    949387    949387    949387    850846
---------+------------------------------------------------------------
   Total |  10.64028   .019305  40.90259  .6634601  .2356003  14.13953
         |  .6719622  .1375947  9.777124  .4725261  .4243735   9.26873
         |  10.69818         0        41         1         0        13
         |   1853224   1864183   1864183   1864183   1864183   1668789
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =  1,668,789
                                                F(1, 1668787)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6413
                                                Root MSE          =     5.5509

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7847362   .0004736  1656.96   0.000     .7838079    .7856644
       _cons |  -17.32347   .0170926 -1013.51   0.000    -17.35697   -17.28997
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7081   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1773                         Obs per group: min =         1
       between = 0.0071                                        avg =      11.7
       overall = 0.0026                                        max =        48

                                                F(74,26947)        =    141.45
corr(u_i, Xb)  = -0.8900                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,948 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0019172   .0026692     0.72   0.473    -.0033147     .007149
 treated_post |  -.0001779   .0033361    -0.05   0.957    -.0067168    .0063609
          l_0 |   -.155834   .0437769    -3.56   0.000    -.2416391    -.070029
          l_1 |  -.1600149   .0524654    -3.05   0.002    -.2628499     -.05718
          l_2 |  -.1763747    .061182    -2.88   0.004    -.2962947   -.0564547
          l_3 |   -.194176   .0699239    -2.78   0.005    -.3312305   -.0571215
          l_4 |  -.2121258   .0786595    -2.70   0.007    -.3663026   -.0579491
          l_5 |  -.2323208   .0873725    -2.66   0.008    -.4035754   -.0610661
          l_6 |  -.2539503   .0960975    -2.64   0.008    -.4423064   -.0655941
          l_7 |  -.2785198   .1048093    -2.66   0.008    -.4839516   -.0730881
          l_8 |  -.3005594   .1135263    -2.65   0.008    -.5230768    -.078042
          l_9 |  -.3216023   .1222727    -2.63   0.009     -.561263   -.0819415
         l_10 |  -.3458183   .1309876    -2.64   0.008    -.6025608   -.0890759
          f_1 |  -.1233175   .0350353    -3.52   0.000    -.1919885   -.0546465
          f_2 |  -.1011308   .0262966    -3.85   0.000    -.1526734   -.0495881
          f_3 |  -.0746322   .0175562    -4.25   0.000    -.1090433    -.040221
          f_4 |  -.0416881   .0088784    -4.70   0.000    -.0590901   -.0242861
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0235845   .0037742    -6.25   0.000    -.0309822   -.0161868
 _Ivuosi_1996 |   .0161862   .0028093     5.76   0.000     .0106799    .0216925
 _Ivuosi_1997 |   .0111317   .0027206     4.09   0.000     .0057991    .0164643
 _Ivuosi_1998 |  -.0001302   .0025661    -0.05   0.960      -.00516    .0048995
 _Ivuosi_1999 |  -.0018621   .0025803    -0.72   0.471    -.0069196    .0031954
 _Ivuosi_2000 |  -.0119493   .0026829    -4.45   0.000    -.0172079   -.0066907
 _Ivuosi_2001 |  -.0545244   .0022503   -24.23   0.000    -.0589351   -.0501137
 _Ivuosi_2002 |  -.0498027   .0020398   -24.42   0.000    -.0538009   -.0458045
 _Ivuosi_2003 |  -.0464425   .0018806   -24.70   0.000    -.0501286   -.0427563
 _Ivuosi_2004 |  -.0409163   .0016692   -24.51   0.000    -.0441881   -.0376445
 _Ivuosi_2005 |  -.0389349   .0014889   -26.15   0.000    -.0418531   -.0360166
 _Ivuosi_2006 |   -.031872   .0012559   -25.38   0.000    -.0343336   -.0294104
 _Ivuosi_2007 |  -.0246232   .0010685   -23.04   0.000    -.0267176   -.0225288
 _Ivuosi_2008 |  -.0186793   .0008624   -21.66   0.000    -.0203697   -.0169889
 _Ivuosi_2009 |  -.0139758   .0006948   -20.11   0.000    -.0153377   -.0126139
 _Ivuosi_2010 |  -.0087818   .0004831   -18.18   0.000    -.0097286   -.0078349
 _Ivuosi_2011 |  -.0050944   .0002652   -19.21   0.000    -.0056142   -.0045745
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1282615   .0120701   -10.63   0.000    -.1519196   -.1046035
    _Iage2_22 |  -.1743141   .0196904    -8.85   0.000    -.2129082   -.1357199
    _Iage2_23 |  -.2130201   .0280306    -7.60   0.000    -.2679616   -.1580786
    _Iage2_24 |  -.2605518   .0366359    -7.11   0.000    -.3323601   -.1887435
    _Iage2_25 |  -.2881887   .0452773    -6.36   0.000    -.3769345   -.1994429
    _Iage2_26 |  -.2979846   .0538756    -5.53   0.000    -.4035836   -.1923857
    _Iage2_27 |  -.3022247    .062537    -4.83   0.000    -.4248004   -.1796491
    _Iage2_28 |  -.2995063   .0712029    -4.21   0.000    -.4390676    -.159945
    _Iage2_29 |  -.2925388   .0798747    -3.66   0.000    -.4490973   -.1359804
    _Iage2_30 |  -.2843238   .0885551    -3.21   0.001    -.4578965   -.1107512
    _Iage2_31 |  -.2740335   .0972624    -2.82   0.005    -.4646728   -.0833941
    _Iage2_32 |  -.2611883   .1059496    -2.47   0.014     -.468855   -.0535215
    _Iage2_33 |  -.2466948    .114628    -2.15   0.031    -.4713716    -.022018
    _Iage2_34 |  -.2325826   .1233323    -1.89   0.059    -.4743204    .0091552
    _Iage2_35 |  -.2177445   .1320335    -1.65   0.099     -.476537     .041048
    _Iage2_36 |  -.2002982   .1407517    -1.42   0.155    -.4761789    .0755824
    _Iage2_37 |  -.1835644   .1494532    -1.23   0.219    -.4765005    .1093716
    _Iage2_38 |  -.1653787   .1581576    -1.05   0.296    -.4753759    .1446184
    _Iage2_39 |  -.1471476   .1668647    -0.88   0.378    -.4742111    .1799159
    _Iage2_40 |  -.1292422   .1755708    -0.74   0.462      -.47337    .2148857
    _Iage2_41 |  -.1101887   .1842937    -0.60   0.550    -.4714139    .2510366
    _Iage2_42 |   -.092225   .1930104    -0.48   0.633    -.4705354    .2860853
    _Iage2_43 |  -.0730047   .2017321    -0.36   0.717    -.4684101    .3224008
    _Iage2_44 |  -.0546868   .2104465    -0.26   0.795    -.4671728    .3577992
    _Iage2_45 |    -.03587   .2191654    -0.16   0.870    -.4654455    .3937056
    _Iage2_46 |  -.0168208   .2278912    -0.07   0.941    -.4634994    .4298578
    _Iage2_47 |   .0024453   .2366067     0.01   0.992    -.4613162    .4662068
    _Iage2_48 |   .0222259   .2453194     0.09   0.928     -.458613    .5030648
    _Iage2_49 |   .0419857   .2540466     0.17   0.869    -.4559588    .5399303
    _Iage2_50 |   .0622065   .2627664     0.24   0.813    -.4528292    .5772423
    _Iage2_51 |   .0823061   .2714867     0.30   0.762    -.4498219    .6144341
    _Iage2_52 |   .1012528   .2802073     0.36   0.718     -.447968    .6504737
    _Iage2_53 |    .121624   .2889336     0.42   0.674    -.4447009     .687949
    _Iage2_54 |    .141976   .2976543     0.48   0.633    -.4414419    .7253939
    _Iage2_55 |   .1645338   .3063819     0.54   0.591    -.4359907    .7650583
    _Iage2_56 |   .1868576   .3151006     0.59   0.553    -.4307561    .8044712
    _Iage2_57 |   .2087348   .3238197     0.64   0.519    -.4259686    .8434383
    _Iage2_58 |      .2353   .3325336     0.71   0.479    -.4164831    .8870831
    _Iage2_59 |   .2597415   .3412639     0.76   0.447    -.4091535    .9286366
firm_size_new |   7.06e-06   .0002118     0.03   0.973     -.000408    .0004221
        _cons |   .2905374   .1284104     2.26   0.024     .0388464    .5422284
--------------+----------------------------------------------------------------
      sigma_u |  .18737727
      sigma_e |   .1160083
          rho |  .72290644   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1788                         Obs per group: min =         1
       between = 0.0069                                        avg =      11.7
       overall = 0.0034                                        max =        48

                                                F(79,26947)        =    135.15
corr(u_i, Xb)  = -0.8787                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,948 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0021072   .0042572    -0.49   0.621    -.0104515     .006237
          treated_pre |   .0016656   .0039005     0.43   0.669    -.0059797    .0093108
 treated_pre_iasenior |   .0007238   .0042051     0.17   0.863    -.0075183     .008966
         treated_post |  -.0025581   .0053699    -0.48   0.634    -.0130834    .0079672
treated_post_iasenior |   .0048907   .0055305     0.88   0.377    -.0059493    .0157308
               senior |          0  (omitted)
         pre_iasenior |   .0425229    .002382    17.85   0.000      .037854    .0471918
        post_iasenior |   .0354045   .0029579    11.97   0.000     .0296069    .0412022
                  l_0 |   -.164496   .0436848    -3.77   0.000    -.2501206   -.0788714
                  l_1 |  -.1677954   .0523275    -3.21   0.001    -.2703601   -.0652307
                  l_2 |  -.1833303   .0610009    -3.01   0.003    -.3028953   -.0637654
                  l_3 |   -.200273   .0696995    -2.87   0.004    -.3368876   -.0636584
                  l_4 |  -.2173702   .0783932    -2.77   0.006     -.371025   -.0637154
                  l_5 |  -.2366618   .0870651    -2.72   0.007    -.4073139   -.0660096
                  l_6 |  -.2573869   .0957483    -2.69   0.007    -.4450586   -.0697152
                  l_7 |  -.2810277     .10442    -2.69   0.007    -.4856964    -.076359
                  l_8 |  -.3022181    .113097    -2.67   0.008    -.5238941   -.0805422
                  l_9 |     -.3224   .1218016    -2.65   0.008    -.5611374   -.0836625
                 l_10 |  -.3457708   .1304764    -2.65   0.008    -.6015114   -.0900302
                  f_1 |  -.1361618   .0349257    -3.90   0.000    -.2046179   -.0677057
                  f_2 |  -.1146686   .0262391    -4.37   0.000    -.1660987   -.0632386
                  f_3 |  -.0888453   .0175635    -5.06   0.000    -.1232708   -.0544199
                  f_4 |   -.056534   .0089894    -6.29   0.000    -.0741538   -.0389142
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0242354   .0037512    -6.46   0.000     -.031588   -.0168828
         _Ivuosi_1996 |   .0160444    .002812     5.71   0.000     .0105326    .0215561
         _Ivuosi_1997 |   .0112036   .0027298     4.10   0.000      .005853    .0165541
         _Ivuosi_1998 |   .0000883   .0025735     0.03   0.973    -.0049558    .0051325
         _Ivuosi_1999 |  -.0018551   .0025852    -0.72   0.473    -.0069222     .003212
         _Ivuosi_2000 |    -.01167   .0026855    -4.35   0.000    -.0169338   -.0064063
         _Ivuosi_2001 |  -.0546186   .0022529   -24.24   0.000    -.0590345   -.0502028
         _Ivuosi_2002 |  -.0498905   .0020418   -24.44   0.000    -.0538924   -.0458886
         _Ivuosi_2003 |  -.0465024   .0018827   -24.70   0.000    -.0501926   -.0428121
         _Ivuosi_2004 |  -.0408536     .00167   -24.46   0.000    -.0441268   -.0375804
         _Ivuosi_2005 |  -.0386938   .0014881   -26.00   0.000    -.0416106    -.035777
         _Ivuosi_2006 |  -.0317044   .0012575   -25.21   0.000    -.0341692   -.0292395
         _Ivuosi_2007 |  -.0245826   .0010689   -23.00   0.000    -.0266777   -.0224876
         _Ivuosi_2008 |  -.0186701   .0008617   -21.67   0.000     -.020359   -.0169812
         _Ivuosi_2009 |  -.0139898    .000694   -20.16   0.000      -.01535   -.0126296
         _Ivuosi_2010 |  -.0088016   .0004823   -18.25   0.000     -.009747   -.0078563
         _Ivuosi_2011 |  -.0051019   .0002645   -19.29   0.000    -.0056203   -.0045836
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1282072   .0120393   -10.65   0.000    -.1518049   -.1046094
            _Iage2_22 |  -.1741728   .0196155    -8.88   0.000    -.2126203   -.1357254
            _Iage2_23 |  -.2130433   .0279202    -7.63   0.000    -.2677683   -.1583182
            _Iage2_24 |  -.2608106   .0364891    -7.15   0.000    -.3323311   -.1892902
            _Iage2_25 |  -.2886158   .0450951    -6.40   0.000    -.3770045    -.200227
            _Iage2_26 |  -.2988237   .0536611    -5.57   0.000    -.4040024   -.1936451
            _Iage2_27 |  -.3035661   .0622892    -4.87   0.000    -.4256562   -.1814759
            _Iage2_28 |   -.301399   .0709224    -4.25   0.000    -.4404105   -.1623875
            _Iage2_29 |  -.2950417   .0795617    -3.71   0.000    -.4509868   -.1390965
            _Iage2_30 |  -.2874133   .0882079    -3.26   0.001    -.4603054   -.1145211
            _Iage2_31 |  -.2777843   .0968835    -2.87   0.004    -.4676811   -.0878876
            _Iage2_32 |  -.2655496   .1055372    -2.52   0.012     -.472408   -.0586912
            _Iage2_33 |  -.2516802   .1141828    -2.20   0.028    -.4754845   -.0278759
            _Iage2_34 |  -.2381844   .1228546    -1.94   0.053    -.4789857     .002617
            _Iage2_35 |  -.2239914    .131522    -1.70   0.089    -.4817813    .0337986
            _Iage2_36 |  -.2072012   .1402071    -1.48   0.139    -.4820144    .0676119
            _Iage2_37 |  -.1911213   .1488743    -1.28   0.199    -.4829227      .10068
            _Iage2_38 |   -.173563   .1575443    -1.10   0.271     -.482358    .1352321
            _Iage2_39 |  -.1559794   .1662159    -0.94   0.348    -.4817713    .1698125
            _Iage2_40 |   -.138721   .1748855    -0.79   0.428    -.4815057    .2040638
            _Iage2_41 |  -.1564189   .1834348    -0.85   0.394    -.5159605    .2031228
            _Iage2_42 |  -.1393626    .192112    -0.73   0.468    -.5159122     .237187
            _Iage2_43 |  -.1210929   .2007932    -0.60   0.546     -.514658    .2724722
            _Iage2_44 |  -.1037755   .2094651    -0.50   0.620    -.5143381     .306787
            _Iage2_45 |  -.0859555    .218142    -0.39   0.694    -.5135251    .3416142
            _Iage2_46 |  -.0680831   .2268233    -0.30   0.764    -.5126685    .3765023
            _Iage2_47 |  -.0498892   .2354953    -0.21   0.832    -.5114722    .4116938
            _Iage2_48 |   -.031249   .2441636    -0.13   0.898    -.5098223    .4473243
            _Iage2_49 |  -.0127019   .2528456    -0.05   0.960    -.5082924    .4828887
            _Iage2_50 |   .0064061   .2615191     0.02   0.980    -.5061849    .5189971
            _Iage2_51 |    .025169   .2701941     0.09   0.926    -.5044254    .5547635
            _Iage2_52 |   .0429996   .2788688     0.15   0.877    -.5035977     .589597
            _Iage2_53 |   .0620681   .2875496     0.22   0.829    -.5015441    .6256803
            _Iage2_54 |   .0811697   .2962244     0.27   0.784    -.4994455    .6617849
            _Iage2_55 |   .1014283   .3049035     0.33   0.739    -.4961984     .699055
            _Iage2_56 |   .1228275   .3135771     0.39   0.695    -.4917999    .7374548
            _Iage2_57 |   .1438747   .3222504     0.45   0.655    -.4877528    .7755022
            _Iage2_58 |   .1696131   .3309181     0.51   0.608    -.4790036    .8182299
            _Iage2_59 |    .193288   .3396016     0.57   0.569    -.4723489    .8589248
        firm_size_new |  -.0000373   .0002112    -0.18   0.860    -.0004514    .0003767
                _cons |   .3108564   .1278635     2.43   0.015     .0602374    .5614754
----------------------+----------------------------------------------------------------
              sigma_u |  .17905306
              sigma_e |  .11590581
                  rho |  .70470586   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =    1.48
            Prob > F =    0.2242

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26947) =    1.77
            Prob > F =    0.1833
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1796                         Obs per group: min =         1
       between = 0.0081                                        avg =      11.7
       overall = 0.0023                                        max =        48

                                                F(82,26947)        =    131.30
corr(u_i, Xb)  = -0.8916                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0025458   .0002533   -10.05   0.000    -.0030423   -.0020494
     treated_iasuorv_d |  -.0274208   .0122347    -2.24   0.025    -.0514015   -.0034401
           treated_pre |  -.0344051   .0046806    -7.35   0.000    -.0435794   -.0252309
       treated_pre_ia3 |   .0031551    .000229    13.78   0.000     .0027063    .0036039
 treated_pre_iasuorv_d |   .0497683   .0045782    10.87   0.000     .0407948    .0587419
          treated_post |  -.0342692   .0061718    -5.55   0.000    -.0463662   -.0221722
      treated_post_ia3 |   .0027469   .0002684    10.23   0.000     .0022208     .003273
treated_post_iasuorv_d |   .0687209   .0057192    12.02   0.000     .0575111    .0799308
             interact3 |   .0015945   .0001039    15.34   0.000     .0013908    .0017982
               suorv_d |   .0003262    .007757     0.04   0.966     -.014878    .0155304
                   l_0 |  -.1573913   .0436725    -3.60   0.000    -.2429917   -.0717909
                   l_1 |  -.1618141   .0523366    -3.09   0.002    -.2643965   -.0592317
                   l_2 |  -.1784775   .0610271    -2.92   0.003    -.2980938   -.0588613
                   l_3 |  -.1966373   .0697419    -2.82   0.005     -.333335   -.0599396
                   l_4 |  -.2149398   .0784518    -2.74   0.006    -.3687094   -.0611702
                   l_5 |  -.2354319   .0871391    -2.70   0.007     -.406229   -.0646348
                   l_6 |  -.2573512   .0958369    -2.69   0.007    -.4451966   -.0695058
                   l_7 |  -.2823062   .1045227    -2.70   0.007    -.4871761   -.0774363
                   l_8 |  -.3047175   .1132152    -2.69   0.007    -.5266251   -.0828098
                   l_9 |  -.3260895   .1219339    -2.67   0.007    -.5650863   -.0870927
                  l_10 |  -.3507207   .1306214    -2.69   0.007    -.6067454    -.094696
                   f_1 |  -.1246696   .0349347    -3.57   0.000    -.1931435   -.0561957
                   f_2 |   -.102129   .0262248    -3.89   0.000    -.1535309   -.0507271
                   f_3 |  -.0752325   .0175116    -4.30   0.000    -.1095561   -.0409089
                   f_4 |  -.0418369   .0088616    -4.72   0.000    -.0592061   -.0244678
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0241366   .0037609    -6.42   0.000    -.0315081   -.0167652
          _Ivuosi_1996 |   .0159041   .0028198     5.64   0.000     .0103772     .021431
          _Ivuosi_1997 |   .0109935    .002736     4.02   0.000     .0056307    .0163562
          _Ivuosi_1998 |  -.0000969   .0025729    -0.04   0.970    -.0051399    .0049461
          _Ivuosi_1999 |  -.0020074   .0025872    -0.78   0.438    -.0070785    .0030637
          _Ivuosi_2000 |  -.0121968   .0026777    -4.55   0.000    -.0174453   -.0069484
          _Ivuosi_2001 |  -.0548469    .002261   -24.26   0.000    -.0592786   -.0504152
          _Ivuosi_2002 |  -.0500034   .0020489   -24.40   0.000    -.0540194   -.0459875
          _Ivuosi_2003 |  -.0465978    .001889   -24.67   0.000    -.0503003   -.0428953
          _Ivuosi_2004 |  -.0410793   .0016784   -24.48   0.000     -.044369   -.0377895
          _Ivuosi_2005 |  -.0389439   .0014984   -25.99   0.000    -.0418808   -.0360071
          _Ivuosi_2006 |  -.0321215   .0012651   -25.39   0.000    -.0346012   -.0296419
          _Ivuosi_2007 |  -.0248111   .0010756   -23.07   0.000    -.0269194   -.0227029
          _Ivuosi_2008 |  -.0187375   .0008676   -21.60   0.000    -.0204381    -.017037
          _Ivuosi_2009 |  -.0140733   .0006973   -20.18   0.000      -.01544   -.0127067
          _Ivuosi_2010 |  -.0087224   .0004843   -18.01   0.000    -.0096716   -.0077732
          _Ivuosi_2011 |    -.00506    .000266   -19.02   0.000    -.0055813   -.0045387
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1283041   .0120246   -10.67   0.000     -.151873   -.1047352
             _Iage2_22 |  -.1742156    .019621    -8.88   0.000    -.2126737   -.1357576
             _Iage2_23 |  -.2131584   .0279305    -7.63   0.000    -.2679036   -.1584133
             _Iage2_24 |  -.2604086   .0365161    -7.13   0.000    -.3319821   -.1888351
             _Iage2_25 |  -.2871819   .0451319    -6.36   0.000    -.3756427   -.1987211
             _Iage2_26 |  -.2966693    .053718    -5.52   0.000    -.4019593   -.1913793
             _Iage2_27 |  -.3008258   .0623576    -4.82   0.000      -.42305   -.1786016
             _Iage2_28 |  -.2983244   .0710038    -4.20   0.000    -.4374955   -.1591534
             _Iage2_29 |  -.2917823   .0796516    -3.66   0.000    -.4479035   -.1356612
             _Iage2_30 |  -.2841089   .0883071    -3.22   0.001    -.4571955   -.1110224
             _Iage2_31 |   -.274455   .0969901    -2.83   0.005    -.4645607   -.0843493
             _Iage2_32 |  -.2623132   .1056536    -2.48   0.013    -.4693997   -.0552268
             _Iage2_33 |  -.2485733   .1143058    -2.17   0.030    -.4726185    -.024528
             _Iage2_34 |  -.2352245   .1229852    -1.91   0.056     -.476282    .0058329
             _Iage2_35 |  -.2211904   .1316598    -1.68   0.093    -.4792504    .0368695
             _Iage2_36 |  -.2045756   .1403514    -1.46   0.145    -.4796715    .0705204
             _Iage2_37 |  -.1887002   .1490258    -1.27   0.205    -.4807986    .1033982
             _Iage2_38 |  -.1714576   .1577031    -1.09   0.277    -.4805638    .1376486
             _Iage2_39 |  -.1541473   .1663808    -0.93   0.354    -.4802623    .1719677
             _Iage2_40 |  -.1371901   .1750588    -0.78   0.433    -.4803145    .2059344
             _Iage2_41 |  -.1190658    .183752    -0.65   0.517    -.4792292    .2410977
             _Iage2_42 |  -.1021869   .1924398    -0.53   0.595    -.4793789    .2750051
             _Iage2_43 |  -.0839623   .2011306    -0.42   0.676    -.4781888    .3102641
             _Iage2_44 |  -.0666613   .2098149    -0.32   0.751    -.4779094    .3445867
             _Iage2_45 |  -.0489457   .2185025    -0.22   0.823     -.477222    .3793305
             _Iage2_46 |  -.0310082   .2271972    -0.14   0.891    -.4763264    .4143101
             _Iage2_47 |  -.0128232   .2358814    -0.05   0.957     -.475163    .4495166
             _Iage2_48 |   .0058997   .2445618     0.02   0.981    -.4734541    .4852535
             _Iage2_49 |    .024529    .253257     0.10   0.923     -.471868     .520926
             _Iage2_50 |    .043718   .2619441     0.17   0.867    -.4697061    .5571421
             _Iage2_51 |   .0624772   .2706303     0.23   0.817    -.4679723    .5929268
             _Iage2_52 |   .0803768   .2793182     0.29   0.774    -.4671014    .6278549
             _Iage2_53 |   .0995346   .2880114     0.35   0.730    -.4649828     .664052
             _Iage2_54 |   .1187125      .2967     0.40   0.689     -.462835      .70026
             _Iage2_55 |   .1393924   .3053924     0.46   0.648    -.4591926    .7379774
             _Iage2_56 |   .1606812   .3140772     0.51   0.609    -.4549266    .7762889
             _Iage2_57 |   .1815075   .3227619     0.56   0.574    -.4511225    .8141376
             _Iage2_58 |   .2070312   .3314389     0.62   0.532    -.4426064    .8566687
             _Iage2_59 |   .2303997   .3401323     0.68   0.498    -.4362773    .8970768
         firm_size_new |  -.0000172   .0002105    -0.08   0.935    -.0004298    .0003953
                 _cons |   .2964903   .1280193     2.32   0.021     .0455658    .5474148
-----------------------+----------------------------------------------------------------
               sigma_u |  .18876505
               sigma_e |  .11584377
                   rho |   .7264174   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   28.30
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =   48.81
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1797                         Obs per group: min =         1
       between = 0.0081                                        avg =      11.7
       overall = 0.0023                                        max =        48

                                                F(85,26947)        =    127.65
corr(u_i, Xb)  = -0.8917                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0070159    .002861    -2.45   0.014    -.0126237   -.0014081
           treated_ia3 |  -.0022299    .000248    -8.99   0.000    -.0027161   -.0017438
     treated_iasuorv_d |  -.0207146   .0127197    -1.63   0.103    -.0456458    .0042167
           treated_pre |  -.0331312   .0046093    -7.19   0.000    -.0421657   -.0240967
  treated_pre_iasenior |   .0123337   .0029173     4.23   0.000     .0066156    .0180519
       treated_pre_ia3 |   .0026567   .0002218    11.98   0.000     .0022219    .0030914
 treated_pre_iasuorv_d |   .0396783   .0051313     7.73   0.000     .0296206    .0497359
          treated_post |  -.0334646   .0061811    -5.41   0.000    -.0455799   -.0213493
 treated_post_iasenior |   .0076437   .0033392     2.29   0.022     .0010987    .0141887
      treated_post_ia3 |   .0024265   .0002451     9.90   0.000     .0019462    .0029068
treated_post_iasuorv_d |   .0624616   .0059286    10.54   0.000     .0508412     .074082
                senior |   .2300721   .3402001     0.68   0.499    -.4367377     .896882
             interact3 |   .0016066   .0001035    15.52   0.000     .0014037    .0018095
               suorv_d |   .0003129   .0077472     0.04   0.968     -.014872    .0154978
                   l_0 |  -.1573346   .0436817    -3.60   0.000    -.2429531   -.0717161
                   l_1 |  -.1617605   .0523479    -3.09   0.002    -.2643651   -.0591558
                   l_2 |  -.1784307   .0610403    -2.92   0.003    -.2980729   -.0587886
                   l_3 |  -.1965964   .0697568    -2.82   0.005    -.3333234   -.0598695
                   l_4 |  -.2149088   .0784684    -2.74   0.006     -.368711   -.0611066
                   l_5 |  -.2354099   .0871576    -2.70   0.007    -.4062433   -.0645766
                   l_6 |  -.2573364   .0958571    -2.68   0.007    -.4452213   -.0694514
                   l_7 |  -.2822956   .1045445    -2.70   0.007    -.4872082   -.0773829
                   l_8 |  -.3047193   .1132387    -2.69   0.007    -.5266729   -.0827656
                   l_9 |  -.3261069   .1219592    -2.67   0.008    -.5651532   -.0870605
                  l_10 |  -.3507539   .1306484    -2.68   0.007    -.6068315   -.0946763
                   f_1 |  -.1246839   .0349426    -3.57   0.000    -.1931731   -.0561946
                   f_2 |   -.102122   .0262309    -3.89   0.000    -.1535359   -.0507081
                   f_3 |  -.0752089   .0175161    -4.29   0.000    -.1095413   -.0408764
                   f_4 |  -.0417998   .0088647    -4.72   0.000    -.0591751   -.0244246
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.024194   .0037581    -6.44   0.000    -.0315601   -.0168279
          _Ivuosi_1996 |   .0158883   .0028197     5.63   0.000     .0103616     .021415
          _Ivuosi_1997 |   .0109804   .0027361     4.01   0.000     .0056176    .0163433
          _Ivuosi_1998 |  -.0001013   .0025726    -0.04   0.969    -.0051438    .0049411
          _Ivuosi_1999 |  -.0020157   .0025869    -0.78   0.436    -.0070861    .0030548
          _Ivuosi_2000 |  -.0121673   .0026783    -4.54   0.000     -.017417   -.0069176
          _Ivuosi_2001 |  -.0548619   .0022599   -24.28   0.000    -.0592914   -.0504325
          _Ivuosi_2002 |  -.0500377   .0020478   -24.43   0.000    -.0540515   -.0460238
          _Ivuosi_2003 |  -.0466262   .0018881   -24.69   0.000    -.0503271   -.0429254
          _Ivuosi_2004 |  -.0410999   .0016774   -24.50   0.000    -.0443877   -.0378121
          _Ivuosi_2005 |  -.0389351   .0014976   -26.00   0.000    -.0418705   -.0359997
          _Ivuosi_2006 |    -.03211   .0012645   -25.39   0.000    -.0345884   -.0296316
          _Ivuosi_2007 |  -.0248148    .001075   -23.08   0.000    -.0269219   -.0227078
          _Ivuosi_2008 |  -.0187473   .0008674   -21.61   0.000    -.0204474   -.0170472
          _Ivuosi_2009 |  -.0140758   .0006972   -20.19   0.000    -.0154423   -.0127093
          _Ivuosi_2010 |  -.0087229   .0004842   -18.01   0.000     -.009672   -.0077738
          _Ivuosi_2011 |  -.0050612    .000266   -19.03   0.000    -.0055825   -.0045399
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1283266   .0120294   -10.67   0.000    -.1519048   -.1047483
             _Iage2_22 |   -.174247   .0196295    -8.88   0.000    -.2127218   -.1357721
             _Iage2_23 |  -.2131961   .0279418    -7.63   0.000    -.2679634   -.1584287
             _Iage2_24 |  -.2604444   .0365302    -7.13   0.000    -.3320456   -.1888433
             _Iage2_25 |  -.2872221   .0451481    -6.36   0.000    -.3757146   -.1987295
             _Iage2_26 |   -.296721    .053736    -5.52   0.000    -.4020465   -.1913956
             _Iage2_27 |  -.3008768   .0623778    -4.82   0.000    -.4231404   -.1786131
             _Iage2_28 |  -.2983762   .0710256    -4.20   0.000      -.43759   -.1591624
             _Iage2_29 |  -.2918436   .0796754    -3.66   0.000    -.4480115   -.1356756
             _Iage2_30 |   -.284174   .0883328    -3.22   0.001    -.4573109   -.1110371
             _Iage2_31 |  -.2745353   .0970179    -2.83   0.005    -.4646955   -.0843751
             _Iage2_32 |   -.262405   .1056833    -2.48   0.013    -.4695497   -.0552603
             _Iage2_33 |  -.2486732   .1143374    -2.17   0.030    -.4727804    -.024566
             _Iage2_34 |  -.2353381    .123019    -1.91   0.056    -.4764617    .0057856
             _Iage2_35 |  -.2213196   .1316954    -1.68   0.093    -.4794493    .0368102
             _Iage2_36 |  -.2047226   .1403891    -1.46   0.145    -.4798925    .0704473
             _Iage2_37 |  -.1888481   .1490656    -1.27   0.205    -.4810244    .1033282
             _Iage2_38 |  -.1715907   .1577448    -1.09   0.277    -.4807788    .1375973
             _Iage2_39 |  -.1542612   .1664249    -0.93   0.354    -.4804627    .1719402
             _Iage2_40 |  -.1372666   .1751052    -0.78   0.433    -.4804818    .2059487
             _Iage2_41 |  -.3499424   .1565248    -2.24   0.025    -.6567392   -.0431456
             _Iage2_42 |  -.3330344    .147825    -2.25   0.024    -.6227791   -.0432896
             _Iage2_43 |  -.3147772   .1391229    -2.26   0.024    -.5874653   -.0420891
             _Iage2_44 |  -.2974459   .1304279    -2.28   0.023    -.5530914   -.0418003
             _Iage2_45 |   -.279695   .1217311    -2.30   0.022    -.5182942   -.0410958
             _Iage2_46 |  -.2617358    .113028    -2.32   0.021    -.4832766    -.040195
             _Iage2_47 |  -.2435077   .1043361    -2.33   0.020     -.448012   -.0390034
             _Iage2_48 |  -.2247548    .095648    -2.35   0.019    -.4122299   -.0372797
             _Iage2_49 |  -.2060927   .0869467    -2.37   0.018    -.3765128   -.0356726
             _Iage2_50 |  -.1868627   .0782542    -2.39   0.017     -.340245   -.0334803
             _Iage2_51 |  -.1680827   .0695627    -2.42   0.016    -.3044292   -.0317362
             _Iage2_52 |  -.1501578   .0608705    -2.47   0.014    -.2694672   -.0308484
             _Iage2_53 |  -.1309892   .0521747    -2.51   0.012    -.2332543    -.028724
             _Iage2_54 |  -.1117938   .0434833    -2.57   0.010    -.1970233   -.0265643
             _Iage2_55 |  -.0911356   .0347893    -2.62   0.009    -.1593243   -.0229468
             _Iage2_56 |  -.0698134    .026107    -2.67   0.007    -.1209845   -.0186424
             _Iage2_57 |  -.0489518   .0174302    -2.81   0.005    -.0831159   -.0147877
             _Iage2_58 |   -.023396   .0087303    -2.68   0.007    -.0405078   -.0062842
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000169   .0002105    -0.08   0.936    -.0004295    .0003957
                 _cons |   .2960668   .1280549     2.31   0.021     .0450726    .5470611
-----------------------+----------------------------------------------------------------
               sigma_u |  .18884992
               sigma_e |  .11584109
                   rho |  .72660523   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26947) =   50.23
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =   75.31
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26947) =  143.45
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26947) =   98.05
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   21.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   26.88
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =   18.70
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1825                         Obs per group: min =         1
       between = 0.0063                                        avg =      11.7
       overall = 0.0029                                        max =        48

                                                F(89,26947)        =    125.87
corr(u_i, Xb)  = -0.8916                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0029197   .0028541    -1.02   0.306    -.0085139    .0026744
           treated_ia2 |    .010537     .00759     1.39   0.165    -.0043398    .0254137
           treated_ia3 |  -.0024175   .0002792    -8.66   0.000    -.0029647   -.0018703
     treated_iasuorv_d |  -.0335913   .0127698    -2.63   0.009    -.0586208   -.0085618
           treated_pre |  -.0424574   .0050251    -8.45   0.000    -.0523069    -.032608
  treated_pre_iasenior |   .0069045   .0028637     2.41   0.016     .0012915    .0125175
       treated_pre_ia2 |    .031048   .0029934    10.37   0.000     .0251807    .0369152
       treated_pre_ia3 |   .0029854    .000239    12.49   0.000     .0025169    .0034539
 treated_pre_iasuorv_d |   .0493609   .0056058     8.81   0.000     .0383732    .0603485
          treated_post |  -.0463283   .0064922    -7.14   0.000    -.0590534   -.0336033
 treated_post_iasenior |   .0026181   .0032384     0.81   0.419    -.0037294    .0089656
      treated_post_ia2 |   .0346462    .003318    10.44   0.000     .0281427    .0411496
      treated_post_ia3 |   .0028465   .0002683    10.61   0.000     .0023207    .0033723
treated_post_iasuorv_d |   .0697324   .0064553    10.80   0.000     .0570798    .0823851
                senior |   .2560666   .3397239     0.75   0.451    -.4098099    .9219432
             interact2 |  -.0835283   .0051431   -16.24   0.000    -.0936089   -.0734476
             interact3 |   .0004048   .0001049     3.86   0.000     .0001991    .0006104
               suorv_d |    .001882    .007758     0.24   0.808    -.0133241    .0170882
                   l_0 |  -.1527402   .0436313    -3.50   0.000    -.2382597   -.0672206
                   l_1 |  -.1566358   .0522844    -3.00   0.003     -.259116   -.0541556
                   l_2 |  -.1728388   .0609646    -2.84   0.005    -.2923326    -.053345
                   l_3 |  -.1905694   .0696673    -2.74   0.006    -.3271209   -.0540179
                   l_4 |  -.2084071   .0783666    -2.66   0.008    -.3620098   -.0548045
                   l_5 |  -.2284193   .0870456    -2.62   0.009    -.3990331   -.0578055
                   l_6 |  -.2498567   .0957316    -2.61   0.009    -.4374956   -.0622179
                   l_7 |  -.2742715    .104409    -2.63   0.009    -.4789187   -.0696244
                   l_8 |  -.2962689   .1130929    -2.62   0.009     -.517937   -.0746008
                   l_9 |  -.3171242   .1218003    -2.60   0.009    -.5558591   -.0783893
                  l_10 |  -.3412132   .1304774    -2.62   0.009    -.5969557   -.0854707
                   f_1 |  -.1216014   .0348915    -3.49   0.000    -.1899906   -.0532123
                   f_2 |  -.0995925   .0261932    -3.80   0.000    -.1509326   -.0482525
                   f_3 |  -.0732599   .0174908    -4.19   0.000    -.1075428    -.038977
                   f_4 |  -.0404739   .0088487    -4.57   0.000    -.0578177   -.0231301
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0245955   .0037478    -6.56   0.000    -.0319413   -.0172496
          _Ivuosi_1996 |   .0155272   .0028027     5.54   0.000     .0100338    .0210205
          _Ivuosi_1997 |   .0105064   .0027182     3.87   0.000     .0051785    .0158342
          _Ivuosi_1998 |  -.0005918   .0025528    -0.23   0.817    -.0055954    .0044117
          _Ivuosi_1999 |  -.0025976   .0025683    -1.01   0.312    -.0076316    .0024363
          _Ivuosi_2000 |   -.012657   .0026669    -4.75   0.000    -.0178843   -.0074297
          _Ivuosi_2001 |  -.0553538   .0022426   -24.68   0.000    -.0597493   -.0509582
          _Ivuosi_2002 |  -.0506351   .0020307   -24.93   0.000    -.0546154   -.0466547
          _Ivuosi_2003 |  -.0471987   .0018715   -25.22   0.000    -.0508671   -.0435304
          _Ivuosi_2004 |  -.0416904   .0016599   -25.12   0.000    -.0449439    -.038437
          _Ivuosi_2005 |  -.0395974   .0014853   -26.66   0.000    -.0425087    -.036686
          _Ivuosi_2006 |  -.0327515   .0012551   -26.09   0.000    -.0352116   -.0302915
          _Ivuosi_2007 |  -.0254768   .0010683   -23.85   0.000    -.0275706   -.0233829
          _Ivuosi_2008 |  -.0191771   .0008601   -22.30   0.000     -.020863   -.0174912
          _Ivuosi_2009 |  -.0144468   .0006924   -20.86   0.000     -.015804   -.0130896
          _Ivuosi_2010 |  -.0089288    .000481   -18.56   0.000    -.0098716   -.0079861
          _Ivuosi_2011 |   -.005164    .000264   -19.56   0.000    -.0056815   -.0046464
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.128028   .0120048   -10.66   0.000    -.1515581    -.104498
             _Iage2_22 |  -.1735141   .0195881    -8.86   0.000    -.2119078   -.1351203
             _Iage2_23 |  -.2121526   .0278802    -7.61   0.000    -.2667992   -.1575061
             _Iage2_24 |  -.2587898   .0364576    -7.10   0.000    -.3302486    -.187331
             _Iage2_25 |   -.283451   .0450612    -6.29   0.000    -.3717733   -.1951287
             _Iage2_26 |  -.2902691   .0536388    -5.41   0.000    -.3954039   -.1851343
             _Iage2_27 |  -.2919707   .0622691    -4.69   0.000    -.4140213   -.1699201
             _Iage2_28 |  -.2875664   .0709031    -4.06   0.000    -.4265402   -.1485926
             _Iage2_29 |  -.2795773   .0795412    -3.51   0.000    -.4354822   -.1236725
             _Iage2_30 |  -.2707241   .0881861    -3.07   0.002    -.4435735   -.0978747
             _Iage2_31 |  -.2600488    .096859    -2.68   0.007    -.4498975      -.0702
             _Iage2_32 |  -.2471005   .1055111    -2.34   0.019    -.4539077   -.0402933
             _Iage2_33 |  -.2325682   .1141528    -2.04   0.042    -.4563136   -.0088229
             _Iage2_34 |   -.218591   .1228223    -1.78   0.075     -.459329     .022147
             _Iage2_35 |  -.2039815   .1314863    -1.55   0.121    -.4617014    .0537384
             _Iage2_36 |  -.1868506   .1401683    -1.33   0.183    -.4615878    .0878866
             _Iage2_37 |  -.1704476   .1488323    -1.15   0.252    -.4621667    .1212714
             _Iage2_38 |  -.1527079   .1574995    -0.97   0.332    -.4614151    .1559992
             _Iage2_39 |  -.1349109   .1661675    -0.81   0.417    -.4606078     .190786
             _Iage2_40 |  -.1175132   .1748365    -0.67   0.502    -.4602018    .2251755
             _Iage2_41 |    -.35539    .156328    -2.27   0.023    -.6618011    -.048979
             _Iage2_42 |  -.3379909   .1476406    -2.29   0.022     -.627374   -.0486077
             _Iage2_43 |  -.3193435   .1389492    -2.30   0.022     -.591691   -.0469959
             _Iage2_44 |  -.3016067   .1302654    -2.32   0.021    -.5569336   -.0462797
             _Iage2_45 |  -.2834118   .1215795    -2.33   0.020    -.5217139   -.0451097
             _Iage2_46 |  -.2650462    .112888    -2.35   0.019    -.4863126   -.0437797
             _Iage2_47 |  -.2463899   .1042066    -2.36   0.018    -.4506403   -.0421396
             _Iage2_48 |  -.2272672   .0955295    -2.38   0.017    -.4145101   -.0400243
             _Iage2_49 |  -.2082217   .0868394    -2.40   0.017    -.3784315    -.038012
             _Iage2_50 |   -.188628   .0781572    -2.41   0.016    -.3418202   -.0354358
             _Iage2_51 |  -.1694926   .0694766    -2.44   0.015    -.3056703   -.0333148
             _Iage2_52 |  -.1512721   .0607952    -2.49   0.013    -.2704339   -.0321103
             _Iage2_53 |  -.1318418   .0521099    -2.53   0.011    -.2339799   -.0297037
             _Iage2_54 |  -.1123951   .0434295    -2.59   0.010    -.1975192    -.027271
             _Iage2_55 |  -.0916203    .034746    -2.64   0.008    -.1597242   -.0235164
             _Iage2_56 |  -.0701272   .0260747    -2.69   0.007    -.1212349   -.0190194
             _Iage2_57 |  -.0491341   .0174087    -2.82   0.005    -.0832562   -.0150121
             _Iage2_58 |   -.023474   .0087193    -2.69   0.007    -.0405643   -.0063836
             _Iage2_59 |          0  (omitted)
         firm_size_new |   2.97e-07   .0002094     0.00   0.999    -.0004102    .0004108
                 _cons |   .3063541   .1278568     2.40   0.017      .055748    .5569601
-----------------------+----------------------------------------------------------------
               sigma_u |  .18926931
               sigma_e |  .11563891
                   rho |  .72817775   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26947) =   38.67
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26947) =   47.47
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26947) =   84.74
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =   67.63
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   45.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =    5.92
            Prob > F =    0.0150

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   48.10
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26947) =    3.52
            Prob > F =    0.0605

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =   43.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =    1.81
            Prob > F =    0.1781

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    910,669    .2156349    .4112623          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    953,514    .2289804    .4201768          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    869,756    8.015642    5.232501          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    799,033    20.80544    8.022747          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    673,599    8.605203    5.393201          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    581,159    21.68131    7.933682          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    196,157    5.991104    4.027794          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    217,874    18.46914    7.787871          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.22 + _b[treated_post_ia3] *   8.02
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.23 + _b[treated_post_ia3] *  20.81

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0158772   .0043964    -3.61   0.000    -.0244941   -.0072604
       _nl_2 |   .0234941   .0023114    10.16   0.000     .0189638    .0280244
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.61
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.68
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   5.99
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.47

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |    -.02182   .0047326    -4.61   0.000    -.0310957   -.0125442
       _nl_2 |    .018002   .0024482     7.35   0.000     .0132035    .0228004
       _nl_3 |   .0053684   .0038734     1.39   0.166    -.0022234    .0129601
       _nl_4 |   .0435108   .0030703    14.17   0.000     .0374931    .0495286
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   5.99
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.47
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.61
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.68

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0463283   .0064922    -7.14   0.000    -.0590528   -.0336039
       _nl_2 |  -.0437102   .0064769    -6.75   0.000    -.0564047   -.0310157
       _nl_3 |  -.0116822   .0048022    -2.43   0.015    -.0210944     -.00227
       _nl_4 |  -.0090641   .0048293    -1.88   0.061    -.0185292    .0004011
       _nl_5 |   .0053684   .0038734     1.39   0.166    -.0022234    .0129601
       _nl_6 |   .0435108   .0030703    14.17   0.000     .0374931    .0495286
       _nl_7 |    -.02182   .0047326    -4.61   0.000    -.0310957   -.0125442
       _nl_8 |    .018002   .0024482     7.35   0.000     .0132035    .0228004
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_whitec_noIQ_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1825                         Obs per group: min =         1
       between = 0.0063                                        avg =      11.7
       overall = 0.0029                                        max =        48

                                                F(86,26947)        =    129.09
corr(u_i, Xb)  = -0.8912                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0101911   .0076396     1.33   0.182    -.0047829    .0251651
           treated_ia3 |  -.0025585    .000273    -9.37   0.000    -.0030935   -.0020235
     treated_iasuorv_d |  -.0370577   .0122356    -3.03   0.002    -.0610402   -.0130753
           treated_pre |  -.0434617   .0050718    -8.57   0.000    -.0534027   -.0335208
       treated_pre_ia2 |   .0320725   .0030086    10.66   0.000     .0261755    .0379695
       treated_pre_ia3 |   .0032704   .0002309    14.16   0.000     .0028178     .003723
 treated_pre_iasuorv_d |    .055387   .0048789    11.35   0.000      .045824    .0649499
          treated_post |  -.0469195   .0064915    -7.23   0.000    -.0596432   -.0341957
      treated_post_ia2 |   .0351009   .0033693    10.42   0.000      .028497    .0417049
      treated_post_ia3 |   .0029728   .0002733    10.88   0.000     .0024371    .0035086
treated_post_iasuorv_d |   .0722414   .0060037    12.03   0.000     .0604739    .0840089
             interact2 |   -.083655   .0051437   -16.26   0.000     -.093737   -.0735731
             interact3 |   .0004002   .0001051     3.81   0.000     .0001941    .0006062
               suorv_d |   .0019216   .0077658     0.25   0.805    -.0132998     .017143
                   l_0 |  -.1526122   .0436262    -3.50   0.000    -.2381218   -.0671025
                   l_1 |   -.156478   .0522781    -2.99   0.003    -.2589458   -.0540103
                   l_2 |  -.1726508   .0609572    -2.83   0.005    -.2921302   -.0531714
                   l_3 |  -.1903506    .069659    -2.73   0.006    -.3268859   -.0538154
                   l_4 |  -.2081547   .0783574    -2.66   0.008    -.3617392   -.0545701
                   l_5 |  -.2281339   .0870353    -2.62   0.009    -.3987276   -.0575402
                   l_6 |  -.2495408   .0957204    -2.61   0.009    -.4371578   -.0619238
                   l_7 |  -.2739239    .104397    -2.62   0.009    -.4785475   -.0693003
                   l_8 |  -.2958857     .11308    -2.62   0.009    -.5175285    -.074243
                   l_9 |  -.3167033   .1217863    -2.60   0.009    -.5554108   -.0779958
                  l_10 |   -.340756   .1304624    -2.61   0.009    -.5964692   -.0850428
                   f_1 |  -.1214784   .0348869    -3.48   0.000    -.1898585   -.0530983
                   f_2 |  -.0995098   .0261896    -3.80   0.000    -.1508429   -.0481767
                   f_3 |  -.0732153   .0174881    -4.19   0.000    -.1074929   -.0389377
                   f_4 |   -.040466   .0088466    -4.57   0.000    -.0578058   -.0231262
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0245722   .0037491    -6.55   0.000    -.0319207   -.0172237
          _Ivuosi_1996 |   .0155316   .0028026     5.54   0.000     .0100383    .0210249
          _Ivuosi_1997 |   .0105084    .002718     3.87   0.000      .005181    .0158358
          _Ivuosi_1998 |  -.0005979   .0025528    -0.23   0.815    -.0056016    .0044057
          _Ivuosi_1999 |  -.0026077   .0025683    -1.02   0.310    -.0076416    .0024263
          _Ivuosi_2000 |  -.0126741   .0026665    -4.75   0.000    -.0179005   -.0074476
          _Ivuosi_2001 |  -.0553475    .002243   -24.68   0.000    -.0597439    -.050951
          _Ivuosi_2002 |  -.0506209   .0020313   -24.92   0.000    -.0546024   -.0466394
          _Ivuosi_2003 |  -.0471853   .0018721   -25.20   0.000    -.0508547   -.0435159
          _Ivuosi_2004 |  -.0416822   .0016604   -25.10   0.000    -.0449367   -.0384276
          _Ivuosi_2005 |  -.0396071   .0014857   -26.66   0.000    -.0425191    -.036695
          _Ivuosi_2006 |  -.0327584   .0012554   -26.09   0.000     -.035219   -.0302978
          _Ivuosi_2007 |  -.0254759   .0010685   -23.84   0.000    -.0275702   -.0233816
          _Ivuosi_2008 |  -.0191704   .0008601   -22.29   0.000    -.0208563   -.0174846
          _Ivuosi_2009 |  -.0144456   .0006925   -20.86   0.000     -.015803   -.0130883
          _Ivuosi_2010 |  -.0089302    .000481   -18.57   0.000     -.009873   -.0079874
          _Ivuosi_2011 |  -.0051638    .000264   -19.56   0.000    -.0056813   -.0046462
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.128041   .0120007   -10.67   0.000    -.1515629   -.1045191
             _Iage2_22 |  -.1735464   .0195816    -8.86   0.000    -.2119274   -.1351654
             _Iage2_23 |  -.2122071   .0278717    -7.61   0.000    -.2668371   -.1575771
             _Iage2_24 |   -.258864   .0364474    -7.10   0.000    -.3303028   -.1874251
             _Iage2_25 |  -.2835387   .0450497    -6.29   0.000    -.3718384    -.195239
             _Iage2_26 |    -.29037   .0536262    -5.41   0.000    -.3954802   -.1852599
             _Iage2_27 |  -.2920907   .0622555    -4.69   0.000    -.4141148   -.1700667
             _Iage2_28 |   -.287703   .0708888    -4.06   0.000    -.4266488   -.1487572
             _Iage2_29 |  -.2797243   .0795259    -3.52   0.000    -.4355992   -.1238494
             _Iage2_30 |  -.2708838     .08817    -3.07   0.002    -.4437016    -.098066
             _Iage2_31 |  -.2602121    .096842    -2.69   0.007    -.4500274   -.0703967
             _Iage2_32 |  -.2472681   .1054932    -2.34   0.019    -.4540401    -.040496
             _Iage2_33 |  -.2327394    .114134    -2.04   0.041     -.456448   -.0090309
             _Iage2_34 |  -.2187627   .1228025    -1.78   0.075    -.4594621    .0219367
             _Iage2_35 |  -.2041524   .1314657    -1.55   0.120    -.4618321    .0535273
             _Iage2_36 |  -.1870198   .1401468    -1.33   0.182    -.4617149    .0876753
             _Iage2_37 |  -.1706272   .1488099    -1.15   0.252    -.4623023    .1210479
             _Iage2_38 |  -.1529108    .157476    -0.97   0.332     -.461572    .1557503
             _Iage2_39 |  -.1351435   .1661427    -0.81   0.416    -.4607918    .1905049
             _Iage2_40 |  -.1177924   .1748104    -0.67   0.500      -.46043    .2248451
             _Iage2_41 |  -.0992735   .1834929    -0.54   0.588    -.4589291    .2603822
             _Iage2_42 |  -.0819276    .192169    -0.43   0.670    -.4585888    .2947336
             _Iage2_43 |  -.0633406   .2008497    -0.32   0.752    -.4570165    .3303353
             _Iage2_44 |  -.0456662   .2095234    -0.22   0.827    -.4563429    .3650105
             _Iage2_45 |  -.0275391   .2182006    -0.13   0.900    -.4552236    .4001454
             _Iage2_46 |  -.0092384    .226884    -0.04   0.968    -.4539429    .4354662
             _Iage2_47 |   .0093426   .2355583     0.04   0.968    -.4523639    .4710491
             _Iage2_48 |   .0283938   .2442279     0.12   0.907    -.4503057    .5070932
             _Iage2_49 |    .047367   .2529125     0.19   0.851    -.4483546    .5430887
             _Iage2_50 |   .0668846   .2615898     0.26   0.798     -.445845    .5796141
             _Iage2_51 |   .0859573   .2702655     0.32   0.750    -.4437772    .6156918
             _Iage2_52 |   .1041136    .278943     0.37   0.709    -.4426293    .6508564
             _Iage2_53 |   .1234911   .2876263     0.43   0.668    -.4402714    .6872536
             _Iage2_54 |   .1428816   .2963044     0.48   0.630    -.4378905    .7236537
             _Iage2_55 |   .1636193   .3049868     0.54   0.592    -.4341707    .7614093
             _Iage2_56 |   .1850504   .3136613     0.59   0.555    -.4297421    .7998428
             _Iage2_57 |   .2059809   .3223357     0.64   0.523    -.4258139    .8377757
             _Iage2_58 |   .2315819   .3310028     0.70   0.484    -.4172009    .8803646
             _Iage2_59 |   .2550006   .3396859     0.75   0.453    -.4108014    .9208027
         firm_size_new |  -1.38e-06   .0002094    -0.01   0.995    -.0004119    .0004091
                 _cons |   .3069356   .1278359     2.40   0.016     .0563706    .5575006
-----------------------+----------------------------------------------------------------
               sigma_u |  .18892302
               sigma_e |  .11564004
                   rho |  .72744833   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =    6.41
            Prob > F =    0.0114

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   49.63
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =    3.95
            Prob > F =    0.0468

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26947) =    9.52
            Prob > F =    0.0020

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =   68.35
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26947) =    5.33
            Prob > F =    0.0210
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1825                         Obs per group: min =         1
       between = 0.0063                                        avg =      11.7
       overall = 0.0029                                        max =        48

                                                F(89,26947)        =    125.87
corr(u_i, Xb)  = -0.8916                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0029197   .0028541    -1.02   0.306    -.0085139    .0026744
           treated_ia2 |    .010537     .00759     1.39   0.165    -.0043398    .0254137
           treated_ia3 |  -.0024175   .0002792    -8.66   0.000    -.0029647   -.0018703
     treated_iasuorv_d |  -.0335913   .0127698    -2.63   0.009    -.0586208   -.0085618
           treated_pre |  -.0424574   .0050251    -8.45   0.000    -.0523069    -.032608
  treated_pre_iasenior |   .0069045   .0028637     2.41   0.016     .0012915    .0125175
       treated_pre_ia2 |    .031048   .0029934    10.37   0.000     .0251807    .0369152
       treated_pre_ia3 |   .0029854    .000239    12.49   0.000     .0025169    .0034539
 treated_pre_iasuorv_d |   .0493609   .0056058     8.81   0.000     .0383732    .0603485
          treated_post |  -.0463283   .0064922    -7.14   0.000    -.0590534   -.0336033
 treated_post_iasenior |   .0026181   .0032384     0.81   0.419    -.0037294    .0089656
      treated_post_ia2 |   .0346462    .003318    10.44   0.000     .0281427    .0411496
      treated_post_ia3 |   .0028465   .0002683    10.61   0.000     .0023207    .0033723
treated_post_iasuorv_d |   .0697324   .0064553    10.80   0.000     .0570798    .0823851
                senior |   .2560666   .3397239     0.75   0.451    -.4098099    .9219432
             interact2 |  -.0835283   .0051431   -16.24   0.000    -.0936089   -.0734476
             interact3 |   .0004048   .0001049     3.86   0.000     .0001991    .0006104
               suorv_d |    .001882    .007758     0.24   0.808    -.0133241    .0170882
                   l_0 |  -.1527402   .0436313    -3.50   0.000    -.2382597   -.0672206
                   l_1 |  -.1566358   .0522844    -3.00   0.003     -.259116   -.0541556
                   l_2 |  -.1728388   .0609646    -2.84   0.005    -.2923326    -.053345
                   l_3 |  -.1905694   .0696673    -2.74   0.006    -.3271209   -.0540179
                   l_4 |  -.2084071   .0783666    -2.66   0.008    -.3620098   -.0548045
                   l_5 |  -.2284193   .0870456    -2.62   0.009    -.3990331   -.0578055
                   l_6 |  -.2498567   .0957316    -2.61   0.009    -.4374956   -.0622179
                   l_7 |  -.2742715    .104409    -2.63   0.009    -.4789187   -.0696244
                   l_8 |  -.2962689   .1130929    -2.62   0.009     -.517937   -.0746008
                   l_9 |  -.3171242   .1218003    -2.60   0.009    -.5558591   -.0783893
                  l_10 |  -.3412132   .1304774    -2.62   0.009    -.5969557   -.0854707
                   f_1 |  -.1216014   .0348915    -3.49   0.000    -.1899906   -.0532123
                   f_2 |  -.0995925   .0261932    -3.80   0.000    -.1509326   -.0482525
                   f_3 |  -.0732599   .0174908    -4.19   0.000    -.1075428    -.038977
                   f_4 |  -.0404739   .0088487    -4.57   0.000    -.0578177   -.0231301
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0245955   .0037478    -6.56   0.000    -.0319413   -.0172496
          _Ivuosi_1996 |   .0155272   .0028027     5.54   0.000     .0100338    .0210205
          _Ivuosi_1997 |   .0105064   .0027182     3.87   0.000     .0051785    .0158342
          _Ivuosi_1998 |  -.0005918   .0025528    -0.23   0.817    -.0055954    .0044117
          _Ivuosi_1999 |  -.0025976   .0025683    -1.01   0.312    -.0076316    .0024363
          _Ivuosi_2000 |   -.012657   .0026669    -4.75   0.000    -.0178843   -.0074297
          _Ivuosi_2001 |  -.0553538   .0022426   -24.68   0.000    -.0597493   -.0509582
          _Ivuosi_2002 |  -.0506351   .0020307   -24.93   0.000    -.0546154   -.0466547
          _Ivuosi_2003 |  -.0471987   .0018715   -25.22   0.000    -.0508671   -.0435304
          _Ivuosi_2004 |  -.0416904   .0016599   -25.12   0.000    -.0449439    -.038437
          _Ivuosi_2005 |  -.0395974   .0014853   -26.66   0.000    -.0425087    -.036686
          _Ivuosi_2006 |  -.0327515   .0012551   -26.09   0.000    -.0352116   -.0302915
          _Ivuosi_2007 |  -.0254768   .0010683   -23.85   0.000    -.0275706   -.0233829
          _Ivuosi_2008 |  -.0191771   .0008601   -22.30   0.000     -.020863   -.0174912
          _Ivuosi_2009 |  -.0144468   .0006924   -20.86   0.000     -.015804   -.0130896
          _Ivuosi_2010 |  -.0089288    .000481   -18.56   0.000    -.0098716   -.0079861
          _Ivuosi_2011 |   -.005164    .000264   -19.56   0.000    -.0056815   -.0046464
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.128028   .0120048   -10.66   0.000    -.1515581    -.104498
             _Iage2_22 |  -.1735141   .0195881    -8.86   0.000    -.2119078   -.1351203
             _Iage2_23 |  -.2121526   .0278802    -7.61   0.000    -.2667992   -.1575061
             _Iage2_24 |  -.2587898   .0364576    -7.10   0.000    -.3302486    -.187331
             _Iage2_25 |   -.283451   .0450612    -6.29   0.000    -.3717733   -.1951287
             _Iage2_26 |  -.2902691   .0536388    -5.41   0.000    -.3954039   -.1851343
             _Iage2_27 |  -.2919707   .0622691    -4.69   0.000    -.4140213   -.1699201
             _Iage2_28 |  -.2875664   .0709031    -4.06   0.000    -.4265402   -.1485926
             _Iage2_29 |  -.2795773   .0795412    -3.51   0.000    -.4354822   -.1236725
             _Iage2_30 |  -.2707241   .0881861    -3.07   0.002    -.4435735   -.0978747
             _Iage2_31 |  -.2600488    .096859    -2.68   0.007    -.4498975      -.0702
             _Iage2_32 |  -.2471005   .1055111    -2.34   0.019    -.4539077   -.0402933
             _Iage2_33 |  -.2325682   .1141528    -2.04   0.042    -.4563136   -.0088229
             _Iage2_34 |   -.218591   .1228223    -1.78   0.075     -.459329     .022147
             _Iage2_35 |  -.2039815   .1314863    -1.55   0.121    -.4617014    .0537384
             _Iage2_36 |  -.1868506   .1401683    -1.33   0.183    -.4615878    .0878866
             _Iage2_37 |  -.1704476   .1488323    -1.15   0.252    -.4621667    .1212714
             _Iage2_38 |  -.1527079   .1574995    -0.97   0.332    -.4614151    .1559992
             _Iage2_39 |  -.1349109   .1661675    -0.81   0.417    -.4606078     .190786
             _Iage2_40 |  -.1175132   .1748365    -0.67   0.502    -.4602018    .2251755
             _Iage2_41 |    -.35539    .156328    -2.27   0.023    -.6618011    -.048979
             _Iage2_42 |  -.3379909   .1476406    -2.29   0.022     -.627374   -.0486077
             _Iage2_43 |  -.3193435   .1389492    -2.30   0.022     -.591691   -.0469959
             _Iage2_44 |  -.3016067   .1302654    -2.32   0.021    -.5569336   -.0462797
             _Iage2_45 |  -.2834118   .1215795    -2.33   0.020    -.5217139   -.0451097
             _Iage2_46 |  -.2650462    .112888    -2.35   0.019    -.4863126   -.0437797
             _Iage2_47 |  -.2463899   .1042066    -2.36   0.018    -.4506403   -.0421396
             _Iage2_48 |  -.2272672   .0955295    -2.38   0.017    -.4145101   -.0400243
             _Iage2_49 |  -.2082217   .0868394    -2.40   0.017    -.3784315    -.038012
             _Iage2_50 |   -.188628   .0781572    -2.41   0.016    -.3418202   -.0354358
             _Iage2_51 |  -.1694926   .0694766    -2.44   0.015    -.3056703   -.0333148
             _Iage2_52 |  -.1512721   .0607952    -2.49   0.013    -.2704339   -.0321103
             _Iage2_53 |  -.1318418   .0521099    -2.53   0.011    -.2339799   -.0297037
             _Iage2_54 |  -.1123951   .0434295    -2.59   0.010    -.1975192    -.027271
             _Iage2_55 |  -.0916203    .034746    -2.64   0.008    -.1597242   -.0235164
             _Iage2_56 |  -.0701272   .0260747    -2.69   0.007    -.1212349   -.0190194
             _Iage2_57 |  -.0491341   .0174087    -2.82   0.005    -.0832562   -.0150121
             _Iage2_58 |   -.023474   .0087193    -2.69   0.007    -.0405643   -.0063836
             _Iage2_59 |          0  (omitted)
         firm_size_new |   2.97e-07   .0002094     0.00   0.999    -.0004102    .0004108
                 _cons |   .3063541   .1278568     2.40   0.017      .055748    .5569601
-----------------------+----------------------------------------------------------------
               sigma_u |  .18926931
               sigma_e |  .11563891
                   rho |  .72817775   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26947) =   38.67
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26947) =   47.47
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26947) =   84.74
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =   67.63
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   45.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =    5.92
            Prob > F =    0.0150

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   48.10
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26947) =    3.52
            Prob > F =    0.0605

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =   43.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =    1.81
            Prob > F =    0.1781
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1862793
Group variable: shnro_real                      Number of groups   =    159256

R-sq:  within  = 0.1775                         Obs per group: min =         1
       between = 0.0068                                        avg =      11.7
       overall = 0.0029                                        max =        48

                                                F(74,26939)        =    141.15
corr(u_i, Xb)  = -0.8850                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,940 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0018759   .0026681     0.70   0.482    -.0033537    .0071055
 treated_post |  -.0001571   .0033351    -0.05   0.962    -.0066941      .00638
          l_0 |  -.1535751   .0437601    -3.51   0.000    -.2393472    -.067803
          l_1 |  -.1573558   .0524457    -3.00   0.003    -.2601521   -.0545596
          l_2 |  -.1732709   .0611588    -2.83   0.005    -.2931453   -.0533964
          l_3 |  -.1906361   .0698975    -2.73   0.006    -.3276388   -.0536333
          l_4 |  -.2081701   .0786301    -2.65   0.008    -.3622893   -.0540509
          l_5 |  -.2279074   .0873395    -2.61   0.009    -.3990975   -.0567174
          l_6 |  -.2491143   .0960611    -2.59   0.010    -.4373991   -.0608295
          l_7 |  -.2732299   .1047695    -2.61   0.009    -.4785836   -.0678762
          l_8 |   -.294831    .113483    -2.60   0.009    -.5172637   -.0723983
          l_9 |  -.3154246    .122226    -2.58   0.010    -.5549939   -.0758554
         l_10 |  -.3392064   .1309376    -2.59   0.010    -.5958508   -.0825619
          f_1 |  -.1215939   .0350232    -3.47   0.001    -.1902412   -.0529466
          f_2 |  -.0997862   .0262867    -3.80   0.000    -.1513095   -.0482629
          f_3 |  -.0737195   .0175489    -4.20   0.000    -.1081163   -.0393228
          f_4 |  -.0412098   .0088742    -4.64   0.000    -.0586036   -.0238159
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0231129   .0037676    -6.13   0.000    -.0304976   -.0157282
 _Ivuosi_1996 |    .016525   .0028027     5.90   0.000     .0110315    .0220185
 _Ivuosi_1997 |   .0114166   .0027132     4.21   0.000     .0060985    .0167347
 _Ivuosi_1998 |   .0001647   .0025562     0.06   0.949    -.0048455     .005175
 _Ivuosi_1999 |  -.0016713   .0025757    -0.65   0.516    -.0067199    .0033773
 _Ivuosi_2000 |  -.0117823   .0026784    -4.40   0.000    -.0170322   -.0065325
 _Ivuosi_2001 |  -.0543535    .002245   -24.21   0.000    -.0587539   -.0499532
 _Ivuosi_2002 |  -.0496419    .002035   -24.39   0.000    -.0536306   -.0456533
 _Ivuosi_2003 |  -.0462935   .0018761   -24.68   0.000    -.0499707   -.0426163
 _Ivuosi_2004 |  -.0407829    .001665   -24.49   0.000    -.0440464   -.0375195
 _Ivuosi_2005 |  -.0388228   .0014854   -26.14   0.000    -.0417342   -.0359114
 _Ivuosi_2006 |  -.0317809    .001253   -25.36   0.000    -.0342369   -.0293249
 _Ivuosi_2007 |   -.024545   .0010661   -23.02   0.000    -.0266347   -.0224553
 _Ivuosi_2008 |  -.0186165   .0008606   -21.63   0.000    -.0203033   -.0169296
 _Ivuosi_2009 |  -.0139238   .0006931   -20.09   0.000    -.0152822   -.0125654
 _Ivuosi_2010 |  -.0087596   .0004824   -18.16   0.000    -.0097051   -.0078142
 _Ivuosi_2011 |  -.0050793   .0002649   -19.18   0.000    -.0055985   -.0045602
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1288927   .0120656   -10.68   0.000    -.1525419   -.1052435
    _Iage2_22 |  -.1754049   .0196789    -8.91   0.000    -.2139765   -.1368333
    _Iage2_23 |   -.214753   .0280146    -7.67   0.000    -.2696631   -.1598429
    _Iage2_24 |  -.2625421   .0366207    -7.17   0.000    -.3343206   -.1907636
    _Iage2_25 |  -.2906081   .0452596    -6.42   0.000    -.3793193   -.2018969
    _Iage2_26 |  -.3008703   .0538558    -5.59   0.000    -.4064305   -.1953101
    _Iage2_27 |  -.3054494   .0625149    -4.89   0.000    -.4279818    -.182917
    _Iage2_28 |  -.3031486   .0711784    -4.26   0.000    -.4426619   -.1636353
    _Iage2_29 |  -.2966338   .0798463    -3.72   0.000    -.4531368   -.1401309
    _Iage2_30 |  -.2888511   .0885234    -3.26   0.001    -.4623616   -.1153406
    _Iage2_31 |  -.2789853   .0972272    -2.87   0.004    -.4695557    -.088415
    _Iage2_32 |  -.2666073   .1059109    -2.52   0.012    -.4741982   -.0590164
    _Iage2_33 |  -.2525536   .1145857    -2.20   0.028    -.4771476   -.0279596
    _Iage2_34 |  -.2388453   .1232875    -1.94   0.053    -.4804952    .0028046
    _Iage2_35 |  -.2244017   .1319858    -1.70   0.089    -.4831007    .0342973
    _Iage2_36 |  -.2073883   .1407005    -1.47   0.141    -.4831686    .0683921
    _Iage2_37 |  -.1910806   .1493986    -1.28   0.201    -.4839096    .1017484
    _Iage2_38 |  -.1733069   .1581006    -1.10   0.273    -.4831924    .1365785
    _Iage2_39 |  -.1555228    .166804    -0.93   0.351    -.4824674    .1714217
    _Iage2_40 |  -.1380418   .1755072    -0.79   0.432    -.4820452    .2059615
    _Iage2_41 |  -.1194227   .1842272    -0.65   0.517    -.4805176    .2416722
    _Iage2_42 |   -.101859   .1929409    -0.53   0.598    -.4800332    .2763152
    _Iage2_43 |  -.0830645   .2016595    -0.41   0.680    -.4783277    .3121986
    _Iage2_44 |  -.0651707   .2103707    -0.31   0.757    -.4775084    .3471669
    _Iage2_45 |   -.046782   .2190865    -0.21   0.831    -.4762029    .3826389
    _Iage2_46 |  -.0281575   .2278092    -0.12   0.902    -.4746753    .4183604
    _Iage2_47 |  -.0093149   .2365216    -0.04   0.969    -.4729095    .4542797
    _Iage2_48 |   .0100429   .2452312     0.04   0.967    -.4706229    .4907087
    _Iage2_49 |   .0293751   .2539551     0.12   0.908    -.4683901    .5271404
    _Iage2_50 |   .0491696   .2626717     0.19   0.852    -.4656807    .5640198
    _Iage2_51 |   .0688089   .2713886     0.25   0.800    -.4631269    .6007447
    _Iage2_52 |   .0873452   .2801063     0.31   0.755    -.4616778    .6363681
    _Iage2_53 |   .1073114   .2888296     0.37   0.710    -.4588096    .6734324
    _Iage2_54 |   .1272365   .2975471     0.43   0.669    -.4559714    .7104443
    _Iage2_55 |   .1493719   .3062716     0.49   0.626    -.4509364    .7496802
    _Iage2_56 |   .1712748   .3149872     0.54   0.587    -.4461166    .7886661
    _Iage2_57 |   .1927302   .3237032     0.60   0.552    -.4417449    .8272053
    _Iage2_58 |   .2188707   .3324139     0.66   0.510    -.4326777    .8704192
    _Iage2_59 |   .2428713   .3411409     0.71   0.477    -.4257826    .9115253
firm_size_new |  -.0000212   .0002137    -0.10   0.921    -.0004401    .0003977
        _cons |   .2967084   .1284034     2.31   0.021      .045031    .5483859
--------------+----------------------------------------------------------------
      sigma_u |   .1833873
      sigma_e |  .11592929
          rho |  .71447937   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1862793
Group variable: shnro_real                      Number of groups   =    159256

R-sq:  within  = 0.1798                         Obs per group: min =         1
       between = 0.0079                                        avg =      11.7
       overall = 0.0027                                        max =        48

                                                F(82,26939)        =    131.06
corr(u_i, Xb)  = -0.8868                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0025525   .0002532   -10.08   0.000    -.0030488   -.0020561
     treated_iasuorv_d |  -.0272818   .0122383    -2.23   0.026    -.0512695   -.0032942
           treated_pre |  -.0344681   .0046784    -7.37   0.000    -.0436381   -.0252981
       treated_pre_ia3 |   .0031576   .0002289    13.79   0.000     .0027089    .0036062
 treated_pre_iasuorv_d |    .049831   .0045771    10.89   0.000     .0408596    .0588023
          treated_post |  -.0341229   .0061707    -5.53   0.000    -.0462178   -.0220279
      treated_post_ia3 |   .0027419   .0002684    10.22   0.000     .0022159     .003268
treated_post_iasuorv_d |   .0685699   .0057202    11.99   0.000     .0573581    .0797817
             interact3 |   .0015981    .000104    15.37   0.000     .0013943    .0018019
               suorv_d |   .0003016   .0077567     0.04   0.969     -.014902    .0155052
                   l_0 |  -.1551688   .0436563    -3.55   0.000    -.2407374   -.0696002
                   l_1 |  -.1591935   .0523175    -3.04   0.002    -.2617384   -.0566485
                   l_2 |  -.1754154   .0610046    -2.88   0.004    -.2949876   -.0558433
                   l_3 |  -.1931415   .0697163    -2.77   0.006     -.329789    -.056494
                   l_4 |  -.2110299   .0784233    -2.69   0.007    -.3647436   -.0573162
                   l_5 |  -.2310667    .087107    -2.65   0.008    -.4018009   -.0603325
                   l_6 |  -.2525658   .0958015    -2.64   0.008    -.4403417   -.0647898
                   l_7 |  -.2770686   .1044839    -2.65   0.008    -.4818625   -.0722748
                   l_8 |  -.2990437    .113173    -2.64   0.008    -.5208687   -.0772186
                   l_9 |  -.3199676   .1218883    -2.63   0.009    -.5588751   -.0810601
                  l_10 |  -.3441657   .1305725    -2.64   0.008    -.6000947   -.0882367
                   f_1 |  -.1229629    .034923    -3.52   0.000    -.1914138   -.0545121
                   f_2 |  -.1007981   .0262152    -3.85   0.000    -.1521812    -.049415
                   f_3 |  -.0743302   .0175044    -4.25   0.000    -.1086397   -.0400206
                   f_4 |  -.0413654   .0088575    -4.67   0.000    -.0587266   -.0240043
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0236627   .0037541    -6.30   0.000    -.0310209   -.0163046
          _Ivuosi_1996 |   .0162434   .0028133     5.77   0.000     .0107292    .0217576
          _Ivuosi_1997 |    .011279   .0027289     4.13   0.000     .0059302    .0166279
          _Ivuosi_1998 |   .0001989   .0025632     0.08   0.938    -.0048251     .005223
          _Ivuosi_1999 |  -.0018158   .0025829    -0.70   0.482    -.0068784    .0032468
          _Ivuosi_2000 |  -.0120291   .0026735    -4.50   0.000    -.0172693    -.006789
          _Ivuosi_2001 |  -.0546764    .002256   -24.24   0.000    -.0590982   -.0502546
          _Ivuosi_2002 |  -.0498423   .0020442   -24.38   0.000    -.0538491   -.0458355
          _Ivuosi_2003 |   -.046448   .0018846   -24.65   0.000    -.0501419   -.0427542
          _Ivuosi_2004 |  -.0409451   .0016742   -24.46   0.000    -.0442267   -.0376635
          _Ivuosi_2005 |  -.0388313   .0014949   -25.98   0.000    -.0417614   -.0359013
          _Ivuosi_2006 |  -.0320296   .0012623   -25.37   0.000    -.0345038   -.0295554
          _Ivuosi_2007 |  -.0247327   .0010733   -23.04   0.000    -.0268364   -.0226291
          _Ivuosi_2008 |   -.018675   .0008658   -21.57   0.000     -.020372    -.016978
          _Ivuosi_2009 |  -.0140218   .0006955   -20.16   0.000     -.015385   -.0126586
          _Ivuosi_2010 |  -.0087009   .0004836   -17.99   0.000    -.0096487   -.0077531
          _Ivuosi_2011 |  -.0050453   .0002657   -18.99   0.000    -.0055661   -.0045246
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1289304   .0120203   -10.73   0.000    -.1524908   -.1053701
             _Iage2_22 |  -.1753004   .0196097    -8.94   0.000    -.2137364   -.1368644
             _Iage2_23 |  -.2148843   .0279147    -7.70   0.000    -.2695986   -.1601699
             _Iage2_24 |  -.2623917   .0365012    -7.19   0.000     -.333936   -.1908474
             _Iage2_25 |  -.2895947   .0451145    -6.42   0.000    -.3780215   -.2011679
             _Iage2_26 |  -.2995492   .0536985    -5.58   0.000    -.4048011   -.1942973
             _Iage2_27 |  -.3040473   .0623359    -4.88   0.000    -.4262289   -.1818657
             _Iage2_28 |  -.3019639   .0709797    -4.25   0.000    -.4410877     -.16284
             _Iage2_29 |  -.2958772   .0796237    -3.72   0.000    -.4519438   -.1398107
             _Iage2_30 |  -.2886355   .0882759    -3.27   0.001    -.4616609     -.11561
             _Iage2_31 |  -.2794051   .0969555    -2.88   0.004    -.4694429   -.0893672
             _Iage2_32 |  -.2677298   .1056155    -2.53   0.011    -.4747417   -.0607179
             _Iage2_33 |  -.2544281   .1142642    -2.23   0.026    -.4783919   -.0304644
             _Iage2_34 |  -.2414823   .1229412    -1.96   0.050    -.4824533   -.0005112
             _Iage2_35 |  -.2278412   .1316129    -1.73   0.083    -.4858093    .0301269
             _Iage2_36 |  -.2116574   .1403011    -1.51   0.131    -.4866548    .0633401
             _Iage2_37 |  -.1962066   .1489722    -1.32   0.188    -.4881998    .0957867
             _Iage2_38 |  -.1793735   .1576471    -1.14   0.255    -.4883701     .129623
             _Iage2_39 |  -.1625076   .1663212    -0.98   0.329    -.4885057    .1634906
             _Iage2_40 |  -.1459712   .1749965    -0.83   0.404    -.4889735    .1970311
             _Iage2_41 |  -.1282787   .1836868    -0.70   0.485    -.4883143    .2317569
             _Iage2_42 |  -.1117963   .1923717    -0.58   0.561    -.4888548    .2652622
             _Iage2_43 |   -.093994   .2010594    -0.47   0.640     -.488081     .300093
             _Iage2_44 |  -.0771129   .2097407    -0.37   0.713    -.4882155    .3339897
             _Iage2_45 |  -.0598208   .2184252    -0.27   0.784    -.4879455     .368304
             _Iage2_46 |  -.0423033   .2271168    -0.19   0.852    -.4874641    .4028575
             _Iage2_47 |  -.0245371    .235798    -0.10   0.917    -.4867135    .4376392
             _Iage2_48 |  -.0062328   .2444754    -0.03   0.980    -.4854172    .4729516
             _Iage2_49 |   .0119752   .2531675     0.05   0.962    -.4842463    .5081966
             _Iage2_50 |    .030743   .2618515     0.12   0.907    -.4824995    .5439856
             _Iage2_51 |   .0490477   .2705344     0.18   0.856    -.4812138    .5793093
             _Iage2_52 |   .0665431   .2792195     0.24   0.812    -.4807416    .6138277
             _Iage2_53 |   .0853019   .2879097     0.30   0.767    -.4790161      .64962
             _Iage2_54 |   .1040595   .2965953     0.35   0.726    -.4772827    .6854016
             _Iage2_55 |   .1243226   .3052846     0.41   0.684    -.4740512    .7226963
             _Iage2_56 |   .1451976   .3139665     0.46   0.644     -.470193    .7605882
             _Iage2_57 |   .1656098   .3226481     0.51   0.608    -.4667973    .7980168
             _Iage2_58 |    .190718    .331322     0.58   0.565    -.4586905    .8401264
             _Iage2_59 |    .213656   .3400123     0.63   0.530    -.4527857    .8800977
         firm_size_new |  -.0000452   .0002123    -0.21   0.832    -.0004613     .000371
                 _cons |   .3026257   .1280126     2.36   0.018     .0517143    .5535371
-----------------------+----------------------------------------------------------------
               sigma_u |  .18480837
               sigma_e |  .11576473
                   rho |  .71819363   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   28.06
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26939) =   49.04
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1862793
Group variable: shnro_real                      Number of groups   =    159256

R-sq:  within  = 0.1789                         Obs per group: min =         1
       between = 0.0066                                        avg =      11.7
       overall = 0.0039                                        max =        48

                                                F(79,26939)        =    134.91
corr(u_i, Xb)  = -0.8731                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,940 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0021265   .0042561    -0.50   0.617    -.0104687    .0062156
          treated_pre |   .0015974    .003899     0.41   0.682    -.0060448    .0092397
 treated_pre_iasenior |   .0007879   .0042038     0.19   0.851    -.0074518    .0090276
         treated_post |  -.0024995   .0053693    -0.47   0.642    -.0130237    .0080246
treated_post_iasenior |   .0048331   .0055304     0.87   0.382    -.0060068    .0156731
               senior |          0  (omitted)
         pre_iasenior |   .0424962    .002382    17.84   0.000     .0378275     .047165
        post_iasenior |   .0353271    .002958    11.94   0.000     .0295292    .0411249
                  l_0 |  -.1622486   .0436679    -3.72   0.000    -.2478399   -.0766573
                  l_1 |  -.1651551   .0523076    -3.16   0.002    -.2676806   -.0626295
                  l_2 |  -.1802521   .0609774    -2.96   0.003     -.299771   -.0607331
                  l_3 |  -.1967658   .0696728    -2.82   0.005    -.3333281   -.0602034
                  l_4 |  -.2134544   .0783635    -2.72   0.006     -.367051   -.0598578
                  l_5 |  -.2322957   .0870318    -2.67   0.008    -.4028825   -.0617089
                  l_6 |  -.2526052   .0957116    -2.64   0.008    -.4402048   -.0650055
                  l_7 |  -.2757994   .1043798    -2.64   0.008    -.4803893   -.0712096
                  l_8 |  -.2965586   .1130533    -2.62   0.009     -.518149   -.0749683
                  l_9 |  -.3162983   .1217544    -2.60   0.009    -.5549432   -.0776533
                 l_10 |  -.3392415   .1304259    -2.60   0.009     -.594883   -.0836001
                  f_1 |  -.1344626   .0349136    -3.85   0.000     -.202895   -.0660301
                  f_2 |  -.1133392   .0262293    -4.32   0.000    -.1647499   -.0619284
                  f_3 |  -.0879389   .0175562    -5.01   0.000      -.12235   -.0535277
                  f_4 |  -.0560527   .0089853    -6.24   0.000    -.0736644    -.038441
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0237642   .0037446    -6.35   0.000    -.0311038   -.0164246
         _Ivuosi_1996 |   .0163847   .0028056     5.84   0.000     .0108856    .0218839
         _Ivuosi_1997 |   .0114913   .0027226     4.22   0.000      .006155    .0168277
         _Ivuosi_1998 |   .0003879   .0025636     0.15   0.880    -.0046369    .0054127
         _Ivuosi_1999 |  -.0016597   .0025807    -0.64   0.520     -.006718    .0033986
         _Ivuosi_2000 |  -.0114996   .0026812    -4.29   0.000    -.0167548   -.0062443
         _Ivuosi_2001 |  -.0544459   .0022477   -24.22   0.000    -.0588515   -.0500403
         _Ivuosi_2002 |  -.0497281    .002037   -24.41   0.000    -.0537207   -.0457355
         _Ivuosi_2003 |  -.0463516   .0018782   -24.68   0.000     -.050033   -.0426702
         _Ivuosi_2004 |  -.0407186   .0016657   -24.44   0.000    -.0439835   -.0374537
         _Ivuosi_2005 |  -.0385794   .0014846   -25.99   0.000    -.0414893   -.0356694
         _Ivuosi_2006 |  -.0316115   .0012547   -25.19   0.000    -.0340708   -.0291522
         _Ivuosi_2007 |  -.0245032   .0010665   -22.98   0.000    -.0265936   -.0224128
         _Ivuosi_2008 |  -.0186068   .0008598   -21.64   0.000    -.0202922   -.0169215
         _Ivuosi_2009 |  -.0139374   .0006922   -20.14   0.000    -.0152941   -.0125806
         _Ivuosi_2010 |  -.0087789   .0004816   -18.23   0.000    -.0097229    -.007835
         _Ivuosi_2011 |  -.0050867   .0002642   -19.26   0.000    -.0056044   -.0045689
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1288354   .0120349   -10.71   0.000    -.1524244   -.1052464
            _Iage2_22 |  -.1752568   .0196041    -8.94   0.000    -.2136818   -.1368318
            _Iage2_23 |  -.2147662   .0279042    -7.70   0.000    -.2694599   -.1600726
            _Iage2_24 |  -.2627879   .0364738    -7.20   0.000    -.3342785   -.1912973
            _Iage2_25 |  -.2910185   .0450774    -6.46   0.000    -.3793725   -.2026645
            _Iage2_26 |  -.3016911   .0536412    -5.62   0.000    -.4068307   -.1965515
            _Iage2_27 |  -.3067701   .0622669    -4.93   0.000    -.4288166   -.1847237
            _Iage2_28 |  -.3050186   .0708976    -4.30   0.000    -.4439815   -.1660556
            _Iage2_29 |  -.2991118   .0795331    -3.76   0.000    -.4550007   -.1432229
            _Iage2_30 |  -.2919129   .0881758    -3.31   0.001    -.4647421   -.1190837
            _Iage2_31 |  -.2827059   .0968478    -2.92   0.004    -.4725327   -.0928791
            _Iage2_32 |  -.2709356    .105498    -2.57   0.010    -.4777172    -.064154
            _Iage2_33 |  -.2575029     .11414    -2.26   0.024    -.4812232   -.0337826
            _Iage2_34 |  -.2444077   .1228091    -1.99   0.047    -.4851199   -.0036955
            _Iage2_35 |  -.2306061   .1314735    -1.75   0.079    -.4883011    .0270889
            _Iage2_36 |  -.2142453   .1401551    -1.53   0.126    -.4889567     .060466
            _Iage2_37 |  -.1985877   .1488188    -1.33   0.182    -.4902804     .093105
            _Iage2_38 |  -.1814365   .1574864    -1.15   0.249    -.4901181    .1272451
            _Iage2_39 |  -.1642942   .1661543    -0.99   0.323    -.4899653    .1613768
            _Iage2_40 |  -.1474534   .1748211    -0.84   0.399    -.4901118    .1952051
            _Iage2_41 |  -.1654975    .183367    -0.90   0.367    -.5249064    .1939114
            _Iage2_42 |  -.1488324   .1920413    -0.78   0.438    -.5252435    .2275786
            _Iage2_43 |  -.1309791   .2007194    -0.65   0.514    -.5243995    .2624413
            _Iage2_44 |  -.1140756   .2093882    -0.54   0.586    -.5244873    .2963361
            _Iage2_45 |  -.0966726   .2180618    -0.44   0.658    -.5240852    .3307399
            _Iage2_46 |  -.0792132     .22674    -0.35   0.727    -.5236354     .365209
            _Iage2_47 |  -.0614307   .2354089    -0.26   0.794    -.5228444     .399983
            _Iage2_48 |  -.0432009   .2440741    -0.18   0.860    -.5215988    .4351969
            _Iage2_49 |  -.0250683   .2527529    -0.10   0.921    -.5204772    .4703406
            _Iage2_50 |  -.0063738   .2614233    -0.02   0.981     -.518777    .5060294
            _Iage2_51 |   .0119417   .2700949     0.04   0.965    -.5174583    .5413417
            _Iage2_52 |    .029375   .2787667     0.11   0.916    -.5170222    .5757723
            _Iage2_53 |   .0480515   .2874444     0.17   0.867    -.5153545    .6114576
            _Iage2_54 |   .0667395   .2961161     0.23   0.822    -.5136634    .6471425
            _Iage2_55 |   .0865883   .3047921     0.28   0.776    -.5108201    .6839966
            _Iage2_56 |   .1075801   .3134626     0.34   0.731    -.5068229    .7219831
            _Iage2_57 |   .1282196   .3221328     0.40   0.691    -.5031775    .7596167
            _Iage2_58 |   .1535486   .3307974     0.46   0.643    -.4948316    .8019287
            _Iage2_59 |   .1767984   .3394776     0.52   0.603    -.4885955    .8421922
        firm_size_new |   -.000065   .0002131    -0.30   0.760    -.0004827    .0003528
                _cons |   .3169461   .1278558     2.48   0.013      .066342    .5675501
----------------------+----------------------------------------------------------------
              sigma_u |  .17517557
              sigma_e |  .11582663
                  rho |  .69580247   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =    1.48
            Prob > F =    0.2239

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26939) =    1.77
            Prob > F =    0.1838
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1862793
Group variable: shnro_real                      Number of groups   =    159256

R-sq:  within  = 0.1827                         Obs per group: min =         1
       between = 0.0060                                        avg =      11.7
       overall = 0.0033                                        max =        48

                                                F(86,26939)        =    128.86
corr(u_i, Xb)  = -0.8865                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0101423    .007649     1.33   0.185    -.0048501    .0251348
           treated_ia3 |  -.0025639   .0002729    -9.39   0.000    -.0030988   -.0020289
     treated_iasuorv_d |  -.0368775   .0122384    -3.01   0.003    -.0608653   -.0128897
           treated_pre |  -.0435298   .0050691    -8.59   0.000    -.0534654   -.0335941
       treated_pre_ia2 |   .0321158   .0030075    10.68   0.000      .026221    .0380106
       treated_pre_ia3 |   .0032725   .0002308    14.18   0.000     .0028201    .0037249
 treated_pre_iasuorv_d |   .0554594   .0048773    11.37   0.000     .0458995    .0650192
          treated_post |  -.0467428   .0064882    -7.20   0.000    -.0594599   -.0340256
      treated_post_ia2 |   .0350319   .0033677    10.40   0.000     .0284311    .0416327
      treated_post_ia3 |   .0029667   .0002732    10.86   0.000     .0024312    .0035023
treated_post_iasuorv_d |   .0720729   .0060027    12.01   0.000     .0603073    .0838386
             interact2 |  -.0835805   .0051432   -16.25   0.000    -.0936615   -.0734996
             interact3 |   .0004049   .0001051     3.85   0.000     .0001988    .0006109
               suorv_d |   .0018923   .0077654     0.24   0.807    -.0133282    .0171128
                   l_0 |  -.1504176   .0436104    -3.45   0.001    -.2358963    -.064939
                   l_1 |  -.1538903   .0522594    -2.94   0.003    -.2563214   -.0514591
                   l_2 |  -.1696285   .0609352    -2.78   0.005    -.2890648   -.0501923
                   l_3 |  -.1869006   .0696339    -2.68   0.007    -.3233867   -.0504144
                   l_4 |  -.2042957   .0783295    -2.61   0.009    -.3578256   -.0507658
                   l_5 |  -.2238256   .0870039    -2.57   0.010    -.3943578   -.0532933
                   l_6 |  -.2448173   .0956858    -2.56   0.011    -.4323664   -.0572682
                   l_7 |  -.2687542   .1043591    -2.58   0.010    -.4733034    -.064205
                   l_8 |   -.290286   .1130388    -2.57   0.010    -.5118479   -.0687241
                   l_9 |  -.3106614   .1217417    -2.55   0.011    -.5492815   -.0720413
                  l_10 |  -.3342866   .1304147    -2.56   0.010    -.5899061    -.078667
                   f_1 |  -.1197937   .0348754    -3.43   0.001    -.1881512   -.0514362
                   f_2 |  -.0981959   .0261802    -3.75   0.000    -.1495105   -.0468812
                   f_3 |  -.0723241   .0174811    -4.14   0.000    -.1065879   -.0380603
                   f_4 |  -.0400002   .0088426    -4.52   0.000    -.0573321   -.0226683
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.024103   .0037425    -6.44   0.000    -.0314384   -.0167675
          _Ivuosi_1996 |   .0158609   .0027964     5.67   0.000     .0103798     .021342
          _Ivuosi_1997 |   .0107806   .0027115     3.98   0.000     .0054659    .0160952
          _Ivuosi_1998 |  -.0003147   .0025439    -0.12   0.902    -.0053008    .0046714
          _Ivuosi_1999 |  -.0024282   .0025645    -0.95   0.344    -.0074548    .0025984
          _Ivuosi_2000 |  -.0125169   .0026628    -4.70   0.000    -.0177361   -.0072977
          _Ivuosi_2001 |  -.0551868   .0022385   -24.65   0.000    -.0595743   -.0507992
          _Ivuosi_2002 |  -.0504684   .0020271   -24.90   0.000    -.0544416   -.0464952
          _Ivuosi_2003 |  -.0470435   .0018681   -25.18   0.000    -.0507051    -.043382
          _Ivuosi_2004 |  -.0415557   .0016567   -25.08   0.000    -.0448028   -.0383085
          _Ivuosi_2005 |  -.0395006   .0014826   -26.64   0.000    -.0424065   -.0365947
          _Ivuosi_2006 |  -.0326714   .0012529   -26.08   0.000    -.0351271   -.0302158
          _Ivuosi_2007 |  -.0254018   .0010664   -23.82   0.000     -.027492   -.0233115
          _Ivuosi_2008 |  -.0191114   .0008585   -22.26   0.000    -.0207941   -.0174287
          _Ivuosi_2009 |  -.0143969   .0006909   -20.84   0.000     -.015751   -.0130427
          _Ivuosi_2010 |  -.0089104   .0004804   -18.55   0.000    -.0098521   -.0079688
          _Ivuosi_2011 |  -.0051502   .0002638   -19.52   0.000    -.0056672   -.0046331
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1286589   .0119965   -10.72   0.000    -.1521728   -.1051451
             _Iage2_22 |  -.1746208   .0195707    -8.92   0.000    -.2129804   -.1362612
             _Iage2_23 |   -.213915   .0278564    -7.68   0.000     -.268515   -.1593149
             _Iage2_24 |   -.260831   .0364329    -7.16   0.000    -.3322413   -.1894208
             _Iage2_25 |  -.2859371   .0450326    -6.35   0.000    -.3742033    -.197671
             _Iage2_26 |   -.293235    .053607    -5.47   0.000    -.3983075   -.1881626
             _Iage2_27 |  -.2952981    .062234    -4.74   0.000      -.41728   -.1733163
             _Iage2_28 |  -.2913245    .070865    -4.11   0.000    -.4302236   -.1524253
             _Iage2_29 |  -.2838017   .0794983    -3.57   0.000    -.4396226   -.1279808
             _Iage2_30 |  -.2753902   .0881392    -3.12   0.002    -.4481475   -.1026328
             _Iage2_31 |  -.2651375   .0968078    -2.74   0.006    -.4548858   -.0753892
             _Iage2_32 |   -.252656   .1054556    -2.40   0.017    -.4593545   -.0459574
             _Iage2_33 |  -.2385615    .114093    -2.09   0.037    -.4621898   -.0149332
             _Iage2_34 |  -.2249844   .1227591    -1.83   0.067    -.4655986    .0156299
             _Iage2_35 |  -.2107634   .1314196    -1.60   0.109    -.4683526    .0468258
             _Iage2_36 |  -.1940576   .1400974    -1.39   0.166    -.4686558    .0805405
             _Iage2_37 |  -.1780855   .1487571    -1.20   0.231    -.4696572    .1134861
             _Iage2_38 |  -.1607742    .157421    -1.02   0.307    -.4693275    .1477791
             _Iage2_39 |  -.1434465   .1660841    -0.86   0.388      -.46898     .182087
             _Iage2_40 |  -.1265122   .1747492    -0.72   0.469    -.4690298    .2160053
             _Iage2_41 |  -.1084208   .1834288    -0.59   0.554    -.4679508    .2511092
             _Iage2_42 |  -.0914671   .1921021    -0.48   0.634    -.4679972    .2850631
             _Iage2_43 |  -.0732982   .2007798    -0.37   0.715    -.4668372    .3202407
             _Iage2_44 |  -.0560394   .2094505    -0.27   0.789    -.4665733    .3544945
             _Iage2_45 |  -.0383317   .2181247    -0.18   0.861    -.4658675    .3892041
             _Iage2_46 |  -.0204469   .2268052    -0.09   0.928    -.4649969    .4241031
             _Iage2_47 |  -.0022803   .2354765    -0.01   0.992    -.4638264    .4592659
             _Iage2_48 |   .0163568   .2441431     0.07   0.947    -.4621764    .4948901
             _Iage2_49 |   .0349131   .2528246     0.14   0.890    -.4606363    .5304626
             _Iage2_50 |   .0540144   .2614989     0.21   0.836    -.4585371    .5665659
             _Iage2_51 |   .0726369   .2701714     0.27   0.788    -.4569132    .6021869
             _Iage2_52 |   .0903937   .2788462     0.32   0.746    -.4561594    .6369468
             _Iage2_53 |    .109377   .2875266     0.38   0.704    -.4541901    .6729441
             _Iage2_54 |   .1283519   .2962017     0.43   0.665    -.4522189    .7089227
             _Iage2_55 |   .1486777   .3048811     0.49   0.626    -.4489052    .7462605
             _Iage2_56 |   .1696999   .3135527     0.54   0.588    -.4448797    .7842795
             _Iage2_57 |   .1902216   .3222242     0.59   0.555    -.4413547    .8217978
             _Iage2_58 |   .2154125   .3308883     0.65   0.515    -.4331458    .8639707
             _Iage2_59 |   .2384063   .3395683     0.70   0.483    -.4271653    .9039778
         firm_size_new |  -.0000301   .0002113    -0.14   0.887    -.0004441     .000384
                 _cons |   .3130097   .1278295     2.45   0.014     .0624571    .5635622
-----------------------+----------------------------------------------------------------
               sigma_u |  .18504208
               sigma_e |   .1155611
                   rho |  .71941623   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26939) =    6.30
            Prob > F =    0.0121

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   49.30
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26939) =    3.87
            Prob > F =    0.0493

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26939) =    9.57
            Prob > F =    0.0020

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26939) =   68.65
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26939) =    5.36
            Prob > F =    0.0206
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1862793
Group variable: shnro_real                      Number of groups   =    159256

R-sq:  within  = 0.1799                         Obs per group: min =         1
       between = 0.0079                                        avg =      11.7
       overall = 0.0027                                        max =        48

                                                F(85,26939)        =    127.42
corr(u_i, Xb)  = -0.8870                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0069943   .0028602    -2.45   0.014    -.0126005   -.0013881
           treated_ia3 |  -.0022373    .000248    -9.02   0.000    -.0027234   -.0017512
     treated_iasuorv_d |  -.0205786    .012723    -1.62   0.106    -.0455164    .0043591
           treated_pre |  -.0331897   .0046071    -7.20   0.000    -.0422199   -.0241595
  treated_pre_iasenior |   .0123617   .0029168     4.24   0.000     .0066445    .0180789
       treated_pre_ia3 |   .0026578   .0002217    11.99   0.000     .0022232    .0030925
 treated_pre_iasuorv_d |   .0397105   .0051308     7.74   0.000     .0296539    .0497672
          treated_post |   -.033313   .0061801    -5.39   0.000    -.0454264   -.0211996
 treated_post_iasenior |   .0075756   .0033387     2.27   0.023     .0010316    .0141196
      treated_post_ia3 |   .0024235    .000245     9.89   0.000     .0019433    .0029037
treated_post_iasuorv_d |   .0623519   .0059292    10.52   0.000     .0507304    .0739733
                senior |   .2134109   .3400806     0.63   0.530    -.4531649    .8799866
             interact3 |   .0016099   .0001036    15.54   0.000     .0014069    .0018129
               suorv_d |    .000286   .0077468     0.04   0.971    -.0148982    .0154702
                   l_0 |  -.1551219   .0436656    -3.55   0.000    -.2407087    -.069535
                   l_1 |  -.1591514   .0523289    -3.04   0.002    -.2617187   -.0565841
                   l_2 |  -.1753818   .0610179    -2.87   0.004      -.29498   -.0557836
                   l_3 |  -.1931155   .0697313    -2.77   0.006    -.3297924   -.0564385
                   l_4 |  -.2110155     .07844    -2.69   0.007     -.364762    -.057269
                   l_5 |  -.2310631   .0871256    -2.65   0.008    -.4018339   -.0602923
                   l_6 |  -.2525709   .0958219    -2.64   0.008    -.4403867   -.0647551
                   l_7 |  -.2770798   .1045059    -2.65   0.008    -.4819167   -.0722428
                   l_8 |  -.2990691   .1131967    -2.64   0.008    -.5209405   -.0771976
                   l_9 |  -.3200103   .1219138    -2.62   0.009    -.5589678   -.0810529
                  l_10 |   -.344226   .1305998    -2.64   0.008    -.6002083   -.0882436
                   f_1 |  -.1229845   .0349309    -3.52   0.000    -.1914509   -.0545181
                   f_2 |  -.1007964   .0262213    -3.84   0.000    -.1521915   -.0494012
                   f_3 |  -.0743099    .017509    -4.24   0.000    -.1086284   -.0399914
                   f_4 |  -.0413298   .0088606    -4.66   0.000     -.058697   -.0239625
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    -.02372   .0037513    -6.32   0.000    -.0310728   -.0163673
          _Ivuosi_1996 |    .016228   .0028132     5.77   0.000      .010714     .021742
          _Ivuosi_1997 |   .0112665    .002729     4.13   0.000     .0059175    .0166154
          _Ivuosi_1998 |   .0001952   .0025629     0.08   0.939    -.0048282    .0052187
          _Ivuosi_1999 |  -.0018232   .0025826    -0.71   0.480    -.0068851    .0032388
          _Ivuosi_2000 |   -.011999   .0026741    -4.49   0.000    -.0172404   -.0067576
          _Ivuosi_2001 |  -.0546912   .0022548   -24.26   0.000    -.0591107   -.0502717
          _Ivuosi_2002 |  -.0498763   .0020431   -24.41   0.000     -.053881   -.0458717
          _Ivuosi_2003 |  -.0464764   .0018837   -24.67   0.000    -.0501685   -.0427842
          _Ivuosi_2004 |  -.0409657   .0016732   -24.48   0.000    -.0442453   -.0376861
          _Ivuosi_2005 |  -.0388221   .0014941   -25.98   0.000    -.0417506   -.0358935
          _Ivuosi_2006 |  -.0320179   .0012617   -25.38   0.000    -.0344908    -.029545
          _Ivuosi_2007 |  -.0247363   .0010727   -23.06   0.000    -.0268388   -.0226339
          _Ivuosi_2008 |  -.0186848   .0008656   -21.59   0.000    -.0203814   -.0169882
          _Ivuosi_2009 |  -.0140243   .0006954   -20.17   0.000    -.0153873   -.0126613
          _Ivuosi_2010 |  -.0087013   .0004835   -18.00   0.000     -.009649   -.0077535
          _Ivuosi_2011 |  -.0050466   .0002657   -19.00   0.000    -.0055673   -.0045259
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1289508   .0120251   -10.72   0.000    -.1525207    -.105381
             _Iage2_22 |  -.1753281   .0196184    -8.94   0.000    -.2137811   -.1368751
             _Iage2_23 |  -.2149169   .0279262    -7.70   0.000    -.2696537     -.16018
             _Iage2_24 |  -.2624213   .0365155    -7.19   0.000    -.3339935    -.190849
             _Iage2_25 |  -.2896273   .0451309    -6.42   0.000    -.3780863   -.2011684
             _Iage2_26 |  -.2995927   .0537168    -5.58   0.000    -.4048805    -.194305
             _Iage2_27 |  -.3040889   .0623562    -4.88   0.000    -.4263103   -.1818674
             _Iage2_28 |  -.3020053   .0710017    -4.25   0.000    -.4411723   -.1628383
             _Iage2_29 |  -.2959271   .0796478    -3.72   0.000     -.452041   -.1398133
             _Iage2_30 |  -.2886881   .0883019    -3.27   0.001    -.4617644   -.1156119
             _Iage2_31 |  -.2794722   .0969835    -2.88   0.004    -.4695649   -.0893794
             _Iage2_32 |  -.2678076   .1056455    -2.53   0.011    -.4748782    -.060737
             _Iage2_33 |  -.2545133   .1142961    -2.23   0.026    -.4785396   -.0304871
             _Iage2_34 |  -.2415803   .1229752    -1.96   0.049     -.482618   -.0005426
             _Iage2_35 |  -.2279542   .1316487    -1.73   0.083    -.4859926    .0300841
             _Iage2_36 |  -.2117877   .1403391    -1.51   0.131    -.4868595    .0632842
             _Iage2_37 |  -.1963369   .1490122    -1.32   0.188    -.4884085    .0957347
             _Iage2_38 |  -.1794881   .1576891    -1.14   0.255    -.4885669    .1295908
             _Iage2_39 |  -.1626014   .1663655    -0.98   0.328    -.4886865    .1634837
             _Iage2_40 |  -.1460257   .1750431    -0.83   0.404    -.4891194    .1970679
             _Iage2_41 |  -.3424621   .1564708    -2.19   0.029     -.649153   -.0357712
             _Iage2_42 |  -.3259483   .1477738    -2.21   0.027    -.6155927    -.036304
             _Iage2_43 |  -.3081108   .1390747    -2.22   0.027    -.5807045   -.0355171
             _Iage2_44 |  -.2911967   .1303827    -2.23   0.026    -.5467536   -.0356398
             _Iage2_45 |  -.2738664   .1216889    -2.25   0.024     -.512383   -.0353498
             _Iage2_46 |  -.2563243   .1129888    -2.27   0.023    -.4777883   -.0348603
             _Iage2_47 |   -.238512      .1043    -2.29   0.022    -.4429453   -.0340786
             _Iage2_48 |  -.2201745   .0956148    -2.30   0.021    -.4075845   -.0327644
             _Iage2_49 |  -.2019306   .0869166    -2.32   0.020    -.3722917   -.0315695
             _Iage2_50 |  -.1831186   .0782271    -2.34   0.019    -.3364478   -.0297893
             _Iage2_51 |  -.1647901   .0695389    -2.37   0.018    -.3010899   -.0284904
             _Iage2_52 |  -.1472666   .0608495    -2.42   0.016    -.2665347   -.0279984
             _Iage2_53 |  -.1284942   .0521566    -2.46   0.014    -.2307239   -.0262644
             _Iage2_54 |  -.1097164   .0434682    -2.52   0.012    -.1949163   -.0245164
             _Iage2_55 |  -.0894723   .0347772    -2.57   0.010    -.1576374   -.0213072
             _Iage2_56 |  -.0685612   .0260979    -2.63   0.009    -.1197144    -.017408
             _Iage2_57 |  -.0481111   .0174241    -2.76   0.006    -.0822631    -.013959
             _Iage2_58 |  -.0229681   .0087272    -2.63   0.008    -.0400738   -.0058624
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000447   .0002123    -0.21   0.833    -.0004609    .0003714
                 _cons |   .3021831   .1280485     2.36   0.018     .0512014    .5531648
-----------------------+----------------------------------------------------------------
               sigma_u |  .18491098
               sigma_e |  .11576201
                   rho |  .71842776   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26939) =   50.39
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26939) =   75.56
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26939) =  143.67
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26939) =   97.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =   20.91
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   26.63
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26939) =   18.59
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1862793
Group variable: shnro_real                      Number of groups   =    159256

R-sq:  within  = 0.1827                         Obs per group: min =         1
       between = 0.0060                                        avg =      11.7
       overall = 0.0033                                        max =        48

                                                F(89,26939)        =    125.64
corr(u_i, Xb)  = -0.8869                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0028977    .002853    -1.02   0.310    -.0084897    .0026943
           treated_ia2 |   .0104795   .0075993     1.38   0.168    -.0044156    .0253746
           treated_ia3 |  -.0024238   .0002791    -8.68   0.000    -.0029709   -.0018766
     treated_iasuorv_d |   -.033419   .0127724    -2.62   0.009    -.0584536   -.0083843
           treated_pre |  -.0425215   .0050224    -8.47   0.000    -.0523656   -.0326774
  treated_pre_iasenior |   .0069214    .002863     2.42   0.016     .0013099     .012533
       treated_pre_ia2 |   .0310891   .0029923    10.39   0.000      .025224    .0369541
       treated_pre_ia3 |   .0029867   .0002389    12.50   0.000     .0025184     .003455
 treated_pre_iasuorv_d |   .0494128   .0056048     8.82   0.000     .0384272    .0603985
          treated_post |  -.0461497    .006489    -7.11   0.000    -.0588684    -.033431
 treated_post_iasenior |   .0025567   .0032375     0.79   0.430     -.003789    .0089024
      treated_post_ia2 |   .0345853   .0033164    10.43   0.000     .0280851    .0410856
      treated_post_ia3 |   .0028423   .0002681    10.60   0.000     .0023167    .0033679
treated_post_iasuorv_d |   .0696049    .006454    10.78   0.000     .0569548    .0822551
                senior |   .2395426   .3396068     0.71   0.481    -.4261044    .9051897
             interact2 |  -.0834515   .0051425   -16.23   0.000    -.0935311   -.0733719
             interact3 |   .0004092   .0001049     3.90   0.000     .0002036    .0006149
               suorv_d |   .0018511   .0077576     0.24   0.811    -.0133542    .0170563
                   l_0 |  -.1505542   .0436155    -3.45   0.001    -.2360429   -.0650655
                   l_1 |  -.1540581   .0522658    -2.95   0.003    -.2565018   -.0516143
                   l_2 |   -.169828   .0609427    -2.79   0.005    -.2892788   -.0503771
                   l_3 |  -.1871322   .0696424    -2.69   0.007    -.3236349   -.0506296
                   l_4 |  -.2045625   .0783388    -2.61   0.009    -.3581107   -.0510143
                   l_5 |  -.2241268   .0870143    -2.58   0.010    -.3946794   -.0535742
                   l_6 |  -.2451505   .0956971    -2.56   0.010    -.4327217   -.0575792
                   l_7 |  -.2691206   .1043712    -2.58   0.010    -.4736937   -.0645475
                   l_8 |  -.2906894   .1130519    -2.57   0.010     -.512277   -.0691018
                   l_9 |  -.3111041   .1217559    -2.56   0.011     -.549752   -.0724562
                  l_10 |   -.334767   .1304299    -2.57   0.010    -.5904163   -.0791177
                   f_1 |  -.1199229   .0348801    -3.44   0.001    -.1882897   -.0515562
                   f_2 |  -.0982832   .0261839    -3.75   0.000    -.1496049   -.0469614
                   f_3 |  -.0723717   .0174838    -4.14   0.000    -.1066409   -.0381025
                   f_4 |  -.0400095   .0088447    -4.52   0.000    -.0573455   -.0226735
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0241259   .0037411    -6.45   0.000    -.0314587   -.0167931
          _Ivuosi_1996 |   .0158569   .0027964     5.67   0.000     .0103758    .0213381
          _Ivuosi_1997 |   .0107791   .0027117     3.98   0.000      .005464    .0160942
          _Ivuosi_1998 |  -.0003078   .0025438    -0.12   0.904    -.0052938    .0046782
          _Ivuosi_1999 |  -.0024173   .0025645    -0.94   0.346    -.0074439    .0026093
          _Ivuosi_2000 |  -.0124992   .0026632    -4.69   0.000    -.0177192   -.0072791
          _Ivuosi_2001 |  -.0551927    .002238   -24.66   0.000    -.0595793   -.0508061
          _Ivuosi_2002 |  -.0504823   .0020265   -24.91   0.000    -.0544543   -.0465102
          _Ivuosi_2003 |  -.0470567   .0018675   -25.20   0.000    -.0507172   -.0433963
          _Ivuosi_2004 |  -.0415638   .0016561   -25.10   0.000    -.0448099   -.0383177
          _Ivuosi_2005 |  -.0394905   .0014822   -26.64   0.000    -.0423957   -.0365853
          _Ivuosi_2006 |  -.0326644   .0012526   -26.08   0.000    -.0351195   -.0302092
          _Ivuosi_2007 |  -.0254025   .0010662   -23.83   0.000    -.0274923   -.0233128
          _Ivuosi_2008 |   -.019118   .0008585   -22.27   0.000    -.0208008   -.0174353
          _Ivuosi_2009 |  -.0143979   .0006908   -20.84   0.000     -.015752   -.0130439
          _Ivuosi_2010 |   -.008909   .0004804   -18.55   0.000    -.0098505   -.0079675
          _Ivuosi_2011 |  -.0051503   .0002638   -19.52   0.000    -.0056674   -.0046333
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.128644   .0120007   -10.72   0.000    -.1521661   -.1051219
             _Iage2_22 |  -.1745852   .0195773    -8.92   0.000    -.2129577   -.1362126
             _Iage2_23 |  -.2138557    .027865    -7.67   0.000    -.2684726   -.1592388
             _Iage2_24 |  -.2607511   .0364432    -7.16   0.000    -.3321816   -.1893205
             _Iage2_25 |  -.2858425   .0450443    -6.35   0.000    -.3741316   -.1975534
             _Iage2_26 |  -.2931262   .0536197    -5.47   0.000    -.3982237   -.1880288
             _Iage2_27 |  -.2951692   .0622477    -4.74   0.000     -.417178   -.1731603
             _Iage2_28 |   -.291178   .0708795    -4.11   0.000    -.4301055   -.1522504
             _Iage2_29 |   -.283644   .0795139    -3.57   0.000    -.4394953   -.1277927
             _Iage2_30 |  -.2752186   .0881556    -3.12   0.002    -.4480081   -.1024292
             _Iage2_31 |  -.2649618   .0968251    -2.74   0.006     -.454744   -.0751795
             _Iage2_32 |  -.2524752   .1054738    -2.39   0.017    -.4592094   -.0457411
             _Iage2_33 |  -.2383765    .114112    -2.09   0.037     -.462042    -.014711
             _Iage2_34 |  -.2247982   .1227791    -1.83   0.067    -.4654516    .0158552
             _Iage2_35 |  -.2105775   .1314404    -1.60   0.109    -.4682074    .0470525
             _Iage2_36 |  -.1938728   .1401191    -1.38   0.166    -.4685135    .0807679
             _Iage2_37 |  -.1778897   .1487798    -1.20   0.232    -.4695058    .1137264
             _Iage2_38 |  -.1605542   .1574447    -1.02   0.308     -.469154    .1480457
             _Iage2_39 |  -.1431956   .1661092    -0.86   0.389    -.4687782     .182387
             _Iage2_40 |  -.1262132   .1747756    -0.72   0.470    -.4687824    .2163561
             _Iage2_41 |   -.347985   .1562752    -2.23   0.026    -.6542925   -.0416775
             _Iage2_42 |  -.3309761   .1475905    -2.24   0.025    -.6202612   -.0416911
             _Iage2_43 |  -.3127447    .138902    -2.25   0.024    -.5849999   -.0404894
             _Iage2_44 |  -.2954212   .1302212    -2.27   0.023    -.5506616   -.0401808
             _Iage2_45 |  -.2776433   .1215383    -2.28   0.022    -.5158647    -.039422
             _Iage2_46 |  -.2596911   .1128498    -2.30   0.021    -.4808825   -.0384997
             _Iage2_47 |  -.2414467   .1041713    -2.32   0.020    -.4456278   -.0372655
             _Iage2_48 |  -.2227353   .0954971    -2.33   0.020    -.4099147    -.035556
             _Iage2_49 |  -.2041042     .08681    -2.35   0.019    -.3742563   -.0339521
             _Iage2_50 |  -.1849241   .0781308    -2.37   0.018    -.3380645   -.0317838
             _Iage2_51 |  -.1662365   .0694533    -2.39   0.017    -.3023686   -.0301043
             _Iage2_52 |   -.148413   .0607747    -2.44   0.015    -.2675345   -.0292915
             _Iage2_53 |  -.1293747   .0520922    -2.48   0.013    -.2314782   -.0272712
             _Iage2_54 |  -.1103412   .0434148    -2.54   0.011    -.1954365    -.025246
             _Iage2_55 |  -.0899762   .0347342    -2.59   0.010    -.1580571   -.0218954
             _Iage2_56 |  -.0688896   .0260658    -2.64   0.008      -.11998   -.0177993
             _Iage2_57 |  -.0483033   .0174028    -2.78   0.006    -.0824136    -.014193
             _Iage2_58 |   -.023051   .0087163    -2.64   0.008    -.0401355   -.0059666
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000283   .0002113    -0.13   0.894    -.0004424    .0003858
                 _cons |   .3124115   .1278508     2.44   0.015     .0618172    .5630057
-----------------------+----------------------------------------------------------------
               sigma_u |  .18540237
               sigma_e |  .11555995
                   rho |  .72020487   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26939) =   38.66
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26939) =   47.55
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26939) =   84.93
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26939) =   67.49
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =   45.36
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26939) =    5.80
            Prob > F =    0.0160

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   47.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26939) =    3.48
            Prob > F =    0.0620

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26939) =   42.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26939) =    1.79
            Prob > F =    0.1815
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1864183
Group variable: shnro_real                      Number of groups   =    159385

R-sq:  within  = 0.1825                         Obs per group: min =         1
       between = 0.0063                                        avg =      11.7
       overall = 0.0029                                        max =        48

                                                F(86,26947)        =    129.09
corr(u_i, Xb)  = -0.8912                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0101911   .0076396     1.33   0.182    -.0047829    .0251651
           treated_ia3 |  -.0025585    .000273    -9.37   0.000    -.0030935   -.0020235
     treated_iasuorv_d |  -.0370577   .0122356    -3.03   0.002    -.0610402   -.0130753
           treated_pre |  -.0434617   .0050718    -8.57   0.000    -.0534027   -.0335208
       treated_pre_ia2 |   .0320725   .0030086    10.66   0.000     .0261755    .0379695
       treated_pre_ia3 |   .0032704   .0002309    14.16   0.000     .0028178     .003723
 treated_pre_iasuorv_d |    .055387   .0048789    11.35   0.000      .045824    .0649499
          treated_post |  -.0469195   .0064915    -7.23   0.000    -.0596432   -.0341957
      treated_post_ia2 |   .0351009   .0033693    10.42   0.000      .028497    .0417049
      treated_post_ia3 |   .0029728   .0002733    10.88   0.000     .0024371    .0035086
treated_post_iasuorv_d |   .0722414   .0060037    12.03   0.000     .0604739    .0840089
             interact2 |   -.083655   .0051437   -16.26   0.000     -.093737   -.0735731
             interact3 |   .0004002   .0001051     3.81   0.000     .0001941    .0006062
               suorv_d |   .0019216   .0077658     0.25   0.805    -.0132998     .017143
                   l_0 |  -.1526122   .0436262    -3.50   0.000    -.2381218   -.0671025
                   l_1 |   -.156478   .0522781    -2.99   0.003    -.2589458   -.0540103
                   l_2 |  -.1726508   .0609572    -2.83   0.005    -.2921302   -.0531714
                   l_3 |  -.1903506    .069659    -2.73   0.006    -.3268859   -.0538154
                   l_4 |  -.2081547   .0783574    -2.66   0.008    -.3617392   -.0545701
                   l_5 |  -.2281339   .0870353    -2.62   0.009    -.3987276   -.0575402
                   l_6 |  -.2495408   .0957204    -2.61   0.009    -.4371578   -.0619238
                   l_7 |  -.2739239    .104397    -2.62   0.009    -.4785475   -.0693003
                   l_8 |  -.2958857     .11308    -2.62   0.009    -.5175285    -.074243
                   l_9 |  -.3167033   .1217863    -2.60   0.009    -.5554108   -.0779958
                  l_10 |   -.340756   .1304624    -2.61   0.009    -.5964692   -.0850428
                   f_1 |  -.1214784   .0348869    -3.48   0.000    -.1898585   -.0530983
                   f_2 |  -.0995098   .0261896    -3.80   0.000    -.1508429   -.0481767
                   f_3 |  -.0732153   .0174881    -4.19   0.000    -.1074929   -.0389377
                   f_4 |   -.040466   .0088466    -4.57   0.000    -.0578058   -.0231262
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0245722   .0037491    -6.55   0.000    -.0319207   -.0172237
          _Ivuosi_1996 |   .0155316   .0028026     5.54   0.000     .0100383    .0210249
          _Ivuosi_1997 |   .0105084    .002718     3.87   0.000      .005181    .0158358
          _Ivuosi_1998 |  -.0005979   .0025528    -0.23   0.815    -.0056016    .0044057
          _Ivuosi_1999 |  -.0026077   .0025683    -1.02   0.310    -.0076416    .0024263
          _Ivuosi_2000 |  -.0126741   .0026665    -4.75   0.000    -.0179005   -.0074476
          _Ivuosi_2001 |  -.0553475    .002243   -24.68   0.000    -.0597439    -.050951
          _Ivuosi_2002 |  -.0506209   .0020313   -24.92   0.000    -.0546024   -.0466394
          _Ivuosi_2003 |  -.0471853   .0018721   -25.20   0.000    -.0508547   -.0435159
          _Ivuosi_2004 |  -.0416822   .0016604   -25.10   0.000    -.0449367   -.0384276
          _Ivuosi_2005 |  -.0396071   .0014857   -26.66   0.000    -.0425191    -.036695
          _Ivuosi_2006 |  -.0327584   .0012554   -26.09   0.000     -.035219   -.0302978
          _Ivuosi_2007 |  -.0254759   .0010685   -23.84   0.000    -.0275702   -.0233816
          _Ivuosi_2008 |  -.0191704   .0008601   -22.29   0.000    -.0208563   -.0174846
          _Ivuosi_2009 |  -.0144456   .0006925   -20.86   0.000     -.015803   -.0130883
          _Ivuosi_2010 |  -.0089302    .000481   -18.57   0.000     -.009873   -.0079874
          _Ivuosi_2011 |  -.0051638    .000264   -19.56   0.000    -.0056813   -.0046462
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.128041   .0120007   -10.67   0.000    -.1515629   -.1045191
             _Iage2_22 |  -.1735464   .0195816    -8.86   0.000    -.2119274   -.1351654
             _Iage2_23 |  -.2122071   .0278717    -7.61   0.000    -.2668371   -.1575771
             _Iage2_24 |   -.258864   .0364474    -7.10   0.000    -.3303028   -.1874251
             _Iage2_25 |  -.2835387   .0450497    -6.29   0.000    -.3718384    -.195239
             _Iage2_26 |    -.29037   .0536262    -5.41   0.000    -.3954802   -.1852599
             _Iage2_27 |  -.2920907   .0622555    -4.69   0.000    -.4141148   -.1700667
             _Iage2_28 |   -.287703   .0708888    -4.06   0.000    -.4266488   -.1487572
             _Iage2_29 |  -.2797243   .0795259    -3.52   0.000    -.4355992   -.1238494
             _Iage2_30 |  -.2708838     .08817    -3.07   0.002    -.4437016    -.098066
             _Iage2_31 |  -.2602121    .096842    -2.69   0.007    -.4500274   -.0703967
             _Iage2_32 |  -.2472681   .1054932    -2.34   0.019    -.4540401    -.040496
             _Iage2_33 |  -.2327394    .114134    -2.04   0.041     -.456448   -.0090309
             _Iage2_34 |  -.2187627   .1228025    -1.78   0.075    -.4594621    .0219367
             _Iage2_35 |  -.2041524   .1314657    -1.55   0.120    -.4618321    .0535273
             _Iage2_36 |  -.1870198   .1401468    -1.33   0.182    -.4617149    .0876753
             _Iage2_37 |  -.1706272   .1488099    -1.15   0.252    -.4623023    .1210479
             _Iage2_38 |  -.1529108    .157476    -0.97   0.332     -.461572    .1557503
             _Iage2_39 |  -.1351435   .1661427    -0.81   0.416    -.4607918    .1905049
             _Iage2_40 |  -.1177924   .1748104    -0.67   0.500      -.46043    .2248451
             _Iage2_41 |  -.0992735   .1834929    -0.54   0.588    -.4589291    .2603822
             _Iage2_42 |  -.0819276    .192169    -0.43   0.670    -.4585888    .2947336
             _Iage2_43 |  -.0633406   .2008497    -0.32   0.752    -.4570165    .3303353
             _Iage2_44 |  -.0456662   .2095234    -0.22   0.827    -.4563429    .3650105
             _Iage2_45 |  -.0275391   .2182006    -0.13   0.900    -.4552236    .4001454
             _Iage2_46 |  -.0092384    .226884    -0.04   0.968    -.4539429    .4354662
             _Iage2_47 |   .0093426   .2355583     0.04   0.968    -.4523639    .4710491
             _Iage2_48 |   .0283938   .2442279     0.12   0.907    -.4503057    .5070932
             _Iage2_49 |    .047367   .2529125     0.19   0.851    -.4483546    .5430887
             _Iage2_50 |   .0668846   .2615898     0.26   0.798     -.445845    .5796141
             _Iage2_51 |   .0859573   .2702655     0.32   0.750    -.4437772    .6156918
             _Iage2_52 |   .1041136    .278943     0.37   0.709    -.4426293    .6508564
             _Iage2_53 |   .1234911   .2876263     0.43   0.668    -.4402714    .6872536
             _Iage2_54 |   .1428816   .2963044     0.48   0.630    -.4378905    .7236537
             _Iage2_55 |   .1636193   .3049868     0.54   0.592    -.4341707    .7614093
             _Iage2_56 |   .1850504   .3136613     0.59   0.555    -.4297421    .7998428
             _Iage2_57 |   .2059809   .3223357     0.64   0.523    -.4258139    .8377757
             _Iage2_58 |   .2315819   .3310028     0.70   0.484    -.4172009    .8803646
             _Iage2_59 |   .2550006   .3396859     0.75   0.453    -.4108014    .9208027
         firm_size_new |  -1.38e-06   .0002094    -0.01   0.995    -.0004119    .0004091
                 _cons |   .3069356   .1278359     2.40   0.016     .0563706    .5575006
-----------------------+----------------------------------------------------------------
               sigma_u |  .18892302
               sigma_e |  .11564004
                   rho |  .72744833   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =    6.41
            Prob > F =    0.0114

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   49.63
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =    3.95
            Prob > F =    0.0468

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26947) =    9.52
            Prob > F =    0.0020

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =   68.35
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26947) =    5.33
            Prob > F =    0.0210
O:\returns
ue_d_whitec_age_short_noIQ_clust_G.xls
dir : seeout
ue_d_whitec_age_top3_noIQ_clust_G.xls
dir : seeout
(158,781 observations deleted)
(2,226,633 real changes made)
(125,863 missing values generated)
(109,634 missing values generated)
(2,359,420 missing values generated)
(132,787 real changes made)
(31352 missing values generated)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(132,787 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(131,256 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,482 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(120,577 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(112,699 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(101,528 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(91,521 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(83,326 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(73,920 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,735 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(58,518 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,590 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(64,666 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(60,269 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,329 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,729 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,730 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,612 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(36,899 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(32,832 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(29,257 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,816 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,068 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(127,171 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(63,858 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(111,821 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,234 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(99,849 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,232 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(90,150 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,354 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(81,749 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,121 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(70,990 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(35,747 real changes made)
(31,352 missing values generated)
(586,163 real changes made, 586,163 to missing)
(39,835 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,101,349 real changes made)
       panel variable:  shnro_real (unbalanced)
(1,990,724 real changes made)
(368,696 missing values generated)
(368,696 missing values generated)
(2,359,420 missing values generated)
(1,949,094 real changes made)
(348,275 real changes made)
(368,696 missing values generated)
(340,975 real changes made)
(2359420 missing values generated)
(2,359,420 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------
(2,298,270 real changes made, 759,409 to missing)
(17,890 real changes made)
(759,409 missing values generated)
(759,409 missing values generated)
(759,409 missing values generated)
(2,359,420 missing values generated)
(1,507,269 real changes made)
(263,250 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                       924,865
        from master                   368,696  (_merge==1)
        from using                    556,169  (_merge==2)

    matched                         1,990,724  (_merge==3)
    -----------------------------------------
(368,696 real changes made)
(2,915,589 missing values generated)
(0 real changes made)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,394,643 real changes made)
(2,915,589 missing values generated)
(1,449,732 real changes made)
(2,915,589 missing values generated)
(1,450,739 real changes made)
(556,169 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.31655         0
      sd |  .5138305         0
     p50 |   10.3931         0
       N |   1396204   1370791
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.13271         0
    1995 |  10.15073         0
    1996 |  10.23919         0
    1997 |  10.24643         0
    1998 |  10.26955         0
    1999 |  10.26382         0
    2000 |  10.25705         0
    2001 |  10.31154         0
    2002 |  10.30962         0
    2003 |  10.32062         0
    2004 |  10.33804         0
    2005 |  10.34308         0
    2006 |  10.35423         0
    2007 |  10.37464         0
    2008 |  10.38888         0
    2009 |   10.3658         0
    2010 |   10.3691         0
    2011 |   10.4054         0
    2012 |   10.4114         0
---------+--------------------
   Total |  10.31655         0
------------------------------
(2,915,589 missing values generated)
(1,258,071 real changes made)
(641,640 real changes made)
(551,053 real changes made)
(616,431 real changes made)
(550,296 real changes made)
(1,101,349 real changes made)
(166,195 real changes made)
(2,915,589 missing values generated)
(556,169 missing values generated)
(556169 missing values generated)
(1,712,953 real changes made)
(1,712,953 real changes made)
(1,047,003 real changes made)
(328,997 real changes made)
(336,953 real changes made)
(338,486 real changes made)
(1,047,003 real changes made)
(311,952 real changes made)
(250,307 real changes made)
(146,258 real changes made)
(0 real changes made)
(665,950 real changes made)
(1,047,003 real changes made)
(17,890 real changes made)
(148,305 real changes made)
(1,315,578 missing values generated)
(1,315,578 real changes made)
(39 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(698,282 real changes made)
(2,915,589 missing values generated)
(380,201 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,397,265 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,397,265      100.00      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   = 1,396,204
-------------+----------------------------------   F(87, 1396116)  =   3399.80
       Model |   64444.659        87  740.743207   Prob > F        =    0.0000
    Residual |  304183.324 1,396,116   .21787826   R-squared       =    0.1748
-------------+----------------------------------   Adj R-squared   =    0.1748
       Total |  368627.983 1,396,203  .264021767   Root MSE        =    .46677

---------------------------------------------------------------------------------------
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0423798   .0042975     9.86   0.000     .0339568    .0508028
     treated_ia1_4145 |   .0535652   .0078885     6.79   0.000      .038104    .0690264
     treated_ia1_4650 |   .0691297   .0080521     8.59   0.000     .0533479    .0849114
     treated_ia1_5160 |   .0775772   .0103808     7.47   0.000     .0572313    .0979231
          treated_pre |  -.0186429   .0046381    -4.02   0.000    -.0277336   -.0095523
 treated_pre_ia1_4145 |   .0019518   .0083898     0.23   0.816     -.014492    .0183956
 treated_pre_ia1_4650 |  -.0121899    .008572    -1.42   0.155    -.0289907    .0046109
 treated_pre_ia1_5155 |  -.0129322    .010896    -1.19   0.235    -.0342881    .0084237
 treated_pre_ia1_5660 |  -.0117491   .0131776    -0.89   0.373    -.0375767    .0140786
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0233092   .0044321     5.26   0.000     .0146224     .031996
treated_post_ia1_4145 |  -.0544743   .0079594    -6.84   0.000    -.0700745   -.0388741
treated_post_ia1_4650 |  -.0794655   .0081212    -9.78   0.000    -.0953827   -.0635483
treated_post_ia1_5155 |  -.0901185   .0104361    -8.64   0.000    -.1105729   -.0696641
treated_post_ia1_5660 |  -.0880004   .0109571    -8.03   0.000     -.109476   -.0665249
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |   .0146798   .0030534     4.81   0.000     .0086954    .0206643
                  l_1 |   .1001061   .0030951    32.34   0.000     .0940398    .1061725
                  l_2 |   .0854588   .0031175    27.41   0.000     .0793486     .091569
                  l_3 |   .0845706   .0031506    26.84   0.000     .0783955    .0907456
                  l_4 |   .0877166   .0031896    27.50   0.000     .0814651     .093968
                  l_5 |   .0940054   .0032371    29.04   0.000     .0876609      .10035
                  l_6 |   .0952305   .0032898    28.95   0.000     .0887826    .1016785
                  l_7 |   .1026044   .0033458    30.67   0.000     .0960467    .1091621
                  l_8 |   .1121028   .0034162    32.82   0.000     .1054072    .1187984
                  l_9 |   .1181731   .0034953    33.81   0.000     .1113224    .1250238
                 l_10 |   .1189629   .0035821    33.21   0.000      .111942    .1259838
                  f_1 |   .0476632    .003183    14.97   0.000     .0414246    .0539019
                  f_2 |   .0375225   .0032195    11.65   0.000     .0312124    .0438325
                  f_3 |   .0223809   .0032622     6.86   0.000     .0159871    .0287747
                  f_4 |   .0139307   .0033184     4.20   0.000     .0074267    .0204347
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0152067   .0031619     4.81   0.000     .0090095    .0214039
         _Ivuosi_1996 |   .0799775   .0031612    25.30   0.000     .0737817    .0861733
         _Ivuosi_1997 |   .0855693   .0030625    27.94   0.000     .0795669    .0915717
         _Ivuosi_1998 |   .1099254   .0029945    36.71   0.000     .1040562    .1157945
         _Ivuosi_1999 |    .098334   .0029617    33.20   0.000     .0925292    .1041388
         _Ivuosi_2000 |   .1019564   .0028982    35.18   0.000     .0962761    .1076367
         _Ivuosi_2001 |   .1345142   .0029043    46.31   0.000     .1288218    .1402066
         _Ivuosi_2002 |   .1272244   .0028873    44.06   0.000     .1215653    .1328834
         _Ivuosi_2003 |   .1334055   .0028669    46.53   0.000     .1277865    .1390245
         _Ivuosi_2004 |   .1539817   .0028525    53.98   0.000     .1483909    .1595724
         _Ivuosi_2005 |   .1680824     .00286    58.77   0.000     .1624769    .1736879
         _Ivuosi_2006 |   .1772794   .0028895    61.35   0.000     .1716161    .1829428
         _Ivuosi_2007 |   .1951604   .0029142    66.97   0.000     .1894486    .2008722
         _Ivuosi_2008 |   .1961996   .0029556    66.38   0.000     .1904067    .2019925
         _Ivuosi_2009 |    .155373   .0030426    51.07   0.000     .1494096    .1613364
         _Ivuosi_2010 |    .153004   .0030773    49.72   0.000     .1469726    .1590355
         _Ivuosi_2011 |   .1695838   .0031819    53.30   0.000     .1633475    .1758201
         _Ivuosi_2012 |   .1680421   .0032779    51.26   0.000     .1616175    .1744667
            _Iage2_21 |   .5278657    .004715   111.95   0.000     .5186245    .5371069
            _Iage2_22 |   .6980411   .0044981   155.19   0.000     .6892249    .7068572
            _Iage2_23 |   .7869773   .0043544   180.73   0.000     .7784428    .7955119
            _Iage2_24 |   .8622638   .0042499   202.89   0.000     .8539341    .8705935
            _Iage2_25 |   .9355434   .0041752   224.07   0.000     .9273601    .9437267
            _Iage2_26 |   1.003832   .0041256   243.32   0.000     .9957461    1.011918
            _Iage2_27 |   1.044906   .0040874   255.64   0.000     1.036895    1.052917
            _Iage2_28 |   1.084032   .0040626   266.83   0.000      1.07607    1.091995
            _Iage2_29 |   1.116063   .0040449   275.92   0.000     1.108135    1.123991
            _Iage2_30 |    1.13679   .0040399   281.39   0.000     1.128872    1.144708
            _Iage2_31 |   1.154466   .0040329   286.26   0.000     1.146561     1.16237
            _Iage2_32 |   1.164926   .0040318   288.94   0.000     1.157023    1.172828
            _Iage2_33 |   1.172164   .0040352   290.48   0.000     1.164255    1.180073
            _Iage2_34 |   1.178716   .0040381   291.90   0.000     1.170801     1.18663
            _Iage2_35 |   1.186563   .0040401   293.70   0.000     1.178645    1.194481
            _Iage2_36 |   1.189788   .0040469   294.00   0.000     1.181856     1.19772
            _Iage2_37 |   1.191631   .0040511   294.15   0.000     1.183691    1.199571
            _Iage2_38 |   1.196214   .0040505   295.32   0.000     1.188275    1.204153
            _Iage2_39 |   1.202655   .0040536   296.69   0.000      1.19471      1.2106
            _Iage2_40 |   1.205746   .0040491   297.78   0.000      1.19781    1.213682
            _Iage2_41 |   1.199533   .0042142   284.64   0.000     1.191273    1.207792
            _Iage2_42 |   1.203218   .0042147   285.48   0.000     1.194958    1.211479
            _Iage2_43 |   1.209309    .004218   286.71   0.000     1.201042    1.217576
            _Iage2_44 |    1.21035   .0042186   286.91   0.000     1.202081    1.218618
            _Iage2_45 |   1.211449   .0042201   287.07   0.000     1.203178    1.219721
            _Iage2_46 |    1.21782   .0042324   287.74   0.000     1.209525    1.226115
            _Iage2_47 |   1.215343   .0042367   286.86   0.000      1.20704    1.223647
            _Iage2_48 |   1.219029   .0042424   287.34   0.000     1.210714    1.227344
            _Iage2_49 |   1.218189   .0042528   286.44   0.000     1.209854    1.226524
            _Iage2_50 |   1.213794   .0042716   284.16   0.000     1.205422    1.222166
            _Iage2_51 |   1.213634   .0043212   280.85   0.000     1.205164    1.222103
            _Iage2_52 |   1.207627   .0043491   277.67   0.000     1.199103    1.216151
            _Iage2_53 |   1.202942   .0043807   274.60   0.000     1.194356    1.211528
            _Iage2_54 |   1.198956   .0044291   270.70   0.000     1.190275    1.207636
            _Iage2_55 |   1.191262   .0045238   263.33   0.000     1.182395    1.200128
            _Iage2_56 |   1.178245   .0048248   244.20   0.000     1.168788    1.187701
            _Iage2_57 |    1.15562   .0049771   232.19   0.000     1.145865    1.165374
            _Iage2_58 |   1.126937   .0052039   216.55   0.000     1.116737    1.137136
            _Iage2_59 |   1.085135   .0055236   196.45   0.000     1.074309    1.095961
        firm_size_new |   -.002125   .0002505    -8.48   0.000     -.002616    -.001634
                _cons |   8.961746   .0048217  1858.64   0.000     8.952295    8.971196
---------------------------------------------------------------------------------------
(1,519,385 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.28636         0  39.10183  .0711265  .0445782  14.81516
      sd |  .5064421         0  10.38652  .2570362   .206376  9.606239
     p50 |  10.36592         0        39         0         0        14
       N |    691571    678071    691571    691571    691571    479247
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.34618         0   39.1707  .0812948  .0516709  14.89104
      sd |  .5192764         0  10.35922  .2732875  .2213618  9.711563
     p50 |  10.42197         0        39         0         0        14
       N |    704633    691719    704633    704633    704633    487581
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.28636         0  39.10183  .0711265  .0445782  14.81516
         |  .5064421         0  10.38652  .2570362   .206376  9.606239
         |  10.36592         0        39         0         0        14
         |    691571    678071    691571    691571    691571    479247
---------+------------------------------------------------------------
       1 |  10.34618         0   39.1707  .0812948  .0516709  14.89104
         |  .5192764         0  10.35922  .2732875  .2213618  9.711563
         |  10.42197         0        39         0         0        14
         |    704633    691719    704633    704633    704633    487581
---------+------------------------------------------------------------
   Total |  10.31655         0  39.13658  .0762582  .0481577  14.85342
         |  .5138305         0  10.37281  .2654109  .2140995  9.659568
         |   10.3931         0        39         0         0        14
         |   1396204   1369790   1396204   1396204   1396204    966828
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_clust.xls saved
FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =    966,828
                                                F(1, 966826)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6436
                                                Root MSE          =     5.7664

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8220703   .0007411  1109.27   0.000     .8206178    .8235229
       _cons |  -15.33007   .0235315  -651.47   0.000    -15.37619   -15.28395
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7539   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2027                         Obs per group: min =         1
       between = 0.1124                                        avg =      10.5
       overall = 0.0882                                        max =        16

                                                F(74,18268)        =    489.51
corr(u_i, Xb)  = -0.7552                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,269 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0175373    .005169    -3.39   0.001     -.027669   -.0074056
 treated_post |   .0009814   .0072289     0.14   0.892    -.0131878    .0151507
          l_0 |  -.0842169   .0566333    -1.49   0.137    -.1952234    .0267897
          l_1 |  -.0723795   .0677423    -1.07   0.285    -.2051608    .0604018
          l_2 |  -.1240145     .07898    -1.57   0.116    -.2788227    .0307938
          l_3 |  -.1622613   .0901914    -1.80   0.072     -.339045    .0145223
          l_4 |  -.1935275   .1014895    -1.91   0.057    -.3924564    .0054014
          l_5 |  -.2249774   .1127317    -2.00   0.046    -.4459421   -.0040127
          l_6 |   -.255099   .1240759    -2.06   0.040    -.4982993   -.0118986
          l_7 |  -.2812074   .1352691    -2.08   0.038    -.5463475   -.0160673
          l_8 |  -.3055062   .1464985    -2.09   0.037     -.592657   -.0183554
          l_9 |  -.3311154   .1577755    -2.10   0.036    -.6403701   -.0218607
         l_10 |  -.3568748   .1690806    -2.11   0.035    -.6882888   -.0254609
          f_1 |  -.0584278   .0453185    -1.29   0.197    -.1472562    .0304007
          f_2 |  -.0431939   .0341451    -1.27   0.206    -.1101216    .0237338
          f_3 |  -.0341634   .0229022    -1.49   0.136    -.0790538     .010727
          f_4 |  -.0163192   .0118305    -1.38   0.168     -.039508    .0068696
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0314431   .0038631     8.14   0.000     .0238711    .0390152
 _Ivuosi_1996 |   .0652394   .0042775    15.25   0.000     .0568551    .0736236
 _Ivuosi_1997 |   .0639835   .0044115    14.50   0.000     .0553365    .0726305
 _Ivuosi_1998 |    .074419   .0045021    16.53   0.000     .0655944    .0832436
 _Ivuosi_1999 |   .0562738   .0040722    13.82   0.000      .048292    .0642557
 _Ivuosi_2000 |    .057674   .0044142    13.07   0.000     .0490217    .0663264
 _Ivuosi_2001 |   .0702166   .0042548    16.50   0.000     .0618768    .0785565
 _Ivuosi_2002 |   .0469467    .003791    12.38   0.000      .039516    .0543774
 _Ivuosi_2003 |   .0442064   .0036493    12.11   0.000     .0370535    .0513593
 _Ivuosi_2004 |   .0571379   .0035367    16.16   0.000     .0502057    .0640701
 _Ivuosi_2005 |   .0638775   .0034602    18.46   0.000     .0570951    .0706599
 _Ivuosi_2006 |   .0666858   .0035226    18.93   0.000     .0597813    .0735904
 _Ivuosi_2007 |   .0783166   .0034585    22.64   0.000     .0715377    .0850956
 _Ivuosi_2008 |   .0670753    .003257    20.59   0.000     .0606913    .0734594
 _Ivuosi_2009 |   .0079965   .0036559     2.19   0.029     .0008306    .0151624
 _Ivuosi_2010 |   .0024114   .0031375     0.77   0.442    -.0037383    .0085611
 _Ivuosi_2011 |   .0083028   .0023448     3.54   0.000     .0037068    .0128988
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5913747   .0177455    33.33   0.000     .5565918    .6261576
    _Iage2_22 |   .8152171   .0288201    28.29   0.000      .758727    .8717073
    _Iage2_23 |   .9512435    .039794    23.90   0.000     .8732435    1.029244
    _Iage2_24 |   1.075928   .0510892    21.06   0.000     .9757886    1.176068
    _Iage2_25 |   1.198781   .0625068    19.18   0.000     1.076262      1.3213
    _Iage2_26 |    1.31466   .0738259    17.81   0.000     1.169954    1.459365
    _Iage2_27 |    1.40755   .0851432    16.53   0.000     1.240661    1.574439
    _Iage2_28 |   1.493017   .0964812    15.47   0.000     1.303905    1.682129
    _Iage2_29 |   1.572177   .1078642    14.58   0.000     1.360753    1.783601
    _Iage2_30 |   1.639333   .1190983    13.76   0.000      1.40589    1.872777
    _Iage2_31 |   1.705212   .1302749    13.09   0.000     1.449861    1.960563
    _Iage2_32 |   1.761935   .1415047    12.45   0.000     1.484573    2.039298
    _Iage2_33 |   1.815615   .1528098    11.88   0.000     1.516093    2.115136
    _Iage2_34 |   1.867962   .1640863    11.38   0.000     1.546338    2.189587
    _Iage2_35 |   1.923265   .1754034    10.96   0.000     1.579458    2.267072
    _Iage2_36 |   1.971987   .1866362    10.57   0.000     1.606162    2.337811
    _Iage2_37 |   2.019087   .1978656    10.20   0.000     1.631252    2.406922
    _Iage2_38 |   2.067689     .20908     9.89   0.000     1.657872    2.477505
    _Iage2_39 |   2.116303   .2203721     9.60   0.000     1.684353    2.548253
    _Iage2_40 |   2.162752   .2316522     9.34   0.000     1.708692    2.616812
    _Iage2_41 |   2.206255   .2428994     9.08   0.000     1.730149    2.682361
    _Iage2_42 |   2.249893   .2541835     8.85   0.000     1.751669    2.748117
    _Iage2_43 |   2.294059    .265461     8.64   0.000     1.773731    2.814387
    _Iage2_44 |   2.336109    .276714     8.44   0.000     1.793724    2.878495
    _Iage2_45 |   2.377332   .2879369     8.26   0.000     1.812948    2.941715
    _Iage2_46 |   2.419273   .2992399     8.08   0.000     1.832734    3.005811
    _Iage2_47 |   2.455093   .3105144     7.91   0.000     1.846456     3.06373
    _Iage2_48 |   2.496998   .3218066     7.76   0.000     1.866227    3.127769
    _Iage2_49 |   2.533729   .3330687     7.61   0.000     1.880883    3.186574
    _Iage2_50 |   2.566775   .3443579     7.45   0.000     1.891801    3.241749
    _Iage2_51 |   2.604393   .3556298     7.32   0.000     1.907326    3.301461
    _Iage2_52 |    2.63502   .3668947     7.18   0.000     1.915872    3.354168
    _Iage2_53 |   2.666071   .3781636     7.05   0.000     1.924834    3.407307
    _Iage2_54 |   2.697868   .3894336     6.93   0.000     1.934541    3.461194
    _Iage2_55 |   2.726999   .4006887     6.81   0.000     1.941611    3.512386
    _Iage2_56 |   2.750258    .412003     6.68   0.000     1.942693    3.557822
    _Iage2_57 |    2.76251   .4232176     6.53   0.000     1.932964    3.592056
    _Iage2_58 |   2.772761   .4344409     6.38   0.000     1.921216    3.624306
    _Iage2_59 |   2.770656   .4456838     6.22   0.000     1.897074    3.644238
firm_size_new |   .0076326   .0009509     8.03   0.000     .0057688    .0094965
        _cons |   8.393591   .1423695    58.96   0.000     8.114534    8.672649
--------------+----------------------------------------------------------------
      sigma_u |  .61630142
      sigma_e |  .35185316
          rho |   .7541824   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2029                         Obs per group: min =         1
       between = 0.1102                                        avg =      10.5
       overall = 0.0860                                        max =        16

                                                F(79,18268)        =    461.37
corr(u_i, Xb)  = -0.7666                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,269 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0135818   .0090205     1.51   0.132    -.0040993    .0312628
          treated_pre |  -.0203922   .0065149    -3.13   0.002    -.0331619   -.0076224
 treated_pre_iasenior |   .0063415   .0076095     0.83   0.405    -.0085738    .0212568
         treated_post |   .0091281   .0087846     1.04   0.299    -.0080905    .0263467
treated_post_iasenior |  -.0212293   .0096091    -2.21   0.027    -.0400642   -.0023945
               senior |          0  (omitted)
         pre_iasenior |  -.0094905   .0056256    -1.69   0.092    -.0205171    .0015362
        post_iasenior |  -.0264737   .0071179    -3.72   0.000    -.0404254    -.012522
                  l_0 |  -.0826724   .0567496    -1.46   0.145    -.1939069    .0285621
                  l_1 |  -.0720637   .0678448    -1.06   0.288    -.2050459    .0609184
                  l_2 |   -.125109    .079075    -1.58   0.114    -.2801034    .0298854
                  l_3 |  -.1647515   .0902817    -1.82   0.068    -.3417121    .0122091
                  l_4 |  -.1974454   .1015797    -1.94   0.052    -.3965513    .0016604
                  l_5 |  -.2303248   .1128192    -2.04   0.041    -.4514611   -.0091886
                  l_6 |  -.2618702   .1241619    -2.11   0.035    -.5052391   -.0185013
                  l_7 |  -.2894941   .1353598    -2.14   0.032    -.5548121   -.0241762
                  l_8 |  -.3153017   .1465947    -2.15   0.032     -.602641   -.0279624
                  l_9 |  -.3425372   .1578749    -2.17   0.030    -.6519868   -.0330876
                 l_10 |  -.3697938   .1691827    -2.19   0.029    -.7014079   -.0381797
                  f_1 |  -.0621235    .045478    -1.37   0.172    -.1512646    .0270176
                  f_2 |   -.045115   .0343351    -1.31   0.189     -.112415    .0221851
                  f_3 |  -.0342678   .0231405    -1.48   0.139    -.0796254    .0110898
                  f_4 |  -.0145603   .0122136    -1.19   0.233       -.0385    .0093795
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0314045   .0038598     8.14   0.000      .023839      .03897
         _Ivuosi_1996 |   .0652938   .0042732    15.28   0.000     .0569179    .0736698
         _Ivuosi_1997 |   .0640161   .0044051    14.53   0.000     .0553818    .0726504
         _Ivuosi_1998 |     .07469    .004503    16.59   0.000     .0658638    .0835163
         _Ivuosi_1999 |   .0566022   .0040554    13.96   0.000     .0486532    .0645511
         _Ivuosi_2000 |   .0577416   .0044067    13.10   0.000     .0491041     .066379
         _Ivuosi_2001 |   .0701367   .0042517    16.50   0.000      .061803    .0784704
         _Ivuosi_2002 |   .0468679   .0037872    12.38   0.000     .0394446    .0542912
         _Ivuosi_2003 |   .0441847   .0036469    12.12   0.000     .0370364     .051333
         _Ivuosi_2004 |   .0569356   .0035336    16.11   0.000     .0500095    .0638618
         _Ivuosi_2005 |   .0638054   .0034551    18.47   0.000     .0570331    .0705778
         _Ivuosi_2006 |   .0664303   .0035286    18.83   0.000     .0595138    .0733468
         _Ivuosi_2007 |   .0781069   .0034614    22.56   0.000     .0713221    .0848916
         _Ivuosi_2008 |    .066885   .0032641    20.49   0.000     .0604871    .0732829
         _Ivuosi_2009 |   .0078551   .0036712     2.14   0.032     .0006593     .015051
         _Ivuosi_2010 |   .0023864    .003144     0.76   0.448    -.0037763     .008549
         _Ivuosi_2011 |   .0082626   .0023472     3.52   0.000     .0036618    .0128633
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5912088   .0177423    33.32   0.000     .5564321    .6259854
            _Iage2_22 |   .8148217   .0288128    28.28   0.000     .7583459    .8712974
            _Iage2_23 |   .9507297   .0397864    23.90   0.000     .8727446    1.028715
            _Iage2_24 |   1.075456   .0510843    21.05   0.000      .975326    1.175586
            _Iage2_25 |   1.198471   .0625019    19.17   0.000     1.075962    1.320981
            _Iage2_26 |   1.314665   .0738214    17.81   0.000     1.169968    1.459362
            _Iage2_27 |   1.407986   .0851396    16.54   0.000     1.241105    1.574868
            _Iage2_28 |   1.493878     .09648    15.48   0.000     1.304769    1.682988
            _Iage2_29 |   1.573533   .1078647    14.59   0.000     1.362108    1.784958
            _Iage2_30 |    1.64116   .1191006    13.78   0.000     1.407711    1.874608
            _Iage2_31 |    1.70759   .1302806    13.11   0.000     1.452228    1.962952
            _Iage2_32 |   1.764834   .1415122    12.47   0.000     1.487457    2.042212
            _Iage2_33 |   1.818992   .1528196    11.90   0.000     1.519452    2.118533
            _Iage2_34 |   1.871872    .164099    11.41   0.000     1.550222    2.193521
            _Iage2_35 |   1.927695   .1754185    10.99   0.000     1.583859    2.271532
            _Iage2_36 |   1.976933   .1866532    10.59   0.000     1.611075    2.342791
            _Iage2_37 |   2.024727   .1978866    10.23   0.000     1.636851    2.412604
            _Iage2_38 |   2.074241   .2091052     9.92   0.000     1.664375    2.484107
            _Iage2_39 |   2.123947   .2204023     9.64   0.000     1.691938    2.555956
            _Iage2_40 |   2.171766   .2316894     9.37   0.000     1.717633    2.625899
            _Iage2_41 |   2.238234   .2431261     9.21   0.000     1.761684    2.714784
            _Iage2_42 |   2.283741   .2544202     8.98   0.000     1.785054    2.782429
            _Iage2_43 |   2.330101    .265707     8.77   0.000      1.80929    2.850912
            _Iage2_44 |   2.374475   .2769715     8.57   0.000     1.831585    2.917365
            _Iage2_45 |    2.41821   .2882082     8.39   0.000     1.853295    2.983125
            _Iage2_46 |   2.462809   .2995246     8.22   0.000     1.875713    3.049905
            _Iage2_47 |   2.501423   .3108113     8.05   0.000     1.892204    3.110642
            _Iage2_48 |    2.54619   .3221193     7.90   0.000     1.914806    3.177574
            _Iage2_49 |   2.585924   .3333952     7.76   0.000     1.932438     3.23941
            _Iage2_50 |   2.622077   .3447025     7.61   0.000     1.946428    3.297726
            _Iage2_51 |   2.662748   .3559899     7.48   0.000     1.964975    3.360522
            _Iage2_52 |   2.696622   .3672702     7.34   0.000     1.976738    3.416506
            _Iage2_53 |   2.730908   .3785565     7.21   0.000     1.988902    3.472915
            _Iage2_54 |   2.766022   .3898399     7.10   0.000     2.001899    3.530145
            _Iage2_55 |   2.798508   .4011137     6.98   0.000     2.012288    3.584729
            _Iage2_56 |    2.82502   .4124479     6.85   0.000     2.016583    3.633456
            _Iage2_57 |   2.840536    .423682     6.70   0.000      2.01008    3.670993
            _Iage2_58 |   2.854186   .4349179     6.56   0.000     2.001706    3.706666
            _Iage2_59 |   2.855743   .4461916     6.40   0.000     1.981166    3.730321
        firm_size_new |    .007609   .0009409     8.09   0.000     .0057647    .0094533
                _cons |    8.37899   .1424194    58.83   0.000     8.099834    8.658145
----------------------+----------------------------------------------------------------
              sigma_u |  .62944057
              sigma_e |  .35180736
                  rho |  .76196727   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =    2.27
            Prob > F =    0.1319

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18268) =    5.37
            Prob > F =    0.0205
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2045                         Obs per group: min =         1
       between = 0.1083                                        avg =      10.5
       overall = 0.0831                                        max =        16

                                                F(82,18268)        =    463.71
corr(u_i, Xb)  = -0.7944                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0039606   .0006683     5.93   0.000     .0026508    .0052705
     treated_iasuorv_d |   .0674654   .0206366     3.27   0.001     .0270158    .1079151
           treated_pre |  -.0109727   .0085833    -1.28   0.201    -.0277968    .0058514
       treated_pre_ia3 |  -.0006607   .0004277    -1.54   0.122     -.001499    .0001776
 treated_pre_iasuorv_d |  -.0044924   .0091128    -0.49   0.622    -.0223544    .0133695
          treated_post |   .0902188   .0113711     7.93   0.000     .0679304    .1125073
      treated_post_ia3 |  -.0053243   .0005263   -10.12   0.000    -.0063559   -.0042928
treated_post_iasuorv_d |  -.1301823   .0112461   -11.58   0.000    -.1522258   -.1081388
             interact3 |  -.0031386   .0003143    -9.98   0.000    -.0037547   -.0025225
               suorv_d |  -.0683285   .0105644    -6.47   0.000    -.0890357   -.0476214
                   l_0 |  -.1144684   .0568432    -2.01   0.044    -.2258865   -.0030503
                   l_1 |  -.1081468   .0679652    -1.59   0.112     -.241365    .0250714
                   l_2 |  -.1654641   .0792349    -2.09   0.037     -.320772   -.0101563
                   l_3 |  -.2094307   .0904771    -2.31   0.021    -.3867743    -.032087
                   l_4 |  -.2465331   .1017963    -2.42   0.015    -.4460634   -.0470027
                   l_5 |  -.2838201   .1130614    -2.51   0.012    -.5054312   -.0622091
                   l_6 |  -.3199231   .1244324    -2.57   0.010    -.5638223   -.0760239
                   l_7 |  -.3519357   .1356411    -2.59   0.009     -.617805   -.0860663
                   l_8 |  -.3822767   .1469084    -2.60   0.009    -.6702309   -.0943226
                   l_9 |  -.4141022   .1582128    -2.62   0.009    -.7242142   -.1039903
                  l_10 |   -.445815    .169533    -2.63   0.009    -.7781156   -.1135144
                   f_1 |  -.0826447   .0454389    -1.82   0.069    -.1717092    .0064199
                   f_2 |  -.0613014   .0342516    -1.79   0.074    -.1284378    .0058351
                   f_3 |  -.0462708   .0229781    -2.01   0.044    -.0913101   -.0012316
                   f_4 |  -.0223138   .0118873    -1.88   0.061     -.045614    .0009864
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0317982   .0038584     8.24   0.000     .0242353    .0393611
          _Ivuosi_1996 |   .0653729   .0042625    15.34   0.000      .057018    .0737278
          _Ivuosi_1997 |   .0640096   .0043851    14.60   0.000     .0554144    .0726048
          _Ivuosi_1998 |   .0747263   .0044747    16.70   0.000     .0659555    .0834971
          _Ivuosi_1999 |   .0566375       .004    14.16   0.000     .0487971    .0644779
          _Ivuosi_2000 |   .0577066    .004343    13.29   0.000     .0491939    .0662192
          _Ivuosi_2001 |   .0698613   .0042033    16.62   0.000     .0616224    .0781002
          _Ivuosi_2002 |   .0464716   .0037551    12.38   0.000     .0391113    .0538319
          _Ivuosi_2003 |   .0438788   .0036211    12.12   0.000     .0367812    .0509764
          _Ivuosi_2004 |   .0566185   .0035166    16.10   0.000     .0497256    .0635113
          _Ivuosi_2005 |   .0635744    .003437    18.50   0.000     .0568374    .0703113
          _Ivuosi_2006 |   .0661618   .0035204    18.79   0.000     .0592614    .0730622
          _Ivuosi_2007 |   .0779139   .0034523    22.57   0.000      .071147    .0846807
          _Ivuosi_2008 |   .0668259   .0032634    20.48   0.000     .0604293    .0732226
          _Ivuosi_2009 |   .0076094   .0036459     2.09   0.037     .0004631    .0147556
          _Ivuosi_2010 |   .0020613   .0031322     0.66   0.510    -.0040781    .0082006
          _Ivuosi_2011 |   .0079919   .0023453     3.41   0.001     .0033949     .012589
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .594618   .0177588    33.48   0.000     .5598091    .6294269
             _Iage2_22 |   .8218552   .0288318    28.51   0.000     .7653422    .8783682
             _Iage2_23 |   .9619798   .0398361    24.15   0.000     .8838972    1.040062
             _Iage2_24 |   1.091213   .0511716    21.32   0.000     .9909118    1.191514
             _Iage2_25 |   1.218795   .0626147    19.47   0.000     1.096064    1.341525
             _Iage2_26 |   1.339809   .0739484    18.12   0.000     1.194863    1.484755
             _Iage2_27 |   1.438373   .0852944    16.86   0.000     1.271188    1.605558
             _Iage2_28 |    1.52986   .0966643    15.83   0.000     1.340389    1.719331
             _Iage2_29 |   1.615373   .1080811    14.95   0.000     1.403524    1.827222
             _Iage2_30 |   1.689044   .1193416    14.15   0.000     1.455123    1.922965
             _Iage2_31 |   1.761731   .1305509    13.49   0.000     1.505839    2.017623
             _Iage2_32 |   1.825355    .141809    12.87   0.000     1.547396    2.103314
             _Iage2_33 |   1.885973   .1531406    12.32   0.000     1.585803    2.186143
             _Iage2_34 |   1.945476   .1644617    11.83   0.000     1.623115    2.267836
             _Iage2_35 |   2.008072   .1758137    11.42   0.000     1.663461    2.352684
             _Iage2_36 |   2.064153   .1870814    11.03   0.000     1.697456     2.43085
             _Iage2_37 |   2.118845   .1983502    10.68   0.000      1.73006     2.50763
             _Iage2_38 |   2.175271   .2096094    10.38   0.000     1.764417    2.586125
             _Iage2_39 |   2.231775   .2209271    10.10   0.000     1.798738    2.664813
             _Iage2_40 |   2.286402   .2322398     9.85   0.000      1.83119    2.741614
             _Iage2_41 |   2.338094   .2435251     9.60   0.000     1.860762    2.815426
             _Iage2_42 |   2.390111   .2548488     9.38   0.000     1.890584    2.889639
             _Iage2_43 |   2.442969    .266161     9.18   0.000     1.921268     2.96467
             _Iage2_44 |   2.493569   .2774509     8.99   0.000     1.949739    3.037399
             _Iage2_45 |   2.543675   .2887087     8.81   0.000     1.977778    3.109571
             _Iage2_46 |   2.594421   .3000441     8.65   0.000     2.006307    3.182536
             _Iage2_47 |   2.639079   .3113577     8.48   0.000     2.028788    3.249369
             _Iage2_48 |   2.689854   .3226876     8.34   0.000     2.057356    3.322352
             _Iage2_49 |   2.735516   .3339858     8.19   0.000     2.080872    3.390159
             _Iage2_50 |   2.777347   .3453171     8.04   0.000     2.100493    3.454201
             _Iage2_51 |   2.823567   .3566149     7.92   0.000     2.124568    3.522565
             _Iage2_52 |   2.862867   .3679148     7.78   0.000     2.141719    3.584014
             _Iage2_53 |   2.902639   .3792218     7.65   0.000     2.159329     3.64595
             _Iage2_54 |   2.943127    .390525     7.54   0.000     2.177661    3.708593
             _Iage2_55 |   2.980906   .4018144     7.42   0.000     2.193312      3.7685
             _Iage2_56 |   3.012664   .4131716     7.29   0.000     2.202808    3.822519
             _Iage2_57 |   3.033338   .4244247     7.15   0.000     2.201426     3.86525
             _Iage2_58 |   3.052162   .4356711     7.01   0.000     2.198205    3.906118
             _Iage2_59 |   3.058733   .4469633     6.84   0.000     2.182643    3.934823
         firm_size_new |   .0074712   .0008515     8.77   0.000     .0058023    .0091402
                 _cons |   8.337222   .1423234    58.58   0.000     8.058255    8.616189
-----------------------+----------------------------------------------------------------
               sigma_u |  .66499548
               sigma_e |  .35146116
                   rho |  .78165926   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   59.77
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18268) =    1.99
            Prob > F =    0.1584
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2045                         Obs per group: min =         1
       between = 0.1088                                        avg =      10.5
       overall = 0.0836                                        max =        16

                                                F(85,18268)        =    447.55
corr(u_i, Xb)  = -0.7927                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.007005   .0078014    -0.90   0.369    -.0222964    .0082865
           treated_ia3 |   .0043273   .0007035     6.15   0.000     .0029482    .0057063
     treated_iasuorv_d |   .0746711    .022008     3.39   0.001     .0315333    .1178089
           treated_pre |  -.0126769   .0086277    -1.47   0.142    -.0295881    .0042343
  treated_pre_iasenior |  -.0026505   .0064042    -0.41   0.679    -.0152034    .0099023
       treated_pre_ia3 |  -.0005199   .0004782    -1.09   0.277    -.0014571    .0004174
 treated_pre_iasuorv_d |  -.0006944   .0112823    -0.06   0.951    -.0228087      .02142
          treated_post |   .0897261   .0113201     7.93   0.000     .0675377    .1119145
 treated_post_iasenior |   .0209001   .0074658     2.80   0.005     .0062664    .0355338
      treated_post_ia3 |  -.0059108   .0005546   -10.66   0.000    -.0069979   -.0048238
treated_post_iasuorv_d |  -.1428551    .012844   -11.12   0.000    -.1680306   -.1176795
                senior |    3.04184   .4470029     6.80   0.000     2.165672    3.918008
             interact3 |  -.0031127   .0003153    -9.87   0.000    -.0037307   -.0024947
               suorv_d |  -.0681846   .0105582    -6.46   0.000    -.0888797   -.0474895
                   l_0 |  -.1119772   .0568489    -1.97   0.049    -.2234065   -.0005479
                   l_1 |  -.1053938   .0679718    -1.55   0.121    -.2386249    .0278372
                   l_2 |  -.1624223   .0792428    -2.05   0.040    -.3177456   -.0070989
                   l_3 |  -.2061173   .0904869    -2.28   0.023    -.3834801   -.0287545
                   l_4 |   -.242947   .1018077    -2.39   0.017    -.4424996   -.0433945
                   l_5 |  -.2799706   .1130739    -2.48   0.013    -.5016061    -.058335
                   l_6 |  -.3158184   .1244453    -2.54   0.011    -.5597429   -.0718939
                   l_7 |  -.3475558   .1356551    -2.56   0.010    -.6134526   -.0816591
                   l_8 |  -.3776252   .1469225    -2.57   0.010     -.665607   -.0896433
                   l_9 |  -.4091654    .158228    -2.59   0.010    -.7193071   -.0990236
                  l_10 |  -.4406203   .1695481    -2.60   0.009    -.7729504   -.1082901
                   f_1 |  -.0810446   .0454437    -1.78   0.075    -.1701184    .0080292
                   f_2 |  -.0600462   .0342562    -1.75   0.080    -.1271916    .0070992
                   f_3 |  -.0453922   .0229821    -1.98   0.048    -.0904393   -.0003451
                   f_4 |  -.0218242   .0118907    -1.84   0.066    -.0451311    .0014827
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0318232    .003858     8.25   0.000     .0242611    .0393852
          _Ivuosi_1996 |   .0653628   .0042595    15.35   0.000     .0570137    .0737119
          _Ivuosi_1997 |   .0639844   .0043831    14.60   0.000     .0553932    .0725756
          _Ivuosi_1998 |   .0746791   .0044741    16.69   0.000     .0659094    .0834489
          _Ivuosi_1999 |   .0565896   .0039981    14.15   0.000     .0487528    .0644263
          _Ivuosi_2000 |   .0576916    .004336    13.31   0.000     .0491925    .0661906
          _Ivuosi_2001 |   .0698759   .0041946    16.66   0.000     .0616542    .0780977
          _Ivuosi_2002 |   .0464573    .003749    12.39   0.000     .0391088    .0538057
          _Ivuosi_2003 |   .0438585    .003616    12.13   0.000     .0367707    .0509463
          _Ivuosi_2004 |   .0566216   .0035124    16.12   0.000     .0497371    .0635062
          _Ivuosi_2005 |   .0635487   .0034351    18.50   0.000     .0568156    .0702818
          _Ivuosi_2006 |   .0661719   .0035161    18.82   0.000       .05928    .0730639
          _Ivuosi_2007 |    .077925    .003449    22.59   0.000     .0711647    .0846854
          _Ivuosi_2008 |   .0668418   .0032607    20.50   0.000     .0604505    .0732332
          _Ivuosi_2009 |   .0076161     .00364     2.09   0.036     .0004813    .0147509
          _Ivuosi_2010 |    .002045   .0031301     0.65   0.514    -.0040904    .0081804
          _Ivuosi_2011 |   .0079853   .0023443     3.41   0.001     .0033902    .0125803
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .594436   .0177579    33.47   0.000     .5596288    .6292432
             _Iage2_22 |   .8214356   .0288312    28.49   0.000     .7649237    .8779475
             _Iage2_23 |   .9613625    .039836    24.13   0.000     .8832803    1.039445
             _Iage2_24 |   1.090438   .0511724    21.31   0.000     .9901353    1.190741
             _Iage2_25 |   1.217866   .0626159    19.45   0.000     1.095133    1.340599
             _Iage2_26 |   1.338728   .0739509    18.10   0.000     1.193777    1.483679
             _Iage2_27 |   1.437145   .0852977    16.85   0.000     1.269954    1.604337
             _Iage2_28 |   1.528517   .0966693    15.81   0.000     1.339036    1.717998
             _Iage2_29 |   1.613929   .1080878    14.93   0.000     1.402067    1.825791
             _Iage2_30 |   1.687511   .1193491    14.14   0.000     1.453576    1.921447
             _Iage2_31 |   1.760128   .1305595    13.48   0.000     1.504219    2.016037
             _Iage2_32 |   1.823681   .1418195    12.86   0.000     1.545702    2.101661
             _Iage2_33 |   1.884269   .1531527    12.30   0.000     1.584075    2.184462
             _Iage2_34 |   1.943738   .1644752    11.82   0.000     1.621351    2.266125
             _Iage2_35 |   2.006337   .1758291    11.41   0.000     1.661695    2.350978
             _Iage2_36 |   2.062442   .1870987    11.02   0.000     1.695711    2.429173
             _Iage2_37 |   2.117125   .1983685    10.67   0.000     1.728304    2.505946
             _Iage2_38 |   2.173496   .2096288    10.37   0.000     1.762604    2.584388
             _Iage2_39 |   2.229879   .2209466    10.09   0.000     1.796803    2.662955
             _Iage2_40 |   2.284334   .2322597     9.84   0.000     1.829083    2.739584
             _Iage2_41 |  -.7097938   .2036029    -3.49   0.000    -1.108875    -.310713
             _Iage2_42 |  -.6580928   .1922712    -3.42   0.001    -1.034962   -.2812231
             _Iage2_43 |  -.6056519   .1809544    -3.35   0.001    -.9603395   -.2509644
             _Iage2_44 |  -.5554941   .1696595    -3.27   0.001    -.8880428   -.2229455
             _Iage2_45 |  -.5058756   .1584008    -3.19   0.001     -.816356   -.1953953
             _Iage2_46 |   -.455654    .147063    -3.10   0.002    -.7439113   -.1673967
             _Iage2_47 |  -.4115615   .1357529    -3.03   0.002    -.6776499   -.1454732
             _Iage2_48 |  -.3613528   .1244294    -2.90   0.004     -.605246   -.1174595
             _Iage2_49 |  -.3162987   .1131305    -2.80   0.005    -.5380451   -.0945522
             _Iage2_50 |  -.2751071   .1018019    -2.70   0.007    -.4746484   -.0755657
             _Iage2_51 |  -.2295126   .0905076    -2.54   0.011     -.406916   -.0521091
             _Iage2_52 |  -.1908974   .0792259    -2.41   0.016    -.3461877   -.0356072
             _Iage2_53 |  -.1517974   .0679331    -2.23   0.025    -.2849527   -.0186421
             _Iage2_54 |  -.1119985   .0566487    -1.98   0.048    -.2230352   -.0009617
             _Iage2_55 |  -.0749052   .0454027    -1.65   0.099    -.1638987    .0140883
             _Iage2_56 |  -.0438348   .0340937    -1.29   0.199    -.1106618    .0229921
             _Iage2_57 |  -.0238471   .0228866    -1.04   0.297     -.068707    .0210129
             _Iage2_58 |  -.0057552   .0118837    -0.48   0.628    -.0290483    .0175379
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0074678   .0008458     8.83   0.000       .00581    .0091256
                 _cons |     8.3383   .1423054    58.59   0.000     8.059368    8.617231
-----------------------+----------------------------------------------------------------
               sigma_u |  .66238034
               sigma_e |  .35145147
                   rho |  .78032076   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18268) =   93.27
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18268) =  136.19
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18268) =    1.18
            Prob > F =    0.2770

 ( 1)  treated_post_ia3 = 0

       F(  1, 18268) =  113.59
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =   69.13
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   58.72
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18268) =   66.10
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2211                         Obs per group: min =         1
       between = 0.1062                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(89,18268)        =    505.34
corr(u_i, Xb)  = -0.8387                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0096099   .0077955     1.23   0.218      -.00567    .0248897
           treated_ia2 |   .0320901   .0211706     1.52   0.130    -.0094063    .0735865
           treated_ia3 |   .0061978   .0007009     8.84   0.000     .0048241    .0075716
     treated_iasuorv_d |   .0330318   .0215156     1.54   0.125    -.0091407    .0752044
           treated_pre |  -.0094617    .008729    -1.08   0.278    -.0265713     .007648
  treated_pre_iasenior |  -.0088709   .0064495    -1.38   0.169    -.0215124    .0037707
       treated_pre_ia2 |  -.0043086   .0108887    -0.40   0.692    -.0256515    .0170343
       treated_pre_ia3 |  -.0009173   .0004766    -1.92   0.054    -.0018515     .000017
 treated_pre_iasuorv_d |   .0041242   .0114428     0.36   0.719    -.0183048    .0265532
          treated_post |   .0448422   .0109639     4.09   0.000     .0233518    .0663325
 treated_post_iasenior |  -.0073367   .0075428    -0.97   0.331    -.0221213    .0074479
      treated_post_ia2 |   .0712934   .0130999     5.44   0.000     .0456164    .0969705
      treated_post_ia3 |  -.0047933   .0005415    -8.85   0.000    -.0058547    -.003732
treated_post_iasuorv_d |  -.0623503   .0130113    -4.79   0.000    -.0878536    -.036847
                senior |   3.302598   .4490794     7.35   0.000      2.42236    4.182836
             interact2 |   .5167651   .0128426    40.24   0.000     .4915925    .5419378
             interact3 |   .0010259   .0002998     3.42   0.001     .0004382    .0016137
               suorv_d |  -.0652043   .0104958    -6.21   0.000    -.0857771   -.0446315
                   l_0 |   -.156098   .0571079    -2.73   0.006    -.2680349    -.044161
                   l_1 |    -.16404   .0683185    -2.40   0.016    -.2979506   -.0301294
                   l_2 |  -.2330092   .0796464    -2.93   0.003    -.3891236   -.0768948
                   l_3 |  -.2884529   .0909625    -3.17   0.002     -.466748   -.1101578
                   l_4 |  -.3375635   .1023474    -3.30   0.001     -.538174    -.136953
                   l_5 |  -.3866444   .1136805    -3.40   0.001    -.6094688     -.16382
                   l_6 |   -.435038   .1251304    -3.48   0.001    -.6803054   -.1897706
                   l_7 |  -.4783866    .136403    -3.51   0.000    -.7457493   -.2110239
                   l_8 |  -.5205427   .1477278    -3.52   0.000     -.810103   -.2309825
                   l_9 |  -.5638532   .1590903    -3.54   0.000    -.8756852   -.2520212
                  l_10 |  -.6078594    .170474    -3.57   0.000    -.9420045   -.2737143
                   f_1 |  -.1225249   .0456829    -2.68   0.007    -.2120677   -.0329821
                   f_2 |   -.090758   .0344277    -2.64   0.008    -.1582395   -.0232766
                   f_3 |  -.0653056   .0230884    -2.83   0.005    -.1105611   -.0200502
                   f_4 |  -.0311105   .0119307    -2.61   0.009    -.0544958   -.0077252
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0347275    .003858     9.00   0.000     .0271654    .0422896
          _Ivuosi_1996 |   .0667253    .004242    15.73   0.000     .0584106    .0750399
          _Ivuosi_1997 |   .0652175   .0043627    14.95   0.000     .0566662    .0737689
          _Ivuosi_1998 |   .0770343   .0044361    17.37   0.000     .0683391    .0857294
          _Ivuosi_1999 |   .0602041   .0039606    15.20   0.000      .052441    .0679673
          _Ivuosi_2000 |   .0634442   .0042741    14.84   0.000     .0550666    .0718219
          _Ivuosi_2001 |   .0743372   .0041103    18.09   0.000     .0662806    .0823938
          _Ivuosi_2002 |   .0504261    .003641    13.85   0.000     .0432894    .0575627
          _Ivuosi_2003 |   .0478408   .0034821    13.74   0.000     .0410156    .0546661
          _Ivuosi_2004 |   .0609695   .0033573    18.16   0.000     .0543889    .0675501
          _Ivuosi_2005 |   .0677339   .0032636    20.75   0.000      .061337    .0741308
          _Ivuosi_2006 |   .0704878   .0033222    21.22   0.000      .063976    .0769997
          _Ivuosi_2007 |   .0821508   .0032538    25.25   0.000      .075773    .0885286
          _Ivuosi_2008 |   .0704287    .003061    23.01   0.000     .0644288    .0764287
          _Ivuosi_2009 |   .0108082   .0034986     3.09   0.002     .0039507    .0176657
          _Ivuosi_2010 |   .0043672   .0030193     1.45   0.148    -.0015509    .0102853
          _Ivuosi_2011 |   .0099616   .0022972     4.34   0.000     .0054589    .0144642
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6006976   .0177895    33.77   0.000     .5658285    .6355667
             _Iage2_22 |   .8352276   .0288775    28.92   0.000      .778625    .8918301
             _Iage2_23 |    .981191   .0399048    24.59   0.000     .9029738    1.059408
             _Iage2_24 |   1.107718    .051234    21.62   0.000     1.007295    1.208141
             _Iage2_25 |   1.228676   .0627077    19.59   0.000     1.105763    1.351589
             _Iage2_26 |   1.344046   .0740705    18.15   0.000     1.198861    1.489231
             _Iage2_27 |   1.441351   .0854501    16.87   0.000     1.273861    1.608842
             _Iage2_28 |    1.53429    .096856    15.84   0.000     1.344444    1.724137
             _Iage2_29 |   1.623074   .1083312    14.98   0.000     1.410735    1.835413
             _Iage2_30 |   1.701954   .1196575    14.22   0.000     1.467414    1.936494
             _Iage2_31 |   1.780216   .1309264    13.60   0.000     1.523588    2.036844
             _Iage2_32 |   1.850274   .1422422    13.01   0.000     1.571466    2.129082
             _Iage2_33 |   1.917595   .1536331    12.48   0.000     1.616459     2.21873
             _Iage2_34 |    1.98416    .165018    12.02   0.000     1.660709    2.307611
             _Iage2_35 |   2.053815   .1764237    11.64   0.000     1.708008    2.399622
             _Iage2_36 |   2.117404   .1877588    11.28   0.000     1.749379    2.485429
             _Iage2_37 |   2.179523   .1990855    10.95   0.000     1.789296    2.569749
             _Iage2_38 |   2.243388   .2104159    10.66   0.000     1.830953    2.655823
             _Iage2_39 |   2.307333   .2217927    10.40   0.000     1.872598    2.742067
             _Iage2_40 |   2.369669   .2331576    10.16   0.000     1.912659     2.82668
             _Iage2_41 |  -.8746207      .2047    -4.27   0.000    -1.275852   -.4733895
             _Iage2_42 |  -.8149304   .1933095    -4.22   0.000    -1.193835   -.4360257
             _Iage2_43 |  -.7543654    .181931    -4.15   0.000    -1.110967   -.3977635
             _Iage2_44 |  -.6958302   .1705703    -4.08   0.000    -1.030164   -.3614964
             _Iage2_45 |  -.6378796   .1592455    -4.01   0.000    -.9500157   -.3257436
             _Iage2_46 |  -.5790432   .1478446    -3.92   0.000    -.8688325   -.2892538
             _Iage2_47 |  -.5262949   .1364768    -3.86   0.000    -.7938022   -.2587876
             _Iage2_48 |  -.4672684   .1251031    -3.74   0.000    -.7124822   -.2220545
             _Iage2_49 |  -.4132469   .1137396    -3.63   0.000    -.6361872   -.1903065
             _Iage2_50 |  -.3629594   .1023497    -3.55   0.000    -.5635745   -.1623443
             _Iage2_51 |  -.3080414    .090994    -3.39   0.001    -.4863981   -.1296846
             _Iage2_52 |  -.2599398   .0796528    -3.26   0.001    -.4160668   -.1038128
             _Iage2_53 |  -.2112137   .0683033    -3.09   0.002    -.3450946   -.0773329
             _Iage2_54 |  -.1617343   .0569442    -2.84   0.005    -.2733502   -.0501184
             _Iage2_55 |  -.1149108    .045649    -2.52   0.012    -.2043871   -.0254345
             _Iage2_56 |   -.074026   .0342747    -2.16   0.031    -.1412076   -.0068445
             _Iage2_57 |  -.0440842   .0230123    -1.92   0.055    -.0891905     .001022
             _Iage2_58 |  -.0159718   .0119359    -1.34   0.181    -.0393672    .0074236
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0069126   .0008522     8.11   0.000     .0052421     .008583
                 _cons |   8.231259   .1428541    57.62   0.000     7.951251    8.511266
-----------------------+----------------------------------------------------------------
               sigma_u |  .74139752
               sigma_e |  .34777924
                   rho |   .8196441   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18268) =   58.22
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18268) =   78.61
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18268) =    1.87
            Prob > F =    0.1540

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18268) =   59.19
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =    8.04
            Prob > F =    0.0046

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   55.67
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   14.27
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18268) =   41.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18268) =    6.51
            Prob > F =    0.0107

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   38.87
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    757,652     .093737    .2914626          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    638,552    .0555194    .2289914          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    624,459    10.05412    6.261546          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    342,369    23.60705    8.564195          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    553,849    10.51802    6.259511          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    309,377    24.00811    8.516143          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     70,610    6.415394    4.947608          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     32,992    19.84621    8.086506          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.09 + _b[treated_post_ia3] *  10.05
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.06 + _b[treated_post_ia3] *  23.61

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0030854   .0081739     0.38   0.706    -.0129352     .019106
       _nl_2 |  -.0713878   .0089943    -7.94   0.000    -.0890164   -.0537592
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.52
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.01
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.42
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.85

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0055838   .0082269    -0.68   0.497    -.0217083    .0105406
       _nl_2 |  -.0775827   .0091172    -8.51   0.000    -.0954522   -.0597133
       _nl_3 |   .0853623   .0145357     5.87   0.000     .0568728    .1138518
       _nl_4 |    .013651   .0146475     0.93   0.351    -.0150575    .0423595
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.42
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.85
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.52
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.01

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0448422   .0109639     4.09   0.000     .0233532    .0663311
       _nl_2 |   .0375055   .0132268     2.84   0.005     .0115815    .0634295
       _nl_3 |   .1161356   .0155651     7.46   0.000     .0856286    .1466426
       _nl_4 |   .1087989   .0169559     6.42   0.000      .075566    .1420319
       _nl_5 |   .0853623   .0145357     5.87   0.000     .0568728    .1138518
       _nl_6 |    .013651   .0146475     0.93   0.351    -.0150575    .0423595
       _nl_7 |  -.0055838   .0082269    -0.68   0.497    -.0217083    .0105406
       _nl_8 |  -.0775827   .0091172    -8.51   0.000    -.0954522   -.0597133
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_bluec_noIQ_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2211                         Obs per group: min =         1
       between = 0.1062                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(86,18268)        =    522.74
corr(u_i, Xb)  = -0.8387                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0332164    .021152     1.57   0.116    -.0082434    .0746763
           treated_ia3 |   .0064669   .0006687     9.67   0.000     .0051561    .0077776
     treated_iasuorv_d |   .0384622   .0200863     1.91   0.056    -.0009088    .0778332
           treated_pre |  -.0077028   .0086628    -0.89   0.374    -.0246827    .0092772
       treated_pre_ia2 |  -.0055545   .0109193    -0.51   0.611    -.0269573    .0158483
       treated_pre_ia3 |  -.0012077   .0004218    -2.86   0.004    -.0020345   -.0003809
 treated_pre_iasuorv_d |   -.002716   .0091488    -0.30   0.767    -.0206486    .0152165
          treated_post |   .0464382   .0110188     4.21   0.000     .0248404    .0680361
      treated_post_ia2 |   .0702856   .0130929     5.37   0.000     .0446222    .0959489
      treated_post_ia3 |  -.0050204    .000509    -9.86   0.000    -.0060181   -.0040226
treated_post_iasuorv_d |  -.0677533   .0112026    -6.05   0.000    -.0897114   -.0457951
             interact2 |   .5167112   .0128451    40.23   0.000     .4915335    .5418888
             interact3 |   .0010064   .0002997     3.36   0.001      .000419    .0015938
               suorv_d |  -.0651619   .0105002    -6.21   0.000    -.0857432   -.0445805
                   l_0 |  -.1562486   .0571122    -2.74   0.006    -.2681939   -.0443032
                   l_1 |  -.1641789   .0683241    -2.40   0.016    -.2981006   -.0302572
                   l_2 |  -.2331381    .079653    -2.93   0.003    -.3892655   -.0770108
                   l_3 |  -.2885714     .09097    -3.17   0.002    -.4668812   -.1102616
                   l_4 |  -.3376698   .1023563    -3.30   0.001    -.5382978   -.1370418
                   l_5 |   -.386739   .1136911    -3.40   0.001    -.6095842   -.1638939
                   l_6 |  -.4351207   .1251432    -3.48   0.001    -.6804131   -.1898283
                   l_7 |   -.478457   .1364171    -3.51   0.000    -.7458474   -.2110666
                   l_8 |  -.5206032   .1477436    -3.52   0.000    -.8101946   -.2310119
                   l_9 |  -.5639025   .1591079    -3.54   0.000    -.8757689   -.2520362
                  l_10 |   -.607898   .1704936    -3.57   0.000    -.9420814   -.2737146
                   f_1 |  -.1225538   .0456872    -2.68   0.007    -.2121051   -.0330025
                   f_2 |  -.0907952   .0344301    -2.64   0.008    -.1582814    -.023309
                   f_3 |  -.0653502   .0230886    -2.83   0.005    -.1106061   -.0200943
                   f_4 |  -.0311592   .0119298    -2.61   0.009    -.0545427   -.0077757
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0347281   .0038556     9.01   0.000     .0271707    .0422856
          _Ivuosi_1996 |   .0667246    .004242    15.73   0.000     .0584098    .0750394
          _Ivuosi_1997 |   .0652363   .0043603    14.96   0.000     .0566896    .0737829
          _Ivuosi_1998 |   .0770443   .0044321    17.38   0.000     .0683568    .0857317
          _Ivuosi_1999 |   .0602074   .0039586    15.21   0.000     .0524481    .0679667
          _Ivuosi_2000 |    .063457   .0042714    14.86   0.000     .0550847    .0718293
          _Ivuosi_2001 |   .0743318   .0041076    18.10   0.000     .0662806     .082383
          _Ivuosi_2002 |   .0504304   .0036391    13.86   0.000     .0432974    .0575634
          _Ivuosi_2003 |   .0478385   .0034805    13.74   0.000     .0410164    .0546606
          _Ivuosi_2004 |   .0609721    .003357    18.16   0.000     .0543922    .0675521
          _Ivuosi_2005 |   .0677391   .0032629    20.76   0.000     .0613436    .0741347
          _Ivuosi_2006 |   .0704889   .0033222    21.22   0.000     .0639771    .0770007
          _Ivuosi_2007 |   .0821516   .0032532    25.25   0.000     .0757751    .0885281
          _Ivuosi_2008 |     .07043   .0030607    23.01   0.000     .0644308    .0764293
          _Ivuosi_2009 |   .0108089   .0034986     3.09   0.002     .0039514    .0176664
          _Ivuosi_2010 |    .004368   .0030192     1.45   0.148    -.0015499    .0102859
          _Ivuosi_2011 |   .0099625   .0022972     4.34   0.000     .0054598    .0144652
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6007032   .0177912    33.76   0.000     .5658308    .6355757
             _Iage2_22 |   .8352322    .028881    28.92   0.000     .7786228    .8918416
             _Iage2_23 |   .9811943    .039909    24.59   0.000     .9029689     1.05942
             _Iage2_24 |   1.107716   .0512393    21.62   0.000     1.007283     1.20815
             _Iage2_25 |   1.228674   .0627141    19.59   0.000     1.105749      1.3516
             _Iage2_26 |   1.344036   .0740778    18.14   0.000     1.198837    1.489236
             _Iage2_27 |   1.441338   .0854585    16.87   0.000     1.273831    1.608845
             _Iage2_28 |   1.534264   .0968648    15.84   0.000       1.3444    1.724128
             _Iage2_29 |    1.62304    .108341    14.98   0.000     1.410681    1.835398
             _Iage2_30 |   1.701913   .1196683    14.22   0.000     1.467351    1.936474
             _Iage2_31 |   1.780166   .1309382    13.60   0.000     1.523515    2.036818
             _Iage2_32 |   1.850217   .1422547    13.01   0.000     1.571384    2.129049
             _Iage2_33 |    1.91753   .1536464    12.48   0.000     1.616369    2.218692
             _Iage2_34 |   1.984088   .1650322    12.02   0.000      1.66061    2.307567
             _Iage2_35 |   2.053737   .1764384    11.64   0.000     1.707901    2.399572
             _Iage2_36 |   2.117318   .1877742    11.28   0.000     1.749262    2.485373
             _Iage2_37 |   2.179436   .1991022    10.95   0.000     1.789177    2.569695
             _Iage2_38 |   2.243295   .2104338    10.66   0.000     1.830825    2.655765
             _Iage2_39 |   2.307244   .2218125    10.40   0.000     1.872471    2.742017
             _Iage2_40 |   2.369579   .2331793    10.16   0.000     1.912526    2.826633
             _Iage2_41 |    2.42901   .2445385     9.93   0.000     1.949691    2.908328
             _Iage2_42 |   2.488688   .2559236     9.72   0.000     1.987054    2.990323
             _Iage2_43 |    2.54924   .2673007     9.54   0.000     2.025306    3.073174
             _Iage2_44 |   2.607762   .2786591     9.36   0.000     2.061564     3.15396
             _Iage2_45 |   2.665702   .2899862     9.19   0.000     2.097301    3.234102
             _Iage2_46 |   2.724516   .3013873     9.04   0.000     2.133768    3.315263
             _Iage2_47 |   2.777251   .3127612     8.88   0.000      2.16421    3.390293
             _Iage2_48 |    2.83626   .3241428     8.75   0.000     2.200909     3.47161
             _Iage2_49 |   2.890265   .3355075     8.61   0.000     2.232639    3.547891
             _Iage2_50 |   2.940526   .3469034     8.48   0.000     2.260562    3.620489
             _Iage2_51 |    2.99542   .3582664     8.36   0.000     2.293184    3.697655
             _Iage2_52 |   3.043493   .3696278     8.23   0.000     2.318988    3.767998
             _Iage2_53 |   3.092198   .3809956     8.12   0.000     2.345411    3.838985
             _Iage2_54 |   3.141656   .3923768     8.01   0.000     2.372561    3.910752
             _Iage2_55 |   3.188413   .4037174     7.90   0.000     2.397089    3.979737
             _Iage2_56 |   3.229284   .4151428     7.78   0.000     2.415565    4.043003
             _Iage2_57 |    3.25922   .4264534     7.64   0.000     2.423331    4.095109
             _Iage2_58 |   3.287328   .4377726     7.51   0.000     2.429253    4.145403
             _Iage2_59 |     3.3033    .449123     7.36   0.000     2.422977    4.183623
         firm_size_new |   .0069104   .0008521     8.11   0.000     .0052402    .0085807
                 _cons |   8.230687   .1429019    57.60   0.000     7.950586    8.510788
-----------------------+----------------------------------------------------------------
               sigma_u |  .74131632
               sigma_e |  .34777928
                   rho |  .81961168   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   56.40
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   15.11
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   53.12
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18268) =    1.19
            Prob > F =    0.2746

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18268) =    1.14
            Prob > F =    0.2852

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18268) =    1.47
            Prob > F =    0.2260
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2211                         Obs per group: min =         1
       between = 0.1062                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(89,18268)        =    505.34
corr(u_i, Xb)  = -0.8387                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0096099   .0077955     1.23   0.218      -.00567    .0248897
           treated_ia2 |   .0320901   .0211706     1.52   0.130    -.0094063    .0735865
           treated_ia3 |   .0061978   .0007009     8.84   0.000     .0048241    .0075716
     treated_iasuorv_d |   .0330318   .0215156     1.54   0.125    -.0091407    .0752044
           treated_pre |  -.0094617    .008729    -1.08   0.278    -.0265713     .007648
  treated_pre_iasenior |  -.0088709   .0064495    -1.38   0.169    -.0215124    .0037707
       treated_pre_ia2 |  -.0043086   .0108887    -0.40   0.692    -.0256515    .0170343
       treated_pre_ia3 |  -.0009173   .0004766    -1.92   0.054    -.0018515     .000017
 treated_pre_iasuorv_d |   .0041242   .0114428     0.36   0.719    -.0183048    .0265532
          treated_post |   .0448422   .0109639     4.09   0.000     .0233518    .0663325
 treated_post_iasenior |  -.0073367   .0075428    -0.97   0.331    -.0221213    .0074479
      treated_post_ia2 |   .0712934   .0130999     5.44   0.000     .0456164    .0969705
      treated_post_ia3 |  -.0047933   .0005415    -8.85   0.000    -.0058547    -.003732
treated_post_iasuorv_d |  -.0623503   .0130113    -4.79   0.000    -.0878536    -.036847
                senior |   3.302598   .4490794     7.35   0.000      2.42236    4.182836
             interact2 |   .5167651   .0128426    40.24   0.000     .4915925    .5419378
             interact3 |   .0010259   .0002998     3.42   0.001     .0004382    .0016137
               suorv_d |  -.0652043   .0104958    -6.21   0.000    -.0857771   -.0446315
                   l_0 |   -.156098   .0571079    -2.73   0.006    -.2680349    -.044161
                   l_1 |    -.16404   .0683185    -2.40   0.016    -.2979506   -.0301294
                   l_2 |  -.2330092   .0796464    -2.93   0.003    -.3891236   -.0768948
                   l_3 |  -.2884529   .0909625    -3.17   0.002     -.466748   -.1101578
                   l_4 |  -.3375635   .1023474    -3.30   0.001     -.538174    -.136953
                   l_5 |  -.3866444   .1136805    -3.40   0.001    -.6094688     -.16382
                   l_6 |   -.435038   .1251304    -3.48   0.001    -.6803054   -.1897706
                   l_7 |  -.4783866    .136403    -3.51   0.000    -.7457493   -.2110239
                   l_8 |  -.5205427   .1477278    -3.52   0.000     -.810103   -.2309825
                   l_9 |  -.5638532   .1590903    -3.54   0.000    -.8756852   -.2520212
                  l_10 |  -.6078594    .170474    -3.57   0.000    -.9420045   -.2737143
                   f_1 |  -.1225249   .0456829    -2.68   0.007    -.2120677   -.0329821
                   f_2 |   -.090758   .0344277    -2.64   0.008    -.1582395   -.0232766
                   f_3 |  -.0653056   .0230884    -2.83   0.005    -.1105611   -.0200502
                   f_4 |  -.0311105   .0119307    -2.61   0.009    -.0544958   -.0077252
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0347275    .003858     9.00   0.000     .0271654    .0422896
          _Ivuosi_1996 |   .0667253    .004242    15.73   0.000     .0584106    .0750399
          _Ivuosi_1997 |   .0652175   .0043627    14.95   0.000     .0566662    .0737689
          _Ivuosi_1998 |   .0770343   .0044361    17.37   0.000     .0683391    .0857294
          _Ivuosi_1999 |   .0602041   .0039606    15.20   0.000      .052441    .0679673
          _Ivuosi_2000 |   .0634442   .0042741    14.84   0.000     .0550666    .0718219
          _Ivuosi_2001 |   .0743372   .0041103    18.09   0.000     .0662806    .0823938
          _Ivuosi_2002 |   .0504261    .003641    13.85   0.000     .0432894    .0575627
          _Ivuosi_2003 |   .0478408   .0034821    13.74   0.000     .0410156    .0546661
          _Ivuosi_2004 |   .0609695   .0033573    18.16   0.000     .0543889    .0675501
          _Ivuosi_2005 |   .0677339   .0032636    20.75   0.000      .061337    .0741308
          _Ivuosi_2006 |   .0704878   .0033222    21.22   0.000      .063976    .0769997
          _Ivuosi_2007 |   .0821508   .0032538    25.25   0.000      .075773    .0885286
          _Ivuosi_2008 |   .0704287    .003061    23.01   0.000     .0644288    .0764287
          _Ivuosi_2009 |   .0108082   .0034986     3.09   0.002     .0039507    .0176657
          _Ivuosi_2010 |   .0043672   .0030193     1.45   0.148    -.0015509    .0102853
          _Ivuosi_2011 |   .0099616   .0022972     4.34   0.000     .0054589    .0144642
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6006976   .0177895    33.77   0.000     .5658285    .6355667
             _Iage2_22 |   .8352276   .0288775    28.92   0.000      .778625    .8918301
             _Iage2_23 |    .981191   .0399048    24.59   0.000     .9029738    1.059408
             _Iage2_24 |   1.107718    .051234    21.62   0.000     1.007295    1.208141
             _Iage2_25 |   1.228676   .0627077    19.59   0.000     1.105763    1.351589
             _Iage2_26 |   1.344046   .0740705    18.15   0.000     1.198861    1.489231
             _Iage2_27 |   1.441351   .0854501    16.87   0.000     1.273861    1.608842
             _Iage2_28 |    1.53429    .096856    15.84   0.000     1.344444    1.724137
             _Iage2_29 |   1.623074   .1083312    14.98   0.000     1.410735    1.835413
             _Iage2_30 |   1.701954   .1196575    14.22   0.000     1.467414    1.936494
             _Iage2_31 |   1.780216   .1309264    13.60   0.000     1.523588    2.036844
             _Iage2_32 |   1.850274   .1422422    13.01   0.000     1.571466    2.129082
             _Iage2_33 |   1.917595   .1536331    12.48   0.000     1.616459     2.21873
             _Iage2_34 |    1.98416    .165018    12.02   0.000     1.660709    2.307611
             _Iage2_35 |   2.053815   .1764237    11.64   0.000     1.708008    2.399622
             _Iage2_36 |   2.117404   .1877588    11.28   0.000     1.749379    2.485429
             _Iage2_37 |   2.179523   .1990855    10.95   0.000     1.789296    2.569749
             _Iage2_38 |   2.243388   .2104159    10.66   0.000     1.830953    2.655823
             _Iage2_39 |   2.307333   .2217927    10.40   0.000     1.872598    2.742067
             _Iage2_40 |   2.369669   .2331576    10.16   0.000     1.912659     2.82668
             _Iage2_41 |  -.8746207      .2047    -4.27   0.000    -1.275852   -.4733895
             _Iage2_42 |  -.8149304   .1933095    -4.22   0.000    -1.193835   -.4360257
             _Iage2_43 |  -.7543654    .181931    -4.15   0.000    -1.110967   -.3977635
             _Iage2_44 |  -.6958302   .1705703    -4.08   0.000    -1.030164   -.3614964
             _Iage2_45 |  -.6378796   .1592455    -4.01   0.000    -.9500157   -.3257436
             _Iage2_46 |  -.5790432   .1478446    -3.92   0.000    -.8688325   -.2892538
             _Iage2_47 |  -.5262949   .1364768    -3.86   0.000    -.7938022   -.2587876
             _Iage2_48 |  -.4672684   .1251031    -3.74   0.000    -.7124822   -.2220545
             _Iage2_49 |  -.4132469   .1137396    -3.63   0.000    -.6361872   -.1903065
             _Iage2_50 |  -.3629594   .1023497    -3.55   0.000    -.5635745   -.1623443
             _Iage2_51 |  -.3080414    .090994    -3.39   0.001    -.4863981   -.1296846
             _Iage2_52 |  -.2599398   .0796528    -3.26   0.001    -.4160668   -.1038128
             _Iage2_53 |  -.2112137   .0683033    -3.09   0.002    -.3450946   -.0773329
             _Iage2_54 |  -.1617343   .0569442    -2.84   0.005    -.2733502   -.0501184
             _Iage2_55 |  -.1149108    .045649    -2.52   0.012    -.2043871   -.0254345
             _Iage2_56 |   -.074026   .0342747    -2.16   0.031    -.1412076   -.0068445
             _Iage2_57 |  -.0440842   .0230123    -1.92   0.055    -.0891905     .001022
             _Iage2_58 |  -.0159718   .0119359    -1.34   0.181    -.0393672    .0074236
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0069126   .0008522     8.11   0.000     .0052421     .008583
                 _cons |   8.231259   .1428541    57.62   0.000     7.951251    8.511266
-----------------------+----------------------------------------------------------------
               sigma_u |  .74139752
               sigma_e |  .34777924
                   rho |   .8196441   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18268) =   58.22
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18268) =   78.61
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18268) =    1.87
            Prob > F =    0.1540

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18268) =   59.19
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =    8.04
            Prob > F =    0.0046

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   55.67
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   14.27
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18268) =   41.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18268) =    6.51
            Prob > F =    0.0107

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   38.87
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395940
Group variable: shnro_real                      Number of groups   =    132763

R-sq:  within  = 0.2026                         Obs per group: min =         1
       between = 0.1124                                        avg =      10.5
       overall = 0.0881                                        max =        16

                                                F(74,18263)        =    489.56
corr(u_i, Xb)  = -0.7556                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,264 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0174481   .0051701    -3.37   0.001    -.0275819   -.0073143
 treated_post |   .0009259   .0072337     0.13   0.898    -.0132529    .0151046
          l_0 |  -.0843825   .0566408    -1.49   0.136    -.1954039    .0266388
          l_1 |  -.0726104   .0677514    -1.07   0.284    -.2054095    .0601887
          l_2 |  -.1242997   .0789905    -1.57   0.116    -.2791286    .0305292
          l_3 |  -.1625898   .0902033    -1.80   0.071    -.3393967     .014217
          l_4 |  -.1939103   .1015026    -1.91   0.056     -.392865    .0050444
          l_5 |  -.2253837   .1127462    -2.00   0.046    -.4463767   -.0043907
          l_6 |  -.2555645   .1240918    -2.06   0.039    -.4987961    -.012333
          l_7 |  -.2817193   .1352865    -2.08   0.037    -.5468934   -.0165451
          l_8 |  -.3060964    .146517    -2.09   0.037    -.5932836   -.0189093
          l_9 |  -.3317914   .1577958    -2.10   0.036    -.6410859   -.0224969
         l_10 |  -.3576421   .1691023    -2.11   0.034    -.6890985   -.0261858
          f_1 |  -.0586249   .0453245    -1.29   0.196    -.1474651    .0302153
          f_2 |  -.0433372   .0341496    -1.27   0.204    -.1102737    .0235992
          f_3 |  -.0341872    .022905    -1.49   0.136    -.0790831    .0107087
          f_4 |  -.0164014   .0118321    -1.39   0.166    -.0395934    .0067907
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0315314   .0038627     8.16   0.000       .02396    .0391027
 _Ivuosi_1996 |    .065206    .004279    15.24   0.000     .0568188    .0735933
 _Ivuosi_1997 |    .063925    .004413    14.49   0.000      .055275    .0725749
 _Ivuosi_1998 |   .0743768   .0045028    16.52   0.000     .0655509    .0832026
 _Ivuosi_1999 |   .0561645   .0040743    13.78   0.000     .0481784    .0641506
 _Ivuosi_2000 |   .0575118   .0044165    13.02   0.000     .0488551    .0661685
 _Ivuosi_2001 |   .0700679   .0042565    16.46   0.000     .0617248     .078411
 _Ivuosi_2002 |   .0468197    .003793    12.34   0.000     .0393851    .0542543
 _Ivuosi_2003 |   .0440908   .0036503    12.08   0.000     .0369358    .0512458
 _Ivuosi_2004 |   .0570147   .0035373    16.12   0.000     .0500813     .063948
 _Ivuosi_2005 |   .0637574   .0034611    18.42   0.000     .0569732    .0705415
 _Ivuosi_2006 |    .066586   .0035232    18.90   0.000     .0596801    .0734918
 _Ivuosi_2007 |   .0781971   .0034585    22.61   0.000     .0714182     .084976
 _Ivuosi_2008 |   .0669855    .003257    20.57   0.000     .0606015    .0733694
 _Ivuosi_2009 |   .0079568   .0036565     2.18   0.030     .0007897    .0151239
 _Ivuosi_2010 |   .0023916   .0031379     0.76   0.446    -.0037589    .0085421
 _Ivuosi_2011 |   .0082902   .0023449     3.54   0.000     .0036939    .0128865
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5915191   .0177481    33.33   0.000     .5567311    .6263071
    _Iage2_22 |   .8154505   .0288243    28.29   0.000     .7589522    .8719489
    _Iage2_23 |   .9515273   .0397995    23.91   0.000     .8735165    1.029538
    _Iage2_24 |   1.076101   .0510958    21.06   0.000     .9759483    1.176253
    _Iage2_25 |   1.199029   .0625148    19.18   0.000     1.076494    1.321564
    _Iage2_26 |   1.314954   .0738348    17.81   0.000     1.170231    1.459677
    _Iage2_27 |    1.40781   .0851536    16.53   0.000     1.240901    1.574719
    _Iage2_28 |    1.49327    .096493    15.48   0.000     1.304135    1.682405
    _Iage2_29 |   1.572505   .1078778    14.58   0.000     1.361055    1.783956
    _Iage2_30 |   1.639653    .119113    13.77   0.000     1.406181    1.873126
    _Iage2_31 |   1.705516   .1302911    13.09   0.000     1.450134    1.960899
    _Iage2_32 |   1.762267   .1415221    12.45   0.000      1.48487    2.039663
    _Iage2_33 |    1.81597   .1528285    11.88   0.000     1.516412    2.115529
    _Iage2_34 |   1.868307   .1641065    11.38   0.000     1.546643    2.189971
    _Iage2_35 |    1.92365   .1754253    10.97   0.000       1.5798      2.2675
    _Iage2_36 |   1.972464   .1866597    10.57   0.000     1.606593    2.338334
    _Iage2_37 |   2.019625   .1978904    10.21   0.000     1.631742    2.407509
    _Iage2_38 |   2.068253   .2091063     9.89   0.000     1.658385    2.478121
    _Iage2_39 |   2.116918   .2203999     9.60   0.000     1.684913    2.548922
    _Iage2_40 |   2.163388   .2316813     9.34   0.000     1.709271    2.617505
    _Iage2_41 |    2.20698   .2429301     9.08   0.000     1.730814    2.683146
    _Iage2_42 |   2.250667   .2542157     8.85   0.000      1.75238    2.748953
    _Iage2_43 |   2.294886   .2654946     8.64   0.000     1.774492     2.81528
    _Iage2_44 |    2.33698   .2767491     8.44   0.000     1.794526    2.879434
    _Iage2_45 |   2.378248   .2879734     8.26   0.000     1.813793    2.942703
    _Iage2_46 |   2.420248   .2992779     8.09   0.000     1.833635    3.006861
    _Iage2_47 |   2.456114   .3105538     7.91   0.000       1.8474    3.064829
    _Iage2_48 |   2.498073   .3218473     7.76   0.000     1.867222    3.128924
    _Iage2_49 |   2.534858   .3331109     7.61   0.000      1.88193    3.187787
    _Iage2_50 |   2.567954   .3444016     7.46   0.000     1.892895    3.243014
    _Iage2_51 |   2.605649   .3556749     7.33   0.000     1.908493    3.302806
    _Iage2_52 |    2.63632   .3669413     7.18   0.000     1.917081     3.35556
    _Iage2_53 |   2.667423   .3782116     7.05   0.000     1.926093    3.408754
    _Iage2_54 |    2.69927   .3894831     6.93   0.000     1.935847    3.462694
    _Iage2_55 |   2.728456   .4007396     6.81   0.000     1.942969    3.513943
    _Iage2_56 |   2.751768   .4120554     6.68   0.000     1.944101    3.559435
    _Iage2_57 |   2.764069   .4232713     6.53   0.000     1.934417     3.59372
    _Iage2_58 |   2.774403   .4344962     6.39   0.000      1.92275    3.626057
    _Iage2_59 |   2.772315   .4457405     6.22   0.000     1.898622    3.646009
firm_size_new |   .0075292   .0009602     7.84   0.000     .0056472    .0094112
        _cons |   8.393264   .1423993    58.94   0.000     8.114148     8.67238
--------------+----------------------------------------------------------------
      sigma_u |  .61662887
      sigma_e |   .3518217
          rho |  .75441243   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395940
Group variable: shnro_real                      Number of groups   =    132763

R-sq:  within  = 0.2044                         Obs per group: min =         1
       between = 0.1083                                        avg =      10.5
       overall = 0.0831                                        max =        16

                                                F(82,18263)        =    463.68
corr(u_i, Xb)  = -0.7948                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0039762   .0006682     5.95   0.000     .0026665     .005286
     treated_iasuorv_d |   .0674041   .0206376     3.27   0.001     .0269526    .1078556
           treated_pre |  -.0106616   .0085813    -1.24   0.214    -.0274818    .0061586
       treated_pre_ia3 |  -.0006768   .0004275    -1.58   0.113    -.0015147    .0001612
 treated_pre_iasuorv_d |  -.0047965   .0091098    -0.53   0.599    -.0226526    .0130595
          treated_post |   .0900923   .0113718     7.92   0.000     .0678025    .1123821
      treated_post_ia3 |  -.0053267   .0005263   -10.12   0.000    -.0063582   -.0042952
treated_post_iasuorv_d |  -.1300397   .0112504   -11.56   0.000    -.1520915   -.1079878
             interact3 |  -.0031269   .0003143    -9.95   0.000    -.0037428   -.0025109
               suorv_d |  -.0683947    .010564    -6.47   0.000    -.0891011   -.0476883
                   l_0 |  -.1147177   .0568507    -2.02   0.044    -.2261504    -.003285
                   l_1 |  -.1084832   .0679741    -1.60   0.111    -.2417188    .0247524
                   l_2 |   -.165877   .0792452    -2.09   0.036     -.321205   -.0105491
                   l_3 |  -.2099087   .0904886    -2.32   0.020    -.3872749   -.0325425
                   l_4 |  -.2470869   .1018091    -2.43   0.015    -.4466423   -.0475315
                   l_5 |    -.28442   .1130755    -2.52   0.012    -.5060585   -.0627815
                   l_6 |  -.3206037   .1244479    -2.58   0.010    -.5645332   -.0766743
                   l_7 |  -.3526846    .135658    -2.60   0.009     -.618587   -.0867822
                   l_8 |   -.383126   .1469263    -2.61   0.009    -.6711153   -.0951367
                   l_9 |  -.4150566   .1582324    -2.62   0.009    -.7252069   -.1049063
                  l_10 |  -.4468831   .1695539    -2.64   0.008    -.7792246   -.1145416
                   f_1 |  -.0829203   .0454447    -1.82   0.068    -.1719962    .0061556
                   f_2 |  -.0615019    .034256    -1.80   0.073    -.1286468    .0056431
                   f_3 |  -.0463318   .0229809    -2.02   0.044    -.0913765    -.001287
                   f_4 |  -.0224085   .0118889    -1.88   0.059    -.0457119    .0008948
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0318841   .0038582     8.26   0.000     .0243218    .0394465
          _Ivuosi_1996 |   .0653402   .0042641    15.32   0.000     .0569822    .0736983
          _Ivuosi_1997 |   .0639528   .0043865    14.58   0.000     .0553549    .0725508
          _Ivuosi_1998 |   .0746887   .0044752    16.69   0.000     .0659169    .0834605
          _Ivuosi_1999 |   .0565348   .0040022    14.13   0.000     .0486901    .0643796
          _Ivuosi_2000 |   .0575514   .0043451    13.25   0.000     .0490345    .0660683
          _Ivuosi_2001 |   .0697205    .004205    16.58   0.000     .0614784    .0779626
          _Ivuosi_2002 |   .0463513   .0037569    12.34   0.000     .0389874    .0537152
          _Ivuosi_2003 |   .0437684    .003622    12.08   0.000     .0366689    .0508679
          _Ivuosi_2004 |   .0565006   .0035171    16.06   0.000     .0496067    .0633945
          _Ivuosi_2005 |   .0634581   .0034379    18.46   0.000     .0567196    .0701967
          _Ivuosi_2006 |   .0660659    .003521    18.76   0.000     .0591644    .0729674
          _Ivuosi_2007 |    .077799   .0034522    22.54   0.000     .0710323    .0845656
          _Ivuosi_2008 |   .0667394   .0032633    20.45   0.000      .060343    .0731358
          _Ivuosi_2009 |   .0075724   .0036465     2.08   0.038      .000425    .0147198
          _Ivuosi_2010 |   .0020437   .0031326     0.65   0.514    -.0040964    .0081838
          _Ivuosi_2011 |   .0079807   .0023454     3.40   0.001     .0033834     .012578
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5947762   .0177613    33.49   0.000     .5599623    .6295901
             _Iage2_22 |   .8221179   .0288359    28.51   0.000     .7655969    .8786389
             _Iage2_23 |   .9623102   .0398415    24.15   0.000     .8842171    1.040403
             _Iage2_24 |   1.091457   .0511782    21.33   0.000     .9911431    1.191771
             _Iage2_25 |   1.219135   .0626226    19.47   0.000     1.096389    1.341881
             _Iage2_26 |   1.340214   .0739572    18.12   0.000     1.195251    1.485177
             _Iage2_27 |    1.43876   .0853046    16.87   0.000     1.271555    1.605965
             _Iage2_28 |   1.530256   .0966759    15.83   0.000     1.340763     1.71975
             _Iage2_29 |   1.615858   .1080945    14.95   0.000     1.403983    1.827734
             _Iage2_30 |   1.689538   .1193561    14.16   0.000     1.455589    1.923487
             _Iage2_31 |   1.762223   .1305668    13.50   0.000       1.5063    2.018146
             _Iage2_32 |   1.825888   .1418261    12.87   0.000     1.547895     2.10388
             _Iage2_33 |   1.886544   .1531591    12.32   0.000     1.586338    2.186751
             _Iage2_34 |   1.946049   .1644816    11.83   0.000      1.62365    2.268448
             _Iage2_35 |   2.008697   .1758352    11.42   0.000     1.664044    2.353351
             _Iage2_36 |    2.06488   .1871044    11.04   0.000     1.698138    2.431622
             _Iage2_37 |   2.119645   .1983745    10.69   0.000     1.730812    2.508477
             _Iage2_38 |   2.176108    .209635    10.38   0.000     1.765204    2.587012
             _Iage2_39 |   2.232674   .2209542    10.10   0.000     1.799583    2.665765
             _Iage2_40 |   2.287329   .2322682     9.85   0.000     1.832062    2.742597
             _Iage2_41 |   2.339122    .243555     9.60   0.000     1.861731    2.816512
             _Iage2_42 |   2.391197   .2548801     9.38   0.000     1.891608    2.890786
             _Iage2_43 |   2.444116   .2661937     9.18   0.000     1.922352    2.965881
             _Iage2_44 |    2.49477    .277485     8.99   0.000     1.950873    3.038667
             _Iage2_45 |   2.544929   .2887441     8.81   0.000     1.978963    3.110894
             _Iage2_46 |   2.595744   .3000809     8.65   0.000     2.007557    3.183931
             _Iage2_47 |   2.640456   .3113959     8.48   0.000     2.030091    3.250821
             _Iage2_48 |   2.691294   .3227271     8.34   0.000     2.058718    3.323869
             _Iage2_49 |   2.737018   .3340267     8.19   0.000     2.082295    3.391742
             _Iage2_50 |   2.778909   .3453595     8.05   0.000     2.101972    3.455846
             _Iage2_51 |   2.825216   .3566585     7.92   0.000     2.126132      3.5243
             _Iage2_52 |   2.864571   .3679599     7.79   0.000     2.143336    3.585807
             _Iage2_53 |   2.904407   .3792683     7.66   0.000     2.161005    3.647808
             _Iage2_54 |   2.944954   .3905728     7.54   0.000     2.179395    3.710514
             _Iage2_55 |     2.9828   .4018635     7.42   0.000     2.195109     3.77049
             _Iage2_56 |   3.014622   .4132221     7.30   0.000     2.204668    3.824576
             _Iage2_57 |   3.035353   .4244764     7.15   0.000      2.20334    3.867367
             _Iage2_58 |   3.054271   .4357243     7.01   0.000     2.200211    3.908332
             _Iage2_59 |   3.060871   .4470178     6.85   0.000     2.184674    3.937068
         firm_size_new |   .0073702    .000859     8.58   0.000     .0056865    .0090539
                 _cons |   8.336607   .1423528    58.56   0.000     8.057582    8.615632
-----------------------+----------------------------------------------------------------
               sigma_u |  .66545938
               sigma_e |  .35143193
                   rho |  .78192556   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =   59.58
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18263) =    1.89
            Prob > F =    0.1691
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395940
Group variable: shnro_real                      Number of groups   =    132763

R-sq:  within  = 0.2028                         Obs per group: min =         1
       between = 0.1102                                        avg =      10.5
       overall = 0.0859                                        max =        16

                                                F(79,18263)        =    461.44
corr(u_i, Xb)  = -0.7669                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,264 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0135513    .009021     1.50   0.133    -.0041307    .0312334
          treated_pre |  -.0202532   .0065161    -3.11   0.002    -.0330253   -.0074811
 treated_pre_iasenior |   .0062112   .0076076     0.82   0.414    -.0087004    .0211229
         treated_post |   .0090233   .0087888     1.03   0.305    -.0082035    .0262501
treated_post_iasenior |  -.0211175    .009609    -2.20   0.028    -.0399521    -.002283
               senior |          0  (omitted)
         pre_iasenior |  -.0095511    .005624    -1.70   0.089    -.0205747    .0014725
        post_iasenior |  -.0266815   .0071179    -3.75   0.000    -.0406334   -.0127297
                  l_0 |  -.0827799   .0567567    -1.46   0.145    -.1940284    .0284686
                  l_1 |  -.0722405   .0678534    -1.06   0.287    -.2052396    .0607586
                  l_2 |  -.1253446   .0790851    -1.58   0.113    -.2803588    .0296696
                  l_3 |  -.1650348   .0902931    -1.83   0.068    -.3420178    .0119482
                  l_4 |  -.1977875   .1015925    -1.95   0.052    -.3969183    .0013433
                  l_5 |  -.2306948   .1128332    -2.04   0.041    -.4518585   -.0095311
                  l_6 |  -.2623041   .1241774    -2.11   0.035    -.5057034   -.0189048
                  l_7 |  -.2899788   .1353768    -2.14   0.032      -.55533   -.0246276
                  l_8 |  -.3158691   .1466128    -2.15   0.031    -.6032439   -.0284942
                  l_9 |   -.343195   .1578948    -2.17   0.030    -.6526835   -.0337064
                 l_10 |  -.3705474   .1692039    -2.19   0.029     -.702203   -.0388917
                  f_1 |  -.0623198    .045484    -1.37   0.171    -.1514727     .026833
                  f_2 |  -.0452525   .0343396    -1.32   0.188    -.1125613    .0220562
                  f_3 |  -.0342813   .0231433    -1.48   0.139    -.0796443    .0110818
                  f_4 |   -.014627    .012215    -1.20   0.231    -.0385697    .0093156
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0314928   .0038595     8.16   0.000     .0239279    .0390577
         _Ivuosi_1996 |   .0652607   .0042748    15.27   0.000     .0568818    .0736397
         _Ivuosi_1997 |   .0639574   .0044066    14.51   0.000     .0553201    .0725948
         _Ivuosi_1998 |   .0746496   .0045037    16.58   0.000      .065822    .0834772
         _Ivuosi_1999 |   .0564944   .0040577    13.92   0.000     .0485409    .0644478
         _Ivuosi_2000 |   .0575798    .004409    13.06   0.000     .0489377    .0662218
         _Ivuosi_2001 |   .0699886   .0042534    16.45   0.000     .0616515    .0783257
         _Ivuosi_2002 |   .0467409   .0037892    12.34   0.000     .0393137    .0541681
         _Ivuosi_2003 |   .0440691   .0036481    12.08   0.000     .0369186    .0512196
         _Ivuosi_2004 |   .0568119   .0035342    16.07   0.000     .0498846    .0637393
         _Ivuosi_2005 |   .0636847    .003456    18.43   0.000     .0569106    .0704589
         _Ivuosi_2006 |   .0663298   .0035293    18.79   0.000     .0594119    .0732476
         _Ivuosi_2007 |   .0779866   .0034614    22.53   0.000     .0712019    .0847713
         _Ivuosi_2008 |   .0667943    .003264    20.46   0.000     .0603965    .0731921
         _Ivuosi_2009 |    .007815   .0036718     2.13   0.033     .0006179    .0150122
         _Ivuosi_2010 |   .0023664   .0031445     0.75   0.452    -.0037971    .0085299
         _Ivuosi_2011 |   .0082499   .0023474     3.51   0.000     .0036488    .0128509
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5913543   .0177449    33.33   0.000     .5565726     .626136
            _Iage2_22 |   .8150572   .0288169    28.28   0.000     .7585733    .8715411
            _Iage2_23 |   .9510172   .0397919    23.90   0.000     .8730214    1.029013
            _Iage2_24 |   1.075636   .0510909    21.05   0.000     .9754932    1.175779
            _Iage2_25 |    1.19873   .0625098    19.18   0.000     1.076205    1.321255
            _Iage2_26 |   1.314973   .0738303    17.81   0.000     1.170259    1.459687
            _Iage2_27 |   1.408262   .0851498    16.54   0.000      1.24136    1.575164
            _Iage2_28 |    1.49415   .0964917    15.48   0.000     1.305018    1.683283
            _Iage2_29 |   1.573883   .1078782    14.59   0.000     1.362432    1.785334
            _Iage2_30 |   1.641504   .1191151    13.78   0.000     1.408028    1.874981
            _Iage2_31 |   1.707922   .1302967    13.11   0.000     1.452529    1.963316
            _Iage2_32 |   1.765196   .1415294    12.47   0.000     1.487785    2.042607
            _Iage2_33 |   1.819381   .1528382    11.90   0.000     1.519803    2.118958
            _Iage2_34 |   1.872251    .164119    11.41   0.000     1.550563     2.19394
            _Iage2_35 |   1.928119   .1754403    10.99   0.000     1.584239    2.271998
            _Iage2_36 |   1.977451   .1866766    10.59   0.000     1.611547    2.343354
            _Iage2_37 |    2.02531   .1979112    10.23   0.000     1.637385    2.413234
            _Iage2_38 |   2.074853   .2091312     9.92   0.000     1.664936     2.48477
            _Iage2_39 |   2.124613   .2204299     9.64   0.000      1.69255    2.556676
            _Iage2_40 |   2.172457   .2317183     9.38   0.000     1.718268    2.626647
            _Iage2_41 |   2.239171   .2431573     9.21   0.000      1.76256    2.715782
            _Iage2_42 |   2.284732   .2544529     8.98   0.000     1.785981    2.783484
            _Iage2_43 |   2.331151   .2657412     8.77   0.000     1.810273    2.852029
            _Iage2_44 |   2.375575   .2770071     8.58   0.000     1.832615    2.918534
            _Iage2_45 |   2.419361   .2882452     8.39   0.000     1.854374    2.984349
            _Iage2_46 |   2.464026    .299563     8.23   0.000     1.876854    3.051198
            _Iage2_47 |   2.502692   .3108511     8.05   0.000     1.893395    3.111989
            _Iage2_48 |   2.547519   .3221606     7.91   0.000     1.916054    3.178984
            _Iage2_49 |   2.587314   .3334379     7.76   0.000     1.933745    3.240884
            _Iage2_50 |   2.623524   .3447468     7.61   0.000     1.947788     3.29926
            _Iage2_51 |   2.664279   .3560355     7.48   0.000     1.966416    3.362142
            _Iage2_52 |   2.698205   .3673172     7.35   0.000     1.978228    3.418181
            _Iage2_53 |   2.732551   .3786051     7.22   0.000      1.99045    3.474653
            _Iage2_54 |   2.767721   .3898898     7.10   0.000     2.003501    3.531942
            _Iage2_55 |   2.800272   .4011651     6.98   0.000      2.01395    3.586593
            _Iage2_56 |   2.826843   .4125007     6.85   0.000     2.018303    3.635383
            _Iage2_57 |   2.842414   .4237363     6.71   0.000     2.011851    3.672977
            _Iage2_58 |   2.856154   .4349738     6.57   0.000     2.003565    3.708744
            _Iage2_59 |   2.857736   .4462488     6.40   0.000     1.983047    3.732426
        firm_size_new |   .0075053     .00095     7.90   0.000     .0056431    .0093674
                _cons |   8.378579   .1424492    58.82   0.000     8.099365    8.657793
----------------------+----------------------------------------------------------------
              sigma_u |  .62981315
              sigma_e |  .35177599
                  rho |  .76221418   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18263) =    2.27
            Prob > F =    0.1323

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18263) =    5.37
            Prob > F =    0.0205
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395940
Group variable: shnro_real                      Number of groups   =    132763

R-sq:  within  = 0.2209                         Obs per group: min =         1
       between = 0.1062                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(86,18263)        =    523.19
corr(u_i, Xb)  = -0.8388                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0319105   .0211321     1.51   0.131    -.0095104    .0733313
           treated_ia3 |   .0064579   .0006688     9.66   0.000     .0051471    .0077688
     treated_iasuorv_d |   .0384454   .0200864     1.91   0.056    -.0009259    .0778167
           treated_pre |  -.0074403   .0086613    -0.86   0.390    -.0244172    .0095366
       treated_pre_ia2 |  -.0056406   .0109195    -0.52   0.605    -.0270439    .0157627
       treated_pre_ia3 |  -.0012185   .0004217    -2.89   0.004    -.0020451   -.0003919
 treated_pre_iasuorv_d |  -.0029808   .0091457    -0.33   0.744    -.0209072    .0149456
          treated_post |   .0465268   .0110199     4.22   0.000     .0249268    .0681269
      treated_post_ia2 |   .0702936   .0130939     5.37   0.000     .0446283     .095959
      treated_post_ia3 |  -.0050217    .000509    -9.87   0.000    -.0060194    -.004024
treated_post_iasuorv_d |   -.067833    .011204    -6.05   0.000    -.0897938   -.0458722
             interact2 |   .5167372   .0128449    40.23   0.000     .4915599    .5419144
             interact3 |   .0010082   .0002997     3.36   0.001     .0004207    .0015956
               suorv_d |  -.0651559      .0105    -6.21   0.000     -.085737   -.0445749
                   l_0 |  -.1563626   .0571186    -2.74   0.006    -.2683204   -.0444048
                   l_1 |  -.1643289   .0683317    -2.40   0.016    -.2982655   -.0303924
                   l_2 |  -.2333155   .0796617    -2.93   0.003    -.3894599    -.077171
                   l_3 |  -.2887603   .0909799    -3.17   0.002    -.4670895   -.1104311
                   l_4 |  -.3378818   .1023674    -3.30   0.001    -.5385315   -.1372322
                   l_5 |  -.3869559   .1137031    -3.40   0.001    -.6098247   -.1640872
                   l_6 |  -.4353619   .1251565    -3.48   0.001    -.6806805   -.1900434
                   l_7 |  -.4787176   .1364317    -3.51   0.000    -.7461365   -.2112988
                   l_8 |  -.5209161   .1477592    -3.53   0.000     -.810538   -.2312943
                   l_9 |  -.5642569   .1591249    -3.55   0.000    -.8761566   -.2523572
                  l_10 |  -.6083099   .1705118    -3.57   0.000     -.942529   -.2740908
                   f_1 |  -.1226656   .0456923    -2.68   0.007    -.2122268   -.0331045
                   f_2 |  -.0908731   .0344339    -2.64   0.008    -.1583667   -.0233795
                   f_3 |  -.0653435   .0230909    -2.83   0.005    -.1106038   -.0200831
                   f_4 |  -.0312105   .0119312    -2.62   0.009    -.0545967   -.0078243
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0347815   .0038564     9.02   0.000     .0272226    .0423404
          _Ivuosi_1996 |   .0666827   .0042439    15.71   0.000     .0583642    .0750011
          _Ivuosi_1997 |   .0651776   .0043619    14.94   0.000     .0566278    .0737273
          _Ivuosi_1998 |   .0770122   .0044331    17.37   0.000     .0683228    .0857015
          _Ivuosi_1999 |   .0601475   .0039603    15.19   0.000     .0523848    .0679101
          _Ivuosi_2000 |   .0633529   .0042726    14.83   0.000     .0549783    .0717275
          _Ivuosi_2001 |   .0742447   .0041083    18.07   0.000     .0661919    .0822974
          _Ivuosi_2002 |   .0503584   .0036402    13.83   0.000     .0432233    .0574936
          _Ivuosi_2003 |   .0477728   .0034814    13.72   0.000     .0409489    .0545967
          _Ivuosi_2004 |   .0608945   .0033577    18.14   0.000     .0543132    .0674759
          _Ivuosi_2005 |   .0676652   .0032637    20.73   0.000      .061268    .0740624
          _Ivuosi_2006 |   .0704195   .0033228    21.19   0.000     .0639066    .0769325
          _Ivuosi_2007 |   .0820683   .0032533    25.23   0.000     .0756916     .088445
          _Ivuosi_2008 |   .0703662   .0030608    22.99   0.000     .0643667    .0763656
          _Ivuosi_2009 |   .0107835   .0034989     3.08   0.002     .0039253    .0176416
          _Ivuosi_2010 |   .0043548   .0030195     1.44   0.149    -.0015638    .0102734
          _Ivuosi_2011 |   .0099536   .0022972     4.33   0.000     .0054508    .0144564
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6008249   .0177935    33.77   0.000      .565948    .6357018
             _Iage2_22 |    .835427   .0288846    28.92   0.000     .7788104    .8920436
             _Iage2_23 |   .9814142   .0399138    24.59   0.000     .9031794    1.059649
             _Iage2_24 |   1.107852   .0512451    21.62   0.000     1.007406    1.208297
             _Iage2_25 |   1.228906   .0627212    19.59   0.000     1.105966    1.351845
             _Iage2_26 |     1.3443    .074086    18.15   0.000     1.199085    1.489516
             _Iage2_27 |   1.441575   .0854681    16.87   0.000     1.274049      1.6091
             _Iage2_28 |   1.534521   .0968755    15.84   0.000     1.344636    1.724406
             _Iage2_29 |   1.623352   .1083533    14.98   0.000     1.410969    1.835735
             _Iage2_30 |   1.702226   .1196814    14.22   0.000     1.467639    1.936812
             _Iage2_31 |   1.780459   .1309527    13.60   0.000     1.523779    2.037138
             _Iage2_32 |   1.850537     .14227    13.01   0.000     1.571675      2.1294
             _Iage2_33 |   1.917871   .1536629    12.48   0.000     1.616677    2.219065
             _Iage2_34 |   1.984418   .1650499    12.02   0.000     1.660905    2.307931
             _Iage2_35 |   2.054086   .1764576    11.64   0.000     1.708213     2.39996
             _Iage2_36 |   2.117729   .1877947    11.28   0.000     1.749634    2.485824
             _Iage2_37 |   2.179872   .1991237    10.95   0.000     1.789571    2.570173
             _Iage2_38 |   2.243733   .2104565    10.66   0.000     1.831219    2.656248
             _Iage2_39 |   2.307712   .2218364    10.40   0.000     1.872892    2.742532
             _Iage2_40 |   2.370041   .2332044    10.16   0.000     1.912938    2.827143
             _Iage2_41 |   2.429531   .2445648     9.93   0.000     1.950161    2.908901
             _Iage2_42 |   2.489233   .2559512     9.73   0.000     1.987545    2.990921
             _Iage2_43 |   2.549813   .2673295     9.54   0.000     2.025822    3.073804
             _Iage2_44 |   2.608353   .2786891     9.36   0.000     2.062096     3.15461
             _Iage2_45 |   2.666312   .2900175     9.19   0.000      2.09785    3.234773
             _Iage2_46 |   2.725157   .3014197     9.04   0.000     2.134346    3.315968
             _Iage2_47 |   2.777911   .3127949     8.88   0.000     2.164804    3.391018
             _Iage2_48 |   2.836945   .3241776     8.75   0.000     2.201526    3.472364
             _Iage2_49 |   2.890976   .3355436     8.62   0.000      2.23328    3.548673
             _Iage2_50 |   2.941258   .3469407     8.48   0.000     2.261221    3.621294
             _Iage2_51 |   2.996199   .3583049     8.36   0.000     2.293888     3.69851
             _Iage2_52 |   3.044288   .3696676     8.24   0.000     2.319705    3.768871
             _Iage2_53 |   3.093016   .3810366     8.12   0.000     2.346148    3.839883
             _Iage2_54 |   3.142494   .3924189     8.01   0.000     2.373316    3.911672
             _Iage2_55 |   3.189279   .4037608     7.90   0.000      2.39787    3.980688
             _Iage2_56 |   3.230176   .4151874     7.78   0.000      2.41637    4.043983
             _Iage2_57 |   3.260131   .4264991     7.64   0.000     2.424153    4.096109
             _Iage2_58 |   3.288293   .4378196     7.51   0.000     2.430126    4.146461
             _Iage2_59 |   3.304254   .4491711     7.36   0.000     2.423837    4.184672
         firm_size_new |   .0068707   .0008578     8.01   0.000     .0051893    .0085521
                 _cons |   8.230442   .1429291    57.58   0.000     7.950287    8.510596
-----------------------+----------------------------------------------------------------
               sigma_u |  .74149779
               sigma_e |  .34776751
                   rho |  .81969405   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18263) =   56.48
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =   15.17
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18263) =   53.21
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18263) =    1.16
            Prob > F =    0.2810

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18263) =    1.08
            Prob > F =    0.2989

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18263) =    1.43
            Prob > F =    0.2313
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395940
Group variable: shnro_real                      Number of groups   =    132763

R-sq:  within  = 0.2044                         Obs per group: min =         1
       between = 0.1088                                        avg =      10.5
       overall = 0.0836                                        max =        16

                                                F(85,18263)        =    447.51
corr(u_i, Xb)  = -0.7931                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0069474   .0078027    -0.89   0.373    -.0222414    .0083467
           treated_ia3 |   .0043408   .0007036     6.17   0.000     .0029617    .0057199
     treated_iasuorv_d |   .0745694   .0220102     3.39   0.001     .0314272    .1177115
           treated_pre |  -.0123637   .0086254    -1.43   0.152    -.0292703    .0045429
  treated_pre_iasenior |   -.002664   .0064049    -0.42   0.677    -.0152181    .0098901
       treated_pre_ia3 |  -.0005357    .000478    -1.12   0.262    -.0014727    .0004012
 treated_pre_iasuorv_d |  -.0009958   .0112803    -0.09   0.930    -.0231062    .0211146
          treated_post |   .0895963   .0113203     7.91   0.000     .0674075    .1117851
 treated_post_iasenior |    .020803   .0074668     2.79   0.005     .0061672    .0354387
      treated_post_ia3 |  -.0059105   .0005546   -10.66   0.000    -.0069976   -.0048233
treated_post_iasuorv_d |  -.1426511   .0128502   -11.10   0.000    -.1678387   -.1174636
                senior |    3.04404   .4470572     6.81   0.000     2.167766    3.920314
             interact3 |   -.003101   .0003152    -9.84   0.000    -.0037189   -.0024832
               suorv_d |  -.0682514   .0105579    -6.46   0.000    -.0889458    -.047557
                   l_0 |  -.1122354   .0568564    -1.97   0.048    -.2236793   -.0007915
                   l_1 |  -.1057401   .0679806    -1.56   0.120    -.2389886    .0275083
                   l_2 |  -.1628462    .079253    -2.05   0.040    -.3181896   -.0075028
                   l_3 |  -.2066074   .0904984    -2.28   0.022    -.3839927   -.0292221
                   l_4 |  -.2435141   .1018204    -2.39   0.017    -.4430917   -.0439365
                   l_5 |  -.2805846   .1130879    -2.48   0.013    -.5022476   -.0589217
                   l_6 |  -.3165141   .1244608    -2.54   0.011    -.5604689   -.0725594
                   l_7 |   -.348321   .1356719    -2.57   0.010    -.6142507   -.0823913
                   l_8 |  -.3784919   .1469404    -2.58   0.010    -.6665089    -.090475
                   l_9 |  -.4101383   .1582475    -2.59   0.010    -.7203183   -.0999583
                  l_10 |  -.4417081   .1695689    -2.60   0.009     -.774079   -.1093372
                   f_1 |  -.0813261   .0454494    -1.79   0.074    -.1704113    .0077591
                   f_2 |  -.0602513   .0342605    -1.76   0.079    -.1274052    .0069025
                   f_3 |  -.0454563   .0229849    -1.98   0.048    -.0905089   -.0004038
                   f_4 |  -.0219206   .0118923    -1.84   0.065    -.0452307    .0013895
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0319087   .0038577     8.27   0.000     .0243473    .0394702
          _Ivuosi_1996 |   .0653304   .0042611    15.33   0.000     .0569782    .0736826
          _Ivuosi_1997 |    .063928   .0043845    14.58   0.000     .0553339     .072522
          _Ivuosi_1998 |   .0746417   .0044746    16.68   0.000      .065871    .0834124
          _Ivuosi_1999 |   .0564874   .0040003    14.12   0.000     .0486464    .0643284
          _Ivuosi_2000 |   .0575367   .0043382    13.26   0.000     .0490334      .06604
          _Ivuosi_2001 |   .0697353   .0041962    16.62   0.000     .0615103    .0779602
          _Ivuosi_2002 |   .0463372   .0037509    12.35   0.000     .0389851    .0536893
          _Ivuosi_2003 |   .0437484    .003617    12.10   0.000     .0366586    .0508381
          _Ivuosi_2004 |    .056504   .0035129    16.08   0.000     .0496184    .0633895
          _Ivuosi_2005 |   .0634328   .0034359    18.46   0.000     .0566981    .0701675
          _Ivuosi_2006 |   .0660761   .0035167    18.79   0.000     .0591831    .0729692
          _Ivuosi_2007 |   .0778103   .0034489    22.56   0.000     .0710501    .0845704
          _Ivuosi_2008 |   .0667554   .0032606    20.47   0.000     .0603643    .0731466
          _Ivuosi_2009 |   .0075791   .0036406     2.08   0.037     .0004431    .0147151
          _Ivuosi_2010 |   .0020276   .0031305     0.65   0.517    -.0041086    .0081637
          _Ivuosi_2011 |   .0079741   .0023444     3.40   0.001     .0033788    .0125694
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .594595   .0177605    33.48   0.000     .5597828    .6294072
             _Iage2_22 |   .8217002   .0288353    28.50   0.000     .7651802    .8782201
             _Iage2_23 |   .9616957   .0398413    24.14   0.000      .883603    1.039788
             _Iage2_24 |   1.090686   .0511789    21.31   0.000       .99037    1.191001
             _Iage2_25 |    1.21821   .0626238    19.45   0.000     1.095462    1.340959
             _Iage2_26 |   1.339138   .0739597    18.11   0.000      1.19417    1.484106
             _Iage2_27 |   1.437537    .085308    16.85   0.000     1.270326    1.604749
             _Iage2_28 |    1.52892   .0966809    15.81   0.000     1.339416    1.718424
             _Iage2_29 |   1.614421   .1081011    14.93   0.000     1.402532    1.826309
             _Iage2_30 |   1.688012   .1193635    14.14   0.000     1.454049    1.921976
             _Iage2_31 |   1.760627   .1305754    13.48   0.000     1.504687    2.016568
             _Iage2_32 |   1.824221   .1418365    12.86   0.000     1.546209    2.102234
             _Iage2_33 |   1.884848   .1531711    12.31   0.000     1.584618    2.185078
             _Iage2_34 |    1.94432    .164495    11.82   0.000     1.621895    2.266746
             _Iage2_35 |    2.00697   .1758506    11.41   0.000     1.662286    2.351653
             _Iage2_36 |   2.063178   .1871216    11.03   0.000     1.696402    2.429954
             _Iage2_37 |   2.117933   .1983927    10.68   0.000     1.729065    2.506801
             _Iage2_38 |    2.17434   .2096543    10.37   0.000     1.763398    2.585283
             _Iage2_39 |   2.230786   .2209736    10.10   0.000     1.797657    2.663915
             _Iage2_40 |    2.28527    .232288     9.84   0.000     1.829964    2.740577
             _Iage2_41 |  -.7109462   .2036275    -3.49   0.000    -1.110075   -.3118173
             _Iage2_42 |  -.6591863   .1922944    -3.43   0.001    -1.036101   -.2822713
             _Iage2_43 |  -.6066819   .1809761    -3.35   0.001    -.9614122   -.2519517
             _Iage2_44 |  -.5564688   .1696799    -3.28   0.001    -.8890573   -.2238802
             _Iage2_45 |  -.5067951   .1584198    -3.20   0.001    -.8173128   -.1962774
             _Iage2_46 |  -.4565031   .1470806    -3.10   0.002    -.7447949   -.1682112
             _Iage2_47 |  -.4123538   .1357692    -3.04   0.002    -.6784741   -.1462335
             _Iage2_48 |  -.3620804   .1244443    -2.91   0.004     -.606003   -.1181578
             _Iage2_49 |  -.3169608   .1131441    -2.80   0.005    -.5387339   -.0951878
             _Iage2_50 |   -.275707   .1018141    -2.71   0.007    -.4752721   -.0761419
             _Iage2_51 |  -.2300228   .0905185    -2.54   0.011    -.4074475    -.052598
             _Iage2_52 |    -.19135   .0792354    -2.41   0.016    -.3466587   -.0360412
             _Iage2_53 |  -.1521844   .0679412    -2.24   0.025    -.2853556   -.0190133
             _Iage2_54 |   -.112323   .0566554    -1.98   0.047     -.223373   -.0012731
             _Iage2_55 |  -.0751605    .045408    -1.66   0.098    -.1641645    .0138435
             _Iage2_56 |  -.0440231   .0340978    -1.29   0.197     -.110858    .0228118
             _Iage2_57 |   -.023975   .0228894    -1.05   0.295    -.0688404    .0208904
             _Iage2_58 |  -.0057863   .0118849    -0.49   0.626    -.0290818    .0175092
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0073669   .0008532     8.63   0.000     .0056945    .0090393
                 _cons |    8.33768   .1423347    58.58   0.000     8.058691     8.61667
-----------------------+----------------------------------------------------------------
               sigma_u |  .66285397
               sigma_e |  .35142231
                   rho |  .78059414   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18263) =   92.94
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18263) =  135.73
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18263) =    1.26
            Prob > F =    0.2624

 ( 1)  treated_post_ia3 = 0

       F(  1, 18263) =  113.56
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18263) =   68.87
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =   58.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18263) =   65.84
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395940
Group variable: shnro_real                      Number of groups   =    132763

R-sq:  within  = 0.2209                         Obs per group: min =         1
       between = 0.1062                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(89,18263)        =    505.78
corr(u_i, Xb)  = -0.8389                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |    .009637   .0077959     1.24   0.216    -.0056437    .0249177
           treated_ia2 |   .0307819   .0211506     1.46   0.146    -.0106753    .0722391
           treated_ia3 |   .0061885    .000701     8.83   0.000     .0048145    .0075624
     treated_iasuorv_d |   .0330153   .0215163     1.53   0.125    -.0091587    .0751893
           treated_pre |  -.0091969   .0087271    -1.05   0.292    -.0263028     .007909
  treated_pre_iasenior |  -.0088604   .0064496    -1.37   0.170    -.0215023    .0037814
       treated_pre_ia2 |  -.0043966   .0108889    -0.40   0.686    -.0257397    .0169466
       treated_pre_ia3 |  -.0009286   .0004765    -1.95   0.051    -.0018626    5.48e-06
 treated_pre_iasuorv_d |   .0038487   .0114398     0.34   0.737    -.0185745    .0262718
          treated_post |   .0449297   .0109648     4.10   0.000     .0234376    .0664218
 treated_post_iasenior |  -.0073517   .0075434    -0.97   0.330    -.0221374    .0074341
      treated_post_ia2 |   .0713028   .0131009     5.44   0.000     .0456238    .0969818
      treated_post_ia3 |  -.0047945   .0005415    -8.85   0.000     -.005856   -.0037331
treated_post_iasuorv_d |  -.0624243   .0130133    -4.80   0.000    -.0879317    -.036917
                senior |    3.30356   .4491276     7.36   0.000     2.423228    4.183892
             interact2 |   .5167927   .0128424    40.24   0.000     .4916205    .5419649
             interact3 |   .0010279   .0002999     3.43   0.001     .0004401    .0016156
               suorv_d |  -.0651989   .0104957    -6.21   0.000    -.0857714   -.0446264
                   l_0 |  -.1562125   .0571143    -2.74   0.006     -.268162   -.0442631
                   l_1 |  -.1641909   .0683261    -2.40   0.016    -.2981165   -.0302654
                   l_2 |  -.2331878   .0796551    -2.93   0.003    -.3893194   -.0770563
                   l_3 |  -.2886435   .0909724    -3.17   0.002     -.466958    -.110329
                   l_4 |  -.3377776   .1023584    -3.30   0.001    -.5384097   -.1371454
                   l_5 |  -.3868637   .1136925    -3.40   0.001    -.6097118   -.1640156
                   l_6 |  -.4352819   .1251438    -3.48   0.001    -.6805756   -.1899883
                   l_7 |  -.4786504   .1364176    -3.51   0.000    -.7460416   -.2112591
                   l_8 |  -.5208592   .1477434    -3.53   0.000    -.8104501   -.2312683
                   l_9 |  -.5642115   .1591074    -3.55   0.000     -.876077   -.2523461
                  l_10 |  -.6082757   .1704923    -3.57   0.000    -.9424565   -.2740948
                   f_1 |  -.1226379    .045688    -2.68   0.007    -.2121906   -.0330852
                   f_2 |  -.0908367   .0344314    -2.64   0.008    -.1583255   -.0233478
                   f_3 |  -.0652992   .0230907    -2.83   0.005    -.1105591   -.0200392
                   f_4 |  -.0311616   .0119321    -2.61   0.009    -.0545496   -.0077735
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0347808   .0038588     9.01   0.000     .0272173    .0423444
          _Ivuosi_1996 |   .0666834   .0042438    15.71   0.000     .0583651    .0750016
          _Ivuosi_1997 |   .0651589   .0043643    14.93   0.000     .0566045    .0737133
          _Ivuosi_1998 |   .0770022   .0044371    17.35   0.000     .0683051    .0856993
          _Ivuosi_1999 |   .0601443   .0039623    15.18   0.000     .0523779    .0679108
          _Ivuosi_2000 |   .0633402   .0042753    14.82   0.000     .0549603    .0717201
          _Ivuosi_2001 |     .07425   .0041111    18.06   0.000     .0661919    .0823081
          _Ivuosi_2002 |   .0503541    .003642    13.83   0.000     .0432153    .0574928
          _Ivuosi_2003 |   .0477752    .003483    13.72   0.000     .0409481    .0546022
          _Ivuosi_2004 |   .0608919    .003358    18.13   0.000     .0543099    .0674739
          _Ivuosi_2005 |     .06766   .0032644    20.73   0.000     .0612615    .0740585
          _Ivuosi_2006 |   .0704184   .0033228    21.19   0.000     .0639054    .0769314
          _Ivuosi_2007 |   .0820674   .0032539    25.22   0.000     .0756895    .0884454
          _Ivuosi_2008 |   .0703648   .0030611    22.99   0.000     .0643647     .076365
          _Ivuosi_2009 |   .0107828   .0034989     3.08   0.002     .0039246    .0176409
          _Ivuosi_2010 |    .004354   .0030197     1.44   0.149    -.0015648    .0102728
          _Ivuosi_2011 |   .0099527   .0022972     4.33   0.000     .0054499    .0144555
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6008195   .0177918    33.77   0.000     .5659458    .6356931
             _Iage2_22 |   .8354229   .0288811    28.93   0.000     .7788132    .8920326
             _Iage2_23 |   .9814116   .0399096    24.59   0.000     .9031849    1.059638
             _Iage2_24 |   1.107854   .0512398    21.62   0.000     1.007419    1.208289
             _Iage2_25 |   1.228909   .0627148    19.60   0.000     1.105982    1.351836
             _Iage2_26 |   1.344311   .0740787    18.15   0.000      1.19911    1.489512
             _Iage2_27 |   1.441589   .0854597    16.87   0.000      1.27408    1.609098
             _Iage2_28 |   1.534549   .0968667    15.84   0.000     1.344681    1.724417
             _Iage2_29 |   1.623388   .1083436    14.98   0.000     1.411024    1.835752
             _Iage2_30 |   1.702269   .1196707    14.22   0.000     1.467703    1.936835
             _Iage2_31 |    1.78051   .1309409    13.60   0.000     1.523853    2.037167
             _Iage2_32 |   1.850597   .1422575    13.01   0.000     1.571759    2.129435
             _Iage2_33 |   1.917938   .1536495    12.48   0.000      1.61677    2.219105
             _Iage2_34 |   1.984492   .1650357    12.02   0.000     1.661006    2.307978
             _Iage2_35 |   2.054168   .1764429    11.64   0.000     1.708323    2.400012
             _Iage2_36 |   2.117818   .1877793    11.28   0.000     1.749753    2.485883
             _Iage2_37 |   2.179961    .199107    10.95   0.000     1.789693     2.57023
             _Iage2_38 |    2.24383   .2104386    10.66   0.000      1.83135    2.656309
             _Iage2_39 |   2.307804   .2218167    10.40   0.000     1.873022    2.742585
             _Iage2_40 |   2.370134   .2331827    10.16   0.000     1.913074    2.827194
             _Iage2_41 |  -.8750676   .2047219    -4.27   0.000    -1.276342   -.4737936
             _Iage2_42 |  -.8153529     .19333    -4.22   0.000    -1.194298   -.4364079
             _Iage2_43 |  -.7547593   .1819504    -4.15   0.000    -1.111399   -.3981194
             _Iage2_44 |  -.6962049   .1705884    -4.08   0.000    -1.030574   -.3618356
             _Iage2_45 |   -.638235   .1592624    -4.01   0.000    -.9504043   -.3260657
             _Iage2_46 |  -.5793665   .1478604    -3.92   0.000    -.8691867   -.2895462
             _Iage2_47 |  -.5265993   .1364913    -3.86   0.000    -.7941352   -.2590635
             _Iage2_48 |  -.4675464   .1251164    -3.74   0.000    -.7127864   -.2223065
             _Iage2_49 |  -.4134982   .1137517    -3.64   0.000    -.6364623   -.1905341
             _Iage2_50 |   -.363189   .1023606    -3.55   0.000    -.5638253   -.1625526
             _Iage2_51 |  -.3082231   .0910036    -3.39   0.001    -.4865988   -.1298475
             _Iage2_52 |  -.2601053   .0796612    -3.27   0.001    -.4162488   -.1039618
             _Iage2_53 |  -.2113555   .0683105    -3.09   0.002    -.3452505   -.0774606
             _Iage2_54 |   -.161855   .0569502    -2.84   0.004    -.2734827   -.0502273
             _Iage2_55 |  -.1150029   .0456538    -2.52   0.012    -.2044885   -.0255172
             _Iage2_56 |  -.0740908   .0342783    -2.16   0.031    -.1412794   -.0069022
             _Iage2_57 |  -.0441293   .0230147    -1.92   0.055    -.0892403    .0009817
             _Iage2_58 |  -.0159617   .0119369    -1.34   0.181    -.0393591    .0074357
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0068729    .000858     8.01   0.000     .0051912    .0085546
                 _cons |    8.23101   .1428813    57.61   0.000     7.950949    8.511071
-----------------------+----------------------------------------------------------------
               sigma_u |  .74158262
               sigma_e |  .34776746
                   rho |   .8197279   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18263) =   58.04
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18263) =   78.51
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18263) =    1.92
            Prob > F =    0.1468

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18263) =   59.21
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18263) =    8.07
            Prob > F =    0.0045

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18263) =   55.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =   14.33
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18263) =   41.23
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18263) =    6.54
            Prob > F =    0.0106

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18263) =   38.93
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1396204
Group variable: shnro_real                      Number of groups   =    132787

R-sq:  within  = 0.2211                         Obs per group: min =         1
       between = 0.1062                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(86,18268)        =    522.74
corr(u_i, Xb)  = -0.8387                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0332164    .021152     1.57   0.116    -.0082434    .0746763
           treated_ia3 |   .0064669   .0006687     9.67   0.000     .0051561    .0077776
     treated_iasuorv_d |   .0384622   .0200863     1.91   0.056    -.0009088    .0778332
           treated_pre |  -.0077028   .0086628    -0.89   0.374    -.0246827    .0092772
       treated_pre_ia2 |  -.0055545   .0109193    -0.51   0.611    -.0269573    .0158483
       treated_pre_ia3 |  -.0012077   .0004218    -2.86   0.004    -.0020345   -.0003809
 treated_pre_iasuorv_d |   -.002716   .0091488    -0.30   0.767    -.0206486    .0152165
          treated_post |   .0464382   .0110188     4.21   0.000     .0248404    .0680361
      treated_post_ia2 |   .0702856   .0130929     5.37   0.000     .0446222    .0959489
      treated_post_ia3 |  -.0050204    .000509    -9.86   0.000    -.0060181   -.0040226
treated_post_iasuorv_d |  -.0677533   .0112026    -6.05   0.000    -.0897114   -.0457951
             interact2 |   .5167112   .0128451    40.23   0.000     .4915335    .5418888
             interact3 |   .0010064   .0002997     3.36   0.001      .000419    .0015938
               suorv_d |  -.0651619   .0105002    -6.21   0.000    -.0857432   -.0445805
                   l_0 |  -.1562486   .0571122    -2.74   0.006    -.2681939   -.0443032
                   l_1 |  -.1641789   .0683241    -2.40   0.016    -.2981006   -.0302572
                   l_2 |  -.2331381    .079653    -2.93   0.003    -.3892655   -.0770108
                   l_3 |  -.2885714     .09097    -3.17   0.002    -.4668812   -.1102616
                   l_4 |  -.3376698   .1023563    -3.30   0.001    -.5382978   -.1370418
                   l_5 |   -.386739   .1136911    -3.40   0.001    -.6095842   -.1638939
                   l_6 |  -.4351207   .1251432    -3.48   0.001    -.6804131   -.1898283
                   l_7 |   -.478457   .1364171    -3.51   0.000    -.7458474   -.2110666
                   l_8 |  -.5206032   .1477436    -3.52   0.000    -.8101946   -.2310119
                   l_9 |  -.5639025   .1591079    -3.54   0.000    -.8757689   -.2520362
                  l_10 |   -.607898   .1704936    -3.57   0.000    -.9420814   -.2737146
                   f_1 |  -.1225538   .0456872    -2.68   0.007    -.2121051   -.0330025
                   f_2 |  -.0907952   .0344301    -2.64   0.008    -.1582814    -.023309
                   f_3 |  -.0653502   .0230886    -2.83   0.005    -.1106061   -.0200943
                   f_4 |  -.0311592   .0119298    -2.61   0.009    -.0545427   -.0077757
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0347281   .0038556     9.01   0.000     .0271707    .0422856
          _Ivuosi_1996 |   .0667246    .004242    15.73   0.000     .0584098    .0750394
          _Ivuosi_1997 |   .0652363   .0043603    14.96   0.000     .0566896    .0737829
          _Ivuosi_1998 |   .0770443   .0044321    17.38   0.000     .0683568    .0857317
          _Ivuosi_1999 |   .0602074   .0039586    15.21   0.000     .0524481    .0679667
          _Ivuosi_2000 |    .063457   .0042714    14.86   0.000     .0550847    .0718293
          _Ivuosi_2001 |   .0743318   .0041076    18.10   0.000     .0662806     .082383
          _Ivuosi_2002 |   .0504304   .0036391    13.86   0.000     .0432974    .0575634
          _Ivuosi_2003 |   .0478385   .0034805    13.74   0.000     .0410164    .0546606
          _Ivuosi_2004 |   .0609721    .003357    18.16   0.000     .0543922    .0675521
          _Ivuosi_2005 |   .0677391   .0032629    20.76   0.000     .0613436    .0741347
          _Ivuosi_2006 |   .0704889   .0033222    21.22   0.000     .0639771    .0770007
          _Ivuosi_2007 |   .0821516   .0032532    25.25   0.000     .0757751    .0885281
          _Ivuosi_2008 |     .07043   .0030607    23.01   0.000     .0644308    .0764293
          _Ivuosi_2009 |   .0108089   .0034986     3.09   0.002     .0039514    .0176664
          _Ivuosi_2010 |    .004368   .0030192     1.45   0.148    -.0015499    .0102859
          _Ivuosi_2011 |   .0099625   .0022972     4.34   0.000     .0054598    .0144652
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6007032   .0177912    33.76   0.000     .5658308    .6355757
             _Iage2_22 |   .8352322    .028881    28.92   0.000     .7786228    .8918416
             _Iage2_23 |   .9811943    .039909    24.59   0.000     .9029689     1.05942
             _Iage2_24 |   1.107716   .0512393    21.62   0.000     1.007283     1.20815
             _Iage2_25 |   1.228674   .0627141    19.59   0.000     1.105749      1.3516
             _Iage2_26 |   1.344036   .0740778    18.14   0.000     1.198837    1.489236
             _Iage2_27 |   1.441338   .0854585    16.87   0.000     1.273831    1.608845
             _Iage2_28 |   1.534264   .0968648    15.84   0.000       1.3444    1.724128
             _Iage2_29 |    1.62304    .108341    14.98   0.000     1.410681    1.835398
             _Iage2_30 |   1.701913   .1196683    14.22   0.000     1.467351    1.936474
             _Iage2_31 |   1.780166   .1309382    13.60   0.000     1.523515    2.036818
             _Iage2_32 |   1.850217   .1422547    13.01   0.000     1.571384    2.129049
             _Iage2_33 |    1.91753   .1536464    12.48   0.000     1.616369    2.218692
             _Iage2_34 |   1.984088   .1650322    12.02   0.000      1.66061    2.307567
             _Iage2_35 |   2.053737   .1764384    11.64   0.000     1.707901    2.399572
             _Iage2_36 |   2.117318   .1877742    11.28   0.000     1.749262    2.485373
             _Iage2_37 |   2.179436   .1991022    10.95   0.000     1.789177    2.569695
             _Iage2_38 |   2.243295   .2104338    10.66   0.000     1.830825    2.655765
             _Iage2_39 |   2.307244   .2218125    10.40   0.000     1.872471    2.742017
             _Iage2_40 |   2.369579   .2331793    10.16   0.000     1.912526    2.826633
             _Iage2_41 |    2.42901   .2445385     9.93   0.000     1.949691    2.908328
             _Iage2_42 |   2.488688   .2559236     9.72   0.000     1.987054    2.990323
             _Iage2_43 |    2.54924   .2673007     9.54   0.000     2.025306    3.073174
             _Iage2_44 |   2.607762   .2786591     9.36   0.000     2.061564     3.15396
             _Iage2_45 |   2.665702   .2899862     9.19   0.000     2.097301    3.234102
             _Iage2_46 |   2.724516   .3013873     9.04   0.000     2.133768    3.315263
             _Iage2_47 |   2.777251   .3127612     8.88   0.000      2.16421    3.390293
             _Iage2_48 |    2.83626   .3241428     8.75   0.000     2.200909     3.47161
             _Iage2_49 |   2.890265   .3355075     8.61   0.000     2.232639    3.547891
             _Iage2_50 |   2.940526   .3469034     8.48   0.000     2.260562    3.620489
             _Iage2_51 |    2.99542   .3582664     8.36   0.000     2.293184    3.697655
             _Iage2_52 |   3.043493   .3696278     8.23   0.000     2.318988    3.767998
             _Iage2_53 |   3.092198   .3809956     8.12   0.000     2.345411    3.838985
             _Iage2_54 |   3.141656   .3923768     8.01   0.000     2.372561    3.910752
             _Iage2_55 |   3.188413   .4037174     7.90   0.000     2.397089    3.979737
             _Iage2_56 |   3.229284   .4151428     7.78   0.000     2.415565    4.043003
             _Iage2_57 |    3.25922   .4264534     7.64   0.000     2.423331    4.095109
             _Iage2_58 |   3.287328   .4377726     7.51   0.000     2.429253    4.145403
             _Iage2_59 |     3.3033    .449123     7.36   0.000     2.422977    4.183623
         firm_size_new |   .0069104   .0008521     8.11   0.000     .0052402    .0085807
                 _cons |   8.230687   .1429019    57.60   0.000     7.950586    8.510788
-----------------------+----------------------------------------------------------------
               sigma_u |  .74131632
               sigma_e |  .34777928
                   rho |  .81961168   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   56.40
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   15.11
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   53.12
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18268) =    1.19
            Prob > F =    0.2746

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18268) =    1.14
            Prob > F =    0.2852

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18268) =    1.47
            Prob > F =    0.2260
O:\returns
lnwage_bluec_age_short_noIQ_clust_G.xls
dir : seeout
lnwage_bluec_age_top3_noIQ_clust_G.xls
dir : seeout
(1,519,385 real changes made, 1,518,324 to missing)
(53,474 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,405,667       96.89       96.89
         12 |     25,111        1.73       98.62
         22 |     11,171        0.77       99.39
         24 |      2,654        0.18       99.58
         25 |      3,388        0.23       99.81
         99 |      2,748        0.19      100.00
------------+-----------------------------------
      Total |  1,450,739      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   = 1,414,747
-------------+----------------------------------   F(87, 1414659)  =   2607.50
       Model |  5885.86149        87  67.6535804   Prob > F        =    0.0000
    Residual |  36704.4315 1,414,659   .02594578   R-squared       =    0.1382
-------------+----------------------------------   Adj R-squared   =    0.1381
       Total |   42590.293 1,414,746  .030104551   Root MSE        =    .16108

---------------------------------------------------------------------------------------
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0078599   .0013755     5.71   0.000      .005164    .0105559
     treated_ia1_4145 |  -.0703121   .0026468   -26.56   0.000    -.0754997   -.0651245
     treated_ia1_4650 |  -.0707544   .0027109   -26.10   0.000    -.0760677   -.0654412
     treated_ia1_5160 |  -.0899689   .0035271   -25.51   0.000    -.0968819   -.0830559
          treated_pre |  -.0014956   .0014967    -1.00   0.318    -.0044291    .0014379
 treated_pre_ia1_4145 |    .048458   .0028216    17.17   0.000     .0429278    .0539882
 treated_pre_ia1_4650 |   .0515325   .0028919    17.82   0.000     .0458645    .0572005
 treated_pre_ia1_5155 |   .0685581   .0037063    18.50   0.000     .0612939    .0758224
 treated_pre_ia1_5660 |   .0518814    .004515    11.49   0.000     .0430321    .0607307
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0137053   .0014276    -9.60   0.000    -.0165032   -.0109073
treated_post_ia1_4145 |   .0753037   .0026737    28.17   0.000     .0700635     .080544
treated_post_ia1_4650 |   .0779889   .0027368    28.50   0.000     .0726248    .0833529
treated_post_ia1_5155 |   .0987757   .0035474    27.84   0.000     .0918229    .1057285
treated_post_ia1_5660 |   .0918013   .0037268    24.63   0.000     .0844968    .0991057
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.1168402   .0010048  -116.28   0.000    -.1188095   -.1148709
                  l_1 |  -.0846666    .001017   -83.25   0.000    -.0866599   -.0826732
                  l_2 |  -.0767419   .0010261   -74.79   0.000     -.078753   -.0747308
                  l_3 |  -.0694806   .0010389   -66.88   0.000    -.0715168   -.0674443
                  l_4 |  -.0649784   .0010533   -61.69   0.000    -.0670428    -.062914
                  l_5 |  -.0609327   .0010695   -56.97   0.000    -.0630289   -.0588364
                  l_6 |  -.0601104   .0010903   -55.13   0.000    -.0622473   -.0579735
                  l_7 |  -.0641022   .0011125   -57.62   0.000    -.0662827   -.0619217
                  l_8 |   -.063916   .0011387   -56.13   0.000    -.0661477   -.0616842
                  l_9 |  -.0639142   .0011662   -54.81   0.000    -.0661999   -.0616285
                 l_10 |  -.0640607   .0011978   -53.48   0.000    -.0664084   -.0617131
                  f_1 |  -.0845042    .001046   -80.79   0.000    -.0865543    -.082454
                  f_2 |  -.0827981   .0010584   -78.23   0.000    -.0848726   -.0807237
                  f_3 |  -.0741152   .0010697   -69.28   0.000    -.0762118   -.0720186
                  f_4 |  -.0438553   .0010832   -40.49   0.000    -.0459784   -.0417322
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0453788   .0010595   -42.83   0.000    -.0474554   -.0433022
         _Ivuosi_1996 |    .024603   .0010418    23.61   0.000      .022561    .0266449
         _Ivuosi_1997 |   .0105543    .001013    10.42   0.000     .0085688    .0125398
         _Ivuosi_1998 |  -.0013394   .0009949    -1.35   0.178    -.0032894    .0006106
         _Ivuosi_1999 |   .0009806   .0009832     1.00   0.319    -.0009464    .0029075
         _Ivuosi_2000 |  -.0317489   .0009661   -32.86   0.000    -.0336423   -.0298555
         _Ivuosi_2001 |  -.0966405   .0009803   -98.58   0.000    -.0985619   -.0947191
         _Ivuosi_2002 |  -.0972632   .0009737   -99.89   0.000    -.0991716   -.0953548
         _Ivuosi_2003 |  -.0990666   .0009656  -102.60   0.000    -.1009592   -.0971741
         _Ivuosi_2004 |  -.0993981   .0009601  -103.53   0.000    -.1012799   -.0975163
         _Ivuosi_2005 |  -.0997167   .0009608  -103.78   0.000    -.1015999   -.0978335
         _Ivuosi_2006 |  -.0980122   .0009857   -99.44   0.000    -.0999441   -.0960804
         _Ivuosi_2007 |  -.0952392   .0009795   -97.24   0.000    -.0971589   -.0933194
         _Ivuosi_2008 |  -.0934976   .0009945   -94.01   0.000    -.0954468   -.0915484
         _Ivuosi_2009 |  -.0934212   .0010251   -91.14   0.000    -.0954303   -.0914121
         _Ivuosi_2010 |  -.0937536   .0010378   -90.34   0.000    -.0957876   -.0917195
         _Ivuosi_2011 |  -.0969258    .001074   -90.24   0.000    -.0990308   -.0948207
         _Ivuosi_2012 |  -.0978707   .0011082   -88.31   0.000    -.1000428   -.0956986
            _Iage2_21 |   -.136656   .0014739   -92.72   0.000    -.1395447   -.1337673
            _Iage2_22 |  -.1683175   .0014145  -119.00   0.000    -.1710898   -.1655452
            _Iage2_23 |   -.187403   .0013716  -136.63   0.000    -.1900913   -.1847148
            _Iage2_24 |  -.2029945   .0013394  -151.55   0.000    -.2056198   -.2003693
            _Iage2_25 |  -.2135831   .0013159  -162.31   0.000    -.2161623    -.211004
            _Iage2_26 |  -.2210525   .0012993  -170.14   0.000     -.223599    -.218506
            _Iage2_27 |  -.2265146   .0012864  -176.08   0.000    -.2290359   -.2239933
            _Iage2_28 |  -.2311608   .0012779  -180.90   0.000    -.2336653   -.2286562
            _Iage2_29 |  -.2329664   .0012709  -183.31   0.000    -.2354573   -.2304755
            _Iage2_30 |  -.2349373   .0012692  -185.10   0.000    -.2374249   -.2324497
            _Iage2_31 |  -.2377796   .0012669  -187.69   0.000    -.2402626   -.2352966
            _Iage2_32 |  -.2381531   .0012661  -188.10   0.000    -.2406347   -.2356716
            _Iage2_33 |  -.2392703   .0012679  -188.72   0.000    -.2417553   -.2367854
            _Iage2_34 |  -.2397019   .0012692  -188.86   0.000    -.2421896   -.2372143
            _Iage2_35 |  -.2399879     .00127  -188.97   0.000     -.242477   -.2374988
            _Iage2_36 |   -.241187   .0012732  -189.44   0.000    -.2436824   -.2386916
            _Iage2_37 |  -.2424586   .0012755  -190.09   0.000    -.2449586   -.2399587
            _Iage2_38 |  -.2425798   .0012752  -190.24   0.000    -.2450791   -.2400806
            _Iage2_39 |   -.242469   .0012764  -189.97   0.000    -.2449706   -.2399673
            _Iage2_40 |  -.2434386   .0012747  -190.98   0.000    -.2459369   -.2409403
            _Iage2_41 |  -.2407095   .0013367  -180.07   0.000    -.2433294   -.2380895
            _Iage2_42 |   -.240408   .0013368  -179.84   0.000    -.2430281   -.2377879
            _Iage2_43 |   -.240627   .0013378  -179.87   0.000     -.243249   -.2380051
            _Iage2_44 |  -.2403457    .001338  -179.63   0.000    -.2429681   -.2377233
            _Iage2_45 |  -.2408981   .0013387  -179.96   0.000    -.2435218   -.2382744
            _Iage2_46 |  -.2422378   .0013439  -180.25   0.000    -.2448717   -.2396038
            _Iage2_47 |  -.2420475   .0013452  -179.93   0.000    -.2446841    -.239411
            _Iage2_48 |  -.2429002   .0013478  -180.22   0.000    -.2455418   -.2402585
            _Iage2_49 |  -.2425571   .0013517  -179.44   0.000    -.2452065   -.2399078
            _Iage2_50 |  -.2408522   .0013585  -177.29   0.000    -.2435148   -.2381895
            _Iage2_51 |  -.2408381   .0013778  -174.80   0.000    -.2435385   -.2381376
            _Iage2_52 |  -.2395161    .001389  -172.44   0.000    -.2422386   -.2367937
            _Iage2_53 |  -.2362424   .0014007  -168.67   0.000    -.2389877   -.2334972
            _Iage2_54 |  -.2346493   .0014198  -165.27   0.000     -.237432   -.2318665
            _Iage2_55 |  -.2292519    .001455  -157.56   0.000    -.2321038   -.2264001
            _Iage2_56 |  -.2179175   .0015627  -139.45   0.000    -.2209803   -.2148547
            _Iage2_57 |  -.2133042   .0016168  -131.93   0.000     -.216473   -.2101355
            _Iage2_58 |  -.2052471   .0016943  -121.14   0.000     -.208568   -.2019263
            _Iage2_59 |  -.1955106   .0018035  -108.41   0.000    -.1990454   -.1919759
        firm_size_new |  -.0008024    .000086    -9.33   0.000    -.0009709   -.0006339
                _cons |   .3987766   .0014926   267.17   0.000     .3958512     .401702
---------------------------------------------------------------------------------------
(1,500,842 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.25423  .0330438   38.9115  .0701857  .0436694  14.63565
      sd |  .5836815  .1787512  10.49315    .25546  .2043587  9.620805
     p50 |  10.35995         0        39         0         0        14
       N |    694747    701795    701795    701795    701795    485542
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.31593  .0291268  38.94897  .0801751  .0506402  14.68237
      sd |   .593248   .168162  10.48053  .2715643  .2192619  9.737645
     p50 |  10.41729         0        39         0         0        14
       N |    706319    712952    712952    712952    712952    493018
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.25423  .0330438   38.9115  .0701857  .0436694  14.63565
         |  .5836815  .1787512  10.49315    .25546  .2043587  9.620805
         |  10.35995         0        39         0         0        14
         |    694747    701795    701795    701795    701795    485542
---------+------------------------------------------------------------
       1 |  10.31593  .0291268  38.94897  .0801751  .0506402  14.68237
         |   .593248   .168162  10.48053  .2715643  .2192619  9.737645
         |  10.41729         0        39         0         0        14
         |    706319    712952    712952    712952    712952    493018
---------+------------------------------------------------------------
   Total |  10.28533  .0310699  38.93038  .0752198  .0471823  14.65919
         |  .5893314  .1735066  10.48681  .2637458  .2120287  9.679871
         |  10.38778         0        39         0         0        14
         |   1401066   1414747   1414747   1414747   1414747    978560
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    978,560
                                                F(1, 978558)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6509
                                                Root MSE          =     5.7195

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8212081   .0007272  1129.29   0.000     .8197828    .8226334
       _cons |  -15.30131   .0228551  -669.49   0.000     -15.3461   -15.25651
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7583   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1481                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(74,18267)        =    107.98
corr(u_i, Xb)  = -0.9808                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,268 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0155075   .0056151     2.76   0.006     .0045014    .0265136
 treated_post |   .0166894   .0073847     2.26   0.024     .0022146    .0311642
          l_0 |  -.3849511   .0266158   -14.46   0.000    -.4371206   -.3327817
          l_1 |  -.4063621   .0315582   -12.88   0.000    -.4682192   -.3445051
          l_2 |  -.4529403   .0365994   -12.38   0.000    -.5246786    -.381202
          l_3 |  -.5012057   .0416817   -12.02   0.000    -.5829057   -.4195056
          l_4 |  -.5516676   .0467627   -11.80   0.000    -.6433268   -.4600084
          l_5 |  -.6026746    .051872   -11.62   0.000    -.7043486   -.5010005
          l_6 |  -.6552236   .0569927   -11.50   0.000    -.7669345   -.5435126
          l_7 |  -.7145445   .0621399   -11.50   0.000    -.8363445   -.5927444
          l_8 |  -.7702171   .0672729   -11.45   0.000    -.9020783   -.6383558
          l_9 |  -.8256737   .0724088   -11.40   0.000    -.9676018   -.6837457
         l_10 |  -.8827599   .0775232   -11.39   0.000    -1.034713   -.7308072
          f_1 |  -.2992866   .0213352   -14.03   0.000    -.3411055   -.2574676
          f_2 |  -.2408585   .0161953   -14.87   0.000    -.2726028   -.2091141
          f_3 |  -.1783249   .0112612   -15.84   0.000    -.2003979    -.156252
          f_4 |  -.0954368   .0063325   -15.07   0.000    -.1078491   -.0830245
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0479865   .0043038   -11.15   0.000    -.0564224   -.0395507
 _Ivuosi_1996 |   .0239122   .0031822     7.51   0.000     .0176747    .0301497
 _Ivuosi_1997 |   .0152543   .0030379     5.02   0.000     .0092998    .0212088
 _Ivuosi_1998 |   .0091934   .0028611     3.21   0.001     .0035853    .0148014
 _Ivuosi_1999 |   .0159721   .0028208     5.66   0.000     .0104431    .0215012
 _Ivuosi_2000 |  -.0117801   .0031932    -3.69   0.000     -.018039   -.0055211
 _Ivuosi_2001 |  -.0577563   .0024533   -23.54   0.000     -.062565   -.0529476
 _Ivuosi_2002 |  -.0544388   .0022627   -24.06   0.000     -.058874   -.0500036
 _Ivuosi_2003 |  -.0520339   .0020864   -24.94   0.000    -.0561235   -.0479444
 _Ivuosi_2004 |  -.0485915   .0018112   -26.83   0.000    -.0521418   -.0450413
 _Ivuosi_2005 |  -.0468006   .0016524   -28.32   0.000    -.0500395   -.0435616
 _Ivuosi_2006 |  -.0393526   .0014558   -27.03   0.000    -.0422061   -.0364992
 _Ivuosi_2007 |  -.0315052    .001237   -25.47   0.000    -.0339299   -.0290806
 _Ivuosi_2008 |  -.0239513   .0010696   -22.39   0.000    -.0260478   -.0218549
 _Ivuosi_2009 |  -.0183584   .0008013   -22.91   0.000    -.0199291   -.0167878
 _Ivuosi_2010 |  -.0125645    .000598   -21.01   0.000    -.0137366   -.0113924
 _Ivuosi_2011 |  -.0068263   .0003274   -20.85   0.000     -.007468   -.0061846
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0777913   .0075547   -10.30   0.000    -.0925993   -.0629833
    _Iage2_22 |  -.0674913   .0124039    -5.44   0.000    -.0918042   -.0431784
    _Iage2_23 |  -.0441472   .0173483    -2.54   0.011    -.0781515    -.010143
    _Iage2_24 |  -.0168478   .0222753    -0.76   0.449    -.0605095     .026814
    _Iage2_25 |   .0158511   .0273436     0.58   0.562    -.0377449    .0694471
    _Iage2_26 |   .0524162   .0323742     1.62   0.105    -.0110403    .1158727
    _Iage2_27 |   .0909527    .037502     2.43   0.015     .0174453    .1644601
    _Iage2_28 |   .1315236   .0426101     3.09   0.002     .0480037    .2150434
    _Iage2_29 |   .1753003   .0476946     3.68   0.000     .0818144    .2687861
    _Iage2_30 |   .2193517   .0528128     4.15   0.000     .1158337    .3228697
    _Iage2_31 |   .2634251   .0579255     4.55   0.000     .1498856    .3769645
    _Iage2_32 |   .3111754   .0630855     4.93   0.000     .1875219    .4348289
    _Iage2_33 |   .3593288   .0681713     5.27   0.000     .2257066     .492951
    _Iage2_34 |   .4090501   .0732359     5.59   0.000     .2655009    .5525993
    _Iage2_35 |   .4595155   .0783379     5.87   0.000     .3059659    .6130651
    _Iage2_36 |   .5100549   .0834648     6.11   0.000     .3464561    .6736537
    _Iage2_37 |   .5602826   .0885797     6.33   0.000      .386658    .7339073
    _Iage2_38 |   .6114807     .09369     6.53   0.000     .4278395    .7951218
    _Iage2_39 |    .662917   .0988294     6.71   0.000     .4692021    .8566319
    _Iage2_40 |   .7135581   .1039311     6.87   0.000     .5098433    .9172728
    _Iage2_41 |   .7657704   .1090568     7.02   0.000     .5520088     .979532
    _Iage2_42 |   .8183561   .1141927     7.17   0.000     .5945277    1.042184
    _Iage2_43 |   .8706078   .1193256     7.30   0.000     .6367185    1.104497
    _Iage2_44 |   .9230482    .124443     7.42   0.000     .6791282    1.166968
    _Iage2_45 |   .9750562   .1295753     7.53   0.000     .7210765    1.229036
    _Iage2_46 |   1.027715   .1347252     7.63   0.000     .7636415    1.291789
    _Iage2_47 |   1.080198   .1398754     7.72   0.000      .806029    1.354367
    _Iage2_48 |   1.132221   .1449964     7.81   0.000     .8480143    1.416427
    _Iage2_49 |   1.185475   .1501275     7.90   0.000     .8912106    1.479738
    _Iage2_50 |    1.23915   .1552766     7.98   0.000     .9347929    1.543506
    _Iage2_51 |   1.291193   .1604009     8.05   0.000     .9767922    1.605594
    _Iage2_52 |   1.344436   .1655665     8.12   0.000      1.01991    1.668962
    _Iage2_53 |   1.398741    .170723     8.19   0.000     1.064108    1.733374
    _Iage2_54 |   1.452406    .175863     8.26   0.000     1.107698    1.797114
    _Iage2_55 |   1.510097   .1810199     8.34   0.000     1.155281    1.864913
    _Iage2_56 |   1.568808   .1861804     8.43   0.000     1.203877    1.933739
    _Iage2_57 |   1.626464   .1913113     8.50   0.000     1.251476    2.001452
    _Iage2_58 |   1.688602   .1964361     8.60   0.000     1.303569    2.073635
    _Iage2_59 |   1.752889     .20159     8.70   0.000     1.357753    2.148024
firm_size_new |  -.0007548    .000982    -0.77   0.442    -.0026797      .00117
        _cons |  -.1944185   .0625969    -3.11   0.002    -.3171142   -.0717228
--------------+----------------------------------------------------------------
      sigma_u |  .55532548
      sigma_e |  .14753792
          rho |   .9340688   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1491                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(79,18267)        =    103.60
corr(u_i, Xb)  = -0.9797                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,268 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0067983   .0067284     1.01   0.312      -.00639    .0199866
          treated_pre |   .0186595   .0067232     2.78   0.006     .0054814    .0318376
 treated_pre_iasenior |  -.0094817   .0059851    -1.58   0.113    -.0212131    .0022497
         treated_post |   .0160724   .0092576     1.74   0.083    -.0020734    .0342183
treated_post_iasenior |  -.0013701   .0080001    -0.17   0.864     -.017051    .0143109
               senior |          0  (omitted)
         pre_iasenior |   .0532533   .0041844    12.73   0.000     .0450515     .061455
        post_iasenior |   .0573737    .005122    11.20   0.000     .0473341    .0674133
                  l_0 |  -.3971321   .0268733   -14.78   0.000    -.4498064   -.3444579
                  l_1 |  -.4173183   .0317643   -13.14   0.000    -.4795793   -.3550572
                  l_2 |  -.4626492   .0367629   -12.58   0.000    -.5347079   -.3905904
                  l_3 |  -.5096312   .0418063   -12.19   0.000    -.5915755   -.4276869
                  l_4 |  -.5587756    .046853   -11.93   0.000    -.6506119   -.4669393
                  l_5 |  -.6084569   .0519307   -11.72   0.000    -.7102459   -.5066679
                  l_6 |  -.6596955   .0570211   -11.57   0.000    -.7714622   -.5479288
                  l_7 |  -.7176446   .0621421   -11.55   0.000     -.839449   -.5958403
                  l_8 |  -.7720015   .0672484   -11.48   0.000    -.9038147   -.6401884
                  l_9 |  -.8260337   .0723576   -11.42   0.000    -.9678615   -.6842059
                 l_10 |  -.8817945   .0774481   -11.39   0.000      -1.0336    -.729989
                  f_1 |  -.3114379   .0214994   -14.49   0.000    -.3535788    -.269297
                  f_2 |  -.2543672   .0164255   -15.49   0.000    -.2865626   -.2221717
                  f_3 |  -.1931948   .0115848   -16.68   0.000     -.215902   -.1704876
                  f_4 |  -.1116441    .006843   -16.32   0.000     -.125057   -.0982312
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0481789   .0042772   -11.26   0.000    -.0565625   -.0397953
         _Ivuosi_1996 |   .0238551   .0031745     7.51   0.000     .0176327    .0300775
         _Ivuosi_1997 |   .0154017   .0030254     5.09   0.000     .0094717    .0213317
         _Ivuosi_1998 |   .0092598    .002866     3.23   0.001     .0036422    .0148773
         _Ivuosi_1999 |   .0158893   .0028206     5.63   0.000     .0103606     .021418
         _Ivuosi_2000 |  -.0115781   .0031895    -3.63   0.000    -.0178298   -.0053265
         _Ivuosi_2001 |  -.0577091   .0024559   -23.50   0.000     -.062523   -.0528953
         _Ivuosi_2002 |  -.0542294    .002256   -24.04   0.000    -.0586513   -.0498075
         _Ivuosi_2003 |  -.0518587   .0020783   -24.95   0.000    -.0559323    -.047785
         _Ivuosi_2004 |   -.048399   .0018117   -26.72   0.000      -.05195   -.0448479
         _Ivuosi_2005 |  -.0466087   .0016517   -28.22   0.000    -.0498462   -.0433711
         _Ivuosi_2006 |  -.0390995   .0014568   -26.84   0.000     -.041955   -.0362439
         _Ivuosi_2007 |  -.0313232   .0012371   -25.32   0.000    -.0337481   -.0288983
         _Ivuosi_2008 |  -.0237865    .001068   -22.27   0.000      -.02588   -.0216931
         _Ivuosi_2009 |  -.0182392   .0008014   -22.76   0.000    -.0198099   -.0166684
         _Ivuosi_2010 |  -.0125352   .0005949   -21.07   0.000    -.0137013   -.0113691
         _Ivuosi_2011 |  -.0067966   .0003233   -21.02   0.000    -.0074304   -.0061629
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0778393   .0075414   -10.32   0.000    -.0926212   -.0630574
            _Iage2_22 |  -.0678284   .0123792    -5.48   0.000    -.0920929    -.043564
            _Iage2_23 |  -.0449389   .0173153    -2.60   0.009    -.0788784   -.0109993
            _Iage2_24 |  -.0181025   .0222329    -0.81   0.416    -.0616811    .0254761
            _Iage2_25 |   .0140072   .0272894     0.51   0.608    -.0394826     .067497
            _Iage2_26 |   .0499543   .0323096     1.55   0.122    -.0133756    .1132842
            _Iage2_27 |   .0877254   .0374247     2.34   0.019     .0143694    .1610814
            _Iage2_28 |   .1275278   .0425196     3.00   0.003     .0441853    .2108703
            _Iage2_29 |   .1705581   .0475912     3.58   0.000     .0772749    .2638413
            _Iage2_30 |   .2138818   .0526976     4.06   0.000     .1105895     .317174
            _Iage2_31 |   .2571477   .0577973     4.45   0.000     .1438595    .3704358
            _Iage2_32 |   .3041547   .0629445     4.83   0.000     .1807775    .4275319
            _Iage2_33 |   .3515916     .06802     5.17   0.000      .218266    .4849172
            _Iage2_34 |   .4005175   .0730722     5.48   0.000     .2572892    .5437459
            _Iage2_35 |   .4502435   .0781611     5.76   0.000     .2970404    .6034465
            _Iage2_36 |   .5000406   .0832746     6.00   0.000     .3368146    .6632667
            _Iage2_37 |   .5494037   .0883754     6.22   0.000     .3761795    .7226278
            _Iage2_38 |   .5996684   .0934715     6.42   0.000     .4164556    .7828812
            _Iage2_39 |   .6501015   .0985947     6.59   0.000     .4568466    .8433565
            _Iage2_40 |   .6996138   .1036806     6.75   0.000     .4963901    .9028375
            _Iage2_41 |   .6948895   .1085185     6.40   0.000      .482183     .907596
            _Iage2_42 |   .7459678   .1136329     6.56   0.000     .5232366     .968699
            _Iage2_43 |   .7965123   .1187373     6.71   0.000     .5637761    1.029248
            _Iage2_44 |   .8472054   .1238291     6.84   0.000     .6044888    1.089922
            _Iage2_45 |   .8972935   .1289335     6.96   0.000     .6445717    1.150015
            _Iage2_46 |    .947838   .1340543     7.07   0.000     .6850791    1.210597
            _Iage2_47 |   .9983451   .1391748     7.17   0.000     .7255493    1.271141
            _Iage2_48 |   1.048206   .1442642     7.27   0.000      .765435    1.330978
            _Iage2_49 |   1.099262   .1493657     7.36   0.000      .806491    1.392033
            _Iage2_50 |   1.150592   .1544845     7.45   0.000     .8477874    1.453396
            _Iage2_51 |   1.200284   .1595727     7.52   0.000     .8875069    1.513062
            _Iage2_52 |   1.251091   .1647057     7.60   0.000     .9282522     1.57393
            _Iage2_53 |      1.303   .1698285     7.67   0.000     .9701203     1.63588
            _Iage2_54 |   1.354237   .1749355     7.74   0.000     1.011347    1.697127
            _Iage2_55 |   1.408835   .1800543     7.82   0.000     1.055912    1.761759
            _Iage2_56 |   1.465367   .1851858     7.91   0.000     1.102386    1.828349
            _Iage2_57 |   1.520929   .1902878     7.99   0.000     1.147947    1.893911
            _Iage2_58 |   1.580918   .1953867     8.09   0.000     1.197942    1.963894
            _Iage2_59 |   1.643026   .2005141     8.19   0.000     1.249999    2.036052
        firm_size_new |  -.0007214   .0009789    -0.74   0.461    -.0026401    .0011974
                _cons |  -.1691649   .0623593    -2.71   0.007    -.2913949   -.0469348
----------------------+----------------------------------------------------------------
              sigma_u |   .5400978
              sigma_e |  .14744859
                  rho |  .93063865   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18267) =    6.24
            Prob > F =    0.0125

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18267) =    3.66
            Prob > F =    0.0557
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1502                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(82,18267)        =    104.31
corr(u_i, Xb)  = -0.9783                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,268 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0044283    .000455    -9.73   0.000    -.0053201   -.0035364
     treated_iasuorv_d |  -.0828895   .0099431    -8.34   0.000    -.1023789   -.0634002
           treated_pre |  -.0442625   .0080124    -5.52   0.000    -.0599675   -.0285574
       treated_pre_ia3 |   .0046544   .0003331    13.97   0.000     .0040016    .0053073
 treated_pre_iasuorv_d |   .0675449   .0066639    10.14   0.000      .054483    .0806068
          treated_post |  -.0626903    .010829    -5.79   0.000    -.0839162   -.0414644
      treated_post_ia3 |    .005474   .0004345    12.60   0.000     .0046224    .0063256
treated_post_iasuorv_d |   .0991569   .0084881    11.68   0.000     .0825195    .1157944
             interact3 |   .0005658   .0001183     4.78   0.000     .0003339    .0007977
               suorv_d |   .0333191   .0054035     6.17   0.000     .0227278    .0439104
                   l_0 |  -.3676328     .02659   -13.83   0.000    -.4197518   -.3155139
                   l_1 |  -.3859813   .0315422   -12.24   0.000    -.4478071   -.3241556
                   l_2 |  -.4294768   .0365855   -11.74   0.000    -.5011879   -.3577658
                   l_3 |  -.4745931   .0416698   -11.39   0.000    -.5562699   -.3929163
                   l_4 |  -.5218517    .046752   -11.16   0.000    -.6134899   -.4302134
                   l_5 |   -.569633   .0518618   -10.98   0.000     -.671287    -.467979
                   l_6 |  -.6189146   .0569799   -10.86   0.000    -.7306006   -.5072287
                   l_7 |  -.6750006   .0621293   -10.86   0.000      -.79678   -.5532213
                   l_8 |  -.7274061   .0672617   -10.81   0.000    -.8592453   -.5955669
                   l_9 |  -.7794987   .0723964   -10.77   0.000    -.9214024    -.637595
                  l_10 |  -.8333132   .0775123   -10.75   0.000    -.9852445   -.6813819
                   f_1 |  -.2861896   .0213323   -13.42   0.000     -.328003   -.2443763
                   f_2 |  -.2309464   .0161936   -14.26   0.000    -.2626875   -.1992054
                   f_3 |  -.1715888   .0112646   -15.23   0.000    -.1936686   -.1495091
                   f_4 |  -.0918807    .006333   -14.51   0.000    -.1042939   -.0794675
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0483459   .0042858   -11.28   0.000    -.0567466   -.0399453
          _Ivuosi_1996 |   .0237564   .0031818     7.47   0.000     .0175197     .029993
          _Ivuosi_1997 |   .0152397   .0030203     5.05   0.000     .0093197    .0211597
          _Ivuosi_1998 |   .0091405   .0028474     3.21   0.001     .0035594    .0147216
          _Ivuosi_1999 |   .0158214   .0028001     5.65   0.000     .0103329    .0213099
          _Ivuosi_2000 |  -.0116702   .0031626    -3.69   0.000    -.0178692   -.0054713
          _Ivuosi_2001 |  -.0575666   .0024363   -23.63   0.000    -.0623421   -.0527912
          _Ivuosi_2002 |  -.0540344   .0022381   -24.14   0.000    -.0584213   -.0496474
          _Ivuosi_2003 |   -.051686   .0020673   -25.00   0.000    -.0557381   -.0476338
          _Ivuosi_2004 |  -.0482943   .0018017   -26.80   0.000    -.0518258   -.0447628
          _Ivuosi_2005 |  -.0465332   .0016394   -28.39   0.000    -.0497465   -.0433199
          _Ivuosi_2006 |  -.0391305   .0014395   -27.18   0.000     -.041952   -.0363091
          _Ivuosi_2007 |  -.0313034   .0012256   -25.54   0.000    -.0337057    -.028901
          _Ivuosi_2008 |  -.0238101   .0010578   -22.51   0.000    -.0258836   -.0217366
          _Ivuosi_2009 |  -.0181844   .0007951   -22.87   0.000    -.0197428    -.016626
          _Ivuosi_2010 |  -.0124227   .0005952   -20.87   0.000    -.0135893   -.0112561
          _Ivuosi_2011 |  -.0067041   .0003281   -20.43   0.000    -.0073473    -.006061
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.079085   .0075498   -10.48   0.000    -.0938833   -.0642868
             _Iage2_22 |  -.0705011   .0124011    -5.69   0.000    -.0948085   -.0461938
             _Iage2_23 |  -.0495145   .0173456    -2.85   0.004    -.0835135   -.0155156
             _Iage2_24 |  -.0245423   .0222756    -1.10   0.271    -.0682047      .01912
             _Iage2_25 |   .0055837   .0273468     0.20   0.838    -.0480187     .059186
             _Iage2_26 |   .0395279   .0323845     1.22   0.222    -.0239487    .1030045
             _Iage2_27 |   .0751617   .0375163     2.00   0.045     .0016262    .1486972
             _Iage2_28 |   .1127134   .0426276     2.64   0.008     .0291594    .1962674
             _Iage2_29 |   .1533854   .0477143     3.21   0.001      .059861    .2469099
             _Iage2_30 |   .1942093   .0528357     3.68   0.000     .0906464    .2977722
             _Iage2_31 |   .2350151   .0579519     4.06   0.000     .1214239    .3486064
             _Iage2_32 |   .2794266   .0631164     4.43   0.000     .1557126    .4031407
             _Iage2_33 |   .3242398    .068207     4.75   0.000     .1905477    .4579318
             _Iage2_34 |   .3705232   .0732763     5.06   0.000     .2268949    .5141516
             _Iage2_35 |   .4174524   .0783783     5.33   0.000     .2638235    .5710813
             _Iage2_36 |   .4644372   .0835103     5.56   0.000     .3007491    .6281252
             _Iage2_37 |   .5109963   .0886243     5.77   0.000     .3372844    .6847082
             _Iage2_38 |   .5584932    .093737     5.96   0.000       .37476    .7422265
             _Iage2_39 |   .6061308   .0988778     6.13   0.000     .4123211    .7999405
             _Iage2_40 |   .6529142   .1039831     6.28   0.000     .4490975    .8567309
             _Iage2_41 |   .7012811   .1091095     6.43   0.000     .4874161     .915146
             _Iage2_42 |   .7498811   .1142462     6.56   0.000     .5259478    .9738144
             _Iage2_43 |   .7980471   .1193791     6.68   0.000     .5640528    1.032041
             _Iage2_44 |   .8464013   .1244957     6.80   0.000     .6023781    1.090424
             _Iage2_45 |   .8942578   .1296309     6.90   0.000      .640169    1.148347
             _Iage2_46 |   .9427763   .1347807     6.99   0.000     .6785934    1.206959
             _Iage2_47 |   .9911032   .1399327     7.08   0.000     .7168221    1.265384
             _Iage2_48 |   1.038967   .1450531     7.16   0.000     .7546495    1.323285
             _Iage2_49 |   1.088016   .1501871     7.24   0.000      .793635    1.382397
             _Iage2_50 |   1.137444    .155338     7.32   0.000     .8329671    1.441921
             _Iage2_51 |   1.185381   .1604629     7.39   0.000      .870859    1.499904
             _Iage2_52 |   1.234442   .1656297     7.45   0.000     .9097926    1.559092
             _Iage2_53 |    1.28459   .1707895     7.52   0.000     .9498268    1.619354
             _Iage2_54 |   1.334137   .1759335     7.58   0.000     .9892911    1.678983
             _Iage2_55 |   1.387493   .1810924     7.66   0.000     1.032535    1.742452
             _Iage2_56 |   1.442199   .1862556     7.74   0.000     1.077121    1.807278
             _Iage2_57 |   1.495837   .1913909     7.82   0.000     1.120693    1.870981
             _Iage2_58 |   1.553956   .1965218     7.91   0.000     1.168754    1.939157
             _Iage2_59 |   1.614206   .2016813     8.00   0.000     1.218892     2.00952
         firm_size_new |  -.0006958   .0009439    -0.74   0.461    -.0025459    .0011544
                 _cons |  -.1423952   .0625552    -2.28   0.023    -.2650092   -.0197813
-----------------------+----------------------------------------------------------------
               sigma_u |   .5235695
               sigma_e |  .14735168
                   rho |  .92660662   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18267) =   29.84
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18267) =   26.13
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1502                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(85,18267)        =    103.63
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,268 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0044837   .0052551    -0.85   0.394    -.0147841    .0058167
           treated_ia3 |  -.0043083   .0004487    -9.60   0.000    -.0051878   -.0034289
     treated_iasuorv_d |  -.0798168   .0107569    -7.42   0.000    -.1009013   -.0587323
           treated_pre |  -.0429095    .007961    -5.39   0.000    -.0585137   -.0273052
  treated_pre_iasenior |   .0077962   .0045972     1.70   0.090    -.0012147    .0168072
       treated_pre_ia3 |   .0043979   .0003487    12.61   0.000     .0037145    .0050813
 treated_pre_iasuorv_d |   .0616514   .0078146     7.89   0.000     .0463339    .0769688
          treated_post |   -.061775   .0107398    -5.75   0.000    -.0828261   -.0407239
 treated_post_iasenior |   .0022494   .0055859     0.40   0.687    -.0086994    .0131983
      treated_post_ia3 |   .0053892   .0004236    12.72   0.000     .0045589    .0062195
treated_post_iasuorv_d |   .0971799   .0093571    10.39   0.000     .0788392    .1155206
                senior |   1.616398   .2015615     8.02   0.000     1.221318    2.011477
             interact3 |   .0005633   .0001187     4.75   0.000     .0003307    .0007959
               suorv_d |   .0332706   .0054007     6.16   0.000     .0226847    .0438564
                   l_0 |  -.3679338   .0265846   -13.84   0.000     -.420042   -.3158255
                   l_1 |  -.3863105   .0315326   -12.25   0.000    -.4481173   -.3245036
                   l_2 |  -.4298404   .0365721   -11.75   0.000    -.5015251   -.3581556
                   l_3 |   -.474988   .0416516   -11.40   0.000     -.556629    -.393347
                   l_4 |   -.522277   .0467282   -11.18   0.000    -.6138688   -.4306853
                   l_5 |   -.570087    .051833   -11.00   0.000    -.6716845   -.4684894
                   l_6 |  -.6193969   .0569456   -10.88   0.000    -.7310155   -.5077783
                   l_7 |  -.6755111   .0620905   -10.88   0.000    -.7972142   -.5538079
                   l_8 |  -.7279482   .0672179   -10.83   0.000    -.8597015   -.5961948
                   l_9 |   -.780074   .0723475   -10.78   0.000     -.921882   -.6382661
                  l_10 |  -.8339184   .0774585   -10.77   0.000    -.9857444   -.6820925
                   f_1 |  -.2863814   .0213214   -13.43   0.000    -.3281734   -.2445895
                   f_2 |  -.2310891   .0161884   -14.27   0.000    -.2628198   -.1993583
                   f_3 |  -.1716778   .0112637   -15.24   0.000    -.1937558   -.1495998
                   f_4 |  -.0919132   .0063365   -14.51   0.000    -.1043334    -.079493
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0483623   .0042861   -11.28   0.000    -.0567634   -.0399611
          _Ivuosi_1996 |   .0237545   .0031823     7.46   0.000      .017517    .0299921
          _Ivuosi_1997 |    .015251   .0030221     5.05   0.000     .0093275    .0211745
          _Ivuosi_1998 |   .0091535   .0028501     3.21   0.001      .003567    .0147399
          _Ivuosi_1999 |   .0158276    .002802     5.65   0.000     .0103355    .0213197
          _Ivuosi_2000 |  -.0116649   .0031628    -3.69   0.000    -.0178642   -.0054656
          _Ivuosi_2001 |  -.0575808   .0024378   -23.62   0.000    -.0623592   -.0528025
          _Ivuosi_2002 |   -.054034   .0022388   -24.13   0.000    -.0584223   -.0496456
          _Ivuosi_2003 |  -.0516886   .0020682   -24.99   0.000    -.0557424   -.0476347
          _Ivuosi_2004 |  -.0482985   .0018023   -26.80   0.000    -.0518313   -.0447658
          _Ivuosi_2005 |  -.0465284   .0016394   -28.38   0.000    -.0497417   -.0433151
          _Ivuosi_2006 |   -.039139   .0014392   -27.20   0.000    -.0419599   -.0363181
          _Ivuosi_2007 |   -.031308   .0012256   -25.55   0.000    -.0337102   -.0289058
          _Ivuosi_2008 |  -.0238151   .0010575   -22.52   0.000     -.025888   -.0217422
          _Ivuosi_2009 |  -.0181862   .0007948   -22.88   0.000    -.0197441   -.0166284
          _Ivuosi_2010 |  -.0124203   .0005955   -20.86   0.000    -.0135875   -.0112531
          _Ivuosi_2011 |  -.0067031   .0003283   -20.42   0.000    -.0073466   -.0060596
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0790599   .0075493   -10.47   0.000    -.0938572   -.0642625
             _Iage2_22 |  -.0704495   .0123972    -5.68   0.000    -.0947492   -.0461499
             _Iage2_23 |  -.0494426   .0173389    -2.85   0.004    -.0834284   -.0154568
             _Iage2_24 |  -.0244618   .0222658    -1.10   0.272    -.0681049    .0191814
             _Iage2_25 |   .0056806   .0273347     0.21   0.835    -.0478979    .0592591
             _Iage2_26 |   .0396341   .0323691     1.22   0.221    -.0238124    .1030807
             _Iage2_27 |   .0752782    .037498     2.01   0.045     .0017786    .1487778
             _Iage2_28 |    .112829   .0426057     2.65   0.008     .0293178    .1963401
             _Iage2_29 |    .153501   .0476897     3.22   0.001     .0600247    .2469774
             _Iage2_30 |   .1943237   .0528085     3.68   0.000      .090814    .2978334
             _Iage2_31 |   .2351256    .057922     4.06   0.000     .1215932    .3486581
             _Iage2_32 |   .2795327   .0630835     4.43   0.000     .1558831    .4031823
             _Iage2_33 |   .3243351   .0681723     4.76   0.000      .190711    .4579592
             _Iage2_34 |   .3706083   .0732396     5.06   0.000     .2270519    .5141647
             _Iage2_35 |   .4175225   .0783399     5.33   0.000     .2639688    .5710761
             _Iage2_36 |   .4644894   .0834701     5.56   0.000     .3008803    .6280986
             _Iage2_37 |   .5110391   .0885823     5.77   0.000     .3374096    .6846687
             _Iage2_38 |   .5585352   .0936922     5.96   0.000     .3748897    .7421806
             _Iage2_39 |   .6061906   .0988303     6.13   0.000      .412474    .7999073
             _Iage2_40 |   .6529963   .1039323     6.28   0.000     .4492792    .8567133
             _Iage2_41 |  -.9144931   .0925349    -9.88   0.000     -1.09587   -.7331161
             _Iage2_42 |  -.8658495   .0873973    -9.91   0.000    -1.037156   -.6945425
             _Iage2_43 |  -.8176305   .0822671    -9.94   0.000    -.9788818   -.6563793
             _Iage2_44 |  -.7692115   .0771541    -9.97   0.000    -.9204409   -.6179821
             _Iage2_45 |  -.7212823   .0720223   -10.01   0.000    -.8624528   -.5801118
             _Iage2_46 |  -.6726979   .0668785   -10.06   0.000    -.8037861   -.5416098
             _Iage2_47 |  -.6242831   .0617358   -10.11   0.000    -.7452911   -.5032752
             _Iage2_48 |  -.5763392   .0566222   -10.18   0.000    -.6873241   -.4653542
             _Iage2_49 |  -.5271997   .0514998   -10.24   0.000    -.6281441   -.4262553
             _Iage2_50 |  -.4776824   .0463589   -10.30   0.000    -.5685502   -.3868146
             _Iage2_51 |  -.4296597   .0412511   -10.42   0.000    -.5105157   -.3488036
             _Iage2_52 |  -.3805065   .0360994   -10.54   0.000    -.4512648   -.3097482
             _Iage2_53 |  -.3302592   .0309607   -10.67   0.000    -.3909452   -.2695733
             _Iage2_54 |  -.2806115    .025841   -10.86   0.000    -.3312622   -.2299608
             _Iage2_55 |  -.2271941   .0207063   -10.97   0.000    -.2677804   -.1866078
             _Iage2_56 |  -.1723804   .0155716   -11.07   0.000    -.2029022   -.1418586
             _Iage2_57 |  -.1186318   .0104755   -11.32   0.000    -.1391649   -.0980988
             _Iage2_58 |  -.0603899   .0053211   -11.35   0.000    -.0708198   -.0499601
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0006946   .0009431    -0.74   0.461    -.0025431    .0011539
                 _cons |  -.1428794     .06254    -2.28   0.022    -.2654637   -.0202951
-----------------------+----------------------------------------------------------------
               sigma_u |  .52397393
               sigma_e |  .14735032
                   rho |  .92671283   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18267) =   65.52
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18267) =   86.00
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18267) =  159.12
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 18267) =  161.86
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18267) =   30.31
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18267) =   29.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18267) =   26.74
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1542                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(89,18267)        =    107.22
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,268 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0069238   .0052407    -1.32   0.186    -.0171961    .0033484
           treated_ia2 |  -.0223672   .0119069    -1.88   0.060    -.0457059    .0009715
           treated_ia3 |  -.0046309   .0004554   -10.17   0.000    -.0055234   -.0037383
     treated_iasuorv_d |  -.0734694   .0107221    -6.85   0.000    -.0944858   -.0524531
           treated_pre |  -.0448938    .008088    -5.55   0.000     -.060747   -.0290406
  treated_pre_iasenior |   .0080495   .0045998     1.75   0.080    -.0009665    .0170655
       treated_pre_ia2 |   .0276741   .0063245     4.38   0.000     .0152775    .0400706
       treated_pre_ia3 |   .0044529   .0003517    12.66   0.000     .0037635    .0051422
 treated_pre_iasuorv_d |   .0619448   .0079575     7.78   0.000     .0463472    .0775423
          treated_post |  -.0558396   .0106589    -5.24   0.000     -.076732   -.0349471
 treated_post_iasenior |   .0065086   .0055594     1.17   0.242    -.0043883    .0174055
      treated_post_ia2 |   .0227643   .0070842     3.21   0.001     .0088785      .03665
      treated_post_ia3 |   .0051872   .0004216    12.30   0.000     .0043608    .0060136
treated_post_iasuorv_d |   .0838115   .0092275     9.08   0.000     .0657248    .1018982
                senior |   1.598003   .2014641     7.93   0.000     1.203115    1.992892
             interact2 |  -.1079245   .0059547   -18.12   0.000    -.1195962   -.0962527
             interact3 |  -.0003047   .0001151    -2.65   0.008    -.0005303    -.000079
               suorv_d |   .0325756   .0054169     6.01   0.000      .021958    .0431933
                   l_0 |   -.362415   .0265435   -13.65   0.000    -.4144428   -.3103873
                   l_1 |  -.3789132   .0315004   -12.03   0.000     -.440657   -.3171694
                   l_2 |  -.4209086   .0365431   -11.52   0.000    -.4925365   -.3492806
                   l_3 |   -.464575   .0416276   -11.16   0.000     -.546169   -.3829811
                   l_4 |  -.5102728   .0467068   -10.93   0.000    -.6018225   -.4187231
                   l_5 |  -.5565111   .0518149   -10.74   0.000    -.6580731    -.454949
                   l_6 |  -.6041455   .0569302   -10.61   0.000    -.7157341   -.4925569
                   l_7 |  -.6587011   .0620759   -10.61   0.000    -.7803756   -.5370265
                   l_8 |  -.7094933   .0672024   -10.56   0.000    -.8412162   -.5777703
                   l_9 |  -.7600415   .0723342   -10.51   0.000    -.9018233   -.6182598
                  l_10 |  -.8121552   .0774449   -10.49   0.000    -.9639545   -.6603559
                   f_1 |  -.2809601   .0213092   -13.18   0.000    -.3227282    -.239192
                   f_2 |  -.2270188   .0161782   -14.03   0.000    -.2587296    -.195308
                   f_3 |  -.1690462   .0112529   -15.02   0.000     -.191103   -.1469894
                   f_4 |  -.0907012    .006325   -14.34   0.000    -.1030987   -.0783036
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0485931    .004286   -11.34   0.000    -.0569941   -.0401921
          _Ivuosi_1996 |   .0233621    .003182     7.34   0.000      .017125    .0295991
          _Ivuosi_1997 |   .0148305   .0030195     4.91   0.000      .008912    .0207491
          _Ivuosi_1998 |   .0086787   .0028427     3.05   0.002     .0031068    .0142507
          _Ivuosi_1999 |   .0152153   .0027945     5.44   0.000     .0097377    .0206928
          _Ivuosi_2000 |  -.0123996   .0031538    -3.93   0.000    -.0185813   -.0062179
          _Ivuosi_2001 |  -.0579976   .0024249   -23.92   0.000    -.0627506   -.0532446
          _Ivuosi_2002 |  -.0543651   .0022243   -24.44   0.000    -.0587249   -.0500053
          _Ivuosi_2003 |  -.0520411   .0020588   -25.28   0.000    -.0560765   -.0480057
          _Ivuosi_2004 |  -.0487388   .0017909   -27.21   0.000    -.0522491   -.0452284
          _Ivuosi_2005 |  -.0469428   .0016291   -28.81   0.000    -.0501361   -.0437496
          _Ivuosi_2006 |  -.0396415   .0014293   -27.74   0.000     -.042443     -.03684
          _Ivuosi_2007 |  -.0318339    .001219   -26.12   0.000    -.0342232   -.0294446
          _Ivuosi_2008 |  -.0242652   .0010489   -23.13   0.000    -.0263211   -.0222093
          _Ivuosi_2009 |  -.0186025   .0007926   -23.47   0.000     -.020156    -.017049
          _Ivuosi_2010 |  -.0127435    .000594   -21.45   0.000    -.0139077   -.0115792
          _Ivuosi_2011 |  -.0070163   .0003361   -20.88   0.000    -.0076751   -.0063575
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0791674   .0075529   -10.48   0.000    -.0939719   -.0643629
             _Iage2_22 |  -.0705767   .0123973    -5.69   0.000    -.0948765   -.0462769
             _Iage2_23 |  -.0493708   .0173354    -2.85   0.004    -.0833498   -.0153918
             _Iage2_24 |  -.0226933   .0222423    -1.02   0.308    -.0662902    .0209037
             _Iage2_25 |   .0097504   .0272909     0.36   0.721    -.0437424    .0632431
             _Iage2_26 |   .0455737   .0323137     1.41   0.158    -.0177643    .1089116
             _Iage2_27 |   .0823464   .0374333     2.20   0.028     .0089736    .1557191
             _Iage2_28 |   .1203373   .0425335     2.83   0.005     .0369676    .2037069
             _Iage2_29 |   .1612033   .0476109     3.39   0.001     .0678814    .2545252
             _Iage2_30 |   .2017844   .0527266     3.83   0.000     .0984352    .3051335
             _Iage2_31 |   .2422786   .0578352     4.19   0.000     .1289162    .3556411
             _Iage2_32 |   .2861946   .0629947     4.54   0.000     .1627191    .4096701
             _Iage2_33 |   .3304666   .0680834     4.85   0.000     .1970166    .4639165
             _Iage2_34 |   .3761275   .0731512     5.14   0.000     .2327442    .5195107
             _Iage2_35 |   .4223717   .0782513     5.40   0.000     .2689918    .5757516
             _Iage2_36 |   .4686225   .0833815     5.62   0.000      .305187    .6320581
             _Iage2_37 |   .5144483    .088491     5.81   0.000     .3409976     .687899
             _Iage2_38 |   .5612376   .0936016     6.00   0.000     .3777697    .7447054
             _Iage2_39 |    .608178   .0987374     6.16   0.000     .4146434    .8017126
             _Iage2_40 |   .6542061    .103838     6.30   0.000     .4506738    .8577385
             _Iage2_41 |  -.8960223   .0925238    -9.68   0.000    -1.077378    -.714667
             _Iage2_42 |  -.8481494   .0873863    -9.71   0.000    -1.019435    -.676864
             _Iage2_43 |  -.8007628   .0822579    -9.73   0.000    -.9619959   -.6395296
             _Iage2_44 |  -.7532077   .0771453    -9.76   0.000    -.9044197   -.6019956
             _Iage2_45 |  -.7061385   .0720146    -9.81   0.000    -.8472938   -.5649832
             _Iage2_46 |  -.6584783    .066872    -9.85   0.000    -.7895537   -.5274029
             _Iage2_47 |  -.6109934   .0617314    -9.90   0.000    -.7319927   -.4899941
             _Iage2_48 |  -.5639946   .0566174    -9.96   0.000    -.6749699   -.4530193
             _Iage2_49 |  -.5158424   .0514955   -10.02   0.000    -.6167783   -.4149065
             _Iage2_50 |  -.4673348   .0463544   -10.08   0.000    -.5581938   -.3764758
             _Iage2_51 |  -.4203783   .0412466   -10.19   0.000    -.5012255    -.339531
             _Iage2_52 |   -.372315   .0360955   -10.31   0.000    -.4430657   -.3015644
             _Iage2_53 |  -.3231965   .0309577   -10.44   0.000    -.3838766   -.2625164
             _Iage2_54 |  -.2746999   .0258384   -10.63   0.000    -.3253457   -.2240541
             _Iage2_55 |  -.2224288   .0207045   -10.74   0.000    -.2630115   -.1818461
             _Iage2_56 |  -.1687702   .0155699   -10.84   0.000    -.1992887   -.1382516
             _Iage2_57 |  -.1162101   .0104746   -11.09   0.000    -.1367413   -.0956789
             _Iage2_58 |  -.0591592   .0053204   -11.12   0.000    -.0695876   -.0487308
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0005536   .0009546    -0.58   0.562    -.0024247    .0013176
                 _cons |  -.1331713   .0624951    -2.13   0.033    -.2556675    -.010675
-----------------------+----------------------------------------------------------------
               sigma_u |  .51764565
               sigma_e |  .14700929
                   rho |   .9253658   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18267) =   30.72
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18267) =   44.42
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18267) =   81.24
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18267) =   75.71
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18267) =   20.92
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18267) =    9.86
            Prob > F =    0.0017

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18267) =   23.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18267) =    5.82
            Prob > F =    0.0159

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18267) =   17.86
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18267) =    3.95
            Prob > F =    0.0469

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    776,083    .0917002    .2886025          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    638,664    .0551933    .2283574          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    638,443    9.908794     6.29544          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    340,117    23.57628    8.562537          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    567,698     10.3467    6.307297          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    307,421    23.97445    8.516359          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     70,745    6.394756    4.954438          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     32,696    19.83252    8.076384          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.09 + _b[treated_post_ia3] * 
>   9.91
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.06 + _b[treated_post_ia3] * 
>  23.58

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0023854   .0078551    -0.30   0.761    -.0177812    .0130104
       _nl_2 |   .0743496   .0063433    11.72   0.000      .061917    .0867822
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.3
> 5
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.9
> 7
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.3
> 9
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 3

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0021518   .0079507    -0.27   0.787    -.0177348    .0134312
       _nl_2 |   .0750067   .0063902    11.74   0.000     .0624823    .0875312
       _nl_3 |    .000071    .009267     0.01   0.994    -.0180919    .0182339
       _nl_4 |   .0762959   .0087794     8.69   0.000     .0590886    .0935032
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.3
> 9
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 3
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.3
> 5
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.9
> 7

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0558396   .0106589    -5.24   0.000    -.0767306   -.0349485
       _nl_2 |   -.049331   .0107854    -4.57   0.000    -.0704699    -.028192
       _nl_3 |  -.0330753    .010532    -3.14   0.002    -.0537175   -.0124331
       _nl_4 |  -.0265667   .0110148    -2.41   0.016    -.0481553   -.0049781
       _nl_5 |    .000071    .009267     0.01   0.994    -.0180919    .0182339
       _nl_6 |   .0762959   .0087794     8.69   0.000     .0590886    .0935032
       _nl_7 |  -.0021518   .0079507    -0.27   0.787    -.0177348    .0134312
       _nl_8 |   .0750067   .0063902    11.74   0.000     .0624823    .0875312
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_bluec_noIQ_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1542                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(86,18267)        =    107.56
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,268 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0232111    .011991    -1.94   0.053    -.0467146    .0002925
           treated_ia3 |  -.0048408   .0004607   -10.51   0.000    -.0057437   -.0039379
     treated_iasuorv_d |  -.0779777   .0098944    -7.88   0.000    -.0973716   -.0585838
           treated_pre |   -.046205   .0081371    -5.68   0.000    -.0621545   -.0302555
       treated_pre_ia2 |   .0287334   .0063562     4.52   0.000     .0162746    .0411921
       treated_pre_ia3 |   .0047076   .0003337    14.11   0.000     .0040537    .0053616
 treated_pre_iasuorv_d |   .0677426   .0067656    10.01   0.000     .0544813    .0810039
          treated_post |  -.0568972   .0107702    -5.28   0.000    -.0780078   -.0357867
      treated_post_ia2 |   .0236009   .0071885     3.28   0.001     .0095108     .037691
      treated_post_ia3 |   .0053887   .0004303    12.52   0.000     .0045453    .0062321
treated_post_iasuorv_d |   .0883477   .0083142    10.63   0.000      .072051    .1046443
             interact2 |  -.1079065   .0059603   -18.10   0.000    -.1195892   -.0962239
             interact3 |  -.0003008   .0001152    -2.61   0.009    -.0005265   -.0000751
               suorv_d |   .0325678   .0054184     6.01   0.000     .0219473    .0431883
                   l_0 |  -.3624735   .0265461   -13.65   0.000    -.4145063   -.3104407
                   l_1 |  -.3789907   .0315068   -12.03   0.000     -.440747   -.3172344
                   l_2 |  -.4210029    .036553   -11.52   0.000    -.4926501   -.3493556
                   l_3 |  -.4646871    .041642   -11.16   0.000    -.5463093   -.3830649
                   l_4 |   -.510404   .0467263   -10.92   0.000     -.601992   -.4188161
                   l_5 |  -.5566613   .0518391   -10.74   0.000    -.6582709   -.4550517
                   l_6 |  -.6043138   .0569597   -10.61   0.000    -.7159602   -.4926674
                   l_7 |  -.6588893   .0621094   -10.61   0.000    -.7806296   -.5371489
                   l_8 |  -.7096981   .0672405   -10.55   0.000    -.8414958   -.5779004
                   l_9 |  -.7602644    .072377   -10.50   0.000    -.9021301   -.6183988
                  l_10 |  -.8123948   .0774923   -10.48   0.000     -.964287   -.6605026
                   f_1 |  -.2810151   .0213183   -13.18   0.000    -.3228011   -.2392292
                   f_2 |  -.2270603    .016182   -14.03   0.000    -.2587784   -.1953421
                   f_3 |  -.1690755   .0112526   -15.03   0.000    -.1911317   -.1470193
                   f_4 |  -.0907209   .0063205   -14.35   0.000    -.1031098   -.0783321
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0485836   .0042866   -11.33   0.000    -.0569856   -.0401815
          _Ivuosi_1996 |    .023361   .0031815     7.34   0.000     .0171249     .029597
          _Ivuosi_1997 |   .0148157   .0030181     4.91   0.000        .0089    .0207314
          _Ivuosi_1998 |   .0086692   .0028405     3.05   0.002     .0031015    .0142369
          _Ivuosi_1999 |   .0152146   .0027927     5.45   0.000     .0097406    .0206885
          _Ivuosi_2000 |  -.0124071   .0031528    -3.94   0.000    -.0185869   -.0062273
          _Ivuosi_2001 |  -.0579884   .0024228   -23.93   0.000    -.0627373   -.0532394
          _Ivuosi_2002 |  -.0543655   .0022233   -24.45   0.000    -.0587234   -.0500076
          _Ivuosi_2003 |  -.0520373   .0020576   -25.29   0.000    -.0560704   -.0480041
          _Ivuosi_2004 |  -.0487376   .0017899   -27.23   0.000    -.0522459   -.0452293
          _Ivuosi_2005 |  -.0469447   .0016286   -28.83   0.000    -.0501369   -.0437526
          _Ivuosi_2006 |  -.0396408   .0014285   -27.75   0.000    -.0424408   -.0368407
          _Ivuosi_2007 |  -.0318326   .0012184   -26.13   0.000    -.0342207   -.0294444
          _Ivuosi_2008 |  -.0242645   .0010485   -23.14   0.000    -.0263197   -.0222092
          _Ivuosi_2009 |  -.0186027   .0007923   -23.48   0.000    -.0201557   -.0170497
          _Ivuosi_2010 |  -.0127436   .0005937   -21.46   0.000    -.0139074   -.0115799
          _Ivuosi_2011 |  -.0070166   .0003362   -20.87   0.000    -.0076755   -.0063577
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.079153   .0075532   -10.48   0.000     -.093958    -.064348
             _Iage2_22 |  -.0705468   .0124006    -5.69   0.000    -.0948532   -.0462404
             _Iage2_23 |  -.0493282    .017341    -2.84   0.004    -.0833182   -.0153381
             _Iage2_24 |  -.0226336   .0222507    -1.02   0.309     -.066247    .0209799
             _Iage2_25 |   .0098199   .0273013     0.36   0.719    -.0436931     .063333
             _Iage2_26 |   .0456592   .0323268     1.41   0.158    -.0177045    .1090228
             _Iage2_27 |   .0824462   .0374491     2.20   0.028     .0090425      .15585
             _Iage2_28 |   .1204572   .0425526     2.83   0.005     .0370502    .2038642
             _Iage2_29 |   .1613399   .0476324     3.39   0.001      .067976    .2547038
             _Iage2_30 |   .2019375   .0527504     3.83   0.000     .0985418    .3053332
             _Iage2_31 |   .2424482   .0578617     4.19   0.000     .1290338    .3558626
             _Iage2_32 |   .2863802    .063024     4.54   0.000     .1628473     .409913
             _Iage2_33 |   .3306679   .0681143     4.85   0.000     .1971575    .4641783
             _Iage2_34 |   .3763442    .073184     5.14   0.000     .2328967    .5197917
             _Iage2_35 |   .4226023   .0782857     5.40   0.000      .269155    .5760497
             _Iage2_36 |   .4688666   .0834177     5.62   0.000       .30536    .6323732
             _Iage2_37 |   .5147026   .0885289     5.81   0.000     .3411777    .6882275
             _Iage2_38 |   .5615043   .0936421     6.00   0.000     .3779571    .7450516
             _Iage2_39 |    .608448   .0987805     6.16   0.000     .4148289     .802067
             _Iage2_40 |   .6544833   .1038842     6.30   0.000     .4508605    .8581061
             _Iage2_41 |   .7020972   .1090081     6.44   0.000     .4884312    .9157633
             _Iage2_42 |   .7499855   .1141447     6.57   0.000     .5262513    .9737197
             _Iage2_43 |   .7973917   .1192753     6.69   0.000     .5636009    1.031182
             _Iage2_44 |   .8449613   .1243911     6.79   0.000      .601143     1.08878
             _Iage2_45 |   .8920456   .1295249     6.89   0.000     .6381645    1.145927
             _Iage2_46 |    .939734   .1346729     6.98   0.000     .6757625    1.203705
             _Iage2_47 |   .9872325   .1398221     7.06   0.000     .7131681    1.261297
             _Iage2_48 |   1.034254   .1449424     7.14   0.000     .7501533    1.318355
             _Iage2_49 |   1.082425   .1500754     7.21   0.000     .7882633    1.376587
             _Iage2_50 |   1.130959    .155226     7.29   0.000      .826702    1.435217
             _Iage2_51 |   1.177944   .1603503     7.35   0.000     .8636426    1.492246
             _Iage2_52 |    1.22604   .1655162     7.41   0.000     .9016129    1.550467
             _Iage2_53 |   1.275181   .1706748     7.47   0.000     .9406426     1.60972
             _Iage2_54 |   1.323702    .175818     7.53   0.000     .9790822    1.668322
             _Iage2_55 |    1.37604    .180976     7.60   0.000      1.02131     1.73077
             _Iage2_56 |   1.429715   .1861386     7.68   0.000     1.064866    1.794564
             _Iage2_57 |   1.482285   .1912729     7.75   0.000     1.107373    1.857198
             _Iage2_58 |   1.539344   .1964036     7.84   0.000     1.154375    1.924314
             _Iage2_59 |   1.598507   .2015624     7.93   0.000     1.203426    1.993588
         firm_size_new |  -.0005537   .0009545    -0.58   0.562    -.0024246    .0013172
                 _cons |  -.1328514   .0625076    -2.13   0.034    -.2553722   -.0103306
-----------------------+----------------------------------------------------------------
               sigma_u |  .51785883
               sigma_e |  .14700984
                   rho |  .92542214   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18267) =   10.13
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18267) =   24.44
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18267) =    7.49
            Prob > F =    0.0062

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18267) =    4.03
            Prob > F =    0.0447

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18267) =   27.79
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18267) =    2.25
            Prob > F =    0.1340
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1542                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(89,18267)        =    107.22
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,268 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0069238   .0052407    -1.32   0.186    -.0171961    .0033484
           treated_ia2 |  -.0223672   .0119069    -1.88   0.060    -.0457059    .0009715
           treated_ia3 |  -.0046309   .0004554   -10.17   0.000    -.0055234   -.0037383
     treated_iasuorv_d |  -.0734694   .0107221    -6.85   0.000    -.0944858   -.0524531
           treated_pre |  -.0448938    .008088    -5.55   0.000     -.060747   -.0290406
  treated_pre_iasenior |   .0080495   .0045998     1.75   0.080    -.0009665    .0170655
       treated_pre_ia2 |   .0276741   .0063245     4.38   0.000     .0152775    .0400706
       treated_pre_ia3 |   .0044529   .0003517    12.66   0.000     .0037635    .0051422
 treated_pre_iasuorv_d |   .0619448   .0079575     7.78   0.000     .0463472    .0775423
          treated_post |  -.0558396   .0106589    -5.24   0.000     -.076732   -.0349471
 treated_post_iasenior |   .0065086   .0055594     1.17   0.242    -.0043883    .0174055
      treated_post_ia2 |   .0227643   .0070842     3.21   0.001     .0088785      .03665
      treated_post_ia3 |   .0051872   .0004216    12.30   0.000     .0043608    .0060136
treated_post_iasuorv_d |   .0838115   .0092275     9.08   0.000     .0657248    .1018982
                senior |   1.598003   .2014641     7.93   0.000     1.203115    1.992892
             interact2 |  -.1079245   .0059547   -18.12   0.000    -.1195962   -.0962527
             interact3 |  -.0003047   .0001151    -2.65   0.008    -.0005303    -.000079
               suorv_d |   .0325756   .0054169     6.01   0.000      .021958    .0431933
                   l_0 |   -.362415   .0265435   -13.65   0.000    -.4144428   -.3103873
                   l_1 |  -.3789132   .0315004   -12.03   0.000     -.440657   -.3171694
                   l_2 |  -.4209086   .0365431   -11.52   0.000    -.4925365   -.3492806
                   l_3 |   -.464575   .0416276   -11.16   0.000     -.546169   -.3829811
                   l_4 |  -.5102728   .0467068   -10.93   0.000    -.6018225   -.4187231
                   l_5 |  -.5565111   .0518149   -10.74   0.000    -.6580731    -.454949
                   l_6 |  -.6041455   .0569302   -10.61   0.000    -.7157341   -.4925569
                   l_7 |  -.6587011   .0620759   -10.61   0.000    -.7803756   -.5370265
                   l_8 |  -.7094933   .0672024   -10.56   0.000    -.8412162   -.5777703
                   l_9 |  -.7600415   .0723342   -10.51   0.000    -.9018233   -.6182598
                  l_10 |  -.8121552   .0774449   -10.49   0.000    -.9639545   -.6603559
                   f_1 |  -.2809601   .0213092   -13.18   0.000    -.3227282    -.239192
                   f_2 |  -.2270188   .0161782   -14.03   0.000    -.2587296    -.195308
                   f_3 |  -.1690462   .0112529   -15.02   0.000     -.191103   -.1469894
                   f_4 |  -.0907012    .006325   -14.34   0.000    -.1030987   -.0783036
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0485931    .004286   -11.34   0.000    -.0569941   -.0401921
          _Ivuosi_1996 |   .0233621    .003182     7.34   0.000      .017125    .0295991
          _Ivuosi_1997 |   .0148305   .0030195     4.91   0.000      .008912    .0207491
          _Ivuosi_1998 |   .0086787   .0028427     3.05   0.002     .0031068    .0142507
          _Ivuosi_1999 |   .0152153   .0027945     5.44   0.000     .0097377    .0206928
          _Ivuosi_2000 |  -.0123996   .0031538    -3.93   0.000    -.0185813   -.0062179
          _Ivuosi_2001 |  -.0579976   .0024249   -23.92   0.000    -.0627506   -.0532446
          _Ivuosi_2002 |  -.0543651   .0022243   -24.44   0.000    -.0587249   -.0500053
          _Ivuosi_2003 |  -.0520411   .0020588   -25.28   0.000    -.0560765   -.0480057
          _Ivuosi_2004 |  -.0487388   .0017909   -27.21   0.000    -.0522491   -.0452284
          _Ivuosi_2005 |  -.0469428   .0016291   -28.81   0.000    -.0501361   -.0437496
          _Ivuosi_2006 |  -.0396415   .0014293   -27.74   0.000     -.042443     -.03684
          _Ivuosi_2007 |  -.0318339    .001219   -26.12   0.000    -.0342232   -.0294446
          _Ivuosi_2008 |  -.0242652   .0010489   -23.13   0.000    -.0263211   -.0222093
          _Ivuosi_2009 |  -.0186025   .0007926   -23.47   0.000     -.020156    -.017049
          _Ivuosi_2010 |  -.0127435    .000594   -21.45   0.000    -.0139077   -.0115792
          _Ivuosi_2011 |  -.0070163   .0003361   -20.88   0.000    -.0076751   -.0063575
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0791674   .0075529   -10.48   0.000    -.0939719   -.0643629
             _Iage2_22 |  -.0705767   .0123973    -5.69   0.000    -.0948765   -.0462769
             _Iage2_23 |  -.0493708   .0173354    -2.85   0.004    -.0833498   -.0153918
             _Iage2_24 |  -.0226933   .0222423    -1.02   0.308    -.0662902    .0209037
             _Iage2_25 |   .0097504   .0272909     0.36   0.721    -.0437424    .0632431
             _Iage2_26 |   .0455737   .0323137     1.41   0.158    -.0177643    .1089116
             _Iage2_27 |   .0823464   .0374333     2.20   0.028     .0089736    .1557191
             _Iage2_28 |   .1203373   .0425335     2.83   0.005     .0369676    .2037069
             _Iage2_29 |   .1612033   .0476109     3.39   0.001     .0678814    .2545252
             _Iage2_30 |   .2017844   .0527266     3.83   0.000     .0984352    .3051335
             _Iage2_31 |   .2422786   .0578352     4.19   0.000     .1289162    .3556411
             _Iage2_32 |   .2861946   .0629947     4.54   0.000     .1627191    .4096701
             _Iage2_33 |   .3304666   .0680834     4.85   0.000     .1970166    .4639165
             _Iage2_34 |   .3761275   .0731512     5.14   0.000     .2327442    .5195107
             _Iage2_35 |   .4223717   .0782513     5.40   0.000     .2689918    .5757516
             _Iage2_36 |   .4686225   .0833815     5.62   0.000      .305187    .6320581
             _Iage2_37 |   .5144483    .088491     5.81   0.000     .3409976     .687899
             _Iage2_38 |   .5612376   .0936016     6.00   0.000     .3777697    .7447054
             _Iage2_39 |    .608178   .0987374     6.16   0.000     .4146434    .8017126
             _Iage2_40 |   .6542061    .103838     6.30   0.000     .4506738    .8577385
             _Iage2_41 |  -.8960223   .0925238    -9.68   0.000    -1.077378    -.714667
             _Iage2_42 |  -.8481494   .0873863    -9.71   0.000    -1.019435    -.676864
             _Iage2_43 |  -.8007628   .0822579    -9.73   0.000    -.9619959   -.6395296
             _Iage2_44 |  -.7532077   .0771453    -9.76   0.000    -.9044197   -.6019956
             _Iage2_45 |  -.7061385   .0720146    -9.81   0.000    -.8472938   -.5649832
             _Iage2_46 |  -.6584783    .066872    -9.85   0.000    -.7895537   -.5274029
             _Iage2_47 |  -.6109934   .0617314    -9.90   0.000    -.7319927   -.4899941
             _Iage2_48 |  -.5639946   .0566174    -9.96   0.000    -.6749699   -.4530193
             _Iage2_49 |  -.5158424   .0514955   -10.02   0.000    -.6167783   -.4149065
             _Iage2_50 |  -.4673348   .0463544   -10.08   0.000    -.5581938   -.3764758
             _Iage2_51 |  -.4203783   .0412466   -10.19   0.000    -.5012255    -.339531
             _Iage2_52 |   -.372315   .0360955   -10.31   0.000    -.4430657   -.3015644
             _Iage2_53 |  -.3231965   .0309577   -10.44   0.000    -.3838766   -.2625164
             _Iage2_54 |  -.2746999   .0258384   -10.63   0.000    -.3253457   -.2240541
             _Iage2_55 |  -.2224288   .0207045   -10.74   0.000    -.2630115   -.1818461
             _Iage2_56 |  -.1687702   .0155699   -10.84   0.000    -.1992887   -.1382516
             _Iage2_57 |  -.1162101   .0104746   -11.09   0.000    -.1367413   -.0956789
             _Iage2_58 |  -.0591592   .0053204   -11.12   0.000    -.0695876   -.0487308
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0005536   .0009546    -0.58   0.562    -.0024247    .0013176
                 _cons |  -.1331713   .0624951    -2.13   0.033    -.2556675    -.010675
-----------------------+----------------------------------------------------------------
               sigma_u |  .51764565
               sigma_e |  .14700929
                   rho |   .9253658   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18267) =   30.72
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18267) =   44.42
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18267) =   81.24
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18267) =   75.71
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18267) =   20.92
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18267) =    9.86
            Prob > F =    0.0017

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18267) =   23.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18267) =    5.82
            Prob > F =    0.0159

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18267) =   17.86
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18267) =    3.95
            Prob > F =    0.0469
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414470
Group variable: shnro_real                      Number of groups   =    132740

R-sq:  within  = 0.1481                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(74,18262)        =    107.92
corr(u_i, Xb)  = -0.9808                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,263 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0154927   .0056148     2.76   0.006     .0044872    .0264981
 treated_post |   .0166993   .0073839     2.26   0.024     .0022263    .0311724
          l_0 |  -.3850398   .0266178   -14.47   0.000    -.4372132   -.3328664
          l_1 |  -.4064699   .0315608   -12.88   0.000    -.4683321   -.3446077
          l_2 |  -.4530893   .0366025   -12.38   0.000    -.5248336    -.381345
          l_3 |  -.5013789   .0416853   -12.03   0.000     -.583086   -.4196719
          l_4 |  -.5518451   .0467667   -11.80   0.000    -.6435123    -.460178
          l_5 |  -.6028716   .0518766   -11.62   0.000    -.7045546   -.5011886
          l_6 |  -.6554387   .0569977   -11.50   0.000    -.7671596   -.5437178
          l_7 |  -.7147849   .0621454   -11.50   0.000    -.8365957    -.592974
          l_8 |   -.770477   .0672789   -11.45   0.000      -.90235    -.638604
          l_9 |  -.8259538   .0724153   -11.41   0.000    -.9678945   -.6840131
         l_10 |  -.8830587   .0775301   -11.39   0.000    -1.035025   -.7310924
          f_1 |   -.299375   .0213368   -14.03   0.000    -.3411972   -.2575528
          f_2 |  -.2409221   .0161965   -14.87   0.000    -.2726687   -.2091755
          f_3 |   -.178339   .0112619   -15.84   0.000    -.2004134   -.1562646
          f_4 |  -.0954677   .0063326   -15.08   0.000    -.1078802   -.0830552
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0479008    .004305   -11.13   0.000     -.056339   -.0394626
 _Ivuosi_1996 |   .0239539   .0031836     7.52   0.000     .0177136    .0301941
 _Ivuosi_1997 |   .0153116   .0030387     5.04   0.000     .0093555    .0212677
 _Ivuosi_1998 |   .0092523   .0028614     3.23   0.001     .0036436     .014861
 _Ivuosi_1999 |    .016043   .0028205     5.69   0.000     .0105145    .0215716
 _Ivuosi_2000 |  -.0117588   .0031932    -3.68   0.000    -.0180178   -.0054999
 _Ivuosi_2001 |  -.0577201   .0024526   -23.53   0.000    -.0625274   -.0529129
 _Ivuosi_2002 |  -.0544081    .002262   -24.05   0.000    -.0588419   -.0499744
 _Ivuosi_2003 |  -.0520054   .0020857   -24.93   0.000    -.0560936   -.0479173
 _Ivuosi_2004 |  -.0485645   .0018106   -26.82   0.000    -.0521134   -.0450156
 _Ivuosi_2005 |  -.0467785   .0016519   -28.32   0.000    -.0500164   -.0435406
 _Ivuosi_2006 |  -.0393313   .0014553   -27.03   0.000    -.0421838   -.0364788
 _Ivuosi_2007 |  -.0314886   .0012368   -25.46   0.000    -.0339129   -.0290643
 _Ivuosi_2008 |  -.0239365   .0010695   -22.38   0.000    -.0260327   -.0218403
 _Ivuosi_2009 |  -.0183489   .0008012   -22.90   0.000    -.0199193   -.0167785
 _Ivuosi_2010 |   -.012559   .0005979   -21.01   0.000     -.013731   -.0113871
 _Ivuosi_2011 |  -.0068238   .0003274   -20.84   0.000    -.0074655   -.0061821
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0778113   .0075562   -10.30   0.000    -.0926222   -.0630005
    _Iage2_22 |  -.0674763   .0124058    -5.44   0.000    -.0917929   -.0431597
    _Iage2_23 |  -.0440697   .0173508    -2.54   0.011    -.0780789   -.0100605
    _Iage2_24 |  -.0167891   .0222786    -0.75   0.451    -.0604572    .0268789
    _Iage2_25 |   .0159395   .0273472     0.58   0.560    -.0376635    .0695425
    _Iage2_26 |   .0525825    .032378     1.62   0.104    -.0108815    .1160465
    _Iage2_27 |   .0911392   .0375064     2.43   0.015     .0176232    .1646552
    _Iage2_28 |   .1317077   .0426151     3.09   0.002     .0481782    .2152372
    _Iage2_29 |   .1755277      .0477     3.68   0.000     .0820312    .2690241
    _Iage2_30 |   .2196086   .0528187     4.16   0.000      .116079    .3231381
    _Iage2_31 |    .263712   .0579318     4.55   0.000     .1501602    .3772638
    _Iage2_32 |   .3114567   .0630924     4.94   0.000     .1877897    .4351238
    _Iage2_33 |   .3596195   .0681789     5.27   0.000     .2259825    .4932565
    _Iage2_34 |    .409385   .0732437     5.59   0.000     .2658204    .5529496
    _Iage2_35 |   .4598732   .0783462     5.87   0.000     .3063072    .6134392
    _Iage2_36 |   .5104336   .0834736     6.11   0.000     .3468175    .6740497
    _Iage2_37 |   .5606541   .0885893     6.33   0.000     .3870108    .7342974
    _Iage2_38 |   .6119012   .0936999     6.53   0.000     .4282407    .7955617
    _Iage2_39 |   .6633563   .0988397     6.71   0.000     .4696211    .8570915
    _Iage2_40 |   .7140157    .103942     6.87   0.000     .5102796    .9177518
    _Iage2_41 |   .7662625   .1090681     7.03   0.000     .5524787    .9800463
    _Iage2_42 |   .8188683   .1142045     7.17   0.000     .5950167     1.04272
    _Iage2_43 |   .8711345   .1193379     7.30   0.000      .637221    1.105048
    _Iage2_44 |   .9235978   .1244558     7.42   0.000     .6796527    1.167543
    _Iage2_45 |   .9756249   .1295886     7.53   0.000     .7216192    1.229631
    _Iage2_46 |   1.028307    .134739     7.63   0.000      .764206    1.292408
    _Iage2_47 |   1.080809   .1398897     7.73   0.000     .8066124    1.355006
    _Iage2_48 |   1.132856   .1450112     7.81   0.000     .8486201    1.417091
    _Iage2_49 |    1.18613   .1501428     7.90   0.000     .8918364    1.480424
    _Iage2_50 |    1.23983   .1552924     7.98   0.000     .9354422    1.544218
    _Iage2_51 |   1.291896   .1604172     8.05   0.000     .9774636    1.606329
    _Iage2_52 |   1.345131   .1655833     8.12   0.000     1.020573     1.66969
    _Iage2_53 |   1.399489   .1707402     8.20   0.000     1.064822    1.734155
    _Iage2_54 |   1.453171   .1758807     8.26   0.000     1.108428    1.797914
    _Iage2_55 |   1.510887   .1810381     8.35   0.000     1.156035    1.865739
    _Iage2_56 |   1.569622   .1861991     8.43   0.000     1.204654    1.934589
    _Iage2_57 |     1.6273   .1913305     8.51   0.000     1.252275    2.002326
    _Iage2_58 |   1.689463   .1964558     8.60   0.000     1.304391    2.074535
    _Iage2_59 |   1.753702   .2016105     8.70   0.000     1.358526    2.148877
firm_size_new |  -.0007645   .0009853    -0.78   0.438    -.0026958    .0011667
        _cons |  -.1947986   .0626099    -3.11   0.002    -.3175199   -.0720773
--------------+----------------------------------------------------------------
      sigma_u |  .55556716
      sigma_e |  .14752199
          rho |  .93413566   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414470
Group variable: shnro_real                      Number of groups   =    132740

R-sq:  within  = 0.1502                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(82,18262)        =    104.25
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,263 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0044309    .000455    -9.74   0.000    -.0053227   -.0035391
     treated_iasuorv_d |  -.0828469   .0099425    -8.33   0.000    -.1023351   -.0633587
           treated_pre |  -.0443249   .0080122    -5.53   0.000    -.0600295   -.0286203
       treated_pre_ia3 |   .0046576   .0003331    13.98   0.000     .0040048    .0053105
 treated_pre_iasuorv_d |   .0676233   .0066628    10.15   0.000     .0545635     .080683
          treated_post |  -.0626209    .010829    -5.78   0.000    -.0838468   -.0413951
      treated_post_ia3 |   .0054719   .0004345    12.59   0.000     .0046203    .0063235
treated_post_iasuorv_d |   .0990752   .0084872    11.67   0.000     .0824394     .115711
             interact3 |   .0005663   .0001183     4.79   0.000     .0003344    .0007983
               suorv_d |   .0333112   .0054035     6.16   0.000     .0227199    .0439026
                   l_0 |  -.3677237   .0265922   -13.83   0.000    -.4198469   -.3156005
                   l_1 |  -.3860897    .031545   -12.24   0.000    -.4479209   -.3242584
                   l_2 |  -.4296252   .0365888   -11.74   0.000    -.5013426   -.3579078
                   l_3 |  -.4747645   .0416736   -11.39   0.000    -.5564487   -.3930802
                   l_4 |  -.5220262   .0467563   -11.16   0.000    -.6136729   -.4303796
                   l_5 |  -.5698256   .0518666   -10.99   0.000    -.6714891   -.4681621
                   l_6 |   -.619124   .0569853   -10.86   0.000    -.7308205   -.5074276
                   l_7 |   -.675234   .0621352   -10.87   0.000    -.7970247   -.5534433
                   l_8 |  -.7276578    .067268   -10.82   0.000    -.8595094   -.5958063
                   l_9 |  -.7797701   .0724032   -10.77   0.000    -.9216871   -.6378531
                  l_10 |   -.833602   .0775196   -10.75   0.000    -.9855476   -.6816564
                   f_1 |  -.2862754   .0213341   -13.42   0.000    -.3280922   -.2444586
                   f_2 |  -.2310087   .0161949   -14.26   0.000    -.2627522   -.1992653
                   f_3 |  -.1716025   .0112654   -15.23   0.000    -.1936838   -.1495213
                   f_4 |  -.0919124   .0063331   -14.51   0.000     -.104326   -.0794989
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0482612    .004287   -11.26   0.000    -.0566641   -.0398582
          _Ivuosi_1996 |   .0237978   .0031832     7.48   0.000     .0175584    .0300371
          _Ivuosi_1997 |   .0152971   .0030211     5.06   0.000     .0093755    .0212187
          _Ivuosi_1998 |   .0091991   .0028477     3.23   0.001     .0036173    .0147809
          _Ivuosi_1999 |   .0158915      .0028     5.68   0.000     .0104033    .0213797
          _Ivuosi_2000 |  -.0116499   .0031627    -3.68   0.000    -.0178492   -.0054507
          _Ivuosi_2001 |  -.0575316   .0024357   -23.62   0.000    -.0623058   -.0527573
          _Ivuosi_2002 |  -.0540043   .0022375   -24.14   0.000    -.0583901   -.0496185
          _Ivuosi_2003 |  -.0516577   .0020668   -24.99   0.000    -.0557087   -.0476066
          _Ivuosi_2004 |  -.0482678   .0018011   -26.80   0.000    -.0517982   -.0447373
          _Ivuosi_2005 |  -.0465112   .0016389   -28.38   0.000    -.0497236   -.0432987
          _Ivuosi_2006 |  -.0391096    .001439   -27.18   0.000    -.0419302   -.0362889
          _Ivuosi_2007 |  -.0312874   .0012255   -25.53   0.000    -.0336895   -.0288852
          _Ivuosi_2008 |  -.0237957   .0010578   -22.50   0.000     -.025869   -.0217223
          _Ivuosi_2009 |  -.0181753    .000795   -22.86   0.000    -.0197335   -.0166171
          _Ivuosi_2010 |  -.0124176   .0005951   -20.87   0.000     -.013584   -.0112511
          _Ivuosi_2011 |  -.0067018   .0003281   -20.42   0.000     -.007345   -.0060587
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0791078   .0075512   -10.48   0.000    -.0939089   -.0643067
             _Iage2_22 |  -.0704927   .0124031    -5.68   0.000    -.0948039   -.0461816
             _Iage2_23 |  -.0494472   .0173482    -2.85   0.004    -.0834513   -.0154432
             _Iage2_24 |  -.0244983    .022279    -1.10   0.272    -.0681672    .0191705
             _Iage2_25 |   .0056538   .0273505     0.21   0.836    -.0479559    .0592634
             _Iage2_26 |    .039672   .0323885     1.22   0.221    -.0238125    .1031565
             _Iage2_27 |   .0753237   .0375209     2.01   0.045     .0017791    .1488682
             _Iage2_28 |   .1128709   .0426328     2.65   0.008     .0293067    .1964351
             _Iage2_29 |   .1535845     .04772     3.22   0.001     .0600489    .2471202
             _Iage2_30 |    .194435   .0528419     3.68   0.000     .0908598    .2980101
             _Iage2_31 |   .2352693   .0579586     4.06   0.000      .121665    .3488736
             _Iage2_32 |   .2796735   .0631237     4.43   0.000     .1559452    .4034019
             _Iage2_33 |   .3244945    .068215     4.76   0.000     .1907868    .4582022
             _Iage2_34 |   .3708209   .0732846     5.06   0.000     .2271762    .5144655
             _Iage2_35 |   .4177721   .0783872     5.33   0.000     .2641259    .5714183
             _Iage2_36 |   .4647773   .0835196     5.56   0.000      .301071    .6284836
             _Iage2_37 |   .5113285   .0886343     5.77   0.000      .337597    .6850601
             _Iage2_38 |   .5588743   .0937473     5.96   0.000     .3751207    .7426279
             _Iage2_39 |   .6065302   .0988887     6.13   0.000     .4126992    .8003613
             _Iage2_40 |    .653332   .1039946     6.28   0.000     .4494929    .8571712
             _Iage2_41 |   .7017336   .1091215     6.43   0.000     .4878453    .9156219
             _Iage2_42 |   .7503539   .1142586     6.57   0.000     .5263963    .9743116
             _Iage2_43 |   .7985352   .1193921     6.69   0.000     .5645154    1.032555
             _Iage2_44 |   .8469128   .1245091     6.80   0.000     .6028631    1.090962
             _Iage2_45 |   .8947893   .1296449     6.90   0.000     .6406731    1.148906
             _Iage2_46 |   .9433312   .1347953     7.00   0.000     .6791198    1.207543
             _Iage2_47 |   .9916791   .1399477     7.09   0.000     .7173684     1.26599
             _Iage2_48 |   1.039567   .1450686     7.17   0.000     .7552192    1.323916
             _Iage2_49 |   1.088639   .1502032     7.25   0.000     .7942262    1.383051
             _Iage2_50 |   1.138092   .1553546     7.33   0.000     .8335827    1.442602
             _Iage2_51 |   1.186054     .16048     7.39   0.000     .8714976     1.50061
             _Iage2_52 |   1.235108   .1656473     7.46   0.000     .9104234    1.559792
             _Iage2_53 |   1.285309   .1708077     7.52   0.000     .9505104    1.620108
             _Iage2_54 |   1.334875   .1759521     7.59   0.000     .9899926    1.679758
             _Iage2_55 |   1.388257   .1811115     7.67   0.000     1.033262    1.743253
             _Iage2_56 |   1.442989   .1862752     7.75   0.000     1.077872    1.808106
             _Iage2_57 |   1.496651    .191411     7.82   0.000     1.121467    1.871835
             _Iage2_58 |   1.554796   .1965425     7.91   0.000     1.169554    1.940038
             _Iage2_59 |   1.615001   .2017028     8.01   0.000     1.219645    2.010357
         firm_size_new |  -.0007056   .0009472    -0.74   0.456    -.0025621    .0011509
                 _cons |  -.1427519   .0625687    -2.28   0.023    -.2653924   -.0201114
-----------------------+----------------------------------------------------------------
               sigma_u |  .52379981
               sigma_e |  .14733607
                   rho |  .92668081   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18262) =   29.77
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18262) =   26.21
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414470
Group variable: shnro_real                      Number of groups   =    132740

R-sq:  within  = 0.1491                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(79,18262)        =    103.54
corr(u_i, Xb)  = -0.9797                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,263 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0068044   .0067281     1.01   0.312    -.0063834    .0199922
          treated_pre |   .0186269   .0067229     2.77   0.006     .0054494    .0318044
 treated_pre_iasenior |  -.0094349    .005985    -1.58   0.115    -.0211661    .0022962
         treated_post |   .0160971   .0092572     1.74   0.082    -.0020479    .0342421
treated_post_iasenior |  -.0014039   .0080004    -0.18   0.861    -.0170854    .0142777
               senior |          0  (omitted)
         pre_iasenior |   .0532495   .0041844    12.73   0.000     .0450476    .0614513
        post_iasenior |   .0573706   .0051221    11.20   0.000     .0473308    .0674104
                  l_0 |  -.3972275   .0268753   -14.78   0.000    -.4499057   -.3445494
                  l_1 |  -.4174338   .0317669   -13.14   0.000    -.4796999   -.3551676
                  l_2 |   -.462807   .0367659   -12.59   0.000    -.5348717   -.3907424
                  l_3 |  -.5098144   .0418099   -12.19   0.000    -.5917657   -.4278631
                  l_4 |  -.5589643    .046857   -11.93   0.000    -.6508084   -.4671201
                  l_5 |  -.6086662   .0519352   -11.72   0.000    -.7104641   -.5068683
                  l_6 |  -.6599239   .0570261   -11.57   0.000    -.7717004   -.5481473
                  l_7 |  -.7178994   .0621476   -11.55   0.000    -.8397145   -.5960843
                  l_8 |  -.7722772   .0672543   -11.48   0.000    -.9041019   -.6404525
                  l_9 |  -.8263307    .072364   -11.42   0.000     -.968171   -.6844904
                 l_10 |  -.8821116    .077455   -11.39   0.000    -1.033931   -.7302926
                  f_1 |  -.3115306    .021501   -14.49   0.000    -.3536747   -.2693865
                  f_2 |  -.2544336   .0164266   -15.49   0.000    -.2866312    -.222236
                  f_3 |    -.19321   .0115854   -16.68   0.000    -.2159186   -.1705015
                  f_4 |  -.1116744   .0068431   -16.32   0.000    -.1250875   -.0982613
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0480938   .0042783   -11.24   0.000    -.0564797   -.0397079
         _Ivuosi_1996 |   .0238969   .0031759     7.52   0.000     .0176718     .030122
         _Ivuosi_1997 |   .0154593   .0030262     5.11   0.000     .0095277     .021391
         _Ivuosi_1998 |    .009319   .0028663     3.25   0.001     .0037008    .0149372
         _Ivuosi_1999 |   .0159607   .0028204     5.66   0.000     .0104325    .0214889
         _Ivuosi_2000 |  -.0115564   .0031895    -3.62   0.000    -.0178081   -.0053048
         _Ivuosi_2001 |  -.0576728   .0024552   -23.49   0.000    -.0624852   -.0528604
         _Ivuosi_2002 |  -.0541983   .0022552   -24.03   0.000    -.0586188   -.0497778
         _Ivuosi_2003 |  -.0518297   .0020776   -24.95   0.000     -.055902   -.0477575
         _Ivuosi_2004 |  -.0483717    .001811   -26.71   0.000    -.0519214   -.0448219
         _Ivuosi_2005 |   -.046586   .0016512   -28.21   0.000    -.0498225   -.0433495
         _Ivuosi_2006 |  -.0390781   .0014564   -26.83   0.000    -.0419327   -.0362235
         _Ivuosi_2007 |  -.0313064    .001237   -25.31   0.000    -.0337309   -.0288818
         _Ivuosi_2008 |  -.0237715   .0010679   -22.26   0.000    -.0258647   -.0216783
         _Ivuosi_2009 |  -.0182296   .0008012   -22.75   0.000    -.0198001   -.0166592
         _Ivuosi_2010 |  -.0125297   .0005948   -21.06   0.000    -.0136956   -.0113637
         _Ivuosi_2011 |  -.0067941   .0003233   -21.01   0.000    -.0074279   -.0061603
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0778595   .0075429   -10.32   0.000    -.0926442   -.0630747
            _Iage2_22 |  -.0678139   .0123811    -5.48   0.000     -.092082   -.0435457
            _Iage2_23 |  -.0448621   .0173178    -2.59   0.010    -.0788067   -.0109176
            _Iage2_24 |  -.0180451   .0222361    -0.81   0.417      -.06163    .0255398
            _Iage2_25 |   .0140941    .027293     0.52   0.606    -.0394027    .0675909
            _Iage2_26 |   .0501187   .0323135     1.55   0.121    -.0132188    .1134562
            _Iage2_27 |   .0879102   .0374291     2.35   0.019     .0145456    .1612749
            _Iage2_28 |   .1277105   .0425246     3.00   0.003     .0443583    .2110627
            _Iage2_29 |   .1707844   .0475966     3.59   0.000     .0774905    .2640782
            _Iage2_30 |   .2141375   .0527035     4.06   0.000     .1108336    .3174413
            _Iage2_31 |   .2574337   .0578036     4.45   0.000     .1441332    .3707343
            _Iage2_32 |   .3044356   .0629515     4.84   0.000     .1810448    .4278264
            _Iage2_33 |   .3518825   .0680276     5.17   0.000      .218542     .485223
            _Iage2_34 |   .4008531   .0730801     5.49   0.000     .2576093    .5440969
            _Iage2_35 |   .4506019   .0781694     5.76   0.000     .2973824    .6038213
            _Iage2_36 |   .5004202   .0832835     6.01   0.000     .3371768    .6636636
            _Iage2_37 |   .5497762    .088385     6.22   0.000     .3765333    .7230191
            _Iage2_38 |   .6000907   .0934814     6.42   0.000     .4168584    .7833229
            _Iage2_39 |   .6505434   .0986051     6.60   0.000     .4572681    .8438187
            _Iage2_40 |    .700075   .1036915     6.75   0.000       .49683    .9033201
            _Iage2_41 |   .6953944   .1085299     6.41   0.000     .4826656    .9081233
            _Iage2_42 |   .7464945   .1136448     6.57   0.000       .52374     .969249
            _Iage2_43 |   .7970554   .1187497     6.71   0.000     .5642949    1.029816
            _Iage2_44 |   .8477736    .123842     6.85   0.000     .6050317    1.090515
            _Iage2_45 |   .8978832   .1289469     6.96   0.000     .6451351    1.150631
            _Iage2_46 |   .9484528   .1340681     7.07   0.000     .6856667    1.211239
            _Iage2_47 |   .9989824   .1391892     7.18   0.000     .7261585    1.271806
            _Iage2_48 |    1.04887   .1442791     7.27   0.000     .7660692     1.33167
            _Iage2_49 |   1.099949   .1493811     7.36   0.000     .8071483     1.39275
            _Iage2_50 |   1.151306   .1545003     7.45   0.000     .8484712    1.454141
            _Iage2_51 |   1.201025    .159589     7.53   0.000     .8882157    1.513835
            _Iage2_52 |   1.251827   .1647226     7.60   0.000     .9289552    1.574699
            _Iage2_53 |   1.303792   .1698458     7.68   0.000     .9708779    1.636705
            _Iage2_54 |   1.355049   .1749533     7.75   0.000     1.012124    1.697974
            _Iage2_55 |   1.409675   .1800726     7.83   0.000     1.056716    1.762634
            _Iage2_56 |   1.466235   .1852045     7.92   0.000     1.103216    1.829253
            _Iage2_57 |   1.521822   .1903071     8.00   0.000     1.148802    1.894842
            _Iage2_58 |   1.581839   .1954064     8.10   0.000     1.198824    1.964854
            _Iage2_59 |   1.643903   .2005347     8.20   0.000     1.250836    2.036969
        firm_size_new |  -.0007303   .0009823    -0.74   0.457    -.0026557    .0011952
                _cons |  -.1695495   .0623724    -2.72   0.007    -.2918052   -.0472938
----------------------+----------------------------------------------------------------
              sigma_u |  .54035515
              sigma_e |   .1474327
                  rho |  .93071403   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18262) =    6.23
            Prob > F =    0.0126

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18262) =    3.67
            Prob > F =    0.0553
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414470
Group variable: shnro_real                      Number of groups   =    132740

R-sq:  within  = 0.1542                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(86,18262)        =    107.52
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,263 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0233538   .0120069    -1.95   0.052    -.0468884    .0001808
           treated_ia3 |  -.0048408   .0004607   -10.51   0.000    -.0057437   -.0039379
     treated_iasuorv_d |  -.0779385   .0098934    -7.88   0.000    -.0973305   -.0585465
           treated_pre |  -.0462417   .0081371    -5.68   0.000    -.0621911   -.0302922
       treated_pre_ia2 |   .0286883   .0063564     4.51   0.000     .0162292    .0411475
       treated_pre_ia3 |   .0047096   .0003337    14.12   0.000     .0040556    .0053636
 treated_pre_iasuorv_d |   .0677964   .0067647    10.02   0.000      .054537    .0810557
          treated_post |  -.0568293   .0107695    -5.28   0.000    -.0779384   -.0357201
      treated_post_ia2 |   .0236233   .0071879     3.29   0.001     .0095342    .0377123
      treated_post_ia3 |   .0053857   .0004303    12.52   0.000     .0045424    .0062291
treated_post_iasuorv_d |    .088268   .0083115    10.62   0.000     .0719768    .1045592
             interact2 |  -.1078944   .0059602   -18.10   0.000    -.1195769    -.096212
             interact3 |  -.0002995   .0001152    -2.60   0.009    -.0005252   -.0000737
               suorv_d |   .0325565   .0054183     6.01   0.000      .021936    .0431769
                   l_0 |  -.3625671   .0265481   -13.66   0.000    -.4146039   -.3105304
                   l_1 |  -.3791032   .0315095   -12.03   0.000    -.4408647   -.3173417
                   l_2 |  -.4211574    .036556   -11.52   0.000    -.4928107   -.3495041
                   l_3 |  -.4648667   .0416456   -11.16   0.000     -.546496   -.3832375
                   l_4 |  -.5105895   .0467304   -10.93   0.000    -.6021855   -.4189935
                   l_5 |  -.5568653   .0518438   -10.74   0.000     -.658484   -.4552466
                   l_6 |  -.6045372   .0569649   -10.61   0.000    -.7161937   -.4928807
                   l_7 |  -.6591392    .062115   -10.61   0.000    -.7808905   -.5373879
                   l_8 |  -.7099681   .0672466   -10.56   0.000    -.8417777   -.5781586
                   l_9 |  -.7605585   .0723835   -10.51   0.000    -.9024369   -.6186801
                  l_10 |  -.8127092   .0774993   -10.49   0.000    -.9646151   -.6608034
                   f_1 |  -.2811058     .02132   -13.19   0.000    -.3228949   -.2393166
                   f_2 |  -.2271262   .0161831   -14.03   0.000    -.2588466   -.1954058
                   f_3 |  -.1690914   .0112533   -15.03   0.000    -.1911489   -.1470339
                   f_4 |  -.0907545   .0063207   -14.36   0.000    -.1031436   -.0783654
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0485001   .0042876   -11.31   0.000    -.0569043   -.0400959
          _Ivuosi_1996 |   .0233994   .0031828     7.35   0.000     .0171609     .029638
          _Ivuosi_1997 |   .0148678   .0030188     4.93   0.000     .0089507     .020785
          _Ivuosi_1998 |   .0087216   .0028408     3.07   0.002     .0031533    .0142899
          _Ivuosi_1999 |   .0152724   .0027925     5.47   0.000     .0097989    .0207459
          _Ivuosi_2000 |  -.0124005   .0031529    -3.93   0.000    -.0185805   -.0062204
          _Ivuosi_2001 |   -.057967   .0024222   -23.93   0.000    -.0627148   -.0532192
          _Ivuosi_2002 |  -.0543474   .0022227   -24.45   0.000    -.0587041   -.0499907
          _Ivuosi_2003 |  -.0520201    .002057   -25.29   0.000    -.0560519   -.0479882
          _Ivuosi_2004 |  -.0487209   .0017893   -27.23   0.000     -.052228   -.0452137
          _Ivuosi_2005 |   -.046933   .0016281   -28.83   0.000    -.0501242   -.0437417
          _Ivuosi_2006 |  -.0396275   .0014281   -27.75   0.000    -.0424266   -.0368283
          _Ivuosi_2007 |  -.0318245   .0012183   -26.12   0.000    -.0342124   -.0294366
          _Ivuosi_2008 |   -.024256   .0010485   -23.13   0.000    -.0263112   -.0222009
          _Ivuosi_2009 |  -.0185969   .0007922   -23.48   0.000    -.0201497   -.0170442
          _Ivuosi_2010 |    -.01274   .0005937   -21.46   0.000    -.0139037   -.0115764
          _Ivuosi_2011 |  -.0070154   .0003362   -20.87   0.000    -.0076743   -.0063565
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0791726   .0075547   -10.48   0.000    -.0939805   -.0643646
             _Iage2_22 |  -.0705336   .0124025    -5.69   0.000    -.0948437   -.0462234
             _Iage2_23 |  -.0492543   .0173436    -2.84   0.005    -.0832494   -.0152593
             _Iage2_24 |   -.022585    .022254    -1.01   0.310    -.0662048    .0210348
             _Iage2_25 |   .0098965   .0273049     0.36   0.717    -.0436237    .0634166
             _Iage2_26 |   .0458108   .0323308     1.42   0.157    -.0175606    .1091821
             _Iage2_27 |   .0826154   .0374536     2.21   0.027     .0092028    .1560279
             _Iage2_28 |   .1206186   .0425577     2.83   0.005     .0372016    .2040356
             _Iage2_29 |    .161543   .0476379     3.39   0.001     .0681682    .2549178
             _Iage2_30 |    .202165   .0527565     3.83   0.000     .0987573    .3055727
             _Iage2_31 |   .2427019   .0578683     4.19   0.000     .1292746    .3561292
             _Iage2_32 |   .2866236   .0630312     4.55   0.000     .1630765    .4101706
             _Iage2_33 |   .3309174   .0681222     4.86   0.000     .1973915    .4644433
             _Iage2_34 |   .3766335   .0731923     5.15   0.000     .2331697    .5200972
             _Iage2_35 |   .4229136   .0782945     5.40   0.000     .2694491    .5763782
             _Iage2_36 |      .4692    .083427     5.62   0.000     .3056753    .6327248
             _Iage2_37 |   .5150314   .0885388     5.82   0.000     .3414871    .6885758
             _Iage2_38 |   .5618825   .0936524     6.00   0.000      .378315    .7454499
             _Iage2_39 |   .6088447   .0987913     6.16   0.000     .4152045    .8024848
             _Iage2_40 |   .6548994   .1038955     6.30   0.000     .4512545    .8585444
             _Iage2_41 |   .7025495   .1090199     6.44   0.000     .4888603    .9162387
             _Iage2_42 |   .7504586   .1141569     6.57   0.000     .5267003    .9742169
             _Iage2_43 |   .7978806   .1192881     6.69   0.000     .5640646    1.031696
             _Iage2_44 |   .8454742   .1244045     6.80   0.000     .6016298    1.089319
             _Iage2_45 |   .8925791   .1295388     6.89   0.000      .638671    1.146487
             _Iage2_46 |    .940292   .1346872     6.98   0.000     .6762924    1.204292
             _Iage2_47 |   .9878123   .1398369     7.06   0.000     .7137188    1.261906
             _Iage2_48 |   1.034859   .1449577     7.14   0.000     .7507282     1.31899
             _Iage2_49 |   1.083054   .1500913     7.22   0.000     .7888606    1.377246
             _Iage2_50 |   1.131614   .1552423     7.29   0.000     .8273249    1.435904
             _Iage2_51 |   1.178624   .1603671     7.35   0.000     .8642898    1.492959
             _Iage2_52 |   1.226715   .1655335     7.41   0.000     .9022535    1.551176
             _Iage2_53 |    1.27591   .1706926     7.47   0.000      .941337    1.610484
             _Iage2_54 |   1.324451   .1758363     7.53   0.000     .9797956    1.669107
             _Iage2_55 |   1.376816   .1809949     7.61   0.000     1.022049    1.731583
             _Iage2_56 |   1.430518    .186158     7.68   0.000     1.065631    1.795405
             _Iage2_57 |   1.483114   .1912928     7.75   0.000     1.108162    1.858065
             _Iage2_58 |     1.5402    .196424     7.84   0.000      1.15519    1.925209
             _Iage2_59 |   1.599318   .2015835     7.93   0.000     1.204195     1.99444
         firm_size_new |  -.0005741   .0009562    -0.60   0.548    -.0024484    .0013002
                 _cons |  -.1332058   .0625211    -2.13   0.033     -.255753   -.0106585
-----------------------+----------------------------------------------------------------
               sigma_u |  .51808959
               sigma_e |  .14699439
                   rho |   .9254981   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18262) =   10.08
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18262) =   24.38
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18262) =    7.44
            Prob > F =    0.0064

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18262) =    4.07
            Prob > F =    0.0437

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18262) =   27.84
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18262) =    2.27
            Prob > F =    0.1315
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414470
Group variable: shnro_real                      Number of groups   =    132740

R-sq:  within  = 0.1502                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(85,18262)        =    103.57
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,263 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0044708   .0052547    -0.85   0.395    -.0147704    .0058288
           treated_ia3 |  -.0043112   .0004486    -9.61   0.000    -.0051906   -.0034318
     treated_iasuorv_d |  -.0797759   .0107561    -7.42   0.000    -.1008589   -.0586929
           treated_pre |  -.0429712   .0079608    -5.40   0.000     -.058575   -.0273673
  treated_pre_iasenior |   .0077988   .0045971     1.70   0.090     -.001212    .0168096
       treated_pre_ia3 |    .004401   .0003486    12.62   0.000     .0037176    .0050844
 treated_pre_iasuorv_d |   .0617266   .0078137     7.90   0.000     .0464111    .0770421
          treated_post |  -.0617058   .0107398    -5.75   0.000    -.0827569   -.0406548
 treated_post_iasenior |   .0022382   .0055858     0.40   0.689    -.0087106    .0131869
      treated_post_ia3 |   .0053874   .0004236    12.72   0.000     .0045571    .0062176
treated_post_iasuorv_d |   .0971033   .0093558    10.38   0.000     .0787651    .1154416
                senior |   1.617196   .2015832     8.02   0.000     1.222074    2.012318
             interact3 |   .0005639   .0001187     4.75   0.000     .0003312    .0007965
               suorv_d |   .0332624   .0054007     6.16   0.000     .0226765    .0438483
                   l_0 |  -.3680249   .0265867   -13.84   0.000    -.4201373   -.3159124
                   l_1 |  -.3864192   .0315354   -12.25   0.000    -.4482316   -.3246068
                   l_2 |  -.4299893   .0365754   -11.76   0.000    -.5016805   -.3582981
                   l_3 |  -.4751601   .0416554   -11.41   0.000    -.5568086   -.3935116
                   l_4 |  -.5224524   .0467326   -11.18   0.000    -.6140527   -.4308522
                   l_5 |  -.5702805   .0518379   -11.00   0.000    -.6718876   -.4686734
                   l_6 |  -.6196074    .056951   -10.88   0.000    -.7312367   -.5079782
                   l_7 |  -.6757457   .0620963   -10.88   0.000    -.7974604    -.554031
                   l_8 |  -.7282013   .0672242   -10.83   0.000     -.859967   -.5964355
                   l_9 |  -.7803469   .0723544   -10.79   0.000    -.9221682   -.6385256
                  l_10 |  -.8342089   .0774658   -10.77   0.000    -.9860492   -.6823686
                   f_1 |  -.2864678   .0213232   -13.43   0.000    -.3282632   -.2446724
                   f_2 |  -.2311517   .0161896   -14.28   0.000    -.2628849   -.1994185
                   f_3 |  -.1716916   .0112645   -15.24   0.000    -.1937712   -.1496121
                   f_4 |  -.0919449   .0063367   -14.51   0.000    -.1043654   -.0795243
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0482775   .0042873   -11.26   0.000    -.0566809    -.039874
          _Ivuosi_1996 |   .0237959   .0031837     7.47   0.000     .0175556    .0300362
          _Ivuosi_1997 |   .0153083   .0030229     5.06   0.000     .0093832    .0212334
          _Ivuosi_1998 |   .0092121   .0028504     3.23   0.001      .003625    .0147992
          _Ivuosi_1999 |   .0158977   .0028018     5.67   0.000     .0104059    .0213895
          _Ivuosi_2000 |  -.0116447   .0031629    -3.68   0.000    -.0178442   -.0054451
          _Ivuosi_2001 |  -.0575458   .0024372   -23.61   0.000     -.062323   -.0527687
          _Ivuosi_2002 |  -.0540039   .0022383   -24.13   0.000    -.0583912   -.0496167
          _Ivuosi_2003 |  -.0516603   .0020676   -24.99   0.000     -.055713   -.0476076
          _Ivuosi_2004 |   -.048272   .0018018   -26.79   0.000    -.0518037   -.0447403
          _Ivuosi_2005 |  -.0465064   .0016389   -28.38   0.000    -.0497189    -.043294
          _Ivuosi_2006 |  -.0391181   .0014388   -27.19   0.000    -.0419382    -.036298
          _Ivuosi_2007 |  -.0312921   .0012255   -25.53   0.000    -.0336941     -.02889
          _Ivuosi_2008 |  -.0238007   .0010575   -22.51   0.000    -.0258734   -.0217279
          _Ivuosi_2009 |  -.0181772   .0007947   -22.87   0.000    -.0197348   -.0166195
          _Ivuosi_2010 |  -.0124152   .0005954   -20.85   0.000    -.0135822   -.0112481
          _Ivuosi_2011 |  -.0067008   .0003283   -20.41   0.000    -.0073443   -.0060573
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0790826   .0075508   -10.47   0.000    -.0938828   -.0642823
             _Iage2_22 |   -.070441   .0123991    -5.68   0.000    -.0947445   -.0461375
             _Iage2_23 |  -.0493752   .0173415    -2.85   0.004    -.0833661   -.0153843
             _Iage2_24 |  -.0244176   .0222692    -1.10   0.273    -.0680673     .019232
             _Iage2_25 |   .0057508   .0273384     0.21   0.833     -.047835    .0593367
             _Iage2_26 |   .0397784   .0323732     1.23   0.219    -.0236761    .1032329
             _Iage2_27 |   .0754404   .0375027     2.01   0.044     .0019317    .1489491
             _Iage2_28 |   .1129867   .0426109     2.65   0.008     .0294653    .1965081
             _Iage2_29 |   .1537004   .0476954     3.22   0.001     .0602128    .2471879
             _Iage2_30 |   .1945496   .0528148     3.68   0.000     .0910277    .2980716
             _Iage2_31 |     .23538   .0579286     4.06   0.000     .1218344    .3489256
             _Iage2_32 |   .2797798   .0630908     4.43   0.000     .1561159    .4034438
             _Iage2_33 |     .32459   .0681803     4.76   0.000     .1909503    .4582298
             _Iage2_34 |    .370906   .0732479     5.06   0.000     .2273333    .5144788
             _Iage2_35 |   .4178424   .0783488     5.33   0.000     .2642714    .5714134
             _Iage2_36 |   .4648298   .0834794     5.57   0.000     .3012023    .6284573
             _Iage2_37 |   .5113715   .0885923     5.77   0.000     .3377222    .6850209
             _Iage2_38 |   .5589165   .0937026     5.96   0.000     .3752506    .7425824
             _Iage2_39 |   .6065903   .0988412     6.14   0.000     .4128522    .8003285
             _Iage2_40 |   .6534146   .1039438     6.29   0.000      .449675    .8571542
             _Iage2_41 |  -.9148418   .0925445    -9.89   0.000    -1.096238   -.7334458
             _Iage2_42 |  -.8661776   .0874065    -9.91   0.000    -1.037503   -.6948528
             _Iage2_43 |  -.8179433   .0822757    -9.94   0.000    -.9792114   -.6566752
             _Iage2_44 |  -.7695005   .0771622    -9.97   0.000    -.9207457   -.6182553
             _Iage2_45 |   -.721551   .0720299   -10.02   0.000    -.8627363   -.5803657
             _Iage2_46 |  -.6729429   .0668855   -10.06   0.000    -.8040448   -.5418411
             _Iage2_47 |  -.6245069   .0617423   -10.11   0.000    -.7455275   -.5034863
             _Iage2_48 |  -.5765382   .0566282   -10.18   0.000    -.6875347   -.4655416
             _Iage2_49 |  -.5273759   .0515052   -10.24   0.000    -.6283309   -.4264209
             _Iage2_50 |  -.4778329   .0463638   -10.31   0.000    -.5687103   -.3869555
             _Iage2_51 |  -.4297858   .0412555   -10.42   0.000    -.5106505   -.3489212
             _Iage2_52 |  -.3806391   .0361033   -10.54   0.000    -.4514049   -.3098733
             _Iage2_53 |  -.3303377   .0309641   -10.67   0.000    -.3910302   -.2696451
             _Iage2_54 |  -.2806706   .0258438   -10.86   0.000    -.3313268   -.2300143
             _Iage2_55 |  -.2272268   .0207086   -10.97   0.000    -.2678176   -.1866361
             _Iage2_56 |  -.1723869   .0155733   -11.07   0.000    -.2029121   -.1418616
             _Iage2_57 |  -.1186136   .0104767   -11.32   0.000    -.1391489   -.0980782
             _Iage2_58 |   -.060345   .0053215   -11.34   0.000    -.0707757   -.0499144
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0007044   .0009463    -0.74   0.457    -.0025593    .0011504
                 _cons |  -.1432365   .0625535    -2.29   0.022    -.2658473   -.0206257
-----------------------+----------------------------------------------------------------
               sigma_u |  .52420594
               sigma_e |   .1473347
                   rho |  .92678732   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18262) =   65.47
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18262) =   86.03
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18262) =  159.35
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 18262) =  161.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18262) =   30.26
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18262) =   29.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18262) =   26.69
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414470
Group variable: shnro_real                      Number of groups   =    132740

R-sq:  within  = 0.1542                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(89,18262)        =    107.18
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,263 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0069078   .0052401    -1.32   0.187     -.017179    .0033634
           treated_ia2 |  -.0225122   .0119228    -1.89   0.059    -.0458821    .0008577
           treated_ia3 |  -.0046313   .0004554   -10.17   0.000    -.0055238   -.0037388
     treated_iasuorv_d |  -.0734343   .0107209    -6.85   0.000    -.0944483   -.0524204
           treated_pre |  -.0449289    .008088    -5.56   0.000    -.0607821   -.0290758
  treated_pre_iasenior |   .0080533   .0045997     1.75   0.080    -.0009625     .017069
       treated_pre_ia2 |   .0276283   .0063247     4.37   0.000     .0152313    .0400253
       treated_pre_ia3 |   .0044546   .0003517    12.67   0.000     .0037652    .0051439
 treated_pre_iasuorv_d |   .0619935   .0079566     7.79   0.000     .0463978    .0775893
          treated_post |  -.0557721   .0106582    -5.23   0.000    -.0766632   -.0348809
 treated_post_iasenior |   .0064894   .0055593     1.17   0.243    -.0044073    .0173861
      treated_post_ia2 |   .0227887   .0070837     3.22   0.001      .008904    .0366734
      treated_post_ia3 |   .0051847   .0004215    12.30   0.000     .0043585     .006011
treated_post_iasuorv_d |   .0837421   .0092243     9.08   0.000     .0656616    .1018225
                senior |   1.598825   .2014853     7.94   0.000     1.203895    1.993755
             interact2 |  -.1079111   .0059546   -18.12   0.000    -.1195827   -.0962395
             interact3 |  -.0003032   .0001151    -2.63   0.008    -.0005289   -.0000775
               suorv_d |    .032564   .0054169     6.01   0.000     .0219464    .0431815
                   l_0 |  -.3625099   .0265455   -13.66   0.000    -.4145416   -.3104783
                   l_1 |  -.3790273   .0315031   -12.03   0.000    -.4407763   -.3172783
                   l_2 |   -.421065   .0365462   -11.52   0.000     -.492699   -.3494309
                   l_3 |  -.4647567   .0416312   -11.16   0.000    -.5463578   -.3831557
                   l_4 |  -.5104607   .0467109   -10.93   0.000    -.6020185   -.4189029
                   l_5 |  -.5567177   .0518196   -10.74   0.000    -.6582889   -.4551465
                   l_6 |  -.6043718   .0569354   -10.62   0.000    -.7159706    -.492773
                   l_7 |  -.6589541   .0620815   -10.61   0.000    -.7806396   -.5372685
                   l_8 |  -.7097667   .0672085   -10.56   0.000    -.8415016   -.5780318
                   l_9 |  -.7603393   .0723407   -10.51   0.000    -.9021339   -.6185447
                  l_10 |  -.8124735   .0774519   -10.49   0.000    -.9642866   -.6606605
                   f_1 |  -.2810519   .0213109   -13.19   0.000    -.3228233   -.2392806
                   f_2 |  -.2270855   .0161793   -14.04   0.000    -.2587986   -.1953725
                   f_3 |  -.1690626   .0112536   -15.02   0.000    -.1911207   -.1470044
                   f_4 |  -.0907348   .0063251   -14.35   0.000    -.1031326    -.078337
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0485096   .0042871   -11.32   0.000    -.0569128   -.0401065
          _Ivuosi_1996 |   .0234005   .0031833     7.35   0.000      .017161    .0296401
          _Ivuosi_1997 |   .0148827   .0030203     4.93   0.000     .0089626    .0208027
          _Ivuosi_1998 |   .0087312    .002843     3.07   0.002     .0031586    .0143038
          _Ivuosi_1999 |   .0152731   .0027943     5.47   0.000      .009796    .0207503
          _Ivuosi_2000 |   -.012393   .0031539    -3.93   0.000    -.0185749    -.006211
          _Ivuosi_2001 |  -.0579763   .0024243   -23.91   0.000    -.0627281   -.0532244
          _Ivuosi_2002 |   -.054347   .0022237   -24.44   0.000    -.0587056   -.0499884
          _Ivuosi_2003 |  -.0520239   .0020581   -25.28   0.000     -.056058   -.0479898
          _Ivuosi_2004 |  -.0487221   .0017903   -27.21   0.000    -.0522313   -.0452129
          _Ivuosi_2005 |  -.0469311   .0016287   -28.82   0.000    -.0501234   -.0437387
          _Ivuosi_2006 |  -.0396282   .0014288   -27.74   0.000    -.0424288   -.0368277
          _Ivuosi_2007 |  -.0318259   .0012189   -26.11   0.000    -.0342149   -.0294368
          _Ivuosi_2008 |  -.0242568   .0010488   -23.13   0.000    -.0263126    -.022201
          _Ivuosi_2009 |  -.0185968   .0007925   -23.47   0.000    -.0201501   -.0170435
          _Ivuosi_2010 |  -.0127399   .0005939   -21.45   0.000     -.013904   -.0115758
          _Ivuosi_2011 |  -.0070151   .0003361   -20.87   0.000    -.0076739   -.0063563
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0791868   .0075544   -10.48   0.000    -.0939942   -.0643794
             _Iage2_22 |  -.0705631   .0123992    -5.69   0.000    -.0948667   -.0462596
             _Iage2_23 |  -.0492965    .017338    -2.84   0.004    -.0832805   -.0153124
             _Iage2_24 |  -.0226441   .0222456    -1.02   0.309    -.0662475    .0209593
             _Iage2_25 |   .0098276   .0272946     0.36   0.719    -.0436723    .0633275
             _Iage2_26 |   .0457261   .0323177     1.41   0.157    -.0176196    .1090718
             _Iage2_27 |   .0825164   .0374378     2.20   0.028     .0091347     .155898
             _Iage2_28 |   .1204997   .0425386     2.83   0.005     .0371199    .2038794
             _Iage2_29 |   .1614075   .0476165     3.39   0.001     .0680746    .2547403
             _Iage2_30 |   .2020129   .0527328     3.83   0.000     .0986518    .3053741
             _Iage2_31 |   .2425335   .0578418     4.19   0.000     .1291581    .3559089
             _Iage2_32 |   .2864392    .063002     4.55   0.000     .1629494     .409929
             _Iage2_33 |   .3307172   .0680914     4.86   0.000     .1972518    .4641827
             _Iage2_34 |   .3764179   .0731595     5.15   0.000     .2330184    .5198175
             _Iage2_35 |   .4226842   .0782601     5.40   0.000      .269287    .5760814
             _Iage2_36 |   .4689572   .0833908     5.62   0.000     .3055033     .632411
             _Iage2_37 |   .5147783    .088501     5.82   0.000      .341308    .6882485
             _Iage2_38 |    .561617   .0936119     6.00   0.000     .3781288    .7451051
             _Iage2_39 |    .608576   .0987483     6.16   0.000     .4150202    .8021319
             _Iage2_40 |   .6546239   .1038494     6.30   0.000     .4510692    .8581785
             _Iage2_41 |  -.8963916   .0925332    -9.69   0.000    -1.077765   -.7150179
             _Iage2_42 |  -.8484975   .0873953    -9.71   0.000      -1.0198   -.6771946
             _Iage2_43 |  -.8010947   .0822663    -9.74   0.000    -.9623443   -.6398451
             _Iage2_44 |  -.7535151   .0771532    -9.77   0.000    -.9047426   -.6022877
             _Iage2_45 |  -.7064249   .0720219    -9.81   0.000    -.8475946   -.5652552
             _Iage2_46 |  -.6587397   .0668788    -9.85   0.000    -.7898284   -.5276509
             _Iage2_47 |  -.6112325   .0617377    -9.90   0.000    -.7322441   -.4902209
             _Iage2_48 |  -.5642078   .0566232    -9.96   0.000    -.6751945   -.4532212
             _Iage2_49 |  -.5160317   .0515007   -10.02   0.000    -.6169779   -.4150854
             _Iage2_50 |  -.4674969   .0463592   -10.08   0.000    -.5583653   -.3766285
             _Iage2_51 |  -.4205145   .0412509   -10.19   0.000    -.5013701   -.3396588
             _Iage2_52 |  -.3724563   .0360993   -10.32   0.000    -.4432143   -.3016982
             _Iage2_53 |  -.3232822    .030961   -10.44   0.000    -.3839687   -.2625957
             _Iage2_54 |  -.2747649   .0258412   -10.63   0.000    -.3254161   -.2241137
             _Iage2_55 |  -.2224664   .0207067   -10.74   0.000    -.2630535   -.1818793
             _Iage2_56 |  -.1687803   .0155716   -10.84   0.000    -.1993022   -.1382584
             _Iage2_57 |  -.1161944   .0104758   -11.09   0.000    -.1367279   -.0956609
             _Iage2_58 |  -.0591155   .0053207   -11.11   0.000    -.0695447   -.0486864
             _Iage2_59 |          0  (omitted)
         firm_size_new |   -.000574   .0009563    -0.60   0.548    -.0024486    .0013005
                 _cons |   -.133527   .0625086    -2.14   0.033    -.2560497   -.0110042
-----------------------+----------------------------------------------------------------
               sigma_u |  .51787966
               sigma_e |  .14699384
                   rho |  .92544271   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18262) =   30.68
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18262) =   44.37
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18262) =   81.28
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18262) =   75.66
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18262) =   20.88
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18262) =    9.81
            Prob > F =    0.0017

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18262) =   23.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18262) =    5.79
            Prob > F =    0.0162

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18262) =   17.83
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18262) =    3.92
            Prob > F =    0.0476
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1414747
Group variable: shnro_real                      Number of groups   =    132764

R-sq:  within  = 0.1542                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(86,18267)        =    107.56
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,268 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0232111    .011991    -1.94   0.053    -.0467146    .0002925
           treated_ia3 |  -.0048408   .0004607   -10.51   0.000    -.0057437   -.0039379
     treated_iasuorv_d |  -.0779777   .0098944    -7.88   0.000    -.0973716   -.0585838
           treated_pre |   -.046205   .0081371    -5.68   0.000    -.0621545   -.0302555
       treated_pre_ia2 |   .0287334   .0063562     4.52   0.000     .0162746    .0411921
       treated_pre_ia3 |   .0047076   .0003337    14.11   0.000     .0040537    .0053616
 treated_pre_iasuorv_d |   .0677426   .0067656    10.01   0.000     .0544813    .0810039
          treated_post |  -.0568972   .0107702    -5.28   0.000    -.0780078   -.0357867
      treated_post_ia2 |   .0236009   .0071885     3.28   0.001     .0095108     .037691
      treated_post_ia3 |   .0053887   .0004303    12.52   0.000     .0045453    .0062321
treated_post_iasuorv_d |   .0883477   .0083142    10.63   0.000      .072051    .1046443
             interact2 |  -.1079065   .0059603   -18.10   0.000    -.1195892   -.0962239
             interact3 |  -.0003008   .0001152    -2.61   0.009    -.0005265   -.0000751
               suorv_d |   .0325678   .0054184     6.01   0.000     .0219473    .0431883
                   l_0 |  -.3624735   .0265461   -13.65   0.000    -.4145063   -.3104407
                   l_1 |  -.3789907   .0315068   -12.03   0.000     -.440747   -.3172344
                   l_2 |  -.4210029    .036553   -11.52   0.000    -.4926501   -.3493556
                   l_3 |  -.4646871    .041642   -11.16   0.000    -.5463093   -.3830649
                   l_4 |   -.510404   .0467263   -10.92   0.000     -.601992   -.4188161
                   l_5 |  -.5566613   .0518391   -10.74   0.000    -.6582709   -.4550517
                   l_6 |  -.6043138   .0569597   -10.61   0.000    -.7159602   -.4926674
                   l_7 |  -.6588893   .0621094   -10.61   0.000    -.7806296   -.5371489
                   l_8 |  -.7096981   .0672405   -10.55   0.000    -.8414958   -.5779004
                   l_9 |  -.7602644    .072377   -10.50   0.000    -.9021301   -.6183988
                  l_10 |  -.8123948   .0774923   -10.48   0.000     -.964287   -.6605026
                   f_1 |  -.2810151   .0213183   -13.18   0.000    -.3228011   -.2392292
                   f_2 |  -.2270603    .016182   -14.03   0.000    -.2587784   -.1953421
                   f_3 |  -.1690755   .0112526   -15.03   0.000    -.1911317   -.1470193
                   f_4 |  -.0907209   .0063205   -14.35   0.000    -.1031098   -.0783321
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0485836   .0042866   -11.33   0.000    -.0569856   -.0401815
          _Ivuosi_1996 |    .023361   .0031815     7.34   0.000     .0171249     .029597
          _Ivuosi_1997 |   .0148157   .0030181     4.91   0.000        .0089    .0207314
          _Ivuosi_1998 |   .0086692   .0028405     3.05   0.002     .0031015    .0142369
          _Ivuosi_1999 |   .0152146   .0027927     5.45   0.000     .0097406    .0206885
          _Ivuosi_2000 |  -.0124071   .0031528    -3.94   0.000    -.0185869   -.0062273
          _Ivuosi_2001 |  -.0579884   .0024228   -23.93   0.000    -.0627373   -.0532394
          _Ivuosi_2002 |  -.0543655   .0022233   -24.45   0.000    -.0587234   -.0500076
          _Ivuosi_2003 |  -.0520373   .0020576   -25.29   0.000    -.0560704   -.0480041
          _Ivuosi_2004 |  -.0487376   .0017899   -27.23   0.000    -.0522459   -.0452293
          _Ivuosi_2005 |  -.0469447   .0016286   -28.83   0.000    -.0501369   -.0437526
          _Ivuosi_2006 |  -.0396408   .0014285   -27.75   0.000    -.0424408   -.0368407
          _Ivuosi_2007 |  -.0318326   .0012184   -26.13   0.000    -.0342207   -.0294444
          _Ivuosi_2008 |  -.0242645   .0010485   -23.14   0.000    -.0263197   -.0222092
          _Ivuosi_2009 |  -.0186027   .0007923   -23.48   0.000    -.0201557   -.0170497
          _Ivuosi_2010 |  -.0127436   .0005937   -21.46   0.000    -.0139074   -.0115799
          _Ivuosi_2011 |  -.0070166   .0003362   -20.87   0.000    -.0076755   -.0063577
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.079153   .0075532   -10.48   0.000     -.093958    -.064348
             _Iage2_22 |  -.0705468   .0124006    -5.69   0.000    -.0948532   -.0462404
             _Iage2_23 |  -.0493282    .017341    -2.84   0.004    -.0833182   -.0153381
             _Iage2_24 |  -.0226336   .0222507    -1.02   0.309     -.066247    .0209799
             _Iage2_25 |   .0098199   .0273013     0.36   0.719    -.0436931     .063333
             _Iage2_26 |   .0456592   .0323268     1.41   0.158    -.0177045    .1090228
             _Iage2_27 |   .0824462   .0374491     2.20   0.028     .0090425      .15585
             _Iage2_28 |   .1204572   .0425526     2.83   0.005     .0370502    .2038642
             _Iage2_29 |   .1613399   .0476324     3.39   0.001      .067976    .2547038
             _Iage2_30 |   .2019375   .0527504     3.83   0.000     .0985418    .3053332
             _Iage2_31 |   .2424482   .0578617     4.19   0.000     .1290338    .3558626
             _Iage2_32 |   .2863802    .063024     4.54   0.000     .1628473     .409913
             _Iage2_33 |   .3306679   .0681143     4.85   0.000     .1971575    .4641783
             _Iage2_34 |   .3763442    .073184     5.14   0.000     .2328967    .5197917
             _Iage2_35 |   .4226023   .0782857     5.40   0.000      .269155    .5760497
             _Iage2_36 |   .4688666   .0834177     5.62   0.000       .30536    .6323732
             _Iage2_37 |   .5147026   .0885289     5.81   0.000     .3411777    .6882275
             _Iage2_38 |   .5615043   .0936421     6.00   0.000     .3779571    .7450516
             _Iage2_39 |    .608448   .0987805     6.16   0.000     .4148289     .802067
             _Iage2_40 |   .6544833   .1038842     6.30   0.000     .4508605    .8581061
             _Iage2_41 |   .7020972   .1090081     6.44   0.000     .4884312    .9157633
             _Iage2_42 |   .7499855   .1141447     6.57   0.000     .5262513    .9737197
             _Iage2_43 |   .7973917   .1192753     6.69   0.000     .5636009    1.031182
             _Iage2_44 |   .8449613   .1243911     6.79   0.000      .601143     1.08878
             _Iage2_45 |   .8920456   .1295249     6.89   0.000     .6381645    1.145927
             _Iage2_46 |    .939734   .1346729     6.98   0.000     .6757625    1.203705
             _Iage2_47 |   .9872325   .1398221     7.06   0.000     .7131681    1.261297
             _Iage2_48 |   1.034254   .1449424     7.14   0.000     .7501533    1.318355
             _Iage2_49 |   1.082425   .1500754     7.21   0.000     .7882633    1.376587
             _Iage2_50 |   1.130959    .155226     7.29   0.000      .826702    1.435217
             _Iage2_51 |   1.177944   .1603503     7.35   0.000     .8636426    1.492246
             _Iage2_52 |    1.22604   .1655162     7.41   0.000     .9016129    1.550467
             _Iage2_53 |   1.275181   .1706748     7.47   0.000     .9406426     1.60972
             _Iage2_54 |   1.323702    .175818     7.53   0.000     .9790822    1.668322
             _Iage2_55 |    1.37604    .180976     7.60   0.000      1.02131     1.73077
             _Iage2_56 |   1.429715   .1861386     7.68   0.000     1.064866    1.794564
             _Iage2_57 |   1.482285   .1912729     7.75   0.000     1.107373    1.857198
             _Iage2_58 |   1.539344   .1964036     7.84   0.000     1.154375    1.924314
             _Iage2_59 |   1.598507   .2015624     7.93   0.000     1.203426    1.993588
         firm_size_new |  -.0005537   .0009545    -0.58   0.562    -.0024246    .0013172
                 _cons |  -.1328514   .0625076    -2.13   0.034    -.2553722   -.0103306
-----------------------+----------------------------------------------------------------
               sigma_u |  .51785883
               sigma_e |  .14700984
                   rho |  .92542214   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18267) =   10.13
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18267) =   24.44
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18267) =    7.49
            Prob > F =    0.0062

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18267) =    4.03
            Prob > F =    0.0447

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18267) =   27.79
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18267) =    2.25
            Prob > F =    0.1340
O:\returns
ue_d_bluec_age_short_noIQ_clust_G.xls
dir : seeout
ue_d_bluec_age_top3_noIQ_clust_G.xls
dir : seeout

. *log close
.         
. 
. exit

end of do-file

. do "$estimation\returns_EST_CEM_firstinv_2022_08_22"    // estimations with first invention of each firm only 

. clear all

. set more off

. *capture log close
. set logtype text

. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by flavor of
    Stata.  See limits for more details.

. 
. local mydate: di %tdDNCY date(c(current_date), "DMY")

. 
. global output           "O:\returns"

. global data_path        "W:\returns\REStat_estimation_data" 

. global work                     "W:\returns\REStat_estimation_data" 

. global graphs           "O:\returns"

. 
. global graphs_do        0

. * choose 0 =  no graphs; 1 = do graphs
. global horse_race       1

. global dummy            1  /* 1 if estimate constant /  interacted TE models, 0 otherwise */

. global ownfirm          0  /* 1 if only use obs where the individuals in the firm they were in at t = 0 */

. *log using "${output}\returns_EST_CEM_firstinv_`mydate'_noIQ.log" , replace
. 
. **************************************************************************************
. 
. * This file produces the results using data only on the first inventor in each firm for
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. 
. **************************************************************************************
. 
. 
. /*  
> \
> ()
> {}
> []
> =
> `i'
>  >
>  <
>  |
>  +
> */
. 
. * set seed 
. set seed 346352014

. 
. **********************************************************************************************
. 
. * inventors
. 
. **********************************************************************************************
. 
. * NOTE on data cem - matching vector
. * A: cem on educ, STEM, IQ, manuf, sme, region
. * B: add age
. * C: add dwage over past 3 years
. * D: add avg wage over past 4 years
. * E: educ, STEM, IQ, manuf, region, age, firm size quintiles 
. * F: educ, STEM, manuf, region, age, firm size quintiles 
. * G: educ, STEM, manuf, region, age, firm size quintiles, dtf, suorv_d
. 
. capture program drop alterations

. program define alterations, eclass
  1.                 matrix A = e(b)
  2.                 matrix A[1,96] = 0
  3.                 ereturn repost b = A
  4.                 ereturn repost V = koev
  5. end

. 
. 
. 
. * choose data
. * NOTE: choose data_int == 6 if you want to use the IQ data; use data_int == 5 if you want to use the large data
. global data     G

. global data_int 5

. 
. global sose_types inventors sose_entr whitec sose_bc 

. global cow_types_oth sose_sr sose_mngt_jr sose_jr

.         
. local datacounter               = 3

. forvalues datacounter   = 3/4  {
  2. 
.         if  `datacounter' == 1 {
  3.                 use "${data_path}\cem_estim_inventors$data.dta", clear
  4.                 local sose_type         = "inv"
  5.                 }
  6.         else if `datacounter' == 2 {
  7.                 use "${data_path}\cem_estim_sose_entr$data.dta", clear
  8.                 local sose_type         = "entr"
  9.                 }
 10.         else if `datacounter' == 3 {
 11.                 use "${data_path}\returns_EST_sose_mngt_sr$data.dta", clear
 12.                 foreach k of global cow_types_oth {
 13.                         append using "${data_path}\returns_EST_`k'$data.dta"
 14.                         }
 15.                 local sose_type         = "whitec"
 16.                 }
 17.         else if `datacounter' == 4 {
 18.                 use "${data_path}\returns_EST_sose_bc$data.dta", clear
 19.                 local sose_type         = "bluec"
 20.                 }
 21. 
.         drop if ika >= 60
 22.         
.         capture:        drop if wage_l14_obs != 1
 23.         capture:        rename inventor treated
 24.         capture:        gen treated_cow = inv_1
 25.         capture:        gen     cem_weights = 1
 26.         capture:        drop treated
 27.         replace treated_cow                     = 0             if treated_cow == .  /* corresponds to inv_1 */
 28.         capture: bysort shnro: egen treated     = max(treated_cow)
 29.         * regressions
.         gen lnwage                                      = ln(wage)
 30.         gen lnearnings                          = ln(earnings)
 31.         gen lnwage_alt                          = ln(wage + 1)
 32.         gen lnearnings_alt                      = ln(earnings + 1)
 33. 
.         gen cem_year0                           = .
 34.         replace cem_year0                       = vuosi if cem_matched == 1
 35.         bysort shnro: egen cem_year     = max(cem_year0)
 36. 
.         * treatment = treated_cow
.         * treatment year = cem_year
.         * NOTE: if cem_year == ., the individual is an inventor who was not matched by cem
. 
.         sort shnro vuosi
 37.         forvalues i = 0/10 {
 38.                 gen l_`i'                               = .
 39.                 replace l_`i'                   = 0  
 40.                 replace l_`i'                   = 1 if vuosi == cem_year + `i' 
 41.                 }
 42.                 
.         forvalues i = 1/10 {
 43.                 gen inv_l_`i'                   = .
 44.                 replace inv_l_`i'               = 0  
 45.                 replace inv_l_`i'               = 1 if vuosi == cem_year + `i' & treated == 1 
 46.                 }
 47.                 
.         forvalues i = 1/4 {
 48.                 gen f_`i'                               = .
 49.                 replace f_`i'                   = 0 
 50.                 replace f_`i'                   = 1 if vuosi == cem_year - `i'
 51.                 gen inv_f_`i'                   = .
 52.                 replace inv_f_`i'               = 0 
 53.                 replace inv_f_`i'               = 1 if vuosi == cem_year - `i' & treated == 1 
 54.                 }
 55.         forvalues i = 5/7 {
 56.                 gen fl_`i'                              = .
 57.                 replace fl_`i'                  = 0 
 58.                 replace fl_`i'                  = 1 if vuosi == cem_year - `i' 
 59.                 gen inv_fl_`i'                  = .
 60.                 replace inv_fl_`i'              = 0 
 61.                 replace inv_fl_`i'              = 1 if vuosi == cem_year - `i' & treated == 1 
 62.                 }       
 63.                 
.         
.         gen treatment_time                      = vuosi - cem_year      
 64.         replace treatment_time          = . if (treatment_time < -6 | treatment_time > 10) & treatment_time != .
 65. 
.         egen minage                                     = min(ika)
 66.         gen age2                                        = ika
 67.         replace age2                            = minage + 1 if age2 <= minage + 1
 68.         local minage_plus                       = minage + 1
 69.         display "`minage_plus'"
 70.                                                         
.         char vuosi[omit] 1994
 71.         char age2[omit] `minage_plus'
 72.                 
.         xi i.vuosi*i.age2
 73. 
.         global calendar_year_ds _Ivuosi_*
 74.         global age_ds _Iage2_*
 75.         global interactions _IvuoXage*
 76. 
.         gen after                                       = 0
 77.         replace after                           = 1             if treatment_time >= 0 & treatment_time != .
 78.         gen treated_post                        = treated * after
 79. 
.         if $graphs_do == 1 {    
 80.                 regr lnwage                             $calendar_year_ds $age_ds $interactions if cem_year != . 
 81.                 predict lnwage_hat  
 82.                 regr lnearnings                         $calendar_year_ds $age_ds $interactions if cem_year != . 
 83.                 predict lnearnings_hat
 84. 
.                 gen wage_hat                    = exp(lnwage_hat)
 85.                 gen earnings_hat                = exp(lnearnings_hat)
 86.                 
.                 bysort treatment_time: egen wage_avg_control_raw0       = mean(wage) if treated == 0 & cem_year != . 
 87.                 bysort treatment_time: egen wage_avg_treat_raw0         = mean(wage) if treated == 1 & cem_year != .
 88.                 
.                 bysort treatment_time: egen wage_avg_control0           = mean(wage_hat) if treated == 0 & cem_year != 
> . 
 89.                 bysort treatment_time: egen wage_avg_treat0                     = mean(wage_hat) if treated == 1 & c
> em_year != .
 90. 
.                 bysort treatment_time: egen earn_avg_control0           = mean(earnings_hat) if treated == 0 & cem_year
>  != . 
 91.                 bysort treatment_time: egen earn_avg_treat0                     = mean(earnings_hat) if treated == 1
>  & cem_year != .
 92. 
.                 bysort treatment_time: egen wage_avg_control_raw        = mean(wage_avg_control_raw0)  
 93.                 bysort treatment_time: egen wage_avg_treat_raw          = mean(wage_avg_treat_raw0) 
 94.                 
.                 bysort treatment_time: egen wage_avg_control            = mean(wage_avg_control0)  
 95.                 bysort treatment_time: egen wage_avg_treat                      = mean(wage_avg_treat0) 
 96. 
.                 bysort treatment_time: egen earn_avg_control            = mean(earn_avg_control0) 
 97.                 bysort treatment_time: egen earn_avg_treat                      = mean(earn_avg_treat0) 
 98. 
.                 bysort vuosi: gen win_vuosi_ind                                         = _n if cem_year != .
 99.                 bysort treatment_time: gen win_tyear_ind                        = _n
100. 
.                 twoway  line wage_avg_treat_raw treatment_time if win_tyear_ind == 1 || ///
>                         line wage_avg_control_raw treatment_time if win_tyear_ind == 1, ///
>                         xline(0) ///
>                         legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                         graphregion(color(white)) bgcolor(white)
101.                 graph export "${graphs}\inventor_wage_raw_`sose_type'$data.pdf" , replace
102.                 
.                 twoway  line wage_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line wage_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
103.                         graph export "${graphs}\wage_time_`sose_type'$data.pdf" , replace
104.                                 
.                 twoway  line earn_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line earn_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
105.                         graph export "${graphs}\earn_time_`sose_type'$data.pdf" , replace
106. 
.                 gen earn_wage                   = earnings / wage
107.                 gen earn_wage_hat               = earnings_hat / wage_hat
108.                 display "controls, wage"
109.                 tabstat wage                                            if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
110.                 display "treated, wage"
111.                 tabstat wage                                            if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
112.                 display "controls, earnings"
113.                 tabstat earnings                                        if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
114.                 display "treated, earnings"
115.                 tabstat earnings                                        if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
116.                 tabstat earn_wage                                       if earn_wage > 1 & treated == 1, stat(mean p
> 1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
117.                         
.                 bysort vuosi: egen earn_wage_control_v0                         = mean(earn_wage) if treated == 0 & cem
> _year != .
118.                 bysort vuosi: egen earn_wage_treat_v0                           = mean(earn_wage) if treated == 1 & 
> cem_year != .
119. 
.                 bysort vuosi: egen earn_wage_control_v                          = mean(earn_wage_control_v0) 
120.                 bysort vuosi: egen earn_wage_treat_v                            = mean(earn_wage_treat_v0)  
121. 
.                 bysort treatment_time: egen earn_wage_control_t0        = mean(earn_wage) if treated == 0 & cem_year !=
>  .
122.                 bysort treatment_time: egen earn_wage_treat_t0          = mean(earn_wage) if treated == 1 & cem_year
>  != .
123. 
.                 bysort vuosi: egen earn_wage_control_t                          = mean(earn_wage_control_t0)
124.                 bysort vuosi: egen earn_wage_treat_t                            = mean(earn_wage_treat_t0) 
125. 
.                 twoway  scatter earn_wage_treat_v vuosi if win_vuosi_ind == 1 || ///
>                                 scatter earn_wage_control_v vuosi  if win_vuosi_ind == 1 , ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
126.                         graph export "${graphs}\earn_wage_vuosi_`sose_type'$data.pdf" , replace
127. 
.                 twoway  scatter earn_wage_treat_t treatment_time if win_vuosi_ind == 1  || ///
>                                 scatter earn_wage_control_t treatment_time if win_vuosi_ind == 1 , ///
>                                 xline(0) ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
128.                         graph export "${graphs}\earn_wage_ttime_`sose_type'$data.pdf" , replace
129.                         
.                 twoway  kdensity wage_hat if treated == 1 & cem_year != . & treatment_time < 0 & wage < 200000 & wage >
>  20000 || ///    
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time < 0 & wage < 200000 
> & wage > 20000 || ///
>                                 kdensity wage_hat if treated == 1 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 || ///   
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("wage, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
130.                         graph export "${graphs}\distr_wage_ttime_`sose_type'$data.pdf" , replace
131.                                 
.                 twoway  kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time < 0 & earnings < 200000 
> & earnings > 20000 || ///        
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time < 0 & earnings <
>  200000 & earnings > 20000 || ///
>                                 kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 || ///       
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("earnings, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
132.                         graph export "${graphs}\distr_earnings_ttime_`sose_type'$data.pdf" , replace
133.                 }
134.                         
.         * NOTE: using shnro or shtun makes no difference
. 
.         egen shnro_real                         = group(shnro)
135.         xtset shnro_real
136.         
.         
.         replace firm_size                       = firm_size / 1000
137.         gen firm_size2                          = firm_size^2
138.         gen firm_size3                          = firm_size^3
139. 
. 
.         bysort shnro: egen total_firm_size      = total(firm_size)
140.         
.         gen ue_d                                        = .
141.         replace ue_d                            = 0                     if ptoim1 == "11"  & sykstun != ""          
>                             /* 11 = työllinen */
142.         replace ue_d                            = 1                     if ptoim1 != "11"
143.         sort shnro vuosi
144.         gen firm_size_new                       = firm_size
145.         replace firm_size_new = firm_size_new[_n - 1]           if firm_size_new[_n] == . & firm_size_new[_n - 1] !=
>  . & ue_d[_n] == 1
146. 
. 
.         bysort shnro: egen fam_size_max         = max(family_size_max)
147.         replace fam_size_max                            = 0 if fam_size_max == .
148. 
.         gen treated_famsize                     = treated_post * fam_size_max
149. 
.         if  $data_int == 6 {
150.                 gen high_iq                                     = .
151.                 replace high_iq                         = 0             if kuv_pc != .
152.                 replace high_iq                         = 1             if kuv_pc >= 90 & kuv_pc != .
153. 
.                 gen treated_iq                          = treated * high_iq
154.                 gen treated_post_iq                     = treated_post * high_iq
155.                 }
156.                 
.         gen star_inv                            = 0
157.         replace star_inv                        = 1                     if fwd_cits5_max >= 5 &  fwd_cits5_max != .
158. 
.         gen birth_year                          = vuosi - ika
159.         gen year                                        = vuosi
160.         sort shnro vuosi
161.         bysort shnro: gen within_ind            = _n
162.         tabstat birth_year if within_ind == 1, stat(mean p50)
163.         gen interact                            = 0
164.         replace interact                        = vuosi - suorv
165.         
.         gen msc_new                                     = 0 
166.         replace msc_new                         = 1                     if  edu_lev >= 4 & edu_lev != .
167.         
.         gen treated_ia                          = treated * interact
168.         gen treated_post_ia                     = treated_post * interact
169. 
.         gen treated_pre                         = treated * (f_1 + f_2 + f_3 + f_4)     
170.         gen treated_pre_ia                      = treated_pre * interact
171.         if   $data_int == 6 {
172.                 gen treated_pre_iq              = treated_pre * high_iq
173.                 }
174.         * name interaction
.         local inter                                     = "suorv"
175.         
.         * NOTE: using syrtun or sykstun makes no difference
. 
.         sort shnro vuosi
176.         gen djob_d                                      = .
177.         replace djob_d                          = 0                     if shnro == shnro[_n - 1] & syrtun == syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
178.         replace djob_d                          = 1                     if shnro == shnro[_n - 1] & syrtun != syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
179.         
.         if $ownfirm == 1 {
180.                 sort shnro vuosi
181.                 replace ue_d                    = ue_d[_n + 1]          if ue[_n + 1] == 1              & shnro == s
> hnro[_n + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
182.                 replace djob_d                  = djob_d[_n + 1]        if djob_d[_n + 1] == 1  & shnro == shnro[_n 
> + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != "" 
183.                 }
184.         global dep_vars lnwage
185. 
.         if `datacounter' == 1 {
186.         
.                 preserve
187.                 use "${data_path}\returns_DATAPREP_1.dta", clear
188.                 drop                                                                    if syrtun       == ""
189.                 keep syrtun vuosi inv_1
190.                 bysort syrtun: egen total_inv_1         = total(inv_1)
191.                 
.                 keep syrtun vuosi total_inv_1
192.                 
.                 bysort syrtun vuosi: gen index          = _n
193.                 keep                                                                    if index == 1
194.                 drop index
195.                 save "${data_path}\returns_inventor_count_data.dta", replace
196.                 restore
197.                 }
198.         else if `datacounter' != 1 {
199.                 drop _merge
200.                 merge m:1 syrtun using "${data_path}\returns_inventor_count_data.dta"
201.                 replace total_inv_1             = 3000                  if syrtun == ""
202.                 drop _merge
203.                 }
204. 
.         gen est_sample                          = .
205.         replace est_sample                      = .
206.         replace est_sample                      = 1                     if cem_year != . & treatment_time >= -5 & tr
> eatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
207.         gen est_sample_rob                      = .
208.         replace est_sample_rob          = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
209.         gen est_sample_top3             = .
210.         replace est_sample_top3         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. & total_inv_1 < 850 // & iq !=.
211.         gen est_sample_long                     = .
212.         replace est_sample_long         = 1                     if cem_year != . & treatment_time >= -8 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
213.         gen est_sample_publ                     = .
214.         replace est_sample_publ         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=.  // & iq !=.
215.         
.         
.         * RESTAT REVISION       
.         * what fraction of data are PhD?
.         tab educ_level          if est_sample == 1 /* educ_level = 8 == PhD */
216.         tab edu_science         if est_sample == 1
217.         
.         
.         if $ownfirm == 1 {
218.                 egen syrtun_num                 = group(syrtun)
219.                 gen syrtun_l0_0                 = syrtun_num    if l_0 == 1
220.                 
.                 bysort shnro: egen syrtun_l0 = max(syrtun_l0_0)
221.                 
.                 replace est_sample              = .                     if syrtun_num != syrtun_l0
222.                 replace est_sample_rob  = .                     if syrtun_num != syrtun_l0
223.                 replace est_sample_top3 = .                     if syrtun_num != syrtun_l0
224.                 replace est_sample_long = .                     if syrtun_num != syrtun_l0
225.                 replace est_sample_publ = .                     if syrtun_num != syrtun_l0
226.                 }
227.                 
.         global dep_vars lnwage
228.         global firm_size_vars firm_size_new // firm_size_d              
229.         
.         capture: drop interact birth_year
230.         
.         gen birth_year                          = vuosi - ika
231.         sort shnro vuosi
232.         tabstat birth_year                                                      if within_ind == 1, stat(mean p50)
233. 
.         global short_depvar lnwage ue_d 
234.         
.         tabstat $short_depvar if est_sample == 1, stat(mean sd p50 n)
235.         tabstat $short_depvar if est_sample == 1, stat(mean) by(vuosi)
236. 
.         gen categ                                       = .
237.         replace categ                           = 0                     if after == 0
238.         replace categ                           = 1                     if treated == 0 & after == 0
239.         replace categ                           = 2                     if treated == 0 & after == 1
240.         replace categ                           = 3                     if treated == 1 & after == 0
241.         replace categ                           = 4                     if treated == 1 & after == 1
242.         replace categ                           = 5                     if after == 1   
243.         
.         gen bsc                                         = 0
244.         replace bsc                                     = 1                     if edu_lev >= 3 & edu_lev != .
245.         
.         gen est_sample_u        = .
246.         * generate dummy for working in one of top-3 firms in year of invention
.         rename total_inv_1 total_inv_a
247.         gen total_inv_b         = total_inv_a * l_0 
248.         bysort shnro: egen total_inv_1  = max(total_inv_b)
249. 
.         sort shnro vuosi
250.         capture: bysort shnro: gen within_shnro_ind = _n                
251.         
.         gen senior                      = 0
252.         replace senior          = 1                                     if ika > 30 & ika != .
253.         if  $data_int == 5 {
254.                 replace senior          = 0
255.                 replace senior          = 1                             if ika > 40 & ika != .
256.                 }       
257.         gen age_3135            = 0
258.         replace age_3135        = 1                                             if ika > 30 & ika <= 35
259.         gen age_3640            = 0
260.         replace age_3640        = 1                                             if ika >= 36 & ika <= 40
261.         gen age_4145            = 0
262.         replace age_4145        = 1                                             if ika > 40 & ika <= 45
263.         gen age_41                      = 0
264.         replace age_41          = 1                                             if ika > 40 & ika != .
265.         gen age_4650            = 0
266.         replace age_4650        = 1                                             if ika >= 46 & ika <= 50
267.         gen age_5155            = 0
268.         replace age_5155        = 1                                             if ika > 50 & ika <= 55
269.         gen age_5660            = 0
270.         replace age_5660        = 1                                             if ika >= 56 & ika <= 60
271.         gen age_61                      = 0
272.         replace age_61          = 1                                             if ika > 60 & ika != .  
273.                 
.         gen age_new                     = 2
274.         replace age_new         = 3                                     if ika > 30 & ika <= 40
275.         replace age_new         = 4                                     if ika > 40 & ika != .
276.         
.         
.         * 2nd interaction: level of education   
.         gen interact2                   = 0
277.         replace interact2               = 1                             if  edu_lev >= 4 & edu_lev != .
278.         if "`sose_type'" == "bluec" {
279.                 replace interact2       = 1                             if  edu_lev >= 3 & edu_lev != .
280.                 }
281. 
.         * 3rd interaction: distance to frontier of education
.         gen interact3                   = vuosi - suorv
282.         replace interact3               = 0                             if suorv == .
283.         replace interact3               = ika - 15                      if interact3 > ika - 15 & interact3 != . & s
> uorv != .
284.         
.         gen dtf_610                             = 0
285.         replace dtf_610                 = 1                             if interact3 > 5 & interact3 <= 10
286.         gen dtf_1115                    = 0
287.         replace dtf_1115                = 1                             if interact3 > 10 & interact3 <= 15
288.         gen dtf_1620                    = 0
289.         replace dtf_1620                = 1                             if interact3 > 15 & interact3 <= 20
290.         gen dtf_2125                    = 0
291.         replace dtf_2125                = 1                             if interact3 > 20 & interact3 <= 25
292.         gen dtf_2630                    = 0
293.         replace dtf_2630                = 1                             if interact3 > 25 & interact3 <= 30
294.         gen dtf_31                              = 0
295.         replace dtf_31                  = 1                             if interact3 > 30 & interact3 != .
296.         
.         gen dtf_new                             = 5
297.         replace dtf_new                 = 10                            if interact3 > 5 & interact3 <= 10
298.         replace dtf_new                 = 15                            if interact3 > 10 & interact3 <= 15
299. 
.         replace dtf_new                 = 16                            if interact3 > 15 & interact3 != .
300.         
.         gen dtf_cat                             = .
301.         replace dtf_cat                 = 1                             if suorv_d == 0 & interact3 <= 5
302.         replace dtf_cat                 = 2                             if suorv_d == 0 & interact3 > 5 & interact3 
> <= 10
303.         replace dtf_cat                 = 3                             if suorv_d == 0 & interact3 > 10 & interact3
>  <= 15
304.         replace dtf_cat                 = 4                             if suorv_d == 0 & interact3 > 15 & interact3
>  <= 20
305.         replace dtf_cat                 = 5                             if suorv_d == 0 & interact3 > 20 & interact3
>  <= 25
306.         replace dtf_cat                 = 6                             if suorv_d == 0 & interact3 > 25 & interact3
>  <= 30
307.         replace dtf_cat                 = 7                             if suorv_d == 0 & interact3 > 30
308.         
. 
.         * 4th and 5th interaction: IQ
.         gen post                                        = after
309.         gen pre                                         = f_1 + f_2 + f_3 + f_4
310.         
.         if  $data_int == 6 {
311.                 gen interact4                           = 0
312.                 replace interact4                       = 1  if p_test_pc > 50 & p_test_pc <= 90
313.                 gen interact5                           = 0
314.                 replace interact5                       = 1  if p_test_pc > 90 & p_test_pc != .
315.                 }
316.                 
.         gen pre_iasenior                        = pre * senior
317.         gen pre_ia1_41                          = pre * age_41
318.         gen pre_ia1_4145                        = pre * age_4145
319.         gen pre_ia1_4650                        = pre * age_4650
320.         gen pre_ia1_5155                        = pre * age_5155
321.         gen pre_ia1_5660                        = pre * age_5660
322.         gen pre_ia1_61                          = pre * age_61
323.                 
.         gen pre_ia2                                     = pre * interact2
324.         gen pre_ia3                                     = pre * interact3
325.         gen pre_ia3_610                         = pre * dtf_610
326.         gen pre_ia3_1115                        = pre * dtf_1115
327.         gen pre_ia3_1620                        = pre * dtf_1620
328.         gen pre_ia3_2125                        = pre * dtf_2125
329.         gen pre_ia3_2630                        = pre * dtf_2630
330.         gen pre_ia3_31                          = pre * dtf_31
331.         gen pre_iasuorv_d                       = pre * suorv_d
332.         
.         if  $data_int == 6 {
333.                 gen pre_ia4                                     = pre * interact4
334.                 gen pre_ia5                                     = pre * interact5
335.                 }
336.                 
.         gen post_iasenior                       = post * senior
337.         gen post_ia1_41                         = post * age_41
338.         gen post_ia1_4145                       = post * age_4145
339.         gen post_ia1_4650                       = post * age_4650
340.         gen post_ia1_5155                       = post * age_5155
341.         gen post_ia1_5660                       = post * age_5660
342.         gen post_ia1_61                         = post * age_61
343.                 
.         gen post_ia2                            = post * interact2
344.         gen post_ia3                            = post * interact3
345.         gen post_ia3_610                        = post * dtf_610
346.         gen post_ia3_1115                       = post * dtf_1115
347.         gen post_ia3_1620                       = post * dtf_1620
348.         gen post_ia3_2125                       = post * dtf_2125
349.         gen post_ia3_2630                       = post * dtf_2630
350.         gen post_ia3_31                         = post * dtf_31
351.         gen post_iasuorv_d                      = post * suorv_d
352.         
.         if  $data_int == 6 {
353.                 gen post_ia4                            = post * interact4
354.                 gen post_ia5                            = post * interact5
355.                 }
356.                 
.         gen treated_iasenior            = treated * senior
357.         
.         gen treated_ia1_41                      = treated * age_41
358.         gen treated_ia1_4145            = treated * age_4145
359.         gen treated_ia1_4650            = treated * age_4650
360.         gen treated_ia1_5155            = treated * age_5155
361.         gen treated_ia1_5660            = treated * age_5660
362.         gen treated_ia1_61                      = treated * age_61
363.         gen treated_ia1_5160            = treated_ia1_5155 + treated_ia1_5660
364.         
.         gen treated_ia2                         = treated * interact2
365.         
.         gen treated_ia3                         = treated * interact3
366.         gen treated_ia3_610                     = treated * dtf_610 
367.         gen treated_ia3_1115            = treated * dtf_1115
368.         gen treated_ia3_1620            = treated * dtf_1620
369.         gen treated_ia3_2125            = treated * dtf_2125
370.         gen treated_ia3_2630            = treated * dtf_2630
371.         gen treated_ia3_31                      = treated * dtf_31
372.         
.         gen treated_iasuorv_d           = treated * suorv_d
373.         
.         if  $data_int == 6 {
374.                 gen treated_ia4                         = treated * interact4
375.                 gen treated_ia5                         = treated * interact5
376.                 }
377.                 
.         gen treated_post_iasenior       = treated_post * senior
378.         gen treated_post_ia1_41         = treated_post * age_41
379.         gen treated_post_ia1_4145       = treated_post * age_4145
380.         gen treated_post_ia1_4650       = treated_post * age_4650
381.         gen treated_post_ia1_5155       = treated_post * age_5155
382.         gen treated_post_ia1_5660       = treated_post * age_5660
383.         gen treated_post_ia1_61         = treated_post * age_61
384.         
.         gen treated_post_ia2            = treated_post * interact2
385.         
.         gen treated_post_ia3            = treated_post * interact3
386.         gen treated_post_ia3_610        = treated_post * dtf_610
387.         gen treated_post_ia3_1115       = treated_post * dtf_1115
388.         gen treated_post_ia3_1620       = treated_post * dtf_1620
389.         gen treated_post_ia3_2125       = treated_post * dtf_2125
390.         gen treated_post_ia3_2630       = treated_post * dtf_2630
391.         gen treated_post_ia3_31         = treated_post * dtf_31
392.         
.         gen treated_post_iasuorv_d      = treated_post * suorv_d
393.         
.         if  $data_int == 6 {
394.                 gen treated_post_ia4            = treated_post * interact4
395.                 gen treated_post_ia5            = treated_post * interact5
396.                 }
397.                 
.         gen treated_pre_iasenior        = treated_pre * senior
398.         gen treated_pre_ia1_41          = treated_pre * age_41
399.         gen treated_pre_ia1_4145        = treated_pre * age_4145
400.         gen treated_pre_ia1_4650        = treated_pre * age_4650
401.         gen treated_pre_ia1_5155        = treated_pre * age_5155
402.         gen treated_pre_ia1_5660        = treated_pre * age_5660
403.         gen treated_pre_ia1_61          = treated_pre * age_61
404.         
.         gen treated_pre_ia2                     = treated_pre * interact2
405.         
.         gen treated_pre_ia3                     = treated_pre * interact3
406.         gen treated_pre_ia3_610         = treated_pre * dtf_610
407.         gen treated_pre_ia3_1115        = treated_pre * dtf_1115
408.         gen treated_pre_ia3_1620        = treated_pre * dtf_1620
409.         gen treated_pre_ia3_2125        = treated_pre * dtf_2125
410.         gen treated_pre_ia3_2630        = treated_pre * dtf_2630
411.         gen treated_pre_ia3_31          = treated_pre * dtf_31
412.         
.         gen treated_pre_iasuorv_d       = treated_pre * suorv_d
413.         
.         gen post_ia2_senior                     = post * interact2 * senior
414.         gen pre_ia2_senior                      = pre * interact2 * senior
415.         gen post_ia2_ia3                        = post * interact2 * interact3
416.         gen pre_ia2_ia3                         = pre * interact2 * interact3
417.         
.         gen treated_post_ia2_senior     = treated_post * interact2 * senior
418.         gen treated_pre_ia2_senior      = treated_pre * interact2 * senior
419.         gen treated_post_ia2_ia3        = treated_post * interact2 * interact3
420.         gen treated_pre_ia2_ia3         = treated_pre * interact2 * interact3
421.         gen ia2_ia3                                     = interact2 * interact3
422.         gen ia2_senior                          = interact2 * senior
423.         
.         gen treated_ia2_senior          = treated * interact2 * senior
424.         gen treated_ia2_ia3                     = treated * interact2 * interact3
425.         
.         gen ia2_dtf610          = interact2 * dtf_610
426.         gen ia2_dtf1115         = interact2 * dtf_1115
427.         gen ia2_dtf1620         = interact2 * dtf_1620
428.         gen ia2_dtf2125         = interact2 * dtf_2125
429.         gen ia2_dtf2630         = interact2 * dtf_2630
430.         gen ia2_dtf31           = interact2 * dtf_31
431.         
.         gen treated_ia2_dtf610          = treated * interact2 * dtf_610
432.         gen treated_ia2_dtf1115         = treated * interact2 * dtf_1115
433.         gen treated_ia2_dtf1620         = treated * interact2 * dtf_1620
434.         gen treated_ia2_dtf2125         = treated * interact2 * dtf_2125
435.         gen treated_ia2_dtf2630         = treated * interact2 * dtf_2630
436.         gen treated_ia2_dtf31           = treated * interact2 * dtf_31
437.         
.         gen pre_ia2_dtf610      = pre * interact2 * dtf_610
438.         gen pre_ia2_dtf1115     = pre * interact2 * dtf_1115
439.         gen pre_ia2_dtf1620     = pre * interact2 * dtf_1620
440.         gen pre_ia2_dtf2125     = pre * interact2 * dtf_2125
441.         gen pre_ia2_dtf2630     = pre * interact2 * dtf_2630
442.         gen pre_ia2_dtf31       = pre * interact2 * dtf_31
443.         
.         gen post_ia2_dtf610     = post * interact2 * dtf_610
444.         gen post_ia2_dtf1115    = post * interact2 * dtf_1115
445.         gen post_ia2_dtf1620    = post * interact2 * dtf_1620
446.         gen post_ia2_dtf2125    = post * interact2 * dtf_2125
447.         gen post_ia2_dtf2630    = post * interact2 * dtf_2630
448.         gen post_ia2_dtf31              = post * interact2 * dtf_31
449. 
.         gen treated_pre_ia2_dtf610      = treated_pre * interact2 * dtf_610
450.         gen treated_pre_ia2_dtf1115     = treated_pre * interact2 * dtf_1115
451.         gen treated_pre_ia2_dtf1620     = treated_pre * interact2 * dtf_1620
452.         gen treated_pre_ia2_dtf2125     = treated_pre * interact2 * dtf_2125
453.         gen treated_pre_ia2_dtf2630     = treated_pre * interact2 * dtf_2630
454.         gen treated_pre_ia2_dtf31       = treated_pre * interact2 * dtf_31
455.         
.         gen treated_post_ia2_dtf610             = treated_post * interact2 * dtf_610
456.         gen treated_post_ia2_dtf1115    = treated_post * interact2 * dtf_1115
457.         gen treated_post_ia2_dtf1620    = treated_post * interact2 * dtf_1620
458.         gen treated_post_ia2_dtf2125    = treated_post * interact2 * dtf_2125
459.         gen treated_post_ia2_dtf2630    = treated_post * interact2 * dtf_2630
460.         gen treated_post_ia2_dtf31              = treated_post * interact2 * dtf_31
461. 
.         gen ia2_age4145         = interact2 * age_4145
462.         gen ia2_age4650         = interact2 * age_4650
463.         gen ia2_age5155         = interact2 * age_5155
464.         gen ia2_age5660         = interact2 * age_5660
465.         
.         gen treated_ia2_age4145         = treated * interact2 * age_4145
466.         gen treated_ia2_age4650         = treated * interact2 * age_4650
467.         gen treated_ia2_age5155         = treated * interact2 * age_5155
468.         gen treated_ia2_age5660         = treated * interact2 * age_5660
469.         
.         gen pre_ia2_age4145             = pre * interact2 * age_4145
470.         gen pre_ia2_age4650             = pre * interact2 * age_4650
471.         gen pre_ia2_age5155             = pre * interact2 * age_5155
472.         gen pre_ia2_age5660             = pre * interact2 * age_5660
473.         
.         gen post_ia2_age4145    = post * interact2 * age_4145
474.         gen post_ia2_age4650    = post * interact2 * age_4650
475.         gen post_ia2_age5155    = post * interact2 * age_5155
476.         gen post_ia2_age5660    = post * interact2 * age_5660
477.         
.         gen treated_pre_ia2_age4145             = treated_pre * interact2 * age_4145
478.         gen treated_pre_ia2_age4650             = treated_pre * interact2 * age_4650
479.         gen treated_pre_ia2_age5155             = treated_pre * interact2 * age_5155
480.         gen treated_pre_ia2_age5660             = treated_pre * interact2 * age_5660
481.         
.         gen treated_post_ia2_age4145    = treated_post * interact2 * age_4145
482.         gen treated_post_ia2_age4650    = treated_post * interact2 * age_4650
483.         gen treated_post_ia2_age5155    = treated_post * interact2 * age_5155
484.         gen treated_post_ia2_age5660    = treated_post * interact2 * age_5660
485.         
.         if  $data_int == 6 {
486.                 gen treated_pre_ia4                     = treated_pre * interact4
487.                 gen treated_pre_ia5                     = treated_pre * interact5
488.                 }
489.                 
.         global interactions             interact2 dtf_610 dtf_1115 dtf_16
490.         
.         global pre_ias_short            pre_iasenior pre_ia2 pre_ia3 pre_iasuorv_d
491.         global pre_ias_educ                     pre_ia2 pre_ia3 pre_iasuorv_d
492.         
.         global pre_ias_med                      pre_ia1_41 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
493.         global pre_ias_meduc            pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_
> ia3_31 pre_iasuorv_d
494.         global pre_ias_long                     pre_ia1_41 pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_16 pre_iasuorv_d
>  // pre_ia1_3135 pre_ia1_3640
495.         
.         if $data_int == 5 {
496.                 global pre_ias_med                      pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
497.                 global pre_ias_long                     pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 ///              // pre_ia1_3135 pre_ia1_3640   
>                                                                         pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2
> 125 pre_ia3_2630 pre_ia3_31 pre_iasuorv_d
498.                 }
499.                 
.         global post_ias_short           post_iasenior post_ia2 post_ia3 post_iasuorv_d
500.         global post_ias_educ            post_ia2 post_ia3 post_iasuorv_d
501.         global post_ias_med                     post_ia1_41 post_ia2 post_ia3 post_iasuorv_d // post_ia1_3135 post_i
> a1_3640
502.         global post_ias_meduc           post_ia2 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_263
> 0 post_ia3_31 post_iasuorv_d
503.         global post_ias_long            post_ia1_41 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 
> post_ia3_2630 post_ia3_31 post post_iasuorv_d
504.         
.         if $data_int == 5 {
505.                 global post_ias_med                     post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post
> _ia1_61 post_ia2 post_ia3 post_iasuorv_d    // post_ia1_3135 post_ia1_3640 
506.                 global post_ias_long            post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 
> post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                         post_ia3_610 post_ia3_1115 post_ia3_1620 post_i
> a3_2125 post_ia3_2630 post_ia3_31 post post_iasuorv_d
507.                 }
508.                 
.         global treated_educ                     treated_ia2 treated_ia3_* treated_suorv_d
509.         global treated_post_educ_ia             treated_post_ia2 treated_post_ia3_* post_iasuorv_d
510.         global treated_pre_educ_ia              treated_pre_ia2 treated_pre_ia3_* post_iasuorv_d
511.         
.         global treated_age                      treated_ia1_41 // treated_ia1_3135 treated_ia1_3640 
512.         global treated_pre_age_ia       treated_pre_ia1_41 // treated_pre_ia1_3135 treated_pre_ia1_3640 
513.         global treated_post_age_ia      treated_post_ia1_41 // treated_post_ia1_3135 treated_post_ia1_3640 
514.         
.         if $data_int == 5 {
515.                 global treated_age                      treated_ia1_4145 treated_ia1_4650 treated_ia1_5160 // treate
> d_ia1_3135 treated_ia1_3640 
516.                 global treated_pre_age_ia       treated_pre_ia1_4145 treated_pre_ia1_4650 treated_pre_ia1_5155 treat
> ed_pre_ia1_5660 treated_pre_ia1_61 // treated_pre_ia1_3135 treated_pre_ia1_3640 
517.                 global treated_post_age_ia      treated_post_ia1_4145 treated_post_ia1_4650 treated_post_ia1_5155 tr
> eated_post_ia1_5660 treated_post_ia1_61 // treated_post_ia1_3135 treated_post_ia1_3640 
518.                 }
519.                 
.         if  $data_int == 6 {
520.                 global interactions_iq          interact2 dtf_610 dtf_1115 dtf_16 interact4 interact5
521.                 global treated_ias_iq           treated_ia1_* treated_ia2 treated_ia3_* treated_ia4 treated_ia5
522.                 global treated_post_ias_iq      treated_post_ia1_* treated_post_ia2 treated_post_ia3_* treated_post_
> ia4 treated_post_ia5
523.                 global treated_pre_ias_iq       treated_pre_ia1_* treated_pre_ia2 treated_pre_ia3_* treated_pre_ia4 
> treated_pre_ia5
524.                 }
525.         
.         global ia2_dtfias                               ia2_dtf*
526.         global pre_ia2_dtfias                   pre_ia2_dtf*
527.         global post_ia2_dtfias                  post_ia2_dtf*
528.         
.         global treated_ia2_dtfias               treated_ia2_dtf*
529.         global treated_pre_ia2_dtfias   treated_pre_ia2_dtf*
530.         global treated_post_ia2_dtfias  treated_post_ia2_dtf*
531.         
.         global ia2_ageias                               ia2_age*
532.         global pre_ia2_ageias                   pre_ia2_age*
533.         global post_ia2_ageias                  post_ia2_age*   
534.         
.         global treated_ia2_ageias               treated_ia2_age*
535.         global treated_pre_ia2_ageias   treated_pre_ia2_age*
536.         global treated_post_ia2_ageias  treated_post_ia2_age*
537.         
.         *global interactions_long l_ia* inv_f_ia_* f_ia_*
.         global leads_and_lags l_0 l_1 l_2 l_3 l_4 l_5 l_6 l_7 l_8 l_9 l_10 f_1 f_2 f_3 f_4
538.         
.         foreach t of global interactions {
539.                 display "number of obs by treatment category conditional on `t'"
540.                 tab categ `t' if est_sample_u == 1 
541.                 }
542.                 
.         foreach d of global short_depvar {
543.                 
.                         replace est_sample_u            = est_sample
544.                         * need to use est_sample_publ for ue_d as otherwise ue_d == 0 by definition
.                         if "`d'" == "ue_d" {
545.                                 replace est_sample_u    = est_sample_publ
546.                                 }
547.                                 
.                         tab ptoim1                                                                                     
>                          if  est_sample_u == 1   
548.                 
.                         regr `d'        treated $treated_age ///
>                                 treated_pre ///
>                                 $treated_pre_age_ia   ///
>                                 treated_post ///
>                                 $treated_post_age_ia  ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars       if est_sample_u == 1, c
> luster(shnro) 
549.                         
.                         replace est_sample_u = e(sample)
550.                 
.                         display "dependent variable is `d'"     
551. 
.                         * Appendix A.2 descriptive statistics
.                         
.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated 
> == 0, stat(mean sd p50 n) save
552.                         matrix A = r(StatTotal)
553.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treat
> ed == 1, stat(mean sd p50 n) save
554.                         matrix B = r(StatTotal)
555.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1, stat(m
> ean sd p50 n) by(treated) save
556.                         matrix C = r(StatTotal)
557.                         
.                         putexcel set "${graphs}\Appendix_A.2_tabstat_`sose_type'$data_`d'_noIQ_firstinv.xls", replace
558.                         putexcel B1 = "treated = 0"
559.                         putexcel B2 = matrix(A), names
560.                         putexcel B8 = "treated = 1"
561.                         putexcel B9 = matrix(B), names
562.                         putexcel B15 = "total"
563.                         putexcel B16 = matrix(C), names
564.                         
.                 
.                         
.                         *display " 0 = before, 1 = control before, 2 = control after, 3 = treated before, 4 = treated a
> fter 5 = after "
. 
.                         * Appendix A.3 desc stats on distribution of age and dtf
.                         tab age_new dtf_cat if est_sample_u == 1 , cell
565. 
.                         tab dtf         if ika == 35 & est_sample_u == 1 
566.                         /*
>                         twoway  histogram dtf if ika == 35 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_35_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         tab dtf         if ika == 45 & est_sample_u == 1 
567.                         /*
>                         twoway  histogram dtf if ika == 45 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_45_`sose_type'$data_`d'.pdf" , replace
>                         */              
.                         tab dtf         if ika == 55 & est_sample_u == 1 
568.                         /*
>                         twoway  histogram dtf if ika == 55 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_55_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         bysort ika: egen dtf_p10                = pctile(dtf)                           if est_sample_u
>  == 1, p(10)
569.                         *bysort ika: egen dtf_p25               = pctile(dtf)                           if est_sampl
> e_u == 1, p(25)
.                         *bysort ika: egen dtf_p50               = pctile(dtf)                           if est_sample_u
>  == 1, p(50)
.                         *bysort ika: egen dtf_p75               = pctile(dtf)                           if est_sample_u
>  == 1, p(75)
.                         bysort ika: egen dtf_p90                = pctile(dtf)                           if est_sample_u
>  == 1, p(90)
570.                         *bysort ika: egen dtf_mean              = mean(dtf)                                     if e
> st_sample_u == 1
.                         bysort ika: gen ika_ind                 = _n                                            if est_
> sample_u == 1
571.                         
.                         twoway rarea dtf_p10 dtf_p90 ika        if est_sample_u == 1 & ika_ind == 1     , ///
>                                         sort fcolor(gs10) ///
>                                         xtitle("age")  ///
>                                         ytitle("DTHCF") ///
>                                         lwidth(none) ///                                        
>                                         graphregion(color(white)) bgcolor(white) ///
>                                         legend( order(2 3) label(2 "10th percentile") label(3 "90th percentile")) ///
>                                         ||   line dtf_p10 ika if est_sample_u == 1 & ika_ind == 1 ///
>                                         ||   line dtf_p90 ika if est_sample_u == 1 & ika_ind == 1 
572.                                                         graph export "${graphs}\dtf_age_`sose_type'$data_`d'_noIQ_fi
> rstinv.pdf" , replace       
573. 
.                                         
.                 
.                         *drop dtf_p10 dtf_p25 dtf_p50 dtf_p75 dtf_mean ika_ind
.                         drop dtf_p10 dtf_p90 ika_ind
574. 
. 
.                         
.                         pwcorr ika dtf                          if est_sample_u == 1 , sig
575.                         pwcorr ika interact3            if est_sample_u == 1 , sig
576.                         regr dtf ika                            if est_sample_u == 1, robust
577.                         
.                         pwcorr age_new dtf_cat          if est_sample_u == 1, sig
578.                         
.                         *RESTAT REVISION: ESTIMATE MODEL USING FIRST INVENTION OF FIRM ONLY
.                         
.                         *order shnro syrtun treatment_time  year treated
.                         sort shnro year treatment_time
579.                         
.                 
.                         gen treat_year                          = .
580.                         replace treat_year                      = year                  if treatment_time == 0
581.                         forvalues t = -1(-1)-6 {
582.                                 replace treat_year = treat_year[_n + 1] if treat_year == . & treatment_time == `t' &
>  shnro == shnro[_n + 1]
583.                                 }
584.                         forvalues t = 1(1)10 {
585.                                 replace treat_year = treat_year[_n - 1] if treat_year == . & treatment_time == `t' &
>  shnro == shnro[_n - 1]
586.                                 }                       
587.                         *order shnro syrtun treatment_time  year treated treat_year
.                         replace treat_year = .  if treated == 0
588.                         
.                         *sort shnro year treatment_time
.                         bysort syrtun: egen treat_year_min = min(treat_year)
589.                         replace treat_year_min = . if treatment_time != 0
590.                         replace treat_year_min = . if treated == 0
591.                         sort shnro year treatment_time
592.                         *order shnro syrtun treatment_time year treated treat_year treat_year_min
.                         forvalues t = -1(-1)-6 {
593.                                 replace treat_year_min = treat_year_min[_n + 1] if treat_year_min == . & treatment_t
> ime == `t' & shnro == shnro[_n + 1]
594.                                 }
595.                         forvalues t = 1(1)10 {
596.                                 replace treat_year_min = treat_year_min[_n - 1] if treat_year_min == . & treatment_t
> ime == `t' & shnro == shnro[_n - 1]
597.                                 }       
598. 
.                         sort shnro year treatment_time
599.                         order shnro syrtun treatment_time  year treated treat_year treat_year_min
600.                         list shnro syrtun treatment_time  year treated treat_year treat_year_min if shnro == "592D37
> 9F9D5C3005"
601.                         
.                         *gen est_sample_orig = est_sample_u
.                         replace est_sample_u = 0                if  treat_year != treat_year_min & treat_year != .
602.                                 
.                         sort syrtun shnro year treatment_time est_sample_u
603.                         order syrtun shnro year treatment_time est_sample_u
604.                         list shnro syrtun treatment_time  year treated treat_year treat_year_min if shnro == "592D37
> 9F9D5C3005"
605.                         * generate clustering indicator
.                         gen treat_year_2                                = .
606.                         replace treat_year_2                    = year                  if treatment_time == 0
607.                         egen treat_year_count           = group(syrtun treat_year_2)
608.                         bysort shnro: egen my_group             = min(treat_year_count)
609.                         drop treat_year_2 treat_year treat_year_min treat_year_count
610.                         
.                                 
.                         if $dummy == 1 {
611.                                 
. *******************************************************************                     
.                                 * 1. base -  pre + no interaction
. ******************************************************************* eqn_2
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1, fe cluster(my_group)  
612.                                 estimates store eqn_2           
613.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                     
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1, fe cluster(my_group)  
614.                                 test treated_post + treated_post_iasenior = 0
615.                                 test treated_pre + treated_pre_iasenior = 0
616.                                 estimates store eqn_4           
617. 
. *******************************************************************     
.                                 * 2. base -  pre + only DTHCF
. ****************************************************************** eqn_8        
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1, fe cluster(my_group)  
618.                                 test treated_post + treated_post_ia3 = 0
619.                                 test treated_pre + treated_pre_ia3 = 0
620.                                 estimates store eqn_5           
621.                                 
.                                 
.                                 
. *******************************************************************     
.                                 * 2. base -  pre + simple educ
. ****************************************************************** 
. 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
622.                                 estimates store eqn_6           
623.                                 testparm *ia3*
624.                                 testparm *pre*ia3  *post*ia3 
625.                                 testparm *pre*ia3  
626.                                 testparm *post*ia3
627.                                 test treated_post + treated_post_iasenior = 0
628.                                 test treated_post + treated_post_ia3 = 0
629.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
630.                                 
.                                 * senior + educ + dtf
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
631.                                 estimates store eqn_7           
632.                                 testparm *ia2* *ia3*
633.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
634.                                 testparm *pre*ia2* *pre*ia3  
635.                                 testparm *post*ia2* *post*ia3
636.                                 test treated_post + treated_post_iasenior = 0
637.                                 test treated_post + treated_post_ia2 = 0
638.                                 test treated_post + treated_post_ia3 = 0
639.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
640.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
641.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
642.                                 
.                                 sum interact2                           if est_sample_u == 1 & senior == 0
643.                                 scalar educ_junior_m            = r(mean)
644.                                 local educ_junior_m                     = educ_junior_m
645.                                 local educ_junior_m: di %6.2f    educ_junior_m
646.         
.                                 sum interact2                           if est_sample_u == 1 & senior == 1
647.                                 scalar educ_senior_m            = r(mean)
648.                                 local educ_senior_m                     = educ_senior_m
649.                                 local educ_senior_m: di %6.2f    educ_senior_m
650.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0
651.                                 scalar dtf_junior_m                     = r(mean)
652.                                 local dtf_junior_m                      = dtf_junior_m
653.                                 local dtf_junior_m: di %6.2f     dtf_junior_m
654.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1
655.                                 scalar dtf_senior_m                     = r(mean)
656.                                 local dtf_senior_m                      = dtf_senior_m  
657.                                 local dtf_senior_m: di %6.2f     dtf_senior_m
658.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 0
659.                                 scalar dtf_junior_ml            = r(mean)
660.                                 local dtf_junior_ml                     = dtf_junior_ml
661.                                 local dtf_junior_ml: di %6.2f    dtf_junior_ml
662.                                 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 0
663.                                 scalar dtf_senior_ml            = r(mean)
664.                                 local dtf_senior_ml                     = dtf_senior_ml 
665.                                 local dtf_senior_ml: di %6.2f    dtf_senior_ml
666. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 1
667.                                 scalar dtf_junior_mh            = r(mean)
668.                                 local dtf_junior_mh                     = dtf_junior_mh 
669.                                 local dtf_junior_mh: di %6.2f    dtf_junior_mh
670. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 1
671.                                 scalar dtf_senior_mh            = r(mean)
672.                                 local dtf_senior_mh                     = dtf_senior_mh 
673.                                 local dtf_senior_mh: di %6.2f    dtf_senior_mh
674.         
.         
.                                 *****
.                                 * Graph 1A: junior and senior, mean educ, mean dtf
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * `edu
> c_junior_m' + _b[treated_post_ia3] * `dtf_junior_m') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * `educ_senior_m' + _b[treated_post_ia3] * `dtf_senior_m') 
675.                                 matrix phat1 = r(b)
676.                                 matrix pse1 = vecdiag(r(V))
677.                                 matrix CI1 = J(2,2,.)
678.                                 forvalues i = 1/2 {
679.                                         matrix CI1[1,`i'] = phat1[1, `i'] + sqrt(pse1[1, `i'])
680.                                         matrix CI1[2,`i'] = phat1[1, `i'] - sqrt(pse1[1, `i'])
681.                                         }       
682.                                 
.                                 * Graph 1B: junior and senior x low and high educ x mean dtf | senior, high educ
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') 
683.                                 matrix phat2 = r(b)
684.                                 matrix pse2 = vecdiag(r(V))
685.                                 matrix CI2 = J(4,4,.)
686.                                 forvalues i = 1/4 {
687.                                         matrix CI2[1,`i'] = phat2[1, `i'] + sqrt(pse2[1, `i'])
688.                                         matrix CI2[2,`i'] = phat2[1, `i'] - sqrt(pse2[1, `i'])
689.                                         }       
690.                                         
.                                 * Graph 1C: junior and senior with mean educ and mean dtf; junior and senior x low and 
> high educ x mean dtf | senior, high educ; 
.                                 * junior and senior x  high     and low educ, dtf = 0                                  
>                  
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') 
691.                                 matrix phat3 = r(b)
692.                                 matrix pse3 = vecdiag(r(V))
693.                                 matrix CI3 = J(8,8,.)
694.                                 forvalues i = 1/8 {
695.                                         matrix CI3[1,`i'] = phat3[1, `i'] + sqrt(pse3[1, `i'])
696.                                         matrix CI3[2,`i'] = phat3[1, `i'] - sqrt(pse3[1, `i'])
697.                                         }
698.                                         
.                         
.                                 coefplot matrix(phat1), ci(CI1) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelA, replace)
699.                                 graph export "${graphs}\Fig1_panelA_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , repla
> ce
700.                                 
.                                 coefplot matrix(phat1), ci(CI1) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelAv2, replace)
701.                                 graph export "${graphs}\Fig1_panelAv2_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , rep
> lace
702. 
.                                 *               notes("LE = low educ; HE = high educ; J = junior; S = senior")
.                                 * REMEMBER: cols(x) 
.                                 coefplot matrix(phat2), ci(CI2) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelB, replace)
703.                                 graph export "${graphs}\Fig1_panelB_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , repla
> ce
704.                                 
.                                 coefplot matrix(phat2), ci(CI2) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelBv2, replace)
705.                                 graph export "${graphs}\Fig1_panelBv2_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , rep
> lace
706.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical recast(bar) ciopts(recast(rcap))  ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelC, replace)
707.                                 graph export "${graphs}\Fig1_panelC_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , repla
> ce
708.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelCv2, replace)
709.                                 graph export "${graphs}\Fig1_panelCv2_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , rep
> lace
710. 
.                                 gr combine panelA.gph panelB.gph, saving(panelAB, replace) imargin(0 0 0 0) cols(2)
711.                                 gr combine panelAB.gph panelC.gph, saving(Fig1_all, replace) imargin(tiny) cols(1)
712.                                 graph export "${graphs}\Fig1_all_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , replace
713.         
.                                 gr combine panelAv2.gph panelBv2.gph, saving(panelABv2, replace) imargin(0 0 0 0) cols(
> 2)
714.                                 gr combine panelABv2.gph panelCv2.gph, saving(Fig1v2_all, replace) imargin(tiny) col
> s(1)
715.                                 graph export "${graphs}\Fig1v2_all_`d'_`sose_type'_noIQ_firstinv_$data.pdf" , replac
> e
716. 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
717.                                 test treated_post + treated_post_ia2 = 0
718.                                 test treated_post + treated_post_ia3 = 0
719.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
720.                                 test treated_pre + treated_pre_ia2 = 0
721.                                 test treated_pre + treated_pre_ia3 = 0
722.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
723.                                 estimates store eqn_8           
724. 
.                                 
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
725.                                 estimates store eqn_12          
726.                                 testparm *ia2* *ia3*
727.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
728.                                 testparm *pre*ia2* *pre*ia3  
729.                                 testparm *post*ia2* *post*ia3
730.                                 test treated_post + treated_post_iasenior = 0
731.                                 test treated_post + treated_post_ia2 = 0
732.                                 test treated_post + treated_post_ia3 = 0
733.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
734.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
735.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
736. 
.                 
.                         
. 
. ******************************************************************* 
.                                 * 8 base - interaction drop top-3
.                                 
.                                 * 1. base -  pre + no interaction
. ******************************************************************* 
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
737.                                 estimates store eqn_top32               
738.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                             
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                         $pre_ia_educ $post_ia_educ ///
>                                         interact3 suorv_d ///
>                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 
> 1  & total_inv_1 < 850, fe cluster(my_group)  
739.                                 test treated_post + treated_post_ia3 = 0
740.                                 test treated_pre + treated_pre_ia3 = 0
741.                                 estimates store eqn_top33               
742.                                 
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group) 
>  
743.                                 test treated_post + treated_post_iasenior = 0
744.                                 test treated_pre + treated_pre_iasenior = 0
745.                                 estimates store eqn_top34       
746.                                 
.                                 
. *******************************************************************                             
.                                 * 2. base -  pre + simple educ
. *******************************************************************     
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuo
> rv_d ///
>                                                         treated_post  treated_post_ia2 treated_post_ia3 treated_post_ia
> suorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact2 interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
747.                                 test treated_post + treated_post_ia2 = 0
748.                                 test treated_post + treated_post_ia3 = 0
749.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
750.                                 test treated_pre + treated_pre_ia2 = 0
751.                                 test treated_pre + treated_pre_ia3 = 0
752.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
753.                                 estimates store eqn_top35                                               
754. 
.                                 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
755.                                 estimates store eqn_top36               
756.                                 testparm *ia3*
757.                                 testparm *pre*ia3  *post*ia3 
758.                                 testparm *pre*ia3  
759.                                 testparm *post*ia3
760.                                 test treated_post + treated_post_iasenior = 0
761.                                 test treated_post + treated_post_ia3 = 0
762.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
763. 
.                                 * senior + educ
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
764.                                 estimates store eqn_top37               
765.                                 testparm *ia2* *ia3*
766.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
767.                                 testparm *pre*ia2* *pre*ia3  
768.                                 testparm *post*ia2* *post*ia3
769.                                 test treated_post + treated_post_iasenior = 0
770.                                 test treated_post + treated_post_ia2 = 0
771.                                 test treated_post + treated_post_ia3 = 0
772.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
773.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
774.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
775.                                 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
776.                                 test treated_post + treated_post_ia2 = 0
777.                                 test treated_post + treated_post_ia3 = 0
778.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
779.                                 test treated_pre + treated_pre_ia2 = 0
780.                                 test treated_pre + treated_pre_ia3 = 0
781.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
782.                                 estimates store eqn_top38               
783. 
. 
. ***********************************************************************************************************************
> *****************************************                                
. 
.                                 local filename          = "`d'"
784.                                 cd ${output}
785. 
.                                 if $ownfirm != 1 & $data_int == 6 {
786.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
787.                                                 }
788.                                 else if $ownfirm != 1 & $data_int == 5  {
789.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
790.                                                 }       
791.                                 if $ownfirm != 1 & $data_int == 6 {
792.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
793.                                                 }
794.                                 else if $ownfirm != 1 & $data_int == 5  {
795.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
796.                                                 }       
797.                                 if $ownfirm == 1 & $data_int == 6 {
798.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
799.                                                 }
800.                                 else if $ownfirm == 1 & $data_int == 5  {
801.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_firstinv_$data.xls", /// 
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
802.                                 if $ownfirm == 1 & $data_int == 6 {
803.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
804.                                                 }
805.                                 else if $ownfirm == 1 & $data_int == 5  {
806.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_firstinv_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
807.                                                 }                       
808.                                         */
.                                         }
809.                                 
.                                 /*              
>                                 outreg2 [eqn_long_1 eqn_long_2] using "`d'_`sose_type'_horser_long$data.xls", replace /
> //
>                                                 keep(treated treated_cow  inv_l_* inv_f_* inv_fl_*)
>                                 */
.                                 }
810.                         drop my_group
811.                 }
812.         local datacounter       = `datacounter' + 1     
813.         }
(label _merge already defined)
(label _merge already defined)
(label _merge already defined)
(239,651 observations deleted)
(3,147,402 real changes made)
(132,209 missing values generated)
(103,355 missing values generated)
(3,324,847 missing values generated)
(177,445 real changes made)
(65358 missing values generated)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(178,336 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(174,703 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(170,837 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(149,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(135,159 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(117,864 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(103,525 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,280 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(70,798 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(56,345 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(50,576 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(88,902 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(86,883 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(75,827 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(68,602 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(59,504 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(52,094 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(44,751 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(35,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(27,890 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(25,069 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(177,042 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(90,154 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(175,944 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,582 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(164,590 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(83,884 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(156,261 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(79,760 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(148,976 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(76,067 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(141,822 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(72,449 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(132,136 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(67,508 real changes made)
(65,358 missing values generated)
(998,316 real changes made, 998,316 to missing)
(44,430 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,296,538 real changes made)
       panel variable:  shnro_real (unbalanced)
(2,870,653 real changes made)
(454,194 missing values generated)
(454,194 missing values generated)
(3,324,847 missing values generated)
(2,782,955 real changes made)
(418,774 real changes made)
(454,194 missing values generated)
(408,713 real changes made)
(3324847 missing values generated)
(3,324,847 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------
(3,192,566 real changes made, 374,857 to missing)
(666,404 real changes made)
(374,857 missing values generated)
(374,857 missing values generated)
(374,857 missing values generated)
(3,324,847 missing values generated)
(2,220,248 real changes made)
(400,153 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                     1,003,647
        from master                   454,194  (_merge==1)
        from using                    549,453  (_merge==2)

    matched                         2,870,653  (_merge==3)
    -----------------------------------------
(454,194 real changes made)
(3,874,300 missing values generated)
(0 real changes made)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,874,563 real changes made)
(3,874,300 missing values generated)
(1,991,729 real changes made)
(3,874,300 missing values generated)
(1,938,369 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    492,696       27.87       27.87
          4 |     10,885        0.62       28.49
          5 |    434,738       24.60       53.09
          6 |    400,438       22.65       75.74
          7 |    382,615       21.65       97.39
          8 |     46,194        2.61      100.00
------------+-----------------------------------
      Total |  1,767,566      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    876,708       46.47       46.47
          1 |  1,009,876       53.53      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
(549,453 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.66542         0
      sd |  .6092713         0
     p50 |  10.70241         0
       N |   1885513   1828195
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.46082         0
    1995 |  10.45269         0
    1996 |  10.52745         0
    1997 |  10.53696         0
    1998 |  10.56097         0
    1999 |  10.56886         0
    2000 |  10.56892         0
    2001 |  10.61203         0
    2002 |  10.61898         0
    2003 |  10.63067         0
    2004 |  10.65567         0
    2005 |  10.66955         0
    2006 |  10.69059         0
    2007 |  10.71738         0
    2008 |  10.74392         0
    2009 |  10.75992         0
    2010 |   10.7702         0
    2011 |  10.79585         0
    2012 |  10.80281         0
---------+--------------------
   Total |  10.66542         0
------------------------------
(3,874,300 missing values generated)
(2,028,309 real changes made)
(1,026,709 real changes made)
(641,051 real changes made)
(1,001,600 real changes made)
(655,487 real changes made)
(1,296,538 real changes made)
(2,029,548 real changes made)
(3,874,300 missing values generated)
(549,453 missing values generated)
(549453 missing values generated)
(2,494,609 real changes made)
(2,494,609 real changes made)
(1,506,426 real changes made)
(488,379 real changes made)
(499,804 real changes made)
(490,878 real changes made)
(1,506,426 real changes made)
(449,814 real changes made)
(356,926 real changes made)
(208,808 real changes made)
(0 real changes made)
(988,183 real changes made)
(1,506,426 real changes made)
(666,404 real changes made)
(924,310 missing values generated)
(924,310 real changes made)
(14 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(1,094,728 real changes made)
(3,874,300 missing values generated)
(831,882 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,886,584 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,886,584      100.00      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,885,513
                                                F(87, 159428)     =    1573.83
                                                Prob > F          =     0.0000
                                                R-squared         =     0.2273
                                                Root MSE          =     .53559

                                     (Std. Err. adjusted for 159,429 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0337624   .0043821     7.70   0.000     .0251737    .0423512
     treated_ia1_4145 |   .0488185   .0076588     6.37   0.000     .0338074    .0638296
     treated_ia1_4650 |   .0640597   .0077927     8.22   0.000     .0487861    .0793333
     treated_ia1_5160 |    .097091   .0091774    10.58   0.000     .0791034    .1150785
          treated_pre |   .0188673   .0037854     4.98   0.000      .011448    .0262865
 treated_pre_ia1_4145 |  -.0179303   .0070181    -2.55   0.011    -.0316856    -.004175
 treated_pre_ia1_4650 |  -.0322815   .0067312    -4.80   0.000    -.0454745   -.0190885
 treated_pre_ia1_5155 |  -.0376624   .0074883    -5.03   0.000    -.0523392   -.0229856
 treated_pre_ia1_5660 |  -.0381243   .0096981    -3.93   0.000    -.0571324   -.0191162
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0469079   .0046121    10.17   0.000     .0378683    .0559476
treated_post_ia1_4145 |  -.0424488   .0082198    -5.16   0.000    -.0585595   -.0263381
treated_post_ia1_4650 |   -.070996   .0082658    -8.59   0.000    -.0871968   -.0547951
treated_post_ia1_5155 |  -.1105512   .0093823   -11.78   0.000    -.1289402   -.0921621
treated_post_ia1_5660 |    -.09801    .009263   -10.58   0.000    -.1161653   -.0798547
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |    .016892   .0027972     6.04   0.000     .0114096    .0223744
                  l_1 |   .0743576   .0028565    26.03   0.000      .068759    .0799562
                  l_2 |   .0603645   .0030294    19.93   0.000     .0544268    .0663021
                  l_3 |   .0569287   .0031976    17.80   0.000     .0506615     .063196
                  l_4 |   .0546285   .0033706    16.21   0.000     .0480222    .0612348
                  l_5 |   .0501995   .0035635    14.09   0.000     .0432152    .0571839
                  l_6 |   .0472612   .0037883    12.48   0.000     .0398363    .0546862
                  l_7 |    .043753   .0040218    10.88   0.000     .0358704    .0516356
                  l_8 |   .0457788   .0042696    10.72   0.000     .0374105    .0541472
                  l_9 |   .0428347   .0045726     9.37   0.000     .0338725    .0517969
                 l_10 |    .042309   .0048504     8.72   0.000     .0328024    .0518157
                  f_1 |   .0335141   .0024401    13.73   0.000     .0287315    .0382967
                  f_2 |   .0203332   .0023367     8.70   0.000     .0157532    .0249132
                  f_3 |    .011004   .0022533     4.88   0.000     .0065876    .0154204
                  f_4 |   .0017611    .002173     0.81   0.418     -.002498    .0060202
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0082984   .0027285     3.04   0.002     .0029506    .0136462
         _Ivuosi_1996 |   .0727416   .0027399    26.55   0.000     .0673714    .0781117
         _Ivuosi_1997 |   .0763539    .002839    26.89   0.000     .0707896    .0819183
         _Ivuosi_1998 |   .1000126   .0029545    33.85   0.000     .0942218    .1058035
         _Ivuosi_1999 |   .1176668   .0030095    39.10   0.000     .1117682    .1235654
         _Ivuosi_2000 |   .1311884   .0030669    42.78   0.000     .1251773    .1371994
         _Ivuosi_2001 |   .1610548   .0030869    52.17   0.000     .1550045    .1671051
         _Ivuosi_2002 |    .160597   .0031622    50.79   0.000     .1543992    .1667948
         _Ivuosi_2003 |   .1703102   .0032405    52.56   0.000      .163959    .1766615
         _Ivuosi_2004 |   .1928852   .0033071    58.32   0.000     .1864034    .1993671
         _Ivuosi_2005 |   .2113533   .0034002    62.16   0.000      .204689    .2180175
         _Ivuosi_2006 |   .2167662   .0035515    61.04   0.000     .2098055     .223727
         _Ivuosi_2007 |   .2322437   .0036955    62.85   0.000     .2250006    .2394867
         _Ivuosi_2008 |   .2435971   .0038416    63.41   0.000     .2360676    .2511266
         _Ivuosi_2009 |   .2411787    .004017    60.04   0.000     .2333054     .249052
         _Ivuosi_2010 |    .241793   .0041998    57.57   0.000     .2335616    .2500245
         _Ivuosi_2011 |   .2458833   .0043468    56.57   0.000     .2373637    .2544029
         _Ivuosi_2012 |   .2457982   .0045479    54.05   0.000     .2368844    .2547121
            _Iage2_21 |   .3984763   .0142549    27.95   0.000     .3705369    .4264157
            _Iage2_22 |   .5422289   .0135556    40.00   0.000     .5156602    .5687977
            _Iage2_23 |   .6706946   .0132377    50.67   0.000      .644749    .6966402
            _Iage2_24 |   .8296829   .0130624    63.52   0.000     .8040809    .8552849
            _Iage2_25 |   1.037846   .0129167    80.35   0.000      1.01253    1.063162
            _Iage2_26 |   1.212385   .0128182    94.58   0.000     1.187262    1.237509
            _Iage2_27 |   1.337928   .0127147   105.23   0.000     1.313008    1.362849
            _Iage2_28 |   1.435554   .0126815   113.20   0.000     1.410699     1.46041
            _Iage2_29 |   1.505186   .0126507   118.98   0.000     1.480391    1.529982
            _Iage2_30 |   1.557459   .0126285   123.33   0.000     1.532707     1.58221
            _Iage2_31 |   1.602431   .0126209   126.97   0.000     1.577694    1.627167
            _Iage2_32 |   1.641808   .0126232   130.06   0.000     1.617067    1.666549
            _Iage2_33 |   1.676753   .0126342   132.72   0.000      1.65199    1.701515
            _Iage2_34 |   1.702756   .0126393   134.72   0.000     1.677983    1.727529
            _Iage2_35 |   1.727582   .0126356   136.72   0.000     1.702817    1.752348
            _Iage2_36 |   1.748755   .0126489   138.25   0.000     1.723963    1.773547
            _Iage2_37 |    1.76769   .0126607   139.62   0.000     1.742876    1.792505
            _Iage2_38 |   1.784529   .0126702   140.84   0.000     1.759695    1.809362
            _Iage2_39 |   1.798268   .0126777   141.84   0.000      1.77342    1.823116
            _Iage2_40 |   1.810667   .0126866   142.72   0.000     1.785802    1.835533
            _Iage2_41 |   1.813487   .0128037   141.64   0.000     1.788392    1.838582
            _Iage2_42 |   1.826774   .0128033   142.68   0.000     1.801679    1.851868
            _Iage2_43 |   1.834348   .0127944   143.37   0.000     1.809271    1.859424
            _Iage2_44 |   1.839874   .0128001   143.74   0.000     1.814786    1.864962
            _Iage2_45 |    1.84283   .0128085   143.88   0.000     1.817726    1.867934
            _Iage2_46 |   1.851318   .0128597   143.96   0.000     1.826114    1.876523
            _Iage2_47 |   1.854708   .0128554   144.28   0.000     1.829512    1.879904
            _Iage2_48 |   1.858451    .012864   144.47   0.000     1.833238    1.883664
            _Iage2_49 |   1.856959   .0128743   144.24   0.000     1.831725    1.882192
            _Iage2_50 |   1.856729   .0128856   144.09   0.000     1.831473    1.881984
            _Iage2_51 |   1.855592   .0129768   142.99   0.000     1.830157    1.881026
            _Iage2_52 |   1.859638   .0129824   143.24   0.000     1.834192    1.885083
            _Iage2_53 |   1.863137   .0129858   143.47   0.000     1.837685    1.888589
            _Iage2_54 |   1.861834   .0130134   143.07   0.000     1.836328     1.88734
            _Iage2_55 |   1.860608    .013063   142.43   0.000     1.835005    1.886211
            _Iage2_56 |   1.854693   .0133195   139.25   0.000     1.828587    1.880799
            _Iage2_57 |   1.836723   .0134093   136.97   0.000     1.810441    1.863005
            _Iage2_58 |   1.829518   .0135263   135.26   0.000     1.803006    1.856029
            _Iage2_59 |   1.797706   .0137803   130.45   0.000     1.770697    1.824715
        firm_size_new |   .0017562   .0005639     3.11   0.002      .000651    .0028614
                _cons |   8.697283   .0127657   681.30   0.000     8.672263    8.722304
---------------------------------------------------------------------------------------
(1,988,787 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.62383         0  41.06355  .6419092  .2353308  14.25271
      sd |  .5944325         0  9.670137  .4794393  .4242056   9.24824
     p50 |  10.66401         0        41         1         0        13
       N |    928918    896168    928918    928918    928918    832465
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |   10.7058         0  41.13015  .6973526  .2453431  14.25693
      sd |  .6206825         0  9.637819  .4594042  .4302907  9.253291
     p50 |  10.74198         0        41         1         0        13
       N |    956595    931003    956595    956595    956595    858531
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.62383         0  41.06355  .6419092  .2353308  14.25271
         |  .5944325         0  9.670137  .4794393  .4242056   9.24824
         |  10.66401         0        41         1         0        13
         |    928918    896168    928918    928918    928918    832465
---------+------------------------------------------------------------
       1 |   10.7058         0  41.13015  .6973526  .2453431  14.25693
         |  .6206825         0  9.637819  .4594042  .4302907  9.253291
         |  10.74198         0        41         1         0        13
         |    956595    931003    956595    956595    956595    858531
---------+------------------------------------------------------------
   Total |  10.66542         0  41.09734  .6700378  .2404104  14.25486
         |  .6092713         0  9.653809  .4701992  .4273328  9.250803
         |  10.70241         0        41         1         0        13
         |   1885513   1827171   1885513   1885513   1885513   1690996
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_firstinv.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =  1,690,996
                                                F(1, 1690994)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6343
                                                Root MSE          =     5.5944

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7878825   .0004796  1642.92   0.000     .7869425    .7888224
       _cons |  -17.50656   .0174482 -1003.35   0.000    -17.54076   -17.47236
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7017   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(158,156 real changes made)
(139,508 real changes made)
(128,490 real changes made)
(120,386 real changes made)
(113,248 real changes made)
(106,314 real changes made)
(174,703 real changes made)
(170,837 real changes made)
(149,115 real changes made)
(135,159 real changes made)
(117,864 real changes made)
(103,525 real changes made)
(89,280 real changes made)
(70,798 real changes made)
(56,345 real changes made)
(50,576 real changes made)
(1,023,124 real changes made, 1,023,124 to missing)
(865983 missing values generated)
(2,843,334 real changes made, 2,843,334 to missing)
(74,133 real changes made, 74,133 to missing)
(79,873 real changes made)
(69,753 real changes made)
(64,250 real changes made)
(60,277 real changes made)
(56,674 real changes made)
(53,202 real changes made)
(88,902 real changes made)
(86,883 real changes made)
(75,827 real changes made)
(68,602 real changes made)
(59,504 real changes made)
(52,094 real changes made)
(44,751 real changes made)
(35,115 real changes made)
(27,890 real changes made)
(25,069 real changes made)

         +---------------------------------------------------------------------------------------+
         |            shnro             syrtun   treatm~e   year   treated   treat_~r   treat_~n |
         |---------------------------------------------------------------------------------------|
1708586. | 592D379F9D5C3005   7B82E5A4ED08BC97         -2   1992         1       1994       1994 |
1708587. | 592D379F9D5C3005   7B82E5A4ED08BC97         -1   1993         1       1994       1994 |
1708588. | 592D379F9D5C3005   7B82E5A4ED08BC97          0   1994         1       1994       1994 |
1708589. | 592D379F9D5C3005   7B82E5A4ED08BC97          1   1995         1       1994       1994 |
1708590. | 592D379F9D5C3005   7B82E5A4ED08BC97          2   1996         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
1708591. | 592D379F9D5C3005   7B82E5A4ED08BC97          3   1997         1       1994       1994 |
1708592. | 592D379F9D5C3005   7B82E5A4ED08BC97          4   1998         1       1994       1994 |
1708593. | 592D379F9D5C3005   7B82E5A4ED08BC97          5   1999         1       1994       1994 |
1708594. | 592D379F9D5C3005   7B82E5A4ED08BC97          6   2000         1       1994       1994 |
1708595. | 592D379F9D5C3005   7B82E5A4ED08BC97          7   2001         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
1708596. | 592D379F9D5C3005   E60A9CFA3E90ABD9          8   2002         1       1994       1994 |
1708597. | 592D379F9D5C3005   E60A9CFA3E90ABD9          9   2003         1       1994       1994 |
1708598. | 592D379F9D5C3005   E60A9CFA3E90ABD9         10   2004         1       1994       1994 |
1708599. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2005         1          .          . |
1708600. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2006         1          .          . |
         |---------------------------------------------------------------------------------------|
1708601. | 592D379F9D5C3005   52D12528F273424F          .   2007         1          .          . |
1708602. | 592D379F9D5C3005   1DD6FC24BAA2B81C          .   2008         1          .          . |
1708603. | 592D379F9D5C3005                             .   2009         1          .          . |
         +---------------------------------------------------------------------------------------+
(757,569 real changes made)

         +---------------------------------------------------------------------------------------+
         |            shnro             syrtun   treatm~e   year   treated   treat_~r   treat_~n |
         |---------------------------------------------------------------------------------------|
 157910. | 592D379F9D5C3005                             .   2009         1          .          . |
 865633. | 592D379F9D5C3005   1DD6FC24BAA2B81C          .   2008         1          .          . |
1576303. | 592D379F9D5C3005   52D12528F273424F          .   2007         1          .          . |
2180850. | 592D379F9D5C3005   7B82E5A4ED08BC97         -2   1992         1       1994       1994 |
2180851. | 592D379F9D5C3005   7B82E5A4ED08BC97         -1   1993         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
2180852. | 592D379F9D5C3005   7B82E5A4ED08BC97          0   1994         1       1994       1994 |
2180853. | 592D379F9D5C3005   7B82E5A4ED08BC97          1   1995         1       1994       1994 |
2180854. | 592D379F9D5C3005   7B82E5A4ED08BC97          2   1996         1       1994       1994 |
2180855. | 592D379F9D5C3005   7B82E5A4ED08BC97          3   1997         1       1994       1994 |
2180856. | 592D379F9D5C3005   7B82E5A4ED08BC97          4   1998         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
2180857. | 592D379F9D5C3005   7B82E5A4ED08BC97          5   1999         1       1994       1994 |
2180858. | 592D379F9D5C3005   7B82E5A4ED08BC97          6   2000         1       1994       1994 |
2180859. | 592D379F9D5C3005   7B82E5A4ED08BC97          7   2001         1       1994       1994 |
3507831. | 592D379F9D5C3005   E60A9CFA3E90ABD9          8   2002         1       1994       1994 |
3507832. | 592D379F9D5C3005   E60A9CFA3E90ABD9          9   2003         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
3507833. | 592D379F9D5C3005   E60A9CFA3E90ABD9         10   2004         1       1994       1994 |
3507834. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2005         1          .          . |
3507835. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2006         1          .          . |
         +---------------------------------------------------------------------------------------+
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2545                         Obs per group: min =         1
       between = 0.1575                                        avg =      11.4
       overall = 0.1154                                        max =        48

                                                F(74,25142)        =    466.32
corr(u_i, Xb)  = -0.9201                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 25,143 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0225805   .0045995     4.91   0.000     .0135653    .0315958
 treated_post |   .0294387   .0107495     2.74   0.006      .008369    .0505084
          l_0 |  -.4430486   .1369554    -3.23   0.001    -.7114892    -.174608
          l_1 |  -.5109456   .1643718    -3.11   0.002    -.8331239   -.1887674
          l_2 |   -.629032     .19177    -3.28   0.001    -1.004912   -.2531517
          l_3 |  -.7377736   .2190694    -3.37   0.001    -1.167162   -.3083847
          l_4 |  -.8437581   .2464401    -3.42   0.001    -1.326795    -.360721
          l_5 |   -.949002   .2738197    -3.47   0.001    -1.485705   -.4122995
          l_6 |  -1.056415    .301221    -3.51   0.000    -1.646826   -.4660047
          l_7 |  -1.161989   .3286869    -3.54   0.000    -1.806235   -.5177435
          l_8 |  -1.260841   .3560877    -3.54   0.000    -1.958793   -.5628879
          l_9 |  -1.361967   .3835063    -3.55   0.000    -2.113662   -.6102721
         l_10 |  -1.460259   .4108857    -3.55   0.000    -2.265619   -.6548986
          f_1 |  -.3510128   .1095836    -3.20   0.001    -.5658032   -.1362225
          f_2 |  -.2657048   .0821586    -3.23   0.001    -.4267404   -.1046691
          f_3 |  -.1808734   .0547224    -3.31   0.001    -.2881324   -.0736144
          f_4 |  -.0943555   .0273929    -3.44   0.001    -.1480471   -.0406639
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0153346   .0037384     4.10   0.000     .0080071    .0226622
 _Ivuosi_1996 |   .0384119   .0036893    10.41   0.000     .0311806    .0456431
 _Ivuosi_1997 |   .0310297   .0040778     7.61   0.000     .0230371    .0390224
 _Ivuosi_1998 |   .0378594   .0042079     9.00   0.000     .0296118    .0461071
 _Ivuosi_1999 |    .039486   .0042535     9.28   0.000     .0311489    .0478231
 _Ivuosi_2000 |   .0358521   .0042154     8.51   0.000     .0275897    .0441146
 _Ivuosi_2001 |   .0445311   .0040494    11.00   0.000      .036594    .0524682
 _Ivuosi_2002 |   .0295453   .0036571     8.08   0.000     .0223771    .0367135
 _Ivuosi_2003 |   .0277271   .0033828     8.20   0.000     .0210966    .0343577
 _Ivuosi_2004 |   .0370971   .0031991    11.60   0.000     .0308266    .0433675
 _Ivuosi_2005 |   .0468021   .0031052    15.07   0.000     .0407158    .0528884
 _Ivuosi_2006 |   .0435595   .0030615    14.23   0.000     .0375587    .0495602
 _Ivuosi_2007 |   .0466678   .0029375    15.89   0.000     .0409101    .0524256
 _Ivuosi_2008 |   .0448137   .0028308    15.83   0.000     .0392652    .0503622
 _Ivuosi_2009 |   .0253965   .0026659     9.53   0.000     .0201712    .0306218
 _Ivuosi_2010 |   .0217839   .0025576     8.52   0.000     .0167709    .0267969
 _Ivuosi_2011 |   .0110586   .0020287     5.45   0.000     .0070822     .015035
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .6170636   .0425568    14.50   0.000     .5336499    .7004773
    _Iage2_22 |   .8767211   .0684845    12.80   0.000     .7424876    1.010955
    _Iage2_23 |   1.129646   .0954912    11.83   0.000     .9424779    1.316815
    _Iage2_24 |   1.377392    .123145    11.19   0.000      1.13602    1.618763
    _Iage2_25 |   1.684161   .1506922    11.18   0.000     1.388796    1.979527
    _Iage2_26 |   1.958716   .1779357    11.01   0.000     1.609952    2.307481
    _Iage2_27 |   2.199157   .2052058    10.72   0.000     1.796942    2.601373
    _Iage2_28 |   2.415048   .2324805    10.39   0.000     1.959373    2.870723
    _Iage2_29 |   2.602302   .2598163    10.02   0.000     2.093047    3.111557
    _Iage2_30 |   2.772667   .2870805     9.66   0.000     2.209973    3.335362
    _Iage2_31 |   2.933859   .3145279     9.33   0.000     2.317366    3.550353
    _Iage2_32 |   3.087523    .341829     9.03   0.000     2.417518    3.757528
    _Iage2_33 |    3.23901   .3691969     8.77   0.000     2.515363    3.962658
    _Iage2_34 |    3.37886   .3964342     8.52   0.000     2.601826    4.155894
    _Iage2_35 |   3.525221   .4238488     8.32   0.000     2.694452    4.355989
    _Iage2_36 |   3.664624   .4512485     8.12   0.000     2.780151    4.549097
    _Iage2_37 |   3.802204   .4786474     7.94   0.000     2.864027    4.740381
    _Iage2_38 |   3.939185   .5060671     7.78   0.000     2.947265    4.931106
    _Iage2_39 |   4.071699   .5333797     7.63   0.000     3.026243    5.117154
    _Iage2_40 |    4.20216   .5607385     7.49   0.000      3.10308    5.301241
    _Iage2_41 |   4.331674   .5881331     7.37   0.000     3.178899    5.484449
    _Iage2_42 |   4.460368   .6155462     7.25   0.000     3.253862    5.666874
    _Iage2_43 |   4.584683   .6429343     7.13   0.000     3.324494    5.844872
    _Iage2_44 |   4.708702   .6703331     7.02   0.000      3.39481    6.022595
    _Iage2_45 |   4.829401   .6977162     6.92   0.000     3.461836    6.196965
    _Iage2_46 |   4.949039   .7251428     6.82   0.000     3.527717    6.370362
    _Iage2_47 |   5.070286   .7525448     6.74   0.000     3.595254    6.545318
    _Iage2_48 |   5.186164   .7799473     6.65   0.000     3.657422    6.714906
    _Iage2_49 |   5.295021   .8073147     6.56   0.000     3.712637    6.877405
    _Iage2_50 |   5.406026   .8347103     6.48   0.000     3.769945    7.042107
    _Iage2_51 |    5.51622   .8621013     6.40   0.000     3.826451    7.205989
    _Iage2_52 |   5.630781   .8894707     6.33   0.000     3.887367    7.374196
    _Iage2_53 |   5.742711   .9168783     6.26   0.000     3.945576    7.539846
    _Iage2_54 |   5.852854   .9442202     6.20   0.000     4.002127     7.70358
    _Iage2_55 |   5.958375   .9716613     6.13   0.000     4.053862    7.862888
    _Iage2_56 |   6.063726   .9989817     6.07   0.000     4.105663    8.021788
    _Iage2_57 |   6.152249    1.02636     5.99   0.000     4.140522    8.163975
    _Iage2_58 |   6.246763   1.053753     5.93   0.000     4.181345    8.312181
    _Iage2_59 |   6.312794   1.081091     5.84   0.000     4.193792    8.431796
firm_size_new |   .0041135    .000771     5.34   0.000     .0026024    .0056246
        _cons |   6.949485   .4226439    16.44   0.000     6.121079    7.777892
--------------+----------------------------------------------------------------
      sigma_u |   1.258473
      sigma_e |   .3311343
          rho |  .93524882   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2547                         Obs per group: min =         1
       between = 0.1560                                        avg =      11.4
       overall = 0.1140                                        max =        48

                                                F(79,25142)        =    437.48
corr(u_i, Xb)  = -0.9232                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 25,143 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |     .01862   .0107874     1.73   0.084     -.002524     .039764
          treated_pre |   .0371096   .0067353     5.51   0.000      .023908    .0503112
 treated_pre_iasenior |  -.0338793   .0083399    -4.06   0.000    -.0502261   -.0175326
         treated_post |    .032227   .0146488     2.20   0.028     .0035144    .0609396
treated_post_iasenior |  -.0101036   .0133255    -0.76   0.448    -.0362223    .0160151
               senior |          0  (omitted)
         pre_iasenior |  -.0100085   .0038771    -2.58   0.010    -.0176079   -.0024092
        post_iasenior |  -.0461244    .005321    -8.67   0.000    -.0565539   -.0356949
                  l_0 |  -.4359651   .1368944    -3.18   0.001    -.7042861   -.1676441
                  l_1 |  -.5061207   .1642981    -3.08   0.002    -.8281546   -.1840869
                  l_2 |   -.626561    .191687    -3.27   0.001    -1.002279   -.2508433
                  l_3 |  -.7376557   .2189771    -3.37   0.001    -1.166864   -.3084477
                  l_4 |  -.8460375     .24634    -3.43   0.001    -1.328878   -.3631967
                  l_5 |  -.9537112   .2737123    -3.48   0.000    -1.490203   -.4172191
                  l_6 |  -1.063555   .3011054    -3.53   0.000    -1.653739   -.4733705
                  l_7 |  -1.171664   .3285649    -3.57   0.000    -1.815671   -.5276576
                  l_8 |  -1.273087   .3559602    -3.58   0.000     -1.97079   -.5753841
                  l_9 |  -1.376954   .3833723    -3.59   0.000    -2.128386   -.6255215
                 l_10 |  -1.477939   .4107466    -3.60   0.000    -2.283026   -.6728515
                  f_1 |  -.3584429   .1095484    -3.27   0.001    -.5731642   -.1437216
                  f_2 |  -.2702595   .0821387    -3.29   0.001    -.4312562   -.1092627
                  f_3 |  -.1826278   .0547236    -3.34   0.001    -.2898892   -.0753664
                  f_4 |  -.0933465   .0274403    -3.40   0.001    -.1471311   -.0395619
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0153139   .0037305     4.11   0.000     .0080018    .0226259
         _Ivuosi_1996 |   .0383226   .0036727    10.43   0.000     .0311239    .0455213
         _Ivuosi_1997 |   .0308832   .0040529     7.62   0.000     .0229393    .0388271
         _Ivuosi_1998 |   .0379538   .0041707     9.10   0.000     .0297789    .0461286
         _Ivuosi_1999 |   .0396509   .0042164     9.40   0.000     .0313866    .0479153
         _Ivuosi_2000 |   .0354931   .0041875     8.48   0.000     .0272853    .0437009
         _Ivuosi_2001 |   .0441604   .0040279    10.96   0.000     .0362654    .0520553
         _Ivuosi_2002 |   .0291484   .0036298     8.03   0.000     .0220337    .0362631
         _Ivuosi_2003 |   .0273056   .0033605     8.13   0.000     .0207189    .0338923
         _Ivuosi_2004 |   .0366553    .003182    11.52   0.000     .0304185    .0428921
         _Ivuosi_2005 |    .046569   .0030944    15.05   0.000     .0405038    .0526343
         _Ivuosi_2006 |   .0433127   .0030515    14.19   0.000     .0373315    .0492938
         _Ivuosi_2007 |   .0464203   .0029311    15.84   0.000      .040675    .0521655
         _Ivuosi_2008 |   .0444403   .0028265    15.72   0.000     .0389001    .0499805
         _Ivuosi_2009 |   .0251665   .0026634     9.45   0.000     .0199461    .0303869
         _Ivuosi_2010 |   .0217704    .002552     8.53   0.000     .0167683    .0267726
         _Ivuosi_2011 |    .011008   .0020271     5.43   0.000     .0070347    .0149813
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .6176063   .0425505    14.51   0.000     .5342048    .7010077
            _Iage2_22 |   .8774122   .0684766    12.81   0.000      .743194     1.01163
            _Iage2_23 |   1.130852   .0954784    11.84   0.000     .9437091    1.317996
            _Iage2_24 |   1.378857   .1231167    11.20   0.000     1.137542    1.620173
            _Iage2_25 |   1.685838   .1506518    11.19   0.000     1.390552    1.981124
            _Iage2_26 |   1.960733   .1778855    11.02   0.000     1.612067    2.309399
            _Iage2_27 |   2.201526   .2051459    10.73   0.000     1.799428    2.603624
            _Iage2_28 |   2.417831   .2324112    10.40   0.000     1.962292    2.873371
            _Iage2_29 |   2.605581   .2597394    10.03   0.000     2.096477    3.114685
            _Iage2_30 |   2.776531   .2869972     9.67   0.000        2.214    3.339062
            _Iage2_31 |   2.938602   .3144378     9.35   0.000     2.322286    3.554919
            _Iage2_32 |   3.093193   .3417325     9.05   0.000     2.423378    3.763009
            _Iage2_33 |   3.245618   .3690931     8.79   0.000     2.522174    3.969062
            _Iage2_34 |   3.386444   .3963237     8.54   0.000     2.609626    4.163262
            _Iage2_35 |   3.533776   .4237302     8.34   0.000      2.70324    4.364312
            _Iage2_36 |   3.674194   .4511221     8.14   0.000     2.789968    4.558419
            _Iage2_37 |   3.813021   .4785139     7.97   0.000     2.875106    4.750936
            _Iage2_38 |    3.95152   .5059251     7.81   0.000     2.959877    4.943163
            _Iage2_39 |   4.085853   .5332282     7.66   0.000     3.040694    5.131011
            _Iage2_40 |   4.218449   .5605776     7.53   0.000     3.119684    5.317214
            _Iage2_41 |   4.383152   .5880503     7.45   0.000     3.230539    5.535765
            _Iage2_42 |   4.514986   .6154546     7.34   0.000     3.308659    5.721313
            _Iage2_43 |   4.642718   .6428356     7.22   0.000     3.382723    5.902714
            _Iage2_44 |   4.770375   .6702287     7.12   0.000     3.456688    6.084063
            _Iage2_45 |   4.894792   .6976059     7.02   0.000     3.527444    6.262141
            _Iage2_46 |    5.01823   .7250253     6.92   0.000     3.597138    6.439322
            _Iage2_47 |   5.143401    .752423     6.84   0.000     3.668608    6.618193
            _Iage2_48 |   5.263367   .7798209     6.75   0.000     3.734872    6.791861
            _Iage2_49 |   5.376384   .8071816     6.66   0.000     3.794261    6.958507
            _Iage2_50 |    5.49156    .834572     6.58   0.000      3.85575     7.12737
            _Iage2_51 |   5.606142   .8619571     6.50   0.000     3.916655    7.295628
            _Iage2_52 |     5.7249   .8893209     6.44   0.000     3.981779    7.468021
            _Iage2_53 |   5.841244   .9167225     6.37   0.000     4.044414    7.638073
            _Iage2_54 |    5.95579   .9440588     6.31   0.000      4.10538      7.8062
            _Iage2_55 |   6.066098   .9714975     6.24   0.000     4.161907     7.97029
            _Iage2_56 |   6.175645   .9988125     6.18   0.000     4.217914    8.133376
            _Iage2_57 |   6.268578   1.026183     6.11   0.000     4.257199    8.279957
            _Iage2_58 |   6.367671   1.053572     6.04   0.000     4.302607    8.432734
            _Iage2_59 |   6.438651   1.080902     5.96   0.000     4.320019    8.557283
        firm_size_new |   .0042321   .0007741     5.47   0.000      .002715    .0057493
                _cons |   6.921854   .4225261    16.38   0.000     6.093678    7.750029
----------------------+----------------------------------------------------------------
              sigma_u |  1.2837239
              sigma_e |  .33107675
                  rho |  .93763406   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =    4.93
            Prob > F =    0.0264

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 25142) =    0.37
            Prob > F =    0.5419
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2575                         Obs per group: min =         1
       between = 0.1540                                        avg =      11.4
       overall = 0.1130                                        max =        48

                                                F(82,25142)        =    423.34
corr(u_i, Xb)  = -0.9232                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0063412   .0010547     6.01   0.000     .0042738    .0084085
     treated_iasuorv_d |   .0787965   .0551298     1.43   0.153    -.0292611    .1868542
           treated_pre |   .0601703   .0089542     6.72   0.000     .0426195    .0777211
       treated_pre_ia3 |  -.0031842   .0004837    -6.58   0.000    -.0041322   -.0022362
 treated_pre_iasuorv_d |  -.0846733   .0118382    -7.15   0.000    -.1078767   -.0614698
          treated_post |   .0665724   .0205483     3.24   0.001     .0262966    .1068483
      treated_post_ia3 |  -.0036325   .0009341    -3.89   0.000    -.0054634   -.0018016
treated_post_iasuorv_d |  -.1281867   .0252962    -5.07   0.000    -.1777688   -.0786046
             interact3 |  -.0092577   .0003552   -26.06   0.000    -.0099539   -.0085615
               suorv_d |  -.0504718   .0168084    -3.00   0.003    -.0834173   -.0175264
                   l_0 |  -.4470152   .1370949    -3.26   0.001    -.7157293   -.1783012
                   l_1 |  -.5159511   .1645478    -3.14   0.002    -.8384744   -.1934278
                   l_2 |  -.6348894     .19198    -3.31   0.001    -1.011181   -.2585975
                   l_3 |  -.7443442   .2193086    -3.39   0.001    -1.174202   -.3144864
                   l_4 |  -.8510788   .2467091    -3.45   0.001    -1.334643   -.3675145
                   l_5 |  -.9571549   .2741213    -3.49   0.000    -1.494449   -.4198612
                   l_6 |   -1.06535   .3015483    -3.53   0.000    -1.656402   -.4742974
                   l_7 |  -1.171746   .3290558    -3.56   0.000    -1.816715   -.5267776
                   l_8 |  -1.271702   .3564983    -3.57   0.000     -1.97046   -.5729449
                   l_9 |  -1.374072   .3839402    -3.58   0.000    -2.126617   -.6215268
                  l_10 |  -1.473555   .4113565    -3.58   0.000    -2.279838    -.667272
                   f_1 |  -.3555005   .1096957    -3.24   0.001    -.5705104   -.1404906
                   f_2 |   -.268836   .0822454    -3.27   0.001    -.4300418   -.1076301
                   f_3 |  -.1825087    .054785    -3.33   0.001    -.2898904   -.0751269
                   f_4 |  -.0945185   .0274273    -3.45   0.001    -.1482776   -.0407594
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |     .01458   .0037263     3.91   0.000     .0072762    .0218839
          _Ivuosi_1996 |   .0367035   .0036487    10.06   0.000     .0295519    .0438551
          _Ivuosi_1997 |    .028596   .0040308     7.09   0.000     .0206954    .0364965
          _Ivuosi_1998 |   .0348904   .0041483     8.41   0.000     .0267596    .0430212
          _Ivuosi_1999 |   .0360407    .004216     8.55   0.000     .0277772    .0443043
          _Ivuosi_2000 |   .0321669   .0041893     7.68   0.000     .0239556    .0403781
          _Ivuosi_2001 |   .0410498   .0040535    10.13   0.000     .0331046    .0489949
          _Ivuosi_2002 |   .0259929   .0036563     7.11   0.000     .0188265    .0331594
          _Ivuosi_2003 |   .0243483    .003401     7.16   0.000      .017682    .0310145
          _Ivuosi_2004 |   .0340495   .0032182    10.58   0.000     .0277416    .0403575
          _Ivuosi_2005 |   .0442907   .0031419    14.10   0.000     .0381324     .050449
          _Ivuosi_2006 |   .0414528   .0030985    13.38   0.000     .0353796     .047526
          _Ivuosi_2007 |   .0450343   .0029713    15.16   0.000     .0392105    .0508581
          _Ivuosi_2008 |   .0430455    .002867    15.01   0.000      .037426     .048665
          _Ivuosi_2009 |   .0241857   .0026761     9.04   0.000     .0189404     .029431
          _Ivuosi_2010 |   .0207239   .0025675     8.07   0.000     .0156915    .0257563
          _Ivuosi_2011 |   .0104988   .0020374     5.15   0.000     .0065053    .0144922
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6238169   .0425542    14.66   0.000     .5404082    .7072256
             _Iage2_22 |   .8903919   .0684881    13.00   0.000     .7561511    1.024633
             _Iage2_23 |   1.149482   .0955304    12.03   0.000     .9622369    1.336727
             _Iage2_24 |    1.40097   .1231961    11.37   0.000     1.159499    1.642442
             _Iage2_25 |   1.709925   .1507493    11.34   0.000     1.414447    2.005402
             _Iage2_26 |   1.987368   .1780176    11.16   0.000     1.638443    2.336293
             _Iage2_27 |   2.232444   .2053159    10.87   0.000     1.830013    2.634875
             _Iage2_28 |   2.453892   .2326189    10.55   0.000     1.997945    2.909838
             _Iage2_29 |   2.647612   .2599905    10.18   0.000     2.138016    3.157209
             _Iage2_30 |    2.82487   .2872976     9.83   0.000      2.26175     3.38799
             _Iage2_31 |   2.993013   .3147802     9.51   0.000     2.376025        3.61
             _Iage2_32 |   3.154117   .3421226     9.22   0.000     2.483537    3.824697
             _Iage2_33 |    3.31299   .3695246     8.97   0.000     2.588701     4.03728
             _Iage2_34 |   3.460283   .3967999     8.72   0.000     2.682532    4.238033
             _Iage2_35 |   3.614208   .4242532     8.52   0.000     2.782647    4.445769
             _Iage2_36 |   3.761258   .4516912     8.33   0.000     2.875917    4.646599
             _Iage2_37 |   3.906487   .4791234     8.15   0.000     2.967377    4.845596
             _Iage2_38 |   4.051381   .5065804     8.00   0.000     3.058454    5.044308
             _Iage2_39 |   4.191642   .5339335     7.85   0.000     3.145101    5.238183
             _Iage2_40 |   4.329877   .5613267     7.71   0.000     3.229644     5.43011
             _Iage2_41 |   4.467312   .5887618     7.59   0.000     3.313304    5.621319
             _Iage2_42 |   4.604109   .6162152     7.47   0.000     3.396292    5.811927
             _Iage2_43 |   4.736355   .6436408     7.36   0.000     3.474782    5.997928
             _Iage2_44 |   4.868412   .6710786     7.25   0.000     3.553059    6.183765
             _Iage2_45 |   4.997255    .698495     7.15   0.000     3.628164    6.366346
             _Iage2_46 |   5.125075   .7259526     7.06   0.000     3.702165    6.547984
             _Iage2_47 |   5.254196   .7533936     6.97   0.000       3.7775    6.730891
             _Iage2_48 |   5.377886   .7808328     6.89   0.000     3.847408    6.908364
             _Iage2_49 |    5.49462   .8082329     6.80   0.000     3.910436    7.078804
             _Iage2_50 |   5.613193   .8356653     6.72   0.000      3.97524    7.251146
             _Iage2_51 |    5.73118    .863093     6.64   0.000     4.039468    7.422893
             _Iage2_52 |    5.85309   .8904937     6.57   0.000      4.10767     7.59851
             _Iage2_53 |   5.972151   .9179369     6.51   0.000     4.172941    7.771361
             _Iage2_54 |   6.089359   .9453092     6.44   0.000     4.236497     7.94222
             _Iage2_55 |   6.202221   .9727835     6.38   0.000     4.295508    8.108933
             _Iage2_56 |   6.313946   1.000137     6.31   0.000      4.35362    8.274273
             _Iage2_57 |   6.408708   1.027553     6.24   0.000     4.394644    8.422771
             _Iage2_58 |   6.508938   1.054976     6.17   0.000     4.441123    8.576752
             _Iage2_59 |   6.580862   1.082338     6.08   0.000     4.459417    8.702307
         firm_size_new |   .0041502    .000764     5.43   0.000     .0026527    .0056477
                 _cons |   6.929195   .4227589    16.39   0.000     6.100563    7.757827
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2886101
               sigma_e |  .33045557
                   rho |  .93829471   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =   10.12
            Prob > F =    0.0015

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25142) =   44.37
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2575                         Obs per group: min =         1
       between = 0.1540                                        avg =      11.4
       overall = 0.1130                                        max =        48

                                                F(85,25142)        =    408.67
corr(u_i, Xb)  = -0.9231                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0090493   .0108642    -0.83   0.405    -.0303437    .0122451
           treated_ia3 |   .0066196   .0011168     5.93   0.000     .0044306    .0088086
     treated_iasuorv_d |   .0819515   .0561562     1.46   0.144    -.0281178    .1920209
           treated_pre |   .0608671    .008937     6.81   0.000     .0433501    .0783842
  treated_pre_iasenior |   .0037088    .009746     0.38   0.704    -.0153938    .0228115
       treated_pre_ia3 |  -.0033365   .0006006    -5.56   0.000    -.0045137   -.0021593
 treated_pre_iasuorv_d |  -.0880486   .0156322    -5.63   0.000    -.1186887   -.0574085
          treated_post |   .0677342    .020512     3.30   0.001     .0275295    .1079389
 treated_post_iasenior |   .0037611   .0124867     0.30   0.763    -.0207135    .0282358
      treated_post_ia3 |  -.0037788   .0009905    -3.82   0.000    -.0057202   -.0018375
treated_post_iasuorv_d |  -.1315794   .0275807    -4.77   0.000    -.1856392   -.0775197
                senior |   6.580716   1.082333     6.08   0.000     4.459281    8.702152
             interact3 |  -.0092723   .0003561   -26.04   0.000    -.0099702   -.0085744
               suorv_d |  -.0504679   .0168085    -3.00   0.003    -.0834137   -.0175222
                   l_0 |  -.4469862   .1370948    -3.26   0.001    -.7157001   -.1782723
                   l_1 |   -.515902   .1645479    -3.14   0.002    -.8384255   -.1933785
                   l_2 |  -.6348168   .1919804    -3.31   0.001    -1.011109   -.2585241
                   l_3 |  -.7442526   .2193092    -3.39   0.001    -1.174111   -.3143938
                   l_4 |  -.8509629   .2467099    -3.45   0.001    -1.334529   -.3673972
                   l_5 |  -.9570131   .2741224    -3.49   0.000    -1.494309   -.4197171
                   l_6 |  -1.065179   .3015498    -3.53   0.000    -1.656234   -.4741236
                   l_7 |  -1.171545   .3290576    -3.56   0.000    -1.816517   -.5265731
                   l_8 |  -1.271467   .3565005    -3.57   0.000    -1.970229   -.5727048
                   l_9 |  -1.373787   .3839432    -3.58   0.000    -2.126338   -.6212361
                  l_10 |  -1.473219   .4113602    -3.58   0.000    -2.279509   -.6669294
                   f_1 |  -.3554249   .1096962    -3.24   0.001    -.5704358    -.140414
                   f_2 |  -.2687842   .0822458    -3.27   0.001    -.4299909   -.1075776
                   f_3 |  -.1824931   .0547851    -3.33   0.001     -.289875   -.0751112
                   f_4 |  -.0945405   .0274272    -3.45   0.001    -.1482994   -.0407816
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0145994   .0037239     3.92   0.000     .0073003    .0218985
          _Ivuosi_1996 |     .03674   .0036434    10.08   0.000     .0295988    .0438812
          _Ivuosi_1997 |   .0286473   .0040253     7.12   0.000     .0207574    .0365371
          _Ivuosi_1998 |   .0349462   .0041432     8.43   0.000     .0268253    .0430672
          _Ivuosi_1999 |   .0361009   .0042121     8.57   0.000      .027845    .0443568
          _Ivuosi_2000 |   .0322334   .0041857     7.70   0.000     .0240292    .0404377
          _Ivuosi_2001 |   .0411173   .0040505    10.15   0.000     .0331782    .0490565
          _Ivuosi_2002 |   .0260564   .0036522     7.13   0.000      .018898    .0332149
          _Ivuosi_2003 |   .0244136   .0033978     7.19   0.000     .0177537    .0310736
          _Ivuosi_2004 |   .0341125   .0032161    10.61   0.000     .0278088    .0404161
          _Ivuosi_2005 |   .0443429   .0031406    14.12   0.000     .0381872    .0504986
          _Ivuosi_2006 |   .0414958   .0030968    13.40   0.000     .0354258    .0475658
          _Ivuosi_2007 |   .0450728   .0029698    15.18   0.000     .0392518    .0508939
          _Ivuosi_2008 |   .0430793   .0028663    15.03   0.000     .0374613    .0486974
          _Ivuosi_2009 |   .0242086   .0026765     9.04   0.000     .0189625    .0294547
          _Ivuosi_2010 |   .0207406   .0025676     8.08   0.000     .0157079    .0257733
          _Ivuosi_2011 |   .0105083   .0020377     5.16   0.000     .0065144    .0145023
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6238164   .0425538    14.66   0.000     .5404084    .7072244
             _Iage2_22 |   .8903855   .0684878    13.00   0.000     .7561453    1.024626
             _Iage2_23 |   1.149458   .0955299    12.03   0.000     .9622139    1.336702
             _Iage2_24 |   1.400943   .1231957    11.37   0.000     1.159472    1.642414
             _Iage2_25 |   1.709886   .1507489    11.34   0.000     1.414409    2.005363
             _Iage2_26 |   1.987315   .1780174    11.16   0.000     1.638391     2.33624
             _Iage2_27 |   2.232382   .2053158    10.87   0.000     1.829951    2.634813
             _Iage2_28 |   2.453814   .2326188    10.55   0.000     1.997868    2.909761
             _Iage2_29 |   2.647519   .2599904    10.18   0.000     2.137922    3.157115
             _Iage2_30 |   2.824762   .2872976     9.83   0.000     2.261642    3.387882
             _Iage2_31 |   2.992889   .3147805     9.51   0.000     2.375901    3.609877
             _Iage2_32 |   3.153978    .342123     9.22   0.000     2.483397    3.824559
             _Iage2_33 |   3.312834   .3695253     8.97   0.000     2.588543    4.037125
             _Iage2_34 |   3.460106   .3968009     8.72   0.000     2.682353    4.237859
             _Iage2_35 |   3.614011   .4242547     8.52   0.000     2.782447    4.445575
             _Iage2_36 |    3.76104    .451693     8.33   0.000     2.875696    4.646385
             _Iage2_37 |   3.906236   .4791257     8.15   0.000     2.967121     4.84535
             _Iage2_38 |   4.051084   .5065832     8.00   0.000     3.058151    5.044017
             _Iage2_39 |   4.191283   .5339367     7.85   0.000     3.144736     5.23783
             _Iage2_40 |   4.329442   .5613305     7.71   0.000     3.229201    5.429682
             _Iage2_41 |  -2.112921   .4937432    -4.28   0.000    -3.080686   -1.145155
             _Iage2_42 |   -1.97622   .4662763    -4.24   0.000    -2.890149   -1.062291
             _Iage2_43 |  -1.844058    .438841    -4.20   0.000    -2.704212   -.9839036
             _Iage2_44 |  -1.712063   .4113933    -4.16   0.000    -2.518418   -.9057079
             _Iage2_45 |  -1.583263   .3839677    -4.12   0.000    -2.335862   -.8306638
             _Iage2_46 |  -1.455472    .356501    -4.08   0.000    -2.154234   -.7567088
             _Iage2_47 |  -1.326372   .3290543    -4.03   0.000    -1.971338   -.6814065
             _Iage2_48 |  -1.202709    .301608    -3.99   0.000    -1.793878   -.6115397
             _Iage2_49 |  -1.086002   .2742027    -3.96   0.000    -1.623456   -.5485492
             _Iage2_50 |  -.9674532   .2467671    -3.92   0.000    -1.451131   -.4837752
             _Iage2_51 |  -.8494959   .2193432    -3.87   0.000    -1.279421   -.4195703
             _Iage2_52 |  -.7276124   .1919425    -3.79   0.000    -1.103831   -.3513938
             _Iage2_53 |  -.6085798    .164498    -3.70   0.000    -.9310054   -.2861542
             _Iage2_54 |   -.491401   .1371309    -3.58   0.000    -.7601856   -.2226164
             _Iage2_55 |  -.3785715   .1096733    -3.45   0.001    -.5935377   -.1636054
             _Iage2_56 |  -.2668693    .082337    -3.24   0.001    -.4282546   -.1054841
             _Iage2_57 |  -.1721271    .054962    -3.13   0.002    -.2798559   -.0643983
             _Iage2_58 |    -.07191    .027596    -2.61   0.009    -.1259998   -.0178202
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0041495    .000764     5.43   0.000      .002652    .0056471
                 _cons |   6.929354   .4227592    16.39   0.000     6.100721    7.757987
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2882466
               sigma_e |  .33045568
                   rho |    .938262   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 25142) =   15.63
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25142) =   15.72
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 25142) =   30.86
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 25142) =   14.56
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =    9.75
            Prob > F =    0.0018

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =   10.44
            Prob > F =    0.0012

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25142) =    9.42
            Prob > F =    0.0021
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2690                         Obs per group: min =         1
       between = 0.1833                                        avg =      11.4
       overall = 0.1369                                        max =        48

                                                F(89,25142)        =    460.77
corr(u_i, Xb)  = -0.9244                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0089844   .0110312    -0.81   0.415    -.0306063    .0126375
           treated_ia2 |   -.114174   .0282946    -4.04   0.000     -.169633    -.058715
           treated_ia3 |   .0066077   .0011619     5.69   0.000     .0043304     .008885
     treated_iasuorv_d |   .0955354   .0560059     1.71   0.088    -.0142395    .2053102
           treated_pre |    .065759   .0097588     6.74   0.000     .0466313    .0848868
  treated_pre_iasenior |    .006078   .0100198     0.61   0.544    -.0135615    .0257175
       treated_pre_ia2 |  -.0136304   .0095613    -1.43   0.154     -.032371    .0051102
       treated_pre_ia3 |  -.0035608    .000629    -5.66   0.000    -.0047937   -.0023279
 treated_pre_iasuorv_d |  -.0801749   .0167286    -4.79   0.000     -.112964   -.0473858
          treated_post |   .0744186   .0204511     3.64   0.000     .0343333     .114504
 treated_post_iasenior |   .0028694   .0125077     0.23   0.819    -.0216465    .0273852
      treated_post_ia2 |   .0015084   .0201903     0.07   0.940    -.0380658    .0410827
      treated_post_ia3 |   -.004337   .0009855    -4.40   0.000    -.0062687   -.0024053
treated_post_iasuorv_d |  -.0923084   .0275794    -3.35   0.001    -.1463656   -.0382511
                senior |   6.397049   1.080804     5.92   0.000      4.27861    8.515488
             interact2 |   .4749769   .0113855    41.72   0.000     .4526608    .4972931
             interact3 |  -.0023993    .000322    -7.45   0.000    -.0030305   -.0017681
               suorv_d |  -.0506748   .0163702    -3.10   0.002    -.0827613   -.0185883
                   l_0 |  -.4617997   .1369439    -3.37   0.001    -.7302177   -.1933816
                   l_1 |  -.5328533   .1643629    -3.24   0.001    -.8550141   -.2106924
                   l_2 |   -.653685   .1917602    -3.41   0.001    -1.029546   -.2778238
                   l_3 |  -.7647204   .2190599    -3.49   0.000    -1.194091   -.3353502
                   l_4 |  -.8731575    .246428    -3.54   0.000    -1.356171   -.3901443
                   l_5 |  -.9809103    .273815    -3.58   0.000    -1.517604   -.4442169
                   l_6 |  -1.091193   .3012097    -3.62   0.000    -1.681582   -.5008047
                   l_7 |   -1.19949   .3286772    -3.65   0.000    -1.843717    -.555264
                   l_8 |  -1.300595   .3560817    -3.65   0.000    -1.998536   -.6026539
                   l_9 |  -1.405147   .3834888    -3.66   0.000    -2.156808   -.6534869
                  l_10 |  -1.506697   .4108671    -3.67   0.000    -2.312021   -.7013736
                   f_1 |  -.3665117   .1095666    -3.35   0.001    -.5812687   -.1517548
                   f_2 |   -.276954   .0821503    -3.37   0.001    -.4379733   -.1159346
                   f_3 |  -.1879716   .0547221    -3.44   0.001    -.2952302    -.080713
                   f_4 |  -.0972418   .0274008    -3.55   0.000     -.150949   -.0435346
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0156564   .0035868     4.37   0.000     .0086261    .0226866
          _Ivuosi_1996 |   .0386211   .0034303    11.26   0.000     .0318975    .0453448
          _Ivuosi_1997 |   .0318804   .0037858     8.42   0.000     .0244599    .0393009
          _Ivuosi_1998 |   .0391529   .0039071    10.02   0.000     .0314947    .0468111
          _Ivuosi_1999 |   .0401146   .0039838    10.07   0.000      .032306    .0479231
          _Ivuosi_2000 |   .0376649   .0039419     9.55   0.000     .0299385    .0453913
          _Ivuosi_2001 |   .0469792     .00381    12.33   0.000     .0395114     .054447
          _Ivuosi_2002 |   .0321545   .0034216     9.40   0.000      .025448    .0388611
          _Ivuosi_2003 |   .0304637   .0031685     9.61   0.000     .0242533    .0366742
          _Ivuosi_2004 |   .0402688   .0030224    13.32   0.000     .0343448    .0461928
          _Ivuosi_2005 |   .0504423   .0029687    16.99   0.000     .0446234    .0562611
          _Ivuosi_2006 |   .0474255   .0029426    16.12   0.000     .0416578    .0531931
          _Ivuosi_2007 |   .0508948   .0028295    17.99   0.000     .0453489    .0564408
          _Ivuosi_2008 |   .0468533   .0027478    17.05   0.000     .0414674    .0522392
          _Ivuosi_2009 |   .0273707   .0026067    10.50   0.000     .0222614    .0324801
          _Ivuosi_2010 |   .0226154   .0025223     8.97   0.000     .0176715    .0275592
          _Ivuosi_2011 |   .0114097   .0020288     5.62   0.000     .0074332    .0153861
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6240365   .0424308    14.71   0.000     .5408697    .7072034
             _Iage2_22 |   .8907226   .0683784    13.03   0.000      .756697    1.024748
             _Iage2_23 |   1.150655   .0953717    12.06   0.000     .9637209    1.337589
             _Iage2_24 |   1.400155   .1229733    11.39   0.000      1.15912     1.64119
             _Iage2_25 |   1.698653   .1504219    11.29   0.000     1.403817    1.993489
             _Iage2_26 |   1.960957   .1776185    11.04   0.000     1.612814      2.3091
             _Iage2_27 |   2.191382   .2048652    10.70   0.000     1.789834     2.59293
             _Iage2_28 |   2.400802   .2321144    10.34   0.000     1.945844     2.85576
             _Iage2_29 |   2.584462   .2594609     9.96   0.000     2.075904    3.093021
             _Iage2_30 |    2.75396   .2867433     9.60   0.000     2.191927    3.315994
             _Iage2_31 |   2.914205   .3141834     9.28   0.000     2.298387    3.530023
             _Iage2_32 |   3.068997   .3414913     8.99   0.000     2.399654     3.73834
             _Iage2_33 |   3.221681   .3688713     8.73   0.000     2.498672    3.944691
             _Iage2_34 |   3.364102   .3961216     8.49   0.000      2.58768    4.140523
             _Iage2_35 |   3.513188   .4235427     8.29   0.000     2.683019    4.343356
             _Iage2_36 |   3.655704    .450947     8.11   0.000     2.771822    4.539587
             _Iage2_37 |   3.796275   .4783512     7.94   0.000     2.858678    4.733871
             _Iage2_38 |   3.936808   .5057746     7.78   0.000      2.94546    4.928155
             _Iage2_39 |   4.072845   .5330939     7.64   0.000      3.02795     5.11774
             _Iage2_40 |   4.207158   .5604545     7.51   0.000     3.108634    5.305681
             _Iage2_41 |  -2.055742   .4931195    -4.17   0.000    -3.022285     -1.0892
             _Iage2_42 |  -1.923214   .4656842    -4.13   0.000    -2.835982   -1.010446
             _Iage2_43 |  -1.794874    .438284    -4.10   0.000    -2.653936   -.9358119
             _Iage2_44 |  -1.666869   .4108686    -4.06   0.000    -2.472195   -.8615426
             _Iage2_45 |  -1.541969   .3834797    -4.02   0.000    -2.293612   -.7903263
             _Iage2_46 |  -1.418172   .3560427    -3.98   0.000    -2.116037   -.7203079
             _Iage2_47 |  -1.292925   .3286313    -3.93   0.000    -1.937061   -.6487881
             _Iage2_48 |  -1.172863   .3012191    -3.89   0.000     -1.76327   -.5824555
             _Iage2_49 |  -1.059894   .2738481    -3.87   0.000    -1.596653   -.5231359
             _Iage2_50 |  -.9449991   .2464518    -3.83   0.000    -1.428059   -.4619391
             _Iage2_51 |   -.830549   .2190658    -3.79   0.000    -1.259931   -.4011672
             _Iage2_52 |  -.7118251   .1916963    -3.71   0.000    -1.087561   -.3360892
             _Iage2_53 |  -.5957084   .1642888    -3.63   0.000     -.917724   -.2736929
             _Iage2_54 |  -.4813568   .1369528    -3.51   0.000    -.7497924   -.2129213
             _Iage2_55 |  -.3708982   .1095308    -3.39   0.001     -.585585   -.1562113
             _Iage2_56 |  -.2613492   .0822285    -3.18   0.001    -.4225218   -.1001766
             _Iage2_57 |  -.1686399   .0548856    -3.07   0.002     -.276219   -.0610609
             _Iage2_58 |  -.0701854    .027555    -2.55   0.011    -.1241948   -.0161759
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0040706   .0007394     5.51   0.000     .0026214    .0055197
                 _cons |   6.872455   .4221039    16.28   0.000     6.045107    7.699804
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2750001
               sigma_e |  .32789394
                   rho |  .93796551   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 25142) =   13.39
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 25142) =    8.60
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 25142) =   16.17
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25142) =   10.08
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =   11.06
            Prob > F =    0.0009

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25142) =   11.19
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =   12.60
            Prob > F =    0.0004

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 25142) =   10.37
            Prob > F =    0.0013

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25142) =   10.59
            Prob > F =    0.0011

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25142) =    9.75
            Prob > F =    0.0018

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    537,161    .2105291    .4076848          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    590,783    .2290012    .4201904          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    513,689    8.193868    5.236424          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    490,084    20.72413    7.962881          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    400,685    8.750655    5.401038          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    355,060    21.48231    7.928238          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    113,004    6.219638    4.026736          0         18

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    135,024     18.7304    7.705128          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.21 + _b[treated_post_ia3] * 
>   8.19
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.23 + _b[treated_post_ia3] * 
>  20.72

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0392152   .0143899     2.73   0.006     .0110114     .067419
       _nl_2 |  -.0122281   .0115657    -1.06   0.290    -.0348966    .0104403
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.7
> 5
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.4
> 8
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.2
> 2
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.7
> 3

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0364697   .0153134     2.38   0.017      .006456    .0664834
       _nl_2 |  -.0158712   .0126287    -1.26   0.209     -.040623    .0088806
       _nl_3 |   .0489508   .0203624     2.40   0.016     .0090411    .0888604
       _nl_4 |   -.002436   .0188072    -0.13   0.897    -.0392973    .0344254
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.2
> 2
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.7
> 3
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.7
> 5
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.4
> 8

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0744186   .0204511     3.64   0.000     .0343352     .114502
       _nl_2 |    .077288   .0232366     3.33   0.001     .0317452    .1228308
       _nl_3 |   .0759271   .0226981     3.35   0.001     .0314396    .1204145
       _nl_4 |   .0787964   .0244743     3.22   0.001     .0308277    .1267651
       _nl_5 |   .0489508   .0203624     2.40   0.016     .0090411    .0888604
       _nl_6 |   -.002436   .0188072    -0.13   0.897    -.0392973    .0344254
       _nl_7 |   .0364697   .0153134     2.38   0.017      .006456    .0664834
       _nl_8 |  -.0158712   .0126287    -1.26   0.209     -.040623    .0088806
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_whitec_noIQ_firstinv_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2690                         Obs per group: min =         1
       between = 0.1833                                        avg =      11.4
       overall = 0.1368                                        max =        48

                                                F(86,25142)        =    475.99
corr(u_i, Xb)  = -0.9245                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1155668   .0281676    -4.10   0.000    -.1707769   -.0603566
           treated_ia3 |   .0063019   .0010881     5.79   0.000     .0041691    .0084346
     treated_iasuorv_d |    .091694   .0546011     1.68   0.093    -.0153274    .1987154
           treated_pre |   .0646308   .0096338     6.71   0.000     .0457479    .0835137
       treated_pre_ia2 |  -.0129288   .0093507    -1.38   0.167    -.0312566    .0053991
       treated_pre_ia3 |  -.0033054   .0004874    -6.78   0.000    -.0042606   -.0023501
 treated_pre_iasuorv_d |  -.0743828   .0123271    -6.03   0.000    -.0985446    -.050221
          treated_post |   .0732007    .020475     3.58   0.000     .0330684    .1133329
      treated_post_ia2 |   .0019121   .0201482     0.09   0.924    -.0375796    .0414038
      treated_post_ia3 |  -.0042085   .0009224    -4.56   0.000    -.0060164   -.0024006
treated_post_iasuorv_d |  -.0895415   .0250682    -3.57   0.000    -.1386766   -.0404065
             interact2 |    .475067   .0113851    41.73   0.000     .4527516    .4973824
             interact3 |  -.0023844   .0003214    -7.42   0.000    -.0030144   -.0017544
               suorv_d |  -.0506697   .0163702    -3.10   0.002    -.0827563    -.018583
                   l_0 |  -.4617791   .1369429    -3.37   0.001    -.7301952    -.193363
                   l_1 |  -.5328408   .1643615    -3.24   0.001     -.854999   -.2106827
                   l_2 |  -.6536839   .1917584    -3.41   0.001    -1.029541   -.2778263
                   l_3 |  -.7647257   .2190577    -3.49   0.000    -1.194092   -.3353599
                   l_4 |  -.8731743   .2464253    -3.54   0.000    -1.356182   -.3901663
                   l_5 |  -.9809408   .2738118    -3.58   0.000    -1.517628   -.4442538
                   l_6 |  -1.091241   .3012059    -3.62   0.000    -1.681622   -.5008601
                   l_7 |  -1.199556   .3286728    -3.65   0.000    -1.843774   -.5553385
                   l_8 |  -1.300682   .3560767    -3.65   0.000    -1.998613   -.6027509
                   l_9 |   -1.40527   .3834829    -3.66   0.000    -2.156919   -.6536212
                  l_10 |  -1.506858   .4108603    -3.67   0.000    -2.312168   -.7015481
                   f_1 |  -.3665359   .1095652    -3.35   0.001      -.58129   -.1517818
                   f_2 |   -.276969   .0821492    -3.37   0.001    -.4379862   -.1159517
                   f_3 |  -.1879697   .0547217    -3.44   0.001    -.2952273    -.080712
                   f_4 |  -.0972216   .0274008    -3.55   0.000    -.1509287   -.0435145
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0156356   .0035879     4.36   0.000     .0086031    .0226682
          _Ivuosi_1996 |   .0385839   .0034336    11.24   0.000     .0318537     .045314
          _Ivuosi_1997 |   .0318277   .0037885     8.40   0.000      .024402    .0392533
          _Ivuosi_1998 |   .0390895   .0039093    10.00   0.000     .0314271    .0467518
          _Ivuosi_1999 |   .0400477   .0039849    10.05   0.000      .032237    .0478583
          _Ivuosi_2000 |   .0375917   .0039425     9.54   0.000     .0298643    .0453191
          _Ivuosi_2001 |   .0469102   .0038101    12.31   0.000     .0394421    .0543783
          _Ivuosi_2002 |   .0320913   .0034235     9.37   0.000     .0253809    .0388016
          _Ivuosi_2003 |   .0303963   .0031698     9.59   0.000     .0241834    .0366092
          _Ivuosi_2004 |   .0402053   .0030227    13.30   0.000     .0342807    .0461299
          _Ivuosi_2005 |   .0503869   .0029691    16.97   0.000     .0445673    .0562064
          _Ivuosi_2006 |   .0473826   .0029432    16.10   0.000     .0416137    .0531514
          _Ivuosi_2007 |   .0508582     .00283    17.97   0.000     .0453112    .0564052
          _Ivuosi_2008 |   .0468216   .0027477    17.04   0.000     .0414358    .0522073
          _Ivuosi_2009 |   .0273491   .0026062    10.49   0.000     .0222409    .0324574
          _Ivuosi_2010 |   .0225999   .0025221     8.96   0.000     .0176565    .0275434
          _Ivuosi_2011 |    .011401   .0020285     5.62   0.000      .007425    .0153769
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6240239   .0424312    14.71   0.000     .5408563    .7071914
             _Iage2_22 |   .8907011   .0683786    13.03   0.000     .7566751    1.024727
             _Iage2_23 |   1.150637    .095372    12.06   0.000     .9637028    1.337572
             _Iage2_24 |   1.400129   .1229732    11.39   0.000     1.159094    1.641163
             _Iage2_25 |   1.698633   .1504214    11.29   0.000     1.403798    1.993467
             _Iage2_26 |   1.960941   .1776177    11.04   0.000       1.6128    2.309082
             _Iage2_27 |   2.191366   .2048641    10.70   0.000     1.789821    2.592912
             _Iage2_28 |    2.40079    .232113    10.34   0.000     1.945835    2.855745
             _Iage2_29 |   2.584455   .2594592     9.96   0.000     2.075899     3.09301
             _Iage2_30 |   2.753957   .2867412     9.60   0.000     2.191928    3.315987
             _Iage2_31 |    2.91421    .314181     9.28   0.000     2.298397    3.530023
             _Iage2_32 |    3.06901   .3414884     8.99   0.000     2.399672    3.738347
             _Iage2_33 |   3.221701   .3688681     8.73   0.000     2.498698    3.944704
             _Iage2_34 |   3.364135   .3961178     8.49   0.000     2.587721    4.140549
             _Iage2_35 |   3.513233   .4235384     8.29   0.000     2.683073    4.343393
             _Iage2_36 |   3.655764   .4509422     8.11   0.000     2.771891    4.539637
             _Iage2_37 |   3.796357   .4783456     7.94   0.000     2.858772    4.733942
             _Iage2_38 |   3.936915   .5057682     7.78   0.000      2.94558     4.92825
             _Iage2_39 |   4.072986   .5330868     7.64   0.000     3.028105    5.117867
             _Iage2_40 |   4.207336   .5604464     7.51   0.000     3.108828    5.305843
             _Iage2_41 |   4.340635    .587848     7.38   0.000     3.188418    5.492851
             _Iage2_42 |   4.473227     .61527     7.27   0.000     3.267262    5.679192
             _Iage2_43 |   4.601625   .6426606     7.16   0.000     3.341973    5.861277
             _Iage2_44 |   4.729678    .670066     7.06   0.000     3.416309    6.043046
             _Iage2_45 |   4.854611    .697446     6.96   0.000     3.487576    6.221645
             _Iage2_46 |   4.978424   .7248739     6.87   0.000     3.557629    6.399219
             _Iage2_47 |   5.103678   .7522799     6.78   0.000     3.629166    6.578191
             _Iage2_48 |   5.223754    .779685     6.70   0.000     3.695525    6.751982
             _Iage2_49 |   5.336734    .807051     6.61   0.000     3.754867    6.918601
             _Iage2_50 |   5.451637   .8344441     6.53   0.000     3.816078    7.087196
             _Iage2_51 |   5.566103   .8618335     6.46   0.000     3.876859    7.255347
             _Iage2_52 |   5.684837   .8892029     6.39   0.000     3.941947    7.427726
             _Iage2_53 |   5.800968   .9166091     6.33   0.000      4.00436    7.597575
             _Iage2_54 |   5.915335   .9439504     6.27   0.000     4.065137    7.765533
             _Iage2_55 |   6.025812   .9713891     6.20   0.000     4.121832    7.929791
             _Iage2_56 |   6.135369   .9987086     6.14   0.000     4.177841    8.092896
             _Iage2_57 |   6.228082   1.026092     6.07   0.000     4.216881    8.239283
             _Iage2_58 |   6.326537   1.053481     6.01   0.000     4.261654    8.391421
             _Iage2_59 |   6.396726   1.080801     5.92   0.000     4.278293    8.515159
         firm_size_new |    .004072   .0007394     5.51   0.000     .0026227    .0055212
                 _cons |   6.872551    .422102    16.28   0.000     6.045207    7.699896
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2751858
               sigma_e |  .32789388
                   rho |  .93798248   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25142) =   11.00
            Prob > F =    0.0009

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =   12.23
            Prob > F =    0.0005

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25142) =   10.28
            Prob > F =    0.0013

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 25142) =   26.04
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25142) =   44.10
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 25142) =   24.05
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2690                         Obs per group: min =         1
       between = 0.1833                                        avg =      11.4
       overall = 0.1369                                        max =        48

                                                F(89,25142)        =    460.77
corr(u_i, Xb)  = -0.9244                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0089844   .0110312    -0.81   0.415    -.0306063    .0126375
           treated_ia2 |   -.114174   .0282946    -4.04   0.000     -.169633    -.058715
           treated_ia3 |   .0066077   .0011619     5.69   0.000     .0043304     .008885
     treated_iasuorv_d |   .0955354   .0560059     1.71   0.088    -.0142395    .2053102
           treated_pre |    .065759   .0097588     6.74   0.000     .0466313    .0848868
  treated_pre_iasenior |    .006078   .0100198     0.61   0.544    -.0135615    .0257175
       treated_pre_ia2 |  -.0136304   .0095613    -1.43   0.154     -.032371    .0051102
       treated_pre_ia3 |  -.0035608    .000629    -5.66   0.000    -.0047937   -.0023279
 treated_pre_iasuorv_d |  -.0801749   .0167286    -4.79   0.000     -.112964   -.0473858
          treated_post |   .0744186   .0204511     3.64   0.000     .0343333     .114504
 treated_post_iasenior |   .0028694   .0125077     0.23   0.819    -.0216465    .0273852
      treated_post_ia2 |   .0015084   .0201903     0.07   0.940    -.0380658    .0410827
      treated_post_ia3 |   -.004337   .0009855    -4.40   0.000    -.0062687   -.0024053
treated_post_iasuorv_d |  -.0923084   .0275794    -3.35   0.001    -.1463656   -.0382511
                senior |   6.397049   1.080804     5.92   0.000      4.27861    8.515488
             interact2 |   .4749769   .0113855    41.72   0.000     .4526608    .4972931
             interact3 |  -.0023993    .000322    -7.45   0.000    -.0030305   -.0017681
               suorv_d |  -.0506748   .0163702    -3.10   0.002    -.0827613   -.0185883
                   l_0 |  -.4617997   .1369439    -3.37   0.001    -.7302177   -.1933816
                   l_1 |  -.5328533   .1643629    -3.24   0.001    -.8550141   -.2106924
                   l_2 |   -.653685   .1917602    -3.41   0.001    -1.029546   -.2778238
                   l_3 |  -.7647204   .2190599    -3.49   0.000    -1.194091   -.3353502
                   l_4 |  -.8731575    .246428    -3.54   0.000    -1.356171   -.3901443
                   l_5 |  -.9809103    .273815    -3.58   0.000    -1.517604   -.4442169
                   l_6 |  -1.091193   .3012097    -3.62   0.000    -1.681582   -.5008047
                   l_7 |   -1.19949   .3286772    -3.65   0.000    -1.843717    -.555264
                   l_8 |  -1.300595   .3560817    -3.65   0.000    -1.998536   -.6026539
                   l_9 |  -1.405147   .3834888    -3.66   0.000    -2.156808   -.6534869
                  l_10 |  -1.506697   .4108671    -3.67   0.000    -2.312021   -.7013736
                   f_1 |  -.3665117   .1095666    -3.35   0.001    -.5812687   -.1517548
                   f_2 |   -.276954   .0821503    -3.37   0.001    -.4379733   -.1159346
                   f_3 |  -.1879716   .0547221    -3.44   0.001    -.2952302    -.080713
                   f_4 |  -.0972418   .0274008    -3.55   0.000     -.150949   -.0435346
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0156564   .0035868     4.37   0.000     .0086261    .0226866
          _Ivuosi_1996 |   .0386211   .0034303    11.26   0.000     .0318975    .0453448
          _Ivuosi_1997 |   .0318804   .0037858     8.42   0.000     .0244599    .0393009
          _Ivuosi_1998 |   .0391529   .0039071    10.02   0.000     .0314947    .0468111
          _Ivuosi_1999 |   .0401146   .0039838    10.07   0.000      .032306    .0479231
          _Ivuosi_2000 |   .0376649   .0039419     9.55   0.000     .0299385    .0453913
          _Ivuosi_2001 |   .0469792     .00381    12.33   0.000     .0395114     .054447
          _Ivuosi_2002 |   .0321545   .0034216     9.40   0.000      .025448    .0388611
          _Ivuosi_2003 |   .0304637   .0031685     9.61   0.000     .0242533    .0366742
          _Ivuosi_2004 |   .0402688   .0030224    13.32   0.000     .0343448    .0461928
          _Ivuosi_2005 |   .0504423   .0029687    16.99   0.000     .0446234    .0562611
          _Ivuosi_2006 |   .0474255   .0029426    16.12   0.000     .0416578    .0531931
          _Ivuosi_2007 |   .0508948   .0028295    17.99   0.000     .0453489    .0564408
          _Ivuosi_2008 |   .0468533   .0027478    17.05   0.000     .0414674    .0522392
          _Ivuosi_2009 |   .0273707   .0026067    10.50   0.000     .0222614    .0324801
          _Ivuosi_2010 |   .0226154   .0025223     8.97   0.000     .0176715    .0275592
          _Ivuosi_2011 |   .0114097   .0020288     5.62   0.000     .0074332    .0153861
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6240365   .0424308    14.71   0.000     .5408697    .7072034
             _Iage2_22 |   .8907226   .0683784    13.03   0.000      .756697    1.024748
             _Iage2_23 |   1.150655   .0953717    12.06   0.000     .9637209    1.337589
             _Iage2_24 |   1.400155   .1229733    11.39   0.000      1.15912     1.64119
             _Iage2_25 |   1.698653   .1504219    11.29   0.000     1.403817    1.993489
             _Iage2_26 |   1.960957   .1776185    11.04   0.000     1.612814      2.3091
             _Iage2_27 |   2.191382   .2048652    10.70   0.000     1.789834     2.59293
             _Iage2_28 |   2.400802   .2321144    10.34   0.000     1.945844     2.85576
             _Iage2_29 |   2.584462   .2594609     9.96   0.000     2.075904    3.093021
             _Iage2_30 |    2.75396   .2867433     9.60   0.000     2.191927    3.315994
             _Iage2_31 |   2.914205   .3141834     9.28   0.000     2.298387    3.530023
             _Iage2_32 |   3.068997   .3414913     8.99   0.000     2.399654     3.73834
             _Iage2_33 |   3.221681   .3688713     8.73   0.000     2.498672    3.944691
             _Iage2_34 |   3.364102   .3961216     8.49   0.000      2.58768    4.140523
             _Iage2_35 |   3.513188   .4235427     8.29   0.000     2.683019    4.343356
             _Iage2_36 |   3.655704    .450947     8.11   0.000     2.771822    4.539587
             _Iage2_37 |   3.796275   .4783512     7.94   0.000     2.858678    4.733871
             _Iage2_38 |   3.936808   .5057746     7.78   0.000      2.94546    4.928155
             _Iage2_39 |   4.072845   .5330939     7.64   0.000      3.02795     5.11774
             _Iage2_40 |   4.207158   .5604545     7.51   0.000     3.108634    5.305681
             _Iage2_41 |  -2.055742   .4931195    -4.17   0.000    -3.022285     -1.0892
             _Iage2_42 |  -1.923214   .4656842    -4.13   0.000    -2.835982   -1.010446
             _Iage2_43 |  -1.794874    .438284    -4.10   0.000    -2.653936   -.9358119
             _Iage2_44 |  -1.666869   .4108686    -4.06   0.000    -2.472195   -.8615426
             _Iage2_45 |  -1.541969   .3834797    -4.02   0.000    -2.293612   -.7903263
             _Iage2_46 |  -1.418172   .3560427    -3.98   0.000    -2.116037   -.7203079
             _Iage2_47 |  -1.292925   .3286313    -3.93   0.000    -1.937061   -.6487881
             _Iage2_48 |  -1.172863   .3012191    -3.89   0.000     -1.76327   -.5824555
             _Iage2_49 |  -1.059894   .2738481    -3.87   0.000    -1.596653   -.5231359
             _Iage2_50 |  -.9449991   .2464518    -3.83   0.000    -1.428059   -.4619391
             _Iage2_51 |   -.830549   .2190658    -3.79   0.000    -1.259931   -.4011672
             _Iage2_52 |  -.7118251   .1916963    -3.71   0.000    -1.087561   -.3360892
             _Iage2_53 |  -.5957084   .1642888    -3.63   0.000     -.917724   -.2736929
             _Iage2_54 |  -.4813568   .1369528    -3.51   0.000    -.7497924   -.2129213
             _Iage2_55 |  -.3708982   .1095308    -3.39   0.001     -.585585   -.1562113
             _Iage2_56 |  -.2613492   .0822285    -3.18   0.001    -.4225218   -.1001766
             _Iage2_57 |  -.1686399   .0548856    -3.07   0.002     -.276219   -.0610609
             _Iage2_58 |  -.0701854    .027555    -2.55   0.011    -.1241948   -.0161759
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0040706   .0007394     5.51   0.000     .0026214    .0055197
                 _cons |   6.872455   .4221039    16.28   0.000     6.045107    7.699804
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2750001
               sigma_e |  .32789394
                   rho |  .93796551   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 25142) =   13.39
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 25142) =    8.60
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 25142) =   16.17
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25142) =   10.08
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =   11.06
            Prob > F =    0.0009

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25142) =   11.19
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =   12.60
            Prob > F =    0.0004

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 25142) =   10.37
            Prob > F =    0.0013

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25142) =   10.59
            Prob > F =    0.0011

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25142) =    9.75
            Prob > F =    0.0018
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127475
Group variable: shnro_real                      Number of groups   =     99155

R-sq:  within  = 0.2547                         Obs per group: min =         1
       between = 0.1576                                        avg =      11.4
       overall = 0.1155                                        max =        48

                                                F(74,25141)        =    466.20
corr(u_i, Xb)  = -0.9202                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 25,142 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0225544   .0045998     4.90   0.000     .0135385    .0315703
 treated_post |   .0295538   .0107424     2.75   0.006     .0084981    .0506094
          l_0 |  -.4432039   .1369541    -3.24   0.001     -.711642   -.1747657
          l_1 |   -.511169     .16437    -3.11   0.002    -.8333438   -.1889941
          l_2 |  -.6292991   .1917681    -3.28   0.001    -1.005176   -.2534225
          l_3 |  -.7381351   .2190671    -3.37   0.001    -1.167519   -.3087508
          l_4 |  -.8442212   .2464375    -3.43   0.001    -1.327253   -.3611893
          l_5 |  -.9497114   .2738164    -3.47   0.001    -1.486408   -.4130152
          l_6 |   -1.05725   .3012173    -3.51   0.000    -1.647653   -.4668463
          l_7 |  -1.162637   .3286834    -3.54   0.000    -1.806876   -.5183983
          l_8 |  -1.261618   .3560837    -3.54   0.000    -1.959563   -.5636735
          l_9 |  -1.362592   .3835023    -3.55   0.000    -2.114279   -.6109051
         l_10 |  -1.460786   .4108815    -3.56   0.000    -2.266138   -.6554345
          f_1 |   -.351247   .1095826    -3.21   0.001    -.5660352   -.1364588
          f_2 |  -.2658868   .0821578    -3.24   0.001    -.4269209   -.1048527
          f_3 |  -.1810036   .0547218    -3.31   0.001    -.2882615   -.0737457
          f_4 |  -.0944402   .0273926    -3.45   0.001    -.1481313   -.0407491
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0148651    .003713     4.00   0.000     .0075873    .0221429
 _Ivuosi_1996 |   .0378987     .00366    10.35   0.000      .030725    .0450725
 _Ivuosi_1997 |   .0303675   .0040298     7.54   0.000     .0224689    .0382662
 _Ivuosi_1998 |   .0371002   .0041441     8.95   0.000     .0289776    .0452228
 _Ivuosi_1999 |   .0385537   .0041527     9.28   0.000     .0304141    .0466933
 _Ivuosi_2000 |    .035001   .0041304     8.47   0.000     .0269053    .0430968
 _Ivuosi_2001 |   .0439582   .0040097    10.96   0.000      .036099    .0518173
 _Ivuosi_2002 |   .0289882   .0036168     8.01   0.000      .021899    .0360773
 _Ivuosi_2003 |   .0273115   .0033593     8.13   0.000     .0207272    .0338959
 _Ivuosi_2004 |   .0367669   .0031845    11.55   0.000     .0305251    .0430086
 _Ivuosi_2005 |   .0464366   .0030851    15.05   0.000     .0403896    .0524836
 _Ivuosi_2006 |   .0432538   .0030472    14.19   0.000      .037281    .0492266
 _Ivuosi_2007 |    .046385    .002925    15.86   0.000     .0406519    .0521181
 _Ivuosi_2008 |   .0445722   .0028214    15.80   0.000     .0390421    .0501023
 _Ivuosi_2009 |   .0252127   .0026603     9.48   0.000     .0199984    .0304271
 _Ivuosi_2010 |   .0216436   .0025543     8.47   0.000      .016637    .0266501
 _Ivuosi_2011 |   .0109967   .0020278     5.42   0.000     .0070222    .0149713
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |     .61705   .0425563    14.50   0.000     .5336371     .700463
    _Iage2_22 |   .8767068    .068484    12.80   0.000     .7424742    1.010939
    _Iage2_23 |   1.129663   .0954904    11.83   0.000     .9424959    1.316829
    _Iage2_24 |   1.377714   .1231439    11.19   0.000     1.136345    1.619084
    _Iage2_25 |   1.684137   .1506906    11.18   0.000     1.388775    1.979499
    _Iage2_26 |   1.958746    .177934    11.01   0.000     1.609985    2.307507
    _Iage2_27 |   2.199184   .2052037    10.72   0.000     1.796973    2.601396
    _Iage2_28 |   2.414904    .232478    10.39   0.000     1.959234    2.870575
    _Iage2_29 |   2.602193   .2598136    10.02   0.000     2.092944    3.111443
    _Iage2_30 |   2.772564   .2870775     9.66   0.000     2.209875    3.335252
    _Iage2_31 |   2.933793   .3145248     9.33   0.000     2.317306     3.55028
    _Iage2_32 |   3.087442   .3418256     9.03   0.000     2.417444     3.75744
    _Iage2_33 |   3.238939   .3691932     8.77   0.000     2.515299    3.962579
    _Iage2_34 |   3.378817   .3964301     8.52   0.000     2.601791    4.155843
    _Iage2_35 |   3.525237   .4238444     8.32   0.000     2.694478    4.355997
    _Iage2_36 |   3.664643   .4512438     8.12   0.000     2.780179    4.549107
    _Iage2_37 |   3.802253   .4786425     7.94   0.000     2.864085     4.74042
    _Iage2_38 |   3.939276   .5060619     7.78   0.000     2.947366    4.931187
    _Iage2_39 |   4.071762   .5333742     7.63   0.000     3.026317    5.117206
    _Iage2_40 |   4.202236   .5607327     7.49   0.000     3.103168    5.301305
    _Iage2_41 |   4.331714    .588127     7.37   0.000     3.178951    5.484477
    _Iage2_42 |   4.460386   .6155398     7.25   0.000     3.253892     5.66688
    _Iage2_43 |   4.584757   .6429276     7.13   0.000     3.324581    5.844932
    _Iage2_44 |   4.708734   .6703262     7.02   0.000     3.394856    6.022612
    _Iage2_45 |   4.829462    .697709     6.92   0.000     3.461912    6.197013
    _Iage2_46 |   4.949209   .7251354     6.83   0.000     3.527901    6.370516
    _Iage2_47 |   5.070442   .7525371     6.74   0.000     3.595426    6.545459
    _Iage2_48 |   5.186221   .7799392     6.65   0.000     3.657495    6.714948
    _Iage2_49 |   5.295174   .8073063     6.56   0.000     3.712807    6.877542
    _Iage2_50 |      5.406   .8347014     6.48   0.000     3.769936    7.042063
    _Iage2_51 |   5.516486   .8620922     6.40   0.000     3.826735    7.206237
    _Iage2_52 |    5.63072   .8894612     6.33   0.000     3.887324    7.374116
    _Iage2_53 |   5.742928   .9168687     6.26   0.000     3.945812    7.540044
    _Iage2_54 |   5.853046   .9442102     6.20   0.000     4.002339    7.703753
    _Iage2_55 |    5.95862    .971651     6.13   0.000     4.054128    7.863113
    _Iage2_56 |   6.063876   .9989711     6.07   0.000     4.105834    8.021918
    _Iage2_57 |   6.152422    1.02635     5.99   0.000     4.140717    8.164127
    _Iage2_58 |   6.246767   1.053742     5.93   0.000     4.181372    8.312163
    _Iage2_59 |   6.312743    1.08108     5.84   0.000     4.193764    8.431722
firm_size_new |   .0039225   .0007596     5.16   0.000     .0024336    .0054114
        _cons |   6.949964   .4226685    16.44   0.000     6.121509    7.778418
--------------+----------------------------------------------------------------
      sigma_u |  1.2584999
      sigma_e |  .33089706
          rho |  .93533815   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127475
Group variable: shnro_real                      Number of groups   =     99155

R-sq:  within  = 0.2577                         Obs per group: min =         1
       between = 0.1541                                        avg =      11.4
       overall = 0.1130                                        max =        48

                                                F(82,25141)        =    423.19
corr(u_i, Xb)  = -0.9233                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,142 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0063056   .0010555     5.97   0.000     .0042368    .0083744
     treated_iasuorv_d |   .0786931   .0551323     1.43   0.153    -.0293694    .1867556
           treated_pre |   .0602047   .0089539     6.72   0.000     .0426544    .0777549
       treated_pre_ia3 |  -.0031844   .0004836    -6.58   0.000    -.0041323   -.0022364
 treated_pre_iasuorv_d |  -.0846643   .0118379    -7.15   0.000    -.1078672   -.0614614
          treated_post |   .0669767   .0205482     3.26   0.001      .026701    .1072523
      treated_post_ia3 |  -.0036377   .0009341    -3.89   0.000    -.0054686   -.0018068
treated_post_iasuorv_d |  -.1282628   .0252967    -5.07   0.000    -.1778457   -.0786798
             interact3 |  -.0092462    .000355   -26.04   0.000    -.0099421   -.0085503
               suorv_d |  -.0505191    .016808    -3.01   0.003    -.0834637   -.0175745
                   l_0 |  -.4472406   .1370934    -3.26   0.001    -.7159516   -.1785296
                   l_1 |  -.5162565   .1645457    -3.14   0.002    -.8387758   -.1937372
                   l_2 |  -.6352455   .1919777    -3.31   0.001    -1.011533   -.2589581
                   l_3 |  -.7448034   .2193058    -3.40   0.001    -1.174656   -.3149512
                   l_4 |   -.851648   .2467058    -3.45   0.001    -1.335206   -.3680902
                   l_5 |  -.9579783   .2741173    -3.49   0.000    -1.495264   -.4206923
                   l_6 |  -1.066304   .3015437    -3.54   0.000    -1.657348   -.4752611
                   l_7 |  -1.172518   .3290515    -3.56   0.000    -1.817478   -.5275582
                   l_8 |  -1.272607   .3564934    -3.57   0.000    -1.971355   -.5738591
                   l_9 |  -1.374826   .3839353    -3.58   0.000    -2.127361     -.62229
                  l_10 |  -1.474211   .4113514    -3.58   0.000    -2.280484   -.6679384
                   f_1 |  -.3557729   .1096943    -3.24   0.001    -.5707801   -.1407657
                   f_2 |  -.2690489   .0822444    -3.27   0.001    -.4302528    -.107845
                   f_3 |   -.182665   .0547843    -3.33   0.001    -.2900454   -.0752847
                   f_4 |   -.094624    .027427    -3.45   0.001    -.1483825   -.0408656
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0141253    .003702     3.82   0.000     .0068691    .0213815
          _Ivuosi_1996 |     .03622   .0036219    10.00   0.000     .0291209    .0433191
          _Ivuosi_1997 |   .0279721    .003987     7.02   0.000     .0201574    .0357868
          _Ivuosi_1998 |   .0341718   .0040896     8.36   0.000      .026156    .0421875
          _Ivuosi_1999 |   .0351508    .004122     8.53   0.000     .0270715    .0432301
          _Ivuosi_2000 |   .0313593   .0041107     7.63   0.000     .0233021    .0394165
          _Ivuosi_2001 |   .0405211   .0040182    10.08   0.000     .0326451    .0483971
          _Ivuosi_2002 |   .0254788   .0036203     7.04   0.000     .0183827    .0325749
          _Ivuosi_2003 |   .0239724   .0033806     7.09   0.000     .0173463    .0305985
          _Ivuosi_2004 |   .0337566   .0032057    10.53   0.000     .0274732    .0400399
          _Ivuosi_2005 |   .0439536   .0031242    14.07   0.000       .03783    .0500771
          _Ivuosi_2006 |   .0411726    .003086    13.34   0.000     .0351239    .0472213
          _Ivuosi_2007 |   .0447743   .0029602    15.13   0.000     .0389722    .0505764
          _Ivuosi_2008 |   .0428242   .0028588    14.98   0.000     .0372208    .0484275
          _Ivuosi_2009 |   .0240173   .0026712     8.99   0.000     .0187816     .029253
          _Ivuosi_2010 |   .0205946   .0025646     8.03   0.000     .0155679    .0256212
          _Ivuosi_2011 |   .0104431   .0020366     5.13   0.000     .0064513    .0144349
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6238072   .0425538    14.66   0.000     .5403992    .7072151
             _Iage2_22 |   .8903868   .0684876    13.00   0.000     .7561471    1.024627
             _Iage2_23 |   1.149513   .0955294    12.03   0.000     .9622695    1.336756
             _Iage2_24 |   1.401315   .1231948    11.37   0.000     1.159846    1.642784
             _Iage2_25 |   1.709932   .1507475    11.34   0.000     1.414458    2.005406
             _Iage2_26 |   1.987438   .1780157    11.16   0.000     1.638517    2.336359
             _Iage2_27 |   2.232514   .2053135    10.87   0.000     1.830087     2.63494
             _Iage2_28 |   2.453796    .232616    10.55   0.000     1.997855    2.909737
             _Iage2_29 |   2.647569   .2599874    10.18   0.000     2.137979     3.15716
             _Iage2_30 |   2.824839   .2872941     9.83   0.000     2.261726    3.387953
             _Iage2_31 |   2.993025   .3147765     9.51   0.000     2.376044    3.610005
             _Iage2_32 |   3.154118   .3421185     9.22   0.000     2.483546     3.82469
             _Iage2_33 |   3.313007   .3695202     8.97   0.000     2.588726    4.037288
             _Iage2_34 |   3.460332    .396795     8.72   0.000      2.68259    4.238073
             _Iage2_35 |   3.614323   .4242481     8.52   0.000     2.782772    4.445874
             _Iage2_36 |    3.76138   .4516858     8.33   0.000     2.876049     4.64671
             _Iage2_37 |   3.906643   .4791176     8.15   0.000     2.967545    4.845741
             _Iage2_38 |   4.051583   .5065742     8.00   0.000     3.058668    5.044498
             _Iage2_39 |   4.191821    .533927     7.85   0.000     3.145293    5.238349
             _Iage2_40 |   4.330075   .5613198     7.71   0.000     3.229856    5.430295
             _Iage2_41 |   4.467478   .5887546     7.59   0.000     3.313485    5.621472
             _Iage2_42 |    4.60426   .6162076     7.47   0.000     3.396457    5.812063
             _Iage2_43 |   4.736565   .6436328     7.36   0.000     3.475007    5.998123
             _Iage2_44 |   4.868585   .6710703     7.25   0.000     3.553248    6.183921
             _Iage2_45 |    4.99746   .6984864     7.15   0.000     3.628386    6.366535
             _Iage2_46 |   5.125392   .7259437     7.06   0.000       3.7025    6.548284
             _Iage2_47 |   5.254504   .7533844     6.97   0.000     3.777827    6.731181
             _Iage2_48 |     5.3781   .7808231     6.89   0.000     3.847641    6.908559
             _Iage2_49 |   5.494934   .8082229     6.80   0.000      3.91077    7.079098
             _Iage2_50 |   5.613335   .8356548     6.72   0.000     3.975402    7.251267
             _Iage2_51 |    5.73162   .8630822     6.64   0.000     4.039928    7.423311
             _Iage2_52 |   5.853209   .8904825     6.57   0.000     4.107811    7.598606
             _Iage2_53 |   5.972556   .9179253     6.51   0.000     4.173369    7.771743
             _Iage2_54 |   6.089747   .9452972     6.44   0.000     4.236909    7.942585
             _Iage2_55 |   6.202671   .9727712     6.38   0.000     4.295983    8.109359
             _Iage2_56 |   6.314309   1.000124     6.31   0.000     4.354007     8.27461
             _Iage2_57 |   6.409101    1.02754     6.24   0.000     4.395062    8.423139
             _Iage2_58 |   6.509171   1.054962     6.17   0.000     4.441383    8.576959
             _Iage2_59 |   6.581047   1.082324     6.08   0.000     4.459629    8.702465
         firm_size_new |   .0039744   .0007562     5.26   0.000     .0024923    .0054565
                 _cons |   6.929526   .4227835    16.39   0.000     6.100845    7.758206
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2887079
               sigma_e |  .33021901
                   rho |  .93838636   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25141) =   10.25
            Prob > F =    0.0014

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25141) =   44.42
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127475
Group variable: shnro_real                      Number of groups   =     99155

R-sq:  within  = 0.2550                         Obs per group: min =         1
       between = 0.1561                                        avg =      11.4
       overall = 0.1141                                        max =        48

                                                F(79,25141)        =    437.32
corr(u_i, Xb)  = -0.9233                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 25,142 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0182717   .0107826     1.69   0.090    -.0028629    .0394063
          treated_pre |   .0371245    .006735     5.51   0.000     .0239235    .0503255
 treated_pre_iasenior |  -.0339043   .0083389    -4.07   0.000    -.0502491   -.0175595
         treated_post |   .0327588   .0146421     2.24   0.025     .0040595    .0614582
treated_post_iasenior |  -.0106017   .0133258    -0.80   0.426    -.0367211    .0155177
               senior |          0  (omitted)
         pre_iasenior |   -.010002   .0038774    -2.58   0.010     -.017602   -.0024021
        post_iasenior |  -.0460613   .0053221    -8.65   0.000    -.0564928   -.0356298
                  l_0 |  -.4361405   .1368934    -3.19   0.001    -.7044596   -.1678213
                  l_1 |  -.5063593   .1642968    -3.08   0.002    -.8283906   -.1843281
                  l_2 |  -.6268374   .1916855    -3.27   0.001    -1.002552   -.2511226
                  l_3 |  -.7380214   .2189753    -3.37   0.001    -1.167226    -.308817
                  l_4 |  -.8464981   .2463379    -3.44   0.001    -1.329335   -.3636614
                  l_5 |  -.9544112   .2737097    -3.49   0.000    -1.490898   -.4179242
                  l_6 |  -1.064372   .3011024    -3.53   0.000     -1.65455   -.4741935
                  l_7 |  -1.172285   .3285622    -3.57   0.000    -1.816287   -.5282843
                  l_8 |  -1.273828   .3559571    -3.58   0.000    -1.971525   -.5761318
                  l_9 |  -1.377531   .3833692    -3.59   0.000    -2.128957   -.6261046
                 l_10 |  -1.478405   .4107433    -3.60   0.000    -2.283486   -.6733246
                  f_1 |  -.3586603   .1095476    -3.27   0.001      -.57338   -.1439406
                  f_2 |  -.2704305   .0821381    -3.29   0.001    -.4314261   -.1094349
                  f_3 |  -.1827544   .0547231    -3.34   0.001     -.290015   -.0754939
                  f_4 |  -.0934348   .0274401    -3.41   0.001    -.1472191   -.0396506
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0148521    .003706     4.01   0.000      .007588    .0221161
         _Ivuosi_1996 |    .037821   .0036447    10.38   0.000     .0306773    .0449648
         _Ivuosi_1997 |   .0302371    .004007     7.55   0.000     .0223831    .0380911
         _Ivuosi_1998 |   .0372132   .0041098     9.05   0.000     .0291578    .0452686
         _Ivuosi_1999 |   .0387397   .0041193     9.40   0.000     .0306657    .0468137
         _Ivuosi_2000 |   .0346642   .0041065     8.44   0.000     .0266152    .0427131
         _Ivuosi_2001 |   .0436115   .0039913    10.93   0.000     .0357882    .0514347
         _Ivuosi_2002 |   .0286148   .0035927     7.96   0.000     .0215728    .0356567
         _Ivuosi_2003 |    .026912   .0033393     8.06   0.000     .0203667    .0334573
         _Ivuosi_2004 |   .0363461   .0031693    11.47   0.000     .0301342     .042558
         _Ivuosi_2005 |    .046219    .003076    15.03   0.000       .04019    .0522481
         _Ivuosi_2006 |   .0430211   .0030385    14.16   0.000     .0370654    .0489768
         _Ivuosi_2007 |     .04615   .0029196    15.81   0.000     .0404273    .0518727
         _Ivuosi_2008 |   .0442103    .002818    15.69   0.000     .0386868    .0497337
         _Ivuosi_2009 |   .0249914   .0026584     9.40   0.000     .0197808    .0302019
         _Ivuosi_2010 |    .021636    .002549     8.49   0.000     .0166397    .0266322
         _Ivuosi_2011 |   .0109495   .0020263     5.40   0.000     .0069779    .0149212
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .6175916   .0425501    14.51   0.000     .5341909    .7009923
            _Iage2_22 |   .8773959   .0684762    12.81   0.000     .7431785    1.011613
            _Iage2_23 |   1.130866   .0954777    11.84   0.000     .9437238    1.318007
            _Iage2_24 |   1.379178   .1231157    11.20   0.000     1.137864    1.620492
            _Iage2_25 |   1.685809   .1506505    11.19   0.000     1.390525    1.981092
            _Iage2_26 |   1.960756   .1778841    11.02   0.000     1.612093    2.309419
            _Iage2_27 |   2.201543   .2051442    10.73   0.000     1.799448    2.603638
            _Iage2_28 |   2.417674   .2324092    10.40   0.000     1.962139     2.87321
            _Iage2_29 |   2.605456   .2597372    10.03   0.000     2.096356    3.114556
            _Iage2_30 |   2.776406   .2869947     9.67   0.000      2.21388    3.338933
            _Iage2_31 |    2.93851   .3144351     9.35   0.000     2.322199    3.554821
            _Iage2_32 |   3.093082   .3417296     9.05   0.000     2.423272    3.762892
            _Iage2_33 |   3.245511     .36909     8.79   0.000     2.522073    3.968949
            _Iage2_34 |    3.38636   .3963203     8.54   0.000     2.609549    4.163171
            _Iage2_35 |   3.533746   .4237265     8.34   0.000     2.703217    4.364275
            _Iage2_36 |   3.674161   .4511182     8.14   0.000     2.789943    4.558379
            _Iage2_37 |   3.813012   .4785098     7.97   0.000     2.875105    4.750919
            _Iage2_38 |   3.951546   .5059208     7.81   0.000     2.959912     4.94318
            _Iage2_39 |   4.085843   .5332237     7.66   0.000     3.040693    5.130992
            _Iage2_40 |   4.218442   .5605728     7.53   0.000     3.119687    5.317198
            _Iage2_41 |   4.383163   .5880454     7.45   0.000      3.23056    5.535766
            _Iage2_42 |   4.514964   .6154494     7.34   0.000     3.308648    5.721281
            _Iage2_43 |   4.642743   .6428302     7.22   0.000     3.382758    5.902728
            _Iage2_44 |   4.770351    .670223     7.12   0.000     3.456674    6.084027
            _Iage2_45 |   4.894791      .6976     7.02   0.000     3.527454    6.262128
            _Iage2_46 |   5.018329   .7250193     6.92   0.000     3.597249     6.43941
            _Iage2_47 |    5.14348   .7524167     6.84   0.000     3.668699    6.618261
            _Iage2_48 |   5.263341   .7798142     6.75   0.000      3.73486    6.791823
            _Iage2_49 |   5.376448   .8071747     6.66   0.000     3.794338    6.958557
            _Iage2_50 |   5.491439   .8345648     6.58   0.000     3.855643    7.127235
            _Iage2_51 |   5.606307   .8619498     6.50   0.000     3.916835    7.295779
            _Iage2_52 |   5.724732   .8893131     6.44   0.000     3.981626    7.467837
            _Iage2_53 |   5.841348   .9167147     6.37   0.000     4.044534    7.638162
            _Iage2_54 |   5.955864   .9440506     6.31   0.000      4.10547    7.806259
            _Iage2_55 |    6.06622   .9714892     6.24   0.000     4.162044    7.970395
            _Iage2_56 |   6.175665   .9988038     6.18   0.000     4.217952    8.133379
            _Iage2_57 |   6.268615   1.026174     6.11   0.000     4.257253    8.279977
            _Iage2_58 |   6.367534   1.053563     6.04   0.000     4.302488    8.432579
            _Iage2_59 |   6.438453   1.080893     5.96   0.000      4.31984    8.557066
        firm_size_new |   .0040412   .0007628     5.30   0.000      .002546    .0055364
                _cons |   6.922376   .4225513    16.38   0.000     6.094151    7.750601
----------------------+----------------------------------------------------------------
              sigma_u |  1.2836927
              sigma_e |  .33083961
                  rho |  .93771497   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25141) =    4.95
            Prob > F =    0.0260

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 25141) =    0.37
            Prob > F =    0.5432
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127475
Group variable: shnro_real                      Number of groups   =     99155

R-sq:  within  = 0.2692                         Obs per group: min =         1
       between = 0.1833                                        avg =      11.4
       overall = 0.1369                                        max =        48

                                                F(86,25141)        =    475.44
corr(u_i, Xb)  = -0.9246                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,142 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1195229   .0280898    -4.26   0.000    -.1745806   -.0644652
           treated_ia3 |   .0062236   .0010864     5.73   0.000     .0040941    .0083531
     treated_iasuorv_d |   .0916992   .0545939     1.68   0.093     -.015308    .1987065
           treated_pre |   .0648689   .0096324     6.73   0.000     .0459887     .083749
       treated_pre_ia2 |  -.0129038   .0093512    -1.38   0.168    -.0312327    .0054252
       treated_pre_ia3 |  -.0033097   .0004873    -6.79   0.000    -.0042649   -.0023545
 treated_pre_iasuorv_d |  -.0745951   .0123253    -6.05   0.000    -.0987534   -.0504368
          treated_post |    .074589   .0204735     3.64   0.000     .0344598    .1147182
      treated_post_ia2 |   .0009222   .0201744     0.05   0.964    -.0386208    .0404652
      treated_post_ia3 |  -.0042284   .0009225    -4.58   0.000    -.0060367   -.0024202
treated_post_iasuorv_d |   -.090677   .0250779    -3.62   0.000    -.1398311   -.0415228
             interact2 |   .4750998   .0113859    41.73   0.000     .4527828    .4974168
             interact3 |  -.0023804   .0003214    -7.41   0.000    -.0030105   -.0017504
               suorv_d |  -.0506844     .01637    -3.10   0.002    -.0827706   -.0185983
                   l_0 |   -.461939   .1369414    -3.37   0.001    -.7303521   -.1935259
                   l_1 |  -.5330598   .1643596    -3.24   0.001    -.8552142   -.2109054
                   l_2 |  -.6539132   .1917562    -3.41   0.001    -1.029766   -.2780598
                   l_3 |  -.7650279   .2190551    -3.49   0.000    -1.194389   -.3356671
                   l_4 |    -.87356   .2464224    -3.54   0.000    -1.356562   -.3905577
                   l_5 |  -.9815538   .2738083    -3.58   0.000    -1.518234   -.4448735
                   l_6 |  -1.091954    .301202    -3.63   0.000    -1.682327   -.5015804
                   l_7 |  -1.200053    .328669    -3.65   0.000    -1.844263   -.5558424
                   l_8 |  -1.301274   .3560725    -3.65   0.000    -1.999197   -.6033516
                   l_9 |  -1.405666   .3834785    -3.67   0.000    -2.157307   -.6540261
                  l_10 |   -1.50712   .4108557    -3.67   0.000    -2.312421    -.701819
                   f_1 |  -.3667111   .1095639    -3.35   0.001    -.5814628   -.1519594
                   f_2 |  -.2771141   .0821483    -3.37   0.001    -.4381296   -.1160985
                   f_3 |   -.188094    .054721    -3.44   0.001    -.2953504   -.0808376
                   f_4 |  -.0973296   .0274004    -3.55   0.000    -.1510361   -.0436232
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0152365   .0035704     4.27   0.000     .0082384    .0222346
          _Ivuosi_1996 |   .0382133   .0034212    11.17   0.000     .0315076     .044919
          _Ivuosi_1997 |   .0313292   .0037625     8.33   0.000     .0239545     .038704
          _Ivuosi_1998 |   .0384891   .0038699     9.95   0.000     .0309039    .0460743
          _Ivuosi_1999 |   .0392706    .003912    10.04   0.000     .0316028    .0469383
          _Ivuosi_2000 |   .0368911   .0038824     9.50   0.000     .0292814    .0445008
          _Ivuosi_2001 |   .0464858   .0037878    12.27   0.000     .0390614    .0539102
          _Ivuosi_2002 |   .0316753   .0034004     9.32   0.000     .0250103    .0383403
          _Ivuosi_2003 |   .0301117   .0031589     9.53   0.000       .02392    .0363034
          _Ivuosi_2004 |   .0399968   .0030176    13.25   0.000     .0340822    .0459114
          _Ivuosi_2005 |   .0501192   .0029583    16.94   0.000     .0443209    .0559176
          _Ivuosi_2006 |    .047163    .002936    16.06   0.000     .0414083    .0529178
          _Ivuosi_2007 |   .0506512   .0028232    17.94   0.000     .0451175    .0561849
          _Ivuosi_2008 |    .046647   .0027429    17.01   0.000     .0412708    .0520231
          _Ivuosi_2009 |   .0272166   .0026035    10.45   0.000     .0221137    .0323196
          _Ivuosi_2010 |   .0224972   .0025204     8.93   0.000      .017557    .0274373
          _Ivuosi_2011 |     .01136    .002028     5.60   0.000      .007385    .0153351
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6240023   .0424309    14.71   0.000     .5408354    .7071693
             _Iage2_22 |   .8906688   .0683781    13.03   0.000     .7566438    1.024694
             _Iage2_23 |    1.15059    .095371    12.06   0.000     .9636578    1.337523
             _Iage2_24 |   1.400376    .122972    11.39   0.000     1.159344    1.641408
             _Iage2_25 |   1.698569   .1504196    11.29   0.000     1.403738      1.9934
             _Iage2_26 |    1.96095   .1776157    11.04   0.000     1.612813    2.309088
             _Iage2_27 |   2.191372   .2048617    10.70   0.000     1.789831    2.592912
             _Iage2_28 |    2.40062   .2321101    10.34   0.000     1.945671    2.855569
             _Iage2_29 |    2.58438   .2594562     9.96   0.000     2.075831    3.092929
             _Iage2_30 |   2.753902   .2867378     9.60   0.000     2.191879    3.315925
             _Iage2_31 |   2.914195   .3141773     9.28   0.000     2.298389    3.530001
             _Iage2_32 |   3.068976   .3414844     8.99   0.000     2.399647    3.738306
             _Iage2_33 |   3.221681   .3688637     8.73   0.000     2.498687    3.944676
             _Iage2_34 |   3.364141   .3961131     8.49   0.000     2.587737    4.140546
             _Iage2_35 |   3.513296   .4235332     8.30   0.000     2.683146    4.343446
             _Iage2_36 |   3.655823   .4509367     8.11   0.000     2.771961    4.539686
             _Iage2_37 |   3.796437   .4783399     7.94   0.000     2.858863    4.734011
             _Iage2_38 |   3.937026   .5057621     7.78   0.000     2.945703     4.92835
             _Iage2_39 |   4.073064   .5330804     7.64   0.000     3.028196    5.117933
             _Iage2_40 |   4.207421   .5604397     7.51   0.000     3.108927    5.305916
             _Iage2_41 |   4.340678   .5878408     7.38   0.000     3.188476    5.492881
             _Iage2_42 |   4.473244   .6152625     7.27   0.000     3.267294    5.679195
             _Iage2_43 |    4.60169   .6426528     7.16   0.000     3.342053    5.861327
             _Iage2_44 |   4.729695   .6700578     7.06   0.000     3.416343    6.043048
             _Iage2_45 |   4.854652   .6974374     6.96   0.000     3.487634     6.22167
             _Iage2_46 |   4.978567   .7248652     6.87   0.000     3.557789    6.399345
             _Iage2_47 |   5.103802   .7522707     6.78   0.000     3.629307    6.578296
             _Iage2_48 |    5.22377   .7796754     6.70   0.000     3.695561     6.75198
             _Iage2_49 |    5.33684   .8070411     6.61   0.000     3.754993    6.918688
             _Iage2_50 |   5.451558   .8344337     6.53   0.000     3.816019    7.087097
             _Iage2_51 |    5.56631   .8618229     6.46   0.000     3.877087    7.255533
             _Iage2_52 |   5.684708   .8891918     6.39   0.000      3.94184    7.427576
             _Iage2_53 |   5.801114   .9165977     6.33   0.000     4.004529    7.597699
             _Iage2_54 |   5.915451   .9439387     6.27   0.000     4.065276    7.765626
             _Iage2_55 |   6.025977    .971377     6.20   0.000     4.122022    7.929933
             _Iage2_56 |   6.135434   .9986961     6.14   0.000     4.177931    8.092936
             _Iage2_57 |   6.228165    1.02608     6.07   0.000     4.216989     8.23934
             _Iage2_58 |   6.326447   1.053467     6.01   0.000     4.261589    8.391304
             _Iage2_59 |   6.396577   1.080787     5.92   0.000     4.278171    8.514983
         firm_size_new |   .0039226   .0007367     5.32   0.000     .0024787    .0053666
                 _cons |     6.8731   .4221264    16.28   0.000     6.045708    7.700492
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2751366
               sigma_e |   .3276612
                   rho |  .93806053   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25141) =   11.10
            Prob > F =    0.0009

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25141) =   12.72
            Prob > F =    0.0004

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25141) =   10.38
            Prob > F =    0.0013

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 25141) =   26.32
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25141) =   44.45
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 25141) =   24.32
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127475
Group variable: shnro_real                      Number of groups   =     99155

R-sq:  within  = 0.2578                         Obs per group: min =         1
       between = 0.1541                                        avg =      11.4
       overall = 0.1130                                        max =        48

                                                F(85,25141)        =    408.50
corr(u_i, Xb)  = -0.9233                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,142 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.009274   .0108625    -0.85   0.393     -.030565    .0120171
           treated_ia3 |   .0065858   .0011175     5.89   0.000     .0043954    .0087762
     treated_iasuorv_d |   .0816357   .0561509     1.45   0.146    -.0284235    .1916948
           treated_pre |   .0609121   .0089366     6.82   0.000     .0433959    .0784283
  treated_pre_iasenior |   .0036877   .0097453     0.38   0.705    -.0154137    .0227891
       treated_pre_ia3 |  -.0033356   .0006005    -5.55   0.000    -.0045127   -.0021586
 treated_pre_iasuorv_d |  -.0880316   .0156322    -5.63   0.000    -.1186717   -.0573916
          treated_post |   .0681782   .0205045     3.33   0.001     .0279883    .1083682
 treated_post_iasenior |   .0031949   .0124852     0.26   0.798    -.0212767    .0276666
      treated_post_ia3 |  -.0037631   .0009901    -3.80   0.000    -.0057038   -.0018223
treated_post_iasuorv_d |  -.1311815   .0275667    -4.76   0.000    -.1852138   -.0771492
                senior |   6.580972   1.082321     6.08   0.000      4.45956    8.702384
             interact3 |  -.0092625    .000356   -26.02   0.000    -.0099602   -.0085648
               suorv_d |  -.0505163   .0168081    -3.01   0.003    -.0834611   -.0175714
                   l_0 |  -.4472188   .1370935    -3.26   0.001    -.7159301   -.1785074
                   l_1 |  -.5162143   .1645462    -3.14   0.002    -.8387345   -.1936942
                   l_2 |  -.6351791   .1919784    -3.31   0.001    -1.011468   -.2588902
                   l_3 |  -.7447181   .2193068    -3.40   0.001    -1.174572   -.3148639
                   l_4 |  -.8515378   .2467071    -3.45   0.001    -1.335098   -.3679774
                   l_5 |  -.9578411    .274119    -3.49   0.000     -1.49513   -.4205518
                   l_6 |  -1.066137   .3015459    -3.54   0.000    -1.657184   -.4750894
                   l_7 |  -1.172319    .329054    -3.56   0.000    -1.817284   -.5273544
                   l_8 |  -1.272371   .3564964    -3.57   0.000    -1.971125   -.5736176
                   l_9 |  -1.374537   .3839391    -3.58   0.000     -2.12708   -.6219943
                  l_10 |  -1.473868   .4113559    -3.58   0.000     -2.28015   -.6675865
                   f_1 |  -.3556982    .109695    -3.24   0.001    -.5707068   -.1406895
                   f_2 |  -.2689982    .082245    -3.27   0.001    -.4302032   -.1077931
                   f_3 |  -.1826514   .0547845    -3.33   0.001    -.2900321   -.0752707
                   f_4 |  -.0946491   .0274269    -3.45   0.001    -.1484074   -.0408908
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0141485   .0037001     3.82   0.000     .0068961     .021401
          _Ivuosi_1996 |   .0362624   .0036174    10.02   0.000     .0291721    .0433527
          _Ivuosi_1997 |   .0280312   .0039827     7.04   0.000     .0202248    .0358376
          _Ivuosi_1998 |   .0342369   .0040862     8.38   0.000     .0262278    .0422461
          _Ivuosi_1999 |   .0352208   .0041202     8.55   0.000     .0271451    .0432966
          _Ivuosi_2000 |   .0314359   .0041091     7.65   0.000     .0233817      .03949
          _Ivuosi_2001 |   .0405989   .0040166    10.11   0.000     .0327262    .0484717
          _Ivuosi_2002 |   .0255523   .0036177     7.06   0.000     .0184614    .0326432
          _Ivuosi_2003 |   .0240474   .0033785     7.12   0.000     .0174254    .0306694
          _Ivuosi_2004 |   .0338286   .0032044    10.56   0.000     .0275478    .0401093
          _Ivuosi_2005 |   .0440124   .0031236    14.09   0.000     .0378901    .0501348
          _Ivuosi_2006 |   .0412215   .0030849    13.36   0.000      .035175    .0472681
          _Ivuosi_2007 |   .0448179   .0029592    15.15   0.000     .0390177     .050618
          _Ivuosi_2008 |   .0428625   .0028583    15.00   0.000       .03726     .048465
          _Ivuosi_2009 |   .0240434   .0026718     9.00   0.000     .0188065    .0292803
          _Ivuosi_2010 |   .0206134   .0025648     8.04   0.000     .0155863    .0256406
          _Ivuosi_2011 |   .0104538   .0020369     5.13   0.000     .0064615    .0144462
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6238077   .0425535    14.66   0.000     .5404003     .707215
             _Iage2_22 |   .8903829   .0684874    13.00   0.000     .7561436    1.024622
             _Iage2_23 |   1.149492    .095529    12.03   0.000     .9622498    1.336735
             _Iage2_24 |   1.401292   .1231946    11.37   0.000     1.159824    1.642761
             _Iage2_25 |   1.709898   .1507474    11.34   0.000     1.414424    2.005372
             _Iage2_26 |    1.98739   .1780157    11.16   0.000     1.638469    2.336312
             _Iage2_27 |   2.232458   .2053137    10.87   0.000     1.830031    2.634885
             _Iage2_28 |   2.453725   .2326164    10.55   0.000     1.997783    2.909666
             _Iage2_29 |   2.647482   .2599878    10.18   0.000     2.137891    3.157073
             _Iage2_30 |   2.824738   .2872947     9.83   0.000     2.261623    3.387852
             _Iage2_31 |   2.992907   .3147774     9.51   0.000     2.375925    3.609889
             _Iage2_32 |   3.153984   .3421196     9.22   0.000      2.48341    3.824558
             _Iage2_33 |   3.312855   .3695216     8.97   0.000     2.588572    4.037139
             _Iage2_34 |   3.460159   .3967968     8.72   0.000     2.682414    4.237903
             _Iage2_35 |   3.614128   .4242503     8.52   0.000     2.782572    4.445683
             _Iage2_36 |   3.761163   .4516883     8.33   0.000     2.875827    4.646498
             _Iage2_37 |    3.90639   .4791207     8.15   0.000     2.967285    4.845495
             _Iage2_38 |   4.051282    .506578     8.00   0.000      3.05836    5.044205
             _Iage2_39 |   4.191454   .5339312     7.85   0.000     3.144918    5.237991
             _Iage2_40 |   4.329629   .5613247     7.71   0.000     3.229399    5.429858
             _Iage2_41 |  -2.112934   .4937375    -4.28   0.000    -3.080688    -1.14518
             _Iage2_42 |  -1.976252   .4662709    -4.24   0.000    -2.890171   -1.062334
             _Iage2_43 |  -1.844033   .4388359    -4.20   0.000    -2.704177   -.9838892
             _Iage2_44 |  -1.712077   .4113885    -4.16   0.000    -2.518422   -.9057312
             _Iage2_45 |  -1.583244   .3839631    -4.12   0.000    -2.335834   -.8306538
             _Iage2_46 |  -1.455341   .3564966    -4.08   0.000    -2.154096   -.7565873
             _Iage2_47 |  -1.326251   .3290503    -4.03   0.000    -1.971209   -.6812932
             _Iage2_48 |  -1.202682   .3016043    -3.99   0.000    -1.793844   -.6115202
             _Iage2_49 |  -1.085875   .2741993    -3.96   0.000    -1.623321   -.5484282
             _Iage2_50 |  -.9674982   .2467642    -3.92   0.000     -1.45117   -.4838259
             _Iage2_51 |  -.8492431   .2193403    -3.87   0.000    -1.279163   -.4193233
             _Iage2_52 |  -.7276804   .1919403    -3.79   0.000    -1.103894   -.3514662
             _Iage2_53 |  -.6083611   .1644957    -3.70   0.000    -.9307822     -.28594
             _Iage2_54 |  -.4911989    .137129    -3.58   0.000    -.7599797   -.2224181
             _Iage2_55 |  -.3783076   .1096715    -3.45   0.001    -.5932702    -.163345
             _Iage2_56 |  -.2666933   .0823357    -3.24   0.001    -.4280761   -.1053104
             _Iage2_57 |  -.1719198   .0549609    -3.13   0.002    -.2796464   -.0641932
             _Iage2_58 |  -.0718621   .0275958    -2.60   0.009    -.1259515   -.0177727
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0039734   .0007561     5.26   0.000     .0024914    .0054554
                 _cons |   6.929684   .4227846    16.39   0.000     6.101002    7.758367
-----------------------+----------------------------------------------------------------
               sigma_u |   1.288333
               sigma_e |  .33021905
                   rho |  .93835269   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 25141) =   15.52
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25141) =   15.70
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 25141) =   30.85
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 25141) =   14.44
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25141) =    9.73
            Prob > F =    0.0018

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25141) =   10.59
            Prob > F =    0.0011

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25141) =    9.40
            Prob > F =    0.0022
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127475
Group variable: shnro_real                      Number of groups   =     99155

R-sq:  within  = 0.2692                         Obs per group: min =         1
       between = 0.1834                                        avg =      11.4
       overall = 0.1369                                        max =        48

                                                F(89,25141)        =    460.23
corr(u_i, Xb)  = -0.9245                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,142 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.009123   .0110303    -0.83   0.408     -.030743    .0124971
           treated_ia2 |  -.1180954   .0282213    -4.18   0.000    -.1734108     -.06278
           treated_ia3 |   .0065296   .0011602     5.63   0.000     .0042555    .0088036
     treated_iasuorv_d |   .0953437   .0559943     1.70   0.089    -.0144083    .2050958
           treated_pre |   .0659948   .0097572     6.76   0.000     .0468702    .0851195
  treated_pre_iasenior |   .0060238   .0100192     0.60   0.548    -.0136143     .025662
       treated_pre_ia2 |  -.0135948   .0095618    -1.42   0.155    -.0323365    .0051469
       treated_pre_ia3 |  -.0035626    .000629    -5.66   0.000    -.0047954   -.0023298
 treated_pre_iasuorv_d |  -.0803408   .0167277    -4.80   0.000    -.1131281   -.0475536
          treated_post |   .0758085   .0204427     3.71   0.000     .0357396    .1158774
 treated_post_iasenior |   .0024109   .0125087     0.19   0.847     -.022107    .0269287
      treated_post_ia2 |   .0005738   .0202153     0.03   0.977    -.0390493    .0401968
      treated_post_ia3 |  -.0043394   .0009857    -4.40   0.000    -.0062714   -.0024074
treated_post_iasuorv_d |  -.0930337   .0275934    -3.37   0.001    -.1471184    -.038949
                senior |   6.396959   1.080792     5.92   0.000     4.278544    8.515374
             interact2 |   .4750032   .0113863    41.72   0.000     .4526853    .4973211
             interact3 |  -.0023966   .0003221    -7.44   0.000    -.0030279   -.0017653
               suorv_d |  -.0506906   .0163699    -3.10   0.002    -.0827766   -.0186046
                   l_0 |  -.4619651   .1369426    -3.37   0.001    -.7303806   -.1935496
                   l_1 |  -.5330778   .1643612    -3.24   0.001    -.8552354   -.2109202
                   l_2 |  -.6539195   .1917583    -3.41   0.001    -1.029777    -.278062
                   l_3 |  -.7650279   .2190577    -3.49   0.000    -1.194394   -.3356621
                   l_4 |  -.8735483   .2464254    -3.54   0.000    -1.356557   -.3905401
                   l_5 |  -.9815279    .273812    -3.58   0.000    -1.518215   -.4448404
                   l_6 |   -1.09191   .3012063    -3.63   0.000    -1.682291   -.5015278
                   l_7 |   -1.19999   .3286739    -3.65   0.000     -1.84421     -.55577
                   l_8 |  -1.301189    .356078    -3.65   0.000    -1.999123   -.6032553
                   l_9 |  -1.405543   .3834851    -3.67   0.000    -2.157196   -.6538902
                  l_10 |  -1.506956   .4108632    -3.67   0.000    -2.312271   -.7016398
                   f_1 |   -.366688   .1095655    -3.35   0.001    -.5814428   -.1519332
                   f_2 |  -.2771001   .0821495    -3.37   0.001     -.438118   -.1160823
                   f_3 |  -.1880976   .0547216    -3.44   0.001    -.2953551   -.0808401
                   f_4 |  -.0973521   .0274005    -3.55   0.000    -.1510587   -.0436455
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0152601   .0035695     4.28   0.000     .0082636    .0222565
          _Ivuosi_1996 |   .0382548   .0034183    11.19   0.000     .0315547    .0449549
          _Ivuosi_1997 |   .0313876   .0037606     8.35   0.000     .0240166    .0387585
          _Ivuosi_1998 |   .0385593   .0038688     9.97   0.000     .0309763    .0461422
          _Ivuosi_1999 |   .0393445   .0039123    10.06   0.000     .0316762    .0470128
          _Ivuosi_2000 |   .0369714   .0038831     9.52   0.000     .0293603    .0445826
          _Ivuosi_2001 |   .0465621   .0037885    12.29   0.000     .0391364    .0539878
          _Ivuosi_2002 |   .0317457   .0033994     9.34   0.000     .0250828    .0384086
          _Ivuosi_2003 |   .0301859   .0031583     9.56   0.000     .0239954    .0363764
          _Ivuosi_2004 |   .0400668   .0030177    13.28   0.000     .0341519    .0459817
          _Ivuosi_2005 |   .0501793   .0029583    16.96   0.000     .0443808    .0559778
          _Ivuosi_2006 |   .0472101   .0029357    16.08   0.000     .0414559    .0529642
          _Ivuosi_2007 |   .0506913    .002823    17.96   0.000     .0451582    .0562245
          _Ivuosi_2008 |   .0466819   .0027431    17.02   0.000     .0413052    .0520585
          _Ivuosi_2009 |   .0272405   .0026041    10.46   0.000     .0221362    .0323448
          _Ivuosi_2010 |   .0225141   .0025207     8.93   0.000     .0175734    .0274547
          _Ivuosi_2011 |   .0113695   .0020283     5.61   0.000     .0073939    .0153451
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6240159   .0424305    14.71   0.000     .5408495    .7071822
             _Iage2_22 |   .8906925   .0683779    13.03   0.000     .7566678    1.024717
             _Iage2_23 |   1.150611   .0953708    12.06   0.000     .9636789    1.337544
             _Iage2_24 |   1.400406   .1229723    11.39   0.000     1.159373    1.641439
             _Iage2_25 |   1.698594   .1504203    11.29   0.000     1.403761    1.993426
             _Iage2_26 |   1.960971   .1776168    11.04   0.000     1.612832    2.309111
             _Iage2_27 |   2.191393   .2048631    10.70   0.000     1.789849    2.592936
             _Iage2_28 |   2.400638   .2321118    10.34   0.000     1.945685    2.855591
             _Iage2_29 |   2.584394   .2594583     9.96   0.000     2.075841    3.092947
             _Iage2_30 |   2.753912   .2867403     9.60   0.000     2.191884    3.315939
             _Iage2_31 |   2.914197   .3141802     9.28   0.000     2.298385    3.530008
             _Iage2_32 |    3.06897   .3414877     8.99   0.000     2.399634    3.738306
             _Iage2_33 |   3.221667   .3688675     8.73   0.000     2.498665    3.944669
             _Iage2_34 |   3.364113   .3961174     8.49   0.000       2.5877    4.140527
             _Iage2_35 |   3.513254   .4235382     8.30   0.000     2.683094    4.343413
             _Iage2_36 |   3.655767   .4509422     8.11   0.000     2.771894     4.53964
             _Iage2_37 |   3.796356   .4783461     7.94   0.000      2.85877    4.733943
             _Iage2_38 |   3.936918   .5057692     7.78   0.000     2.945581    4.928256
             _Iage2_39 |    4.07292   .5330882     7.64   0.000     3.028036    5.117804
             _Iage2_40 |   4.207238   .5604485     7.51   0.000     3.108726     5.30575
             _Iage2_41 |  -2.055549   .4931135    -4.17   0.000     -3.02208   -1.089017
             _Iage2_42 |  -1.923049   .4656786    -4.13   0.000    -2.835806   -1.010292
             _Iage2_43 |  -1.794662   .4382787    -4.09   0.000    -2.653714   -.9356107
             _Iage2_44 |  -1.666705   .4108636    -4.06   0.000    -2.472022   -.8613888
             _Iage2_45 |  -1.541781    .383475    -4.02   0.000    -2.293415   -.7901481
             _Iage2_46 |  -1.417884   .3560381    -3.98   0.000    -2.115739   -.7200281
             _Iage2_47 |  -1.292655    .328627    -3.93   0.000    -1.936783   -.6485273
             _Iage2_48 |  -1.172699   .3012153    -3.89   0.000    -1.763099   -.5822998
             _Iage2_49 |  -1.059642   .2738446    -3.87   0.000    -1.596393   -.5228902
             _Iage2_50 |  -.9449312   .2464488    -3.83   0.000    -1.427985   -.4618772
             _Iage2_51 |  -.8301952   .2190627    -3.79   0.000    -1.259571   -.4008195
             _Iage2_52 |  -.7118066    .191694    -3.71   0.000    -1.087538   -.3360753
             _Iage2_53 |  -.5954153   .1642863    -3.62   0.000     -.917426   -.2734045
             _Iage2_54 |  -.4810934   .1369508    -3.51   0.000    -.7495249   -.2126619
             _Iage2_55 |   -.370585   .1095289    -3.38   0.001     -.585268   -.1559021
             _Iage2_56 |  -.2611363   .0822271    -3.18   0.001    -.4223062   -.0999664
             _Iage2_57 |  -.1684088   .0548844    -3.07   0.002    -.2759855   -.0608321
             _Iage2_58 |  -.0701274   .0275548    -2.55   0.011    -.1241364   -.0161185
             _Iage2_59 |          0  (omitted)
         firm_size_new |    .003921   .0007366     5.32   0.000     .0024772    .0053647
                 _cons |   6.873003   .4221288    16.28   0.000     6.045606    7.700401
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2749442
               sigma_e |   .3276612
                   rho |    .938043   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 25141) =   13.51
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 25141) =    8.59
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 25141) =   16.19
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25141) =   10.05
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25141) =   11.32
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25141) =   11.31
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25141) =   13.12
            Prob > F =    0.0003

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 25141) =   10.35
            Prob > F =    0.0013

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25141) =   10.86
            Prob > F =    0.0010

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25141) =    9.73
            Prob > F =    0.0018
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1127944
Group variable: shnro_real                      Number of groups   =     99204

R-sq:  within  = 0.2690                         Obs per group: min =         1
       between = 0.1833                                        avg =      11.4
       overall = 0.1368                                        max =        48

                                                F(86,25142)        =    475.99
corr(u_i, Xb)  = -0.9245                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1155668   .0281676    -4.10   0.000    -.1707769   -.0603566
           treated_ia3 |   .0063019   .0010881     5.79   0.000     .0041691    .0084346
     treated_iasuorv_d |    .091694   .0546011     1.68   0.093    -.0153274    .1987154
           treated_pre |   .0646308   .0096338     6.71   0.000     .0457479    .0835137
       treated_pre_ia2 |  -.0129288   .0093507    -1.38   0.167    -.0312566    .0053991
       treated_pre_ia3 |  -.0033054   .0004874    -6.78   0.000    -.0042606   -.0023501
 treated_pre_iasuorv_d |  -.0743828   .0123271    -6.03   0.000    -.0985446    -.050221
          treated_post |   .0732007    .020475     3.58   0.000     .0330684    .1133329
      treated_post_ia2 |   .0019121   .0201482     0.09   0.924    -.0375796    .0414038
      treated_post_ia3 |  -.0042085   .0009224    -4.56   0.000    -.0060164   -.0024006
treated_post_iasuorv_d |  -.0895415   .0250682    -3.57   0.000    -.1386766   -.0404065
             interact2 |    .475067   .0113851    41.73   0.000     .4527516    .4973824
             interact3 |  -.0023844   .0003214    -7.42   0.000    -.0030144   -.0017544
               suorv_d |  -.0506697   .0163702    -3.10   0.002    -.0827563    -.018583
                   l_0 |  -.4617791   .1369429    -3.37   0.001    -.7301952    -.193363
                   l_1 |  -.5328408   .1643615    -3.24   0.001     -.854999   -.2106827
                   l_2 |  -.6536839   .1917584    -3.41   0.001    -1.029541   -.2778263
                   l_3 |  -.7647257   .2190577    -3.49   0.000    -1.194092   -.3353599
                   l_4 |  -.8731743   .2464253    -3.54   0.000    -1.356182   -.3901663
                   l_5 |  -.9809408   .2738118    -3.58   0.000    -1.517628   -.4442538
                   l_6 |  -1.091241   .3012059    -3.62   0.000    -1.681622   -.5008601
                   l_7 |  -1.199556   .3286728    -3.65   0.000    -1.843774   -.5553385
                   l_8 |  -1.300682   .3560767    -3.65   0.000    -1.998613   -.6027509
                   l_9 |   -1.40527   .3834829    -3.66   0.000    -2.156919   -.6536212
                  l_10 |  -1.506858   .4108603    -3.67   0.000    -2.312168   -.7015481
                   f_1 |  -.3665359   .1095652    -3.35   0.001      -.58129   -.1517818
                   f_2 |   -.276969   .0821492    -3.37   0.001    -.4379862   -.1159517
                   f_3 |  -.1879697   .0547217    -3.44   0.001    -.2952273    -.080712
                   f_4 |  -.0972216   .0274008    -3.55   0.000    -.1509287   -.0435145
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0156356   .0035879     4.36   0.000     .0086031    .0226682
          _Ivuosi_1996 |   .0385839   .0034336    11.24   0.000     .0318537     .045314
          _Ivuosi_1997 |   .0318277   .0037885     8.40   0.000      .024402    .0392533
          _Ivuosi_1998 |   .0390895   .0039093    10.00   0.000     .0314271    .0467518
          _Ivuosi_1999 |   .0400477   .0039849    10.05   0.000      .032237    .0478583
          _Ivuosi_2000 |   .0375917   .0039425     9.54   0.000     .0298643    .0453191
          _Ivuosi_2001 |   .0469102   .0038101    12.31   0.000     .0394421    .0543783
          _Ivuosi_2002 |   .0320913   .0034235     9.37   0.000     .0253809    .0388016
          _Ivuosi_2003 |   .0303963   .0031698     9.59   0.000     .0241834    .0366092
          _Ivuosi_2004 |   .0402053   .0030227    13.30   0.000     .0342807    .0461299
          _Ivuosi_2005 |   .0503869   .0029691    16.97   0.000     .0445673    .0562064
          _Ivuosi_2006 |   .0473826   .0029432    16.10   0.000     .0416137    .0531514
          _Ivuosi_2007 |   .0508582     .00283    17.97   0.000     .0453112    .0564052
          _Ivuosi_2008 |   .0468216   .0027477    17.04   0.000     .0414358    .0522073
          _Ivuosi_2009 |   .0273491   .0026062    10.49   0.000     .0222409    .0324574
          _Ivuosi_2010 |   .0225999   .0025221     8.96   0.000     .0176565    .0275434
          _Ivuosi_2011 |    .011401   .0020285     5.62   0.000      .007425    .0153769
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6240239   .0424312    14.71   0.000     .5408563    .7071914
             _Iage2_22 |   .8907011   .0683786    13.03   0.000     .7566751    1.024727
             _Iage2_23 |   1.150637    .095372    12.06   0.000     .9637028    1.337572
             _Iage2_24 |   1.400129   .1229732    11.39   0.000     1.159094    1.641163
             _Iage2_25 |   1.698633   .1504214    11.29   0.000     1.403798    1.993467
             _Iage2_26 |   1.960941   .1776177    11.04   0.000       1.6128    2.309082
             _Iage2_27 |   2.191366   .2048641    10.70   0.000     1.789821    2.592912
             _Iage2_28 |    2.40079    .232113    10.34   0.000     1.945835    2.855745
             _Iage2_29 |   2.584455   .2594592     9.96   0.000     2.075899     3.09301
             _Iage2_30 |   2.753957   .2867412     9.60   0.000     2.191928    3.315987
             _Iage2_31 |    2.91421    .314181     9.28   0.000     2.298397    3.530023
             _Iage2_32 |    3.06901   .3414884     8.99   0.000     2.399672    3.738347
             _Iage2_33 |   3.221701   .3688681     8.73   0.000     2.498698    3.944704
             _Iage2_34 |   3.364135   .3961178     8.49   0.000     2.587721    4.140549
             _Iage2_35 |   3.513233   .4235384     8.29   0.000     2.683073    4.343393
             _Iage2_36 |   3.655764   .4509422     8.11   0.000     2.771891    4.539637
             _Iage2_37 |   3.796357   .4783456     7.94   0.000     2.858772    4.733942
             _Iage2_38 |   3.936915   .5057682     7.78   0.000      2.94558     4.92825
             _Iage2_39 |   4.072986   .5330868     7.64   0.000     3.028105    5.117867
             _Iage2_40 |   4.207336   .5604464     7.51   0.000     3.108828    5.305843
             _Iage2_41 |   4.340635    .587848     7.38   0.000     3.188418    5.492851
             _Iage2_42 |   4.473227     .61527     7.27   0.000     3.267262    5.679192
             _Iage2_43 |   4.601625   .6426606     7.16   0.000     3.341973    5.861277
             _Iage2_44 |   4.729678    .670066     7.06   0.000     3.416309    6.043046
             _Iage2_45 |   4.854611    .697446     6.96   0.000     3.487576    6.221645
             _Iage2_46 |   4.978424   .7248739     6.87   0.000     3.557629    6.399219
             _Iage2_47 |   5.103678   .7522799     6.78   0.000     3.629166    6.578191
             _Iage2_48 |   5.223754    .779685     6.70   0.000     3.695525    6.751982
             _Iage2_49 |   5.336734    .807051     6.61   0.000     3.754867    6.918601
             _Iage2_50 |   5.451637   .8344441     6.53   0.000     3.816078    7.087196
             _Iage2_51 |   5.566103   .8618335     6.46   0.000     3.876859    7.255347
             _Iage2_52 |   5.684837   .8892029     6.39   0.000     3.941947    7.427726
             _Iage2_53 |   5.800968   .9166091     6.33   0.000      4.00436    7.597575
             _Iage2_54 |   5.915335   .9439504     6.27   0.000     4.065137    7.765533
             _Iage2_55 |   6.025812   .9713891     6.20   0.000     4.121832    7.929791
             _Iage2_56 |   6.135369   .9987086     6.14   0.000     4.177841    8.092896
             _Iage2_57 |   6.228082   1.026092     6.07   0.000     4.216881    8.239283
             _Iage2_58 |   6.326537   1.053481     6.01   0.000     4.261654    8.391421
             _Iage2_59 |   6.396726   1.080801     5.92   0.000     4.278293    8.515159
         firm_size_new |    .004072   .0007394     5.51   0.000     .0026227    .0055212
                 _cons |   6.872551    .422102    16.28   0.000     6.045207    7.699896
-----------------------+----------------------------------------------------------------
               sigma_u |  1.2751858
               sigma_e |  .32789388
                   rho |  .93798248   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25142) =   11.00
            Prob > F =    0.0009

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =   12.23
            Prob > F =    0.0005

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25142) =   10.28
            Prob > F =    0.0013

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 25142) =   26.04
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25142) =   44.10
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 25142) =   24.05
            Prob > F =    0.0000
O:\returns
lnwage_whitec_age_short_noIQ_firstinv_G.xls
dir : seeout
lnwage_whitec_age_top3_noIQ_firstinv_G.xls
dir : seeout
(2,746,356 real changes made, 1,987,716 to missing)
(51,785 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,901,221       98.08       98.08
         12 |     11,821        0.61       98.69
         22 |     17,792        0.92       99.61
         24 |      2,148        0.11       99.72
         25 |      2,128        0.11       99.83
         99 |      3,259        0.17      100.00
------------+-----------------------------------
      Total |  1,938,369      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,864,183
                                                F(87, 159384)     =     329.53
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1605
                                                Root MSE          =     .12608

                                     (Std. Err. adjusted for 159,385 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0244377   .0019258    12.69   0.000     .0206632    .0282121
     treated_ia1_4145 |  -.0650209   .0021859   -29.75   0.000    -.0693052   -.0607365
     treated_ia1_4650 |  -.0683932   .0022227   -30.77   0.000    -.0727496   -.0640368
     treated_ia1_5160 |  -.0728474   .0023957   -30.41   0.000    -.0775428   -.0681519
          treated_pre |  -.0175402   .0017816    -9.84   0.000    -.0210322   -.0140483
 treated_pre_ia1_4145 |   .0573396   .0021003    27.30   0.000     .0532231    .0614562
 treated_pre_ia1_4650 |    .057301   .0021031    27.25   0.000     .0531789    .0614231
 treated_pre_ia1_5155 |   .0592008   .0022523    26.28   0.000     .0547863    .0636153
 treated_pre_ia1_5660 |   .0555238   .0024784    22.40   0.000     .0506662    .0603814
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0269313   .0019039   -14.15   0.000    -.0306629   -.0231997
treated_post_ia1_4145 |   .0712758   .0021516    33.13   0.000     .0670586    .0754929
treated_post_ia1_4650 |   .0734853   .0021887    33.57   0.000     .0691955    .0777752
treated_post_ia1_5155 |   .0775473     .00237    32.72   0.000     .0729022    .0821924
treated_post_ia1_5660 |   .0728198   .0025653    28.39   0.000     .0677919    .0778478
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0603018   .0010596   -56.91   0.000    -.0623787    -.058225
                  l_1 |  -.0442684   .0010927   -40.51   0.000    -.0464101   -.0421267
                  l_2 |  -.0395472   .0011008   -35.93   0.000    -.0417048   -.0373896
                  l_3 |  -.0355304   .0011027   -32.22   0.000    -.0376918   -.0333691
                  l_4 |  -.0319158   .0011051   -28.88   0.000    -.0340817   -.0297498
                  l_5 |  -.0298611   .0011043   -27.04   0.000    -.0320254   -.0276968
                  l_6 |  -.0298371   .0010849   -27.50   0.000    -.0319636   -.0277106
                  l_7 |  -.0310406   .0010277   -30.21   0.000    -.0330548   -.0290264
                  l_8 |  -.0313971   .0010275   -30.56   0.000    -.0334111   -.0293831
                  l_9 |  -.0318649   .0010273   -31.02   0.000    -.0338784   -.0298515
                 l_10 |  -.0323957   .0010311   -31.42   0.000    -.0344167   -.0303747
                  f_1 |  -.0469364   .0010663   -44.02   0.000    -.0490263   -.0448465
                  f_2 |  -.0458412   .0010612   -43.20   0.000    -.0479211   -.0437614
                  f_3 |  -.0390261   .0010512   -37.13   0.000    -.0410863   -.0369658
                  f_4 |  -.0248658    .001034   -24.05   0.000    -.0268924   -.0228392
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0197244   .0016322   -12.08   0.000    -.0229235   -.0165252
         _Ivuosi_1996 |   .0193959   .0016632    11.66   0.000     .0161361    .0226557
         _Ivuosi_1997 |   .0102705   .0016321     6.29   0.000     .0070716    .0134695
         _Ivuosi_1998 |  -.0055991   .0015775    -3.55   0.000     -.008691   -.0025073
         _Ivuosi_1999 |  -.0113009   .0015495    -7.29   0.000    -.0143378   -.0082639
         _Ivuosi_2000 |  -.0249405   .0014605   -17.08   0.000     -.027803   -.0220781
         _Ivuosi_2001 |  -.0802437   .0013313   -60.28   0.000     -.082853   -.0776344
         _Ivuosi_2002 |  -.0786348   .0013353   -58.89   0.000    -.0812519   -.0760176
         _Ivuosi_2003 |  -.0787371   .0013401   -58.75   0.000    -.0813637   -.0761106
         _Ivuosi_2004 |  -.0766869   .0013338   -57.50   0.000     -.079301   -.0740727
         _Ivuosi_2005 |  -.0775637     .00133   -58.32   0.000    -.0801704    -.074957
         _Ivuosi_2006 |  -.0753222   .0013427   -56.10   0.000    -.0779539   -.0726905
         _Ivuosi_2007 |  -.0718782   .0013483   -53.31   0.000    -.0745209   -.0692356
         _Ivuosi_2008 |  -.0704893   .0013488   -52.26   0.000    -.0731329   -.0678457
         _Ivuosi_2009 |   -.070395   .0013588   -51.81   0.000    -.0730582   -.0677318
         _Ivuosi_2010 |  -.0699784    .001347   -51.95   0.000    -.0726185   -.0673384
         _Ivuosi_2011 |  -.0725506   .0013669   -53.08   0.000    -.0752296   -.0698715
         _Ivuosi_2012 |  -.0733752   .0013643   -53.78   0.000    -.0760492   -.0707011
            _Iage2_21 |  -.1291249   .0055506   -23.26   0.000    -.1400039    -.118246
            _Iage2_22 |  -.1765286   .0056607   -31.18   0.000    -.1876235   -.1654336
            _Iage2_23 |  -.2174943    .005569   -39.05   0.000    -.2284095   -.2065791
            _Iage2_24 |  -.2696591   .0053829   -50.10   0.000    -.2802096   -.2591087
            _Iage2_25 |   -.303272   .0052274   -58.02   0.000    -.3135177   -.2930263
            _Iage2_26 |   -.321979   .0051454   -62.58   0.000    -.3320639   -.3118941
            _Iage2_27 |  -.3358813   .0050983   -65.88   0.000    -.3458738   -.3258888
            _Iage2_28 |  -.3438981   .0050741   -67.77   0.000    -.3538433   -.3339529
            _Iage2_29 |  -.3480581   .0050608   -68.77   0.000    -.3579772    -.338139
            _Iage2_30 |  -.3518193   .0050512   -69.65   0.000    -.3617196    -.341919
            _Iage2_31 |  -.3543005   .0050444   -70.24   0.000    -.3641875   -.3444135
            _Iage2_32 |    -.35534   .0050416   -70.48   0.000    -.3652213   -.3454586
            _Iage2_33 |  -.3552843   .0050411   -70.48   0.000    -.3651648   -.3454038
            _Iage2_34 |  -.3568044   .0050369   -70.84   0.000    -.3666765   -.3469323
            _Iage2_35 |  -.3582504   .0050337   -71.17   0.000    -.3681165   -.3483844
            _Iage2_36 |  -.3577303   .0050345   -71.06   0.000    -.3675979   -.3478627
            _Iage2_37 |  -.3587719   .0050317   -71.30   0.000    -.3686339   -.3489099
            _Iage2_38 |    -.35854   .0050318   -71.25   0.000    -.3684023   -.3486778
            _Iage2_39 |  -.3587909   .0050307   -71.32   0.000     -.368651   -.3489308
            _Iage2_40 |  -.3594407   .0050294   -71.47   0.000    -.3692982   -.3495831
            _Iage2_41 |  -.3582686   .0050359   -71.14   0.000    -.3681388   -.3483984
            _Iage2_42 |  -.3591273   .0050353   -71.32   0.000    -.3689963   -.3492583
            _Iage2_43 |  -.3586828   .0050362   -71.22   0.000    -.3685537   -.3488118
            _Iage2_44 |  -.3594657   .0050358   -71.38   0.000    -.3693357   -.3495956
            _Iage2_45 |  -.3597908   .0050344   -71.47   0.000    -.3696581   -.3499234
            _Iage2_46 |  -.3590999   .0050368   -71.30   0.000     -.368972   -.3492279
            _Iage2_47 |  -.3591138   .0050373   -71.29   0.000    -.3689868   -.3492408
            _Iage2_48 |  -.3590512   .0050392   -71.25   0.000     -.368928   -.3491744
            _Iage2_49 |  -.3591058   .0050409   -71.24   0.000    -.3689858   -.3492257
            _Iage2_50 |  -.3583422   .0050435   -71.05   0.000    -.3682272   -.3484571
            _Iage2_51 |  -.3572609   .0050482   -70.77   0.000    -.3671553   -.3473666
            _Iage2_52 |  -.3575068   .0050457   -70.85   0.000    -.3673963   -.3476173
            _Iage2_53 |  -.3563699   .0050449   -70.64   0.000    -.3662579    -.346482
            _Iage2_54 |  -.3556963   .0050417   -70.55   0.000    -.3655779   -.3458147
            _Iage2_55 |  -.3522614   .0050453   -69.82   0.000    -.3621502   -.3423727
            _Iage2_56 |  -.3463777   .0050687   -68.34   0.000    -.3563122   -.3364432
            _Iage2_57 |  -.3441105    .005077   -67.78   0.000    -.3540612   -.3341597
            _Iage2_58 |  -.3372039     .00511   -65.99   0.000    -.3472193   -.3271884
            _Iage2_59 |  -.3330282   .0051414   -64.77   0.000    -.3431052   -.3229512
        firm_size_new |   .0000744   .0000989     0.75   0.452    -.0001195    .0002682
                _cons |   .4604835   .0052029    88.51   0.000      .450286     .470681
---------------------------------------------------------------------------------------
(2,010,117 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.59705  .0197891  40.86823  .6348333  .2302273   14.1355
      sd |  .6606799   .139275   9.79175  .4814771  .4209785  9.263996
     p50 |  10.65852         0        41         1         0        13
       N |    909511    914796    914796    914796    914796    817943
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.68195  .0188385  40.93569  .6910438  .2407775   14.1434
      sd |  .6800638  .1359544    9.7629  .4620633  .4275557  9.273282
     p50 |  10.73854         0        41         1         0        13
       N |    943713    949387    949387    949387    949387    850846
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.59705  .0197891  40.86823  .6348333  .2302273   14.1355
         |  .6606799   .139275   9.79175  .4814771  .4209785  9.263996
         |  10.65852         0        41         1         0        13
         |    909511    914796    914796    914796    914796    817943
---------+------------------------------------------------------------
       1 |  10.68195  .0188385  40.93569  .6910438  .2407775   14.1434
         |  .6800638  .1359544    9.7629  .4620633  .4275557  9.273282
         |  10.73854         0        41         1         0        13
         |    943713    949387    949387    949387    949387    850846
---------+------------------------------------------------------------
   Total |  10.64028   .019305  40.90259  .6634601  .2356003  14.13953
         |  .6719622  .1375947  9.777124  .4725261  .4243735   9.26873
         |  10.69818         0        41         1         0        13
         |   1853224   1864183   1864183   1864183   1864183   1668789
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_firstinv.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
Linear regression                               Number of obs     =  1,668,789
                                                F(1, 1668787)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6413
                                                Root MSE          =     5.5509

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7847362   .0004736  1656.96   0.000     .7838079    .7856644
       _cons |  -17.32347   .0170926 -1013.51   0.000    -17.35697   -17.28997
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7081   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(158,156 real changes made)
(139,508 real changes made)
(128,490 real changes made)
(120,386 real changes made)
(113,248 real changes made)
(106,314 real changes made)
(174,703 real changes made)
(170,837 real changes made)
(149,115 real changes made)
(135,159 real changes made)
(117,864 real changes made)
(103,525 real changes made)
(89,280 real changes made)
(70,798 real changes made)
(56,345 real changes made)
(50,576 real changes made)
(1,023,124 real changes made, 1,023,124 to missing)
(865983 missing values generated)
(2,843,334 real changes made, 2,843,334 to missing)
(74,133 real changes made, 74,133 to missing)
(79,873 real changes made)
(69,753 real changes made)
(64,250 real changes made)
(60,277 real changes made)
(56,674 real changes made)
(53,202 real changes made)
(88,902 real changes made)
(86,883 real changes made)
(75,827 real changes made)
(68,602 real changes made)
(59,504 real changes made)
(52,094 real changes made)
(44,751 real changes made)
(35,115 real changes made)
(27,890 real changes made)
(25,069 real changes made)

         +---------------------------------------------------------------------------------------+
         |            shnro             syrtun   treatm~e   year   treated   treat_~r   treat_~n |
         |---------------------------------------------------------------------------------------|
1708586. | 592D379F9D5C3005   7B82E5A4ED08BC97         -2   1992         1       1994       1994 |
1708587. | 592D379F9D5C3005   7B82E5A4ED08BC97         -1   1993         1       1994       1994 |
1708588. | 592D379F9D5C3005   7B82E5A4ED08BC97          0   1994         1       1994       1994 |
1708589. | 592D379F9D5C3005   7B82E5A4ED08BC97          1   1995         1       1994       1994 |
1708590. | 592D379F9D5C3005   7B82E5A4ED08BC97          2   1996         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
1708591. | 592D379F9D5C3005   7B82E5A4ED08BC97          3   1997         1       1994       1994 |
1708592. | 592D379F9D5C3005   7B82E5A4ED08BC97          4   1998         1       1994       1994 |
1708593. | 592D379F9D5C3005   7B82E5A4ED08BC97          5   1999         1       1994       1994 |
1708594. | 592D379F9D5C3005   7B82E5A4ED08BC97          6   2000         1       1994       1994 |
1708595. | 592D379F9D5C3005   7B82E5A4ED08BC97          7   2001         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
1708596. | 592D379F9D5C3005   E60A9CFA3E90ABD9          8   2002         1       1994       1994 |
1708597. | 592D379F9D5C3005   E60A9CFA3E90ABD9          9   2003         1       1994       1994 |
1708598. | 592D379F9D5C3005   E60A9CFA3E90ABD9         10   2004         1       1994       1994 |
1708599. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2005         1          .          . |
1708600. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2006         1          .          . |
         |---------------------------------------------------------------------------------------|
1708601. | 592D379F9D5C3005   52D12528F273424F          .   2007         1          .          . |
1708602. | 592D379F9D5C3005   1DD6FC24BAA2B81C          .   2008         1          .          . |
1708603. | 592D379F9D5C3005                             .   2009         1          .          . |
         +---------------------------------------------------------------------------------------+
(751,365 real changes made)

         +---------------------------------------------------------------------------------------+
         |            shnro             syrtun   treatm~e   year   treated   treat_~r   treat_~n |
         |---------------------------------------------------------------------------------------|
 157910. | 592D379F9D5C3005                             .   2009         1          .          . |
 865633. | 592D379F9D5C3005   1DD6FC24BAA2B81C          .   2008         1          .          . |
1576303. | 592D379F9D5C3005   52D12528F273424F          .   2007         1          .          . |
2180850. | 592D379F9D5C3005   7B82E5A4ED08BC97         -2   1992         1       1994       1994 |
2180851. | 592D379F9D5C3005   7B82E5A4ED08BC97         -1   1993         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
2180852. | 592D379F9D5C3005   7B82E5A4ED08BC97          0   1994         1       1994       1994 |
2180853. | 592D379F9D5C3005   7B82E5A4ED08BC97          1   1995         1       1994       1994 |
2180854. | 592D379F9D5C3005   7B82E5A4ED08BC97          2   1996         1       1994       1994 |
2180855. | 592D379F9D5C3005   7B82E5A4ED08BC97          3   1997         1       1994       1994 |
2180856. | 592D379F9D5C3005   7B82E5A4ED08BC97          4   1998         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
2180857. | 592D379F9D5C3005   7B82E5A4ED08BC97          5   1999         1       1994       1994 |
2180858. | 592D379F9D5C3005   7B82E5A4ED08BC97          6   2000         1       1994       1994 |
2180859. | 592D379F9D5C3005   7B82E5A4ED08BC97          7   2001         1       1994       1994 |
3507831. | 592D379F9D5C3005   E60A9CFA3E90ABD9          8   2002         1       1994       1994 |
3507832. | 592D379F9D5C3005   E60A9CFA3E90ABD9          9   2003         1       1994       1994 |
         |---------------------------------------------------------------------------------------|
3507833. | 592D379F9D5C3005   E60A9CFA3E90ABD9         10   2004         1       1994       1994 |
3507834. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2005         1          .          . |
3507835. | 592D379F9D5C3005   E60A9CFA3E90ABD9          .   2006         1          .          . |
         +---------------------------------------------------------------------------------------+
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1543                         Obs per group: min =         1
       between = 0.0030                                        avg =      11.2
       overall = 0.0004                                        max =        48

                                                F(74,25143)        =    106.34
corr(u_i, Xb)  = -0.9304                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 25,144 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |    .031475   .0025561    12.31   0.000     .0264649     .036485
 treated_post |   .0254057   .0058906     4.31   0.000     .0138598    .0369516
          l_0 |  -.1815299   .0571216    -3.18   0.001    -.2934915   -.0695682
          l_1 |  -.1896049   .0684449    -2.77   0.006    -.3237609   -.0554489
          l_2 |  -.2086259   .0797985    -2.61   0.009    -.3650356   -.0522162
          l_3 |  -.2302875   .0911861    -2.53   0.012    -.4090176   -.0515574
          l_4 |  -.2515871   .1025565    -2.45   0.014    -.4526039   -.0505703
          l_5 |  -.2749272     .11393    -2.41   0.016    -.4982366   -.0516179
          l_6 |  -.2993819    .125293    -2.39   0.017    -.5449636   -.0538003
          l_7 |  -.3279377   .1366483    -2.40   0.016    -.5957765    -.060099
          l_8 |  -.3538758   .1480145    -2.39   0.017    -.6439928   -.0637587
          l_9 |  -.3789373   .1594126    -2.38   0.017    -.6913953   -.0664794
         l_10 |  -.4071303    .170773    -2.38   0.017    -.7418554   -.0724052
          f_1 |  -.1405846   .0456543    -3.08   0.002    -.2300697   -.0510995
          f_2 |  -.1133402   .0342647    -3.31   0.001     -.180501   -.0461793
          f_3 |  -.0831855   .0228564    -3.64   0.000    -.1279854   -.0383857
          f_4 |  -.0493147   .0115031    -4.29   0.000    -.0718615    -.026768
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0150896   .0031732    -4.76   0.000    -.0213093   -.0088699
 _Ivuosi_1996 |   .0221039   .0024581     8.99   0.000     .0172858    .0269219
 _Ivuosi_1997 |   .0185719   .0023887     7.77   0.000     .0138899    .0232539
 _Ivuosi_1998 |   .0098538   .0023652     4.17   0.000      .005218    .0144897
 _Ivuosi_1999 |   .0077226   .0023915     3.23   0.001     .0030351    .0124101
 _Ivuosi_2000 |   -.000491   .0025022    -0.20   0.844    -.0053954    .0044134
 _Ivuosi_2001 |  -.0430037   .0020302   -21.18   0.000     -.046983   -.0390244
 _Ivuosi_2002 |  -.0399346   .0018573   -21.50   0.000    -.0435751   -.0362941
 _Ivuosi_2003 |  -.0379202   .0017119   -22.15   0.000    -.0412756   -.0345647
 _Ivuosi_2004 |  -.0339914   .0015274   -22.25   0.000    -.0369853   -.0309975
 _Ivuosi_2005 |  -.0333471   .0013727   -24.29   0.000    -.0360376   -.0306565
 _Ivuosi_2006 |  -.0281743   .0011533   -24.43   0.000    -.0304347   -.0259138
 _Ivuosi_2007 |  -.0209126   .0009862   -21.21   0.000    -.0228455   -.0189797
 _Ivuosi_2008 |  -.0154058    .000819   -18.81   0.000    -.0170111   -.0138004
 _Ivuosi_2009 |   -.011521   .0006674   -17.26   0.000    -.0128291    -.010213
 _Ivuosi_2010 |  -.0069631   .0004794   -14.52   0.000    -.0079028   -.0060234
 _Ivuosi_2011 |  -.0041435   .0002732   -15.17   0.000    -.0046791    -.003608
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1245459   .0151656    -8.21   0.000    -.1542714   -.0948203
    _Iage2_22 |  -.1522601   .0248992    -6.12   0.000     -.201064   -.1034562
    _Iage2_23 |  -.1796027   .0355845    -5.05   0.000    -.2493504   -.1098549
    _Iage2_24 |  -.2144608   .0468093    -4.58   0.000    -.3062097    -.122712
    _Iage2_25 |  -.2319968   .0580806    -3.99   0.000    -.3458382   -.1181554
    _Iage2_26 |  -.2370536   .0694153    -3.42   0.001    -.3731117   -.1009956
    _Iage2_27 |  -.2379956   .0808155    -2.94   0.003    -.3963986   -.0795926
    _Iage2_28 |   -.231073   .0921562    -2.51   0.012    -.4117044   -.0504415
    _Iage2_29 |  -.2203298   .1035006    -2.13   0.033    -.4231971   -.0174626
    _Iage2_30 |  -.2069074   .1148543    -1.80   0.072    -.4320285    .0182137
    _Iage2_31 |  -.1921776    .126232    -1.52   0.128    -.4395997    .0552445
    _Iage2_32 |  -.1743271   .1375604    -1.27   0.205    -.4439535    .0952993
    _Iage2_33 |  -.1548284   .1488922    -1.04   0.298    -.4466657     .137009
    _Iage2_34 |  -.1360907   .1602389    -0.85   0.396    -.4501683     .177987
    _Iage2_35 |  -.1167063   .1716051    -0.68   0.496    -.4530623    .2196497
    _Iage2_36 |   -.095595   .1829786    -0.52   0.601    -.4542436    .2630536
    _Iage2_37 |  -.0742746     .19434    -0.38   0.702    -.4551923    .3066431
    _Iage2_38 |  -.0509052   .2056901    -0.25   0.805    -.4540699    .3522594
    _Iage2_39 |  -.0278768   .2170337    -0.13   0.898    -.4532755    .3975218
    _Iage2_40 |  -.0052303   .2283958    -0.02   0.982    -.4528995    .4424388
    _Iage2_41 |    .018748   .2397666     0.08   0.938    -.4512085    .4887045
    _Iage2_42 |   .0416361    .251126     0.17   0.868    -.4505855    .5338576
    _Iage2_43 |   .0654434   .2625048     0.25   0.803    -.4490813    .5799681
    _Iage2_44 |   .0885498   .2738796     0.32   0.746    -.4482702    .6253698
    _Iage2_45 |   .1117815   .2852509     0.39   0.695     -.447327      .67089
    _Iage2_46 |   .1356534   .2966205     0.46   0.647      -.44574    .7170469
    _Iage2_47 |    .159354   .3079949     0.52   0.605    -.4443341     .763042
    _Iage2_48 |    .184036   .3193624     0.58   0.564     -.441933     .810005
    _Iage2_49 |   .2086786   .3307369     0.63   0.528     -.439585    .8569423
    _Iage2_50 |   .2344054   .3421167     0.69   0.493    -.4361633    .9049742
    _Iage2_51 |   .2590739   .3534864     0.73   0.464    -.4337801    .9519279
    _Iage2_52 |   .2823737   .3648602     0.77   0.439    -.4327735    .9975209
    _Iage2_53 |   .3072069   .3762305     0.82   0.414     -.430227    1.044641
    _Iage2_54 |   .3320414   .3876002     0.86   0.392    -.4276776     1.09176
    _Iage2_55 |   .3596963   .3989817     0.90   0.367    -.4223312    1.141724
    _Iage2_56 |    .387171   .4103512     0.94   0.345    -.4171412    1.191483
    _Iage2_57 |    .415016   .4217214     0.98   0.325    -.4115825    1.241614
    _Iage2_58 |   .4509513   .4330778     1.04   0.298    -.3979065    1.299809
    _Iage2_59 |    .482401   .4444607     1.09   0.278     -.388768     1.35357
firm_size_new |   .0016924   .0003428     4.94   0.000     .0010206    .0023643
        _cons |   .1734019   .1696722     1.02   0.307    -.1591654    .5059693
--------------+----------------------------------------------------------------
      sigma_u |  .23116385
      sigma_e |  .11670311
          rho |  .79689295   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1559                         Obs per group: min =         1
       between = 0.0029                                        avg =      11.2
       overall = 0.0006                                        max =        48

                                                F(79,25143)        =    102.59
corr(u_i, Xb)  = -0.9249                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 25,144 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0284065   .0053239     5.34   0.000     .0179714    .0388416
          treated_pre |   .0475018   .0036672    12.95   0.000      .040314    .0546896
 treated_pre_iasenior |  -.0413896   .0041474    -9.98   0.000    -.0495188   -.0332605
         treated_post |   .0209145   .0078841     2.65   0.008     .0054612    .0363677
treated_post_iasenior |  -.0040425    .006969    -0.58   0.562    -.0177022    .0096171
               senior |          0  (omitted)
         pre_iasenior |   .0437418   .0023027    19.00   0.000     .0392284    .0482551
        post_iasenior |   .0367367   .0025779    14.25   0.000     .0316839    .0417894
                  l_0 |  -.1904642   .0570374    -3.34   0.001    -.3022609   -.0786675
                  l_1 |  -.1976465   .0683123    -2.89   0.004    -.3315426   -.0637505
                  l_2 |  -.2159064   .0796224    -2.71   0.007    -.3719711   -.0598418
                  l_3 |  -.2367404   .0909642    -2.60   0.009    -.4150356   -.0584452
                  l_4 |  -.2572445   .1022898    -2.51   0.012    -.4577385   -.0567505
                  l_5 |  -.2797541   .1136182    -2.46   0.014    -.5024523   -.0570558
                  l_6 |  -.3034144   .1249348    -2.43   0.015    -.5482939   -.0585349
                  l_7 |  -.3311362   .1362469    -2.43   0.015    -.5981881   -.0640843
                  l_8 |  -.3563299   .1475681    -2.41   0.016     -.645572   -.0670879
                  l_9 |   -.380743   .1589172    -2.40   0.017    -.6922299   -.0692561
                 l_10 |  -.4083479   .1702299    -2.40   0.016    -.7420085   -.0746873
                  f_1 |   -.153727   .0455208    -3.38   0.001    -.2429504   -.0645035
                  f_2 |  -.1272181    .034185    -3.72   0.000    -.1942227   -.0602136
                  f_3 |  -.0978358   .0228392    -4.28   0.000    -.1426019   -.0530696
                  f_4 |  -.0647092   .0115716    -5.59   0.000    -.0873903   -.0420281
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0158702   .0031486    -5.04   0.000    -.0220416   -.0096988
         _Ivuosi_1996 |   .0215806   .0024443     8.83   0.000     .0167897    .0263716
         _Ivuosi_1997 |   .0181151   .0023777     7.62   0.000     .0134546    .0227755
         _Ivuosi_1998 |    .009375   .0023582     3.98   0.000     .0047528    .0139971
         _Ivuosi_1999 |   .0070948   .0023865     2.97   0.003     .0024171    .0117724
         _Ivuosi_2000 |  -.0009442   .0025088    -0.38   0.707    -.0058616    .0039732
         _Ivuosi_2001 |   -.043778   .0020286   -21.58   0.000    -.0477541   -.0398019
         _Ivuosi_2002 |  -.0406587   .0018571   -21.89   0.000    -.0442988   -.0370186
         _Ivuosi_2003 |  -.0386327    .001714   -22.54   0.000    -.0419923   -.0352731
         _Ivuosi_2004 |  -.0345339   .0015294   -22.58   0.000    -.0375317   -.0315361
         _Ivuosi_2005 |  -.0335848   .0013744   -24.44   0.000    -.0362786    -.030891
         _Ivuosi_2006 |  -.0284138   .0011557   -24.59   0.000    -.0306791   -.0261485
         _Ivuosi_2007 |  -.0212356   .0009856   -21.55   0.000    -.0231674   -.0193038
         _Ivuosi_2008 |  -.0157244   .0008185   -19.21   0.000    -.0173288     -.01412
         _Ivuosi_2009 |  -.0117868   .0006655   -17.71   0.000    -.0130912   -.0104823
         _Ivuosi_2010 |  -.0071365   .0004784   -14.92   0.000    -.0080742   -.0061988
         _Ivuosi_2011 |  -.0042398   .0002716   -15.61   0.000    -.0047722   -.0037075
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1245075   .0151484    -8.22   0.000    -.1541994   -.0948157
            _Iage2_22 |  -.1523907   .0248207    -6.14   0.000    -.2010407   -.1037407
            _Iage2_23 |  -.1798587   .0354741    -5.07   0.000    -.2493901   -.1103273
            _Iage2_24 |  -.2149922   .0466551    -4.61   0.000    -.3064389   -.1235455
            _Iage2_25 |  -.2328755   .0578937    -4.02   0.000    -.3463505   -.1194005
            _Iage2_26 |  -.2382873   .0691912    -3.44   0.001    -.3739061   -.1026684
            _Iage2_27 |  -.2398305   .0805543    -2.98   0.003    -.3977216   -.0819394
            _Iage2_28 |  -.2335481    .091859    -2.54   0.011     -.413597   -.0534991
            _Iage2_29 |  -.2234576   .1031682    -2.17   0.030    -.4256733   -.0212419
            _Iage2_30 |  -.2106693   .1144851    -1.84   0.066    -.4350668    .0137282
            _Iage2_31 |  -.1965618   .1258269    -1.56   0.118    -.4431899    .0500662
            _Iage2_32 |  -.1793135   .1371186    -1.31   0.191    -.4480739     .089447
            _Iage2_33 |  -.1604378   .1484147    -1.08   0.280    -.4513394    .1304637
            _Iage2_34 |  -.1422818    .159725    -0.89   0.373    -.4553522    .1707885
            _Iage2_35 |  -.1235108   .1710554    -0.72   0.470    -.4587894    .2117678
            _Iage2_36 |   -.103033   .1823923    -0.56   0.572    -.4605325    .2544665
            _Iage2_37 |  -.0823503    .193716    -0.43   0.671    -.4620451    .2973444
            _Iage2_38 |  -.0596229   .2050291    -0.29   0.771     -.461492    .3422461
            _Iage2_39 |  -.0372561   .2163335    -0.17   0.863    -.4612825    .3867702
            _Iage2_40 |  -.0153472   .2276557    -0.07   0.946    -.4615657    .4308713
            _Iage2_41 |  -.0304112   .2387761    -0.13   0.899    -.4984263    .4376039
            _Iage2_42 |  -.0084531   .2500913    -0.03   0.973    -.4986466    .4817404
            _Iage2_43 |   .0143536   .2614235     0.05   0.956    -.4980518    .5267589
            _Iage2_44 |   .0364602    .272749     0.13   0.894    -.4981438    .5710642
            _Iage2_45 |   .0587459   .2840719     0.21   0.836    -.4980515    .6155433
            _Iage2_46 |     .08153    .295391     0.28   0.783    -.4974537    .6605137
            _Iage2_47 |   .1041832   .3067146     0.34   0.734    -.4969953    .7053617
            _Iage2_48 |   .1277999   .3180316     0.40   0.688    -.4955606    .7511605
            _Iage2_49 |   .1512582    .329354     0.46   0.646    -.4942948    .7968112
            _Iage2_50 |   .1758064   .3406787     0.52   0.606    -.4919437    .8435565
            _Iage2_51 |    .199264   .3519975     0.57   0.571    -.4906716    .8891997
            _Iage2_52 |   .2214433   .3633191     0.61   0.542    -.4906833    .9335698
            _Iage2_53 |   .2450238   .3746371     0.65   0.513    -.4892868    .9793343
            _Iage2_54 |   .2686106   .3859534     0.70   0.486    -.4878806    1.025102
            _Iage2_55 |   .2941908   .3972808     0.74   0.459    -.4845029    1.072884
            _Iage2_56 |   .3207095   .4085986     0.78   0.433    -.4801676    1.121587
            _Iage2_57 |   .3477053   .4199168     0.83   0.408     -.475356    1.170767
            _Iage2_58 |   .3828053   .4312195     0.89   0.375      -.46241    1.228021
            _Iage2_59 |   .4134584   .4425484     0.93   0.350    -.4539622    1.280879
        firm_size_new |   .0016401    .000341     4.81   0.000     .0009717    .0023084
                _cons |   .1935047   .1690748     1.14   0.252    -.1378919    .5249012
----------------------+----------------------------------------------------------------
              sigma_u |  .22321653
              sigma_e |  .11659451
                  rho |  .78564645   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25143) =   12.06
            Prob > F =    0.0005

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 25143) =    6.83
            Prob > F =    0.0090
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1557                         Obs per group: min =         1
       between = 0.0036                                        avg =      11.2
       overall = 0.0003                                        max =        48

                                                F(82,25143)        =     98.38
corr(u_i, Xb)  = -0.9322                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,144 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0013914   .0004332     3.21   0.001     .0005423    .0022406
     treated_iasuorv_d |  -.0217989   .0252413    -0.86   0.388    -.0712733    .0276755
           treated_pre |   .0251933   .0048595     5.18   0.000     .0156684    .0347183
       treated_pre_ia3 |   .0002888   .0002435     1.19   0.236    -.0001885    .0007661
 treated_pre_iasuorv_d |   .0057747   .0063091     0.92   0.360    -.0065914    .0181408
          treated_post |   -.013947   .0119135    -1.17   0.242    -.0372983    .0094042
      treated_post_ia3 |    .001433   .0004938     2.90   0.004     .0004652    .0024008
treated_post_iasuorv_d |   .0760344   .0124826     6.09   0.000     .0515677    .1005011
             interact3 |   .0012332   .0001076    11.46   0.000     .0010224     .001444
               suorv_d |   .0065173   .0074464     0.88   0.381     -.008078    .0211127
                   l_0 |  -.1823764    .057291    -3.18   0.001      -.29467   -.0700827
                   l_1 |  -.1908659   .0686506    -2.78   0.005    -.3254251   -.0563067
                   l_2 |  -.2104327   .0800388    -2.63   0.009    -.3673133    -.053552
                   l_3 |  -.2326079   .0914608    -2.54   0.011    -.4118764   -.0533394
                   l_4 |  -.2544997   .1028655    -2.47   0.013    -.4561221   -.0528773
                   l_5 |  -.2784473   .1142716    -2.44   0.015    -.5024263   -.0544684
                   l_6 |  -.3035609   .1256673    -2.42   0.016     -.549876   -.0572457
                   l_7 |  -.3328499   .1370532    -2.43   0.015    -.6014822   -.0642175
                   l_8 |  -.3595579   .1484518    -2.42   0.015    -.6505321   -.0685836
                   l_9 |  -.3855561   .1598763    -2.41   0.016     -.698923   -.0721891
                  l_10 |  -.4147534   .1712647    -2.42   0.015    -.7504423   -.0790646
                   f_1 |  -.1420022   .0457856    -3.10   0.002    -.2317446   -.0522597
                   f_2 |  -.1143679   .0343611    -3.33   0.001    -.1817176   -.0470181
                   f_3 |  -.0836445   .0229196    -3.65   0.000    -.1285682   -.0387209
                   f_4 |  -.0492096   .0115341    -4.27   0.000    -.0718171   -.0266021
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0156637   .0031594    -4.96   0.000    -.0218563   -.0094711
          _Ivuosi_1996 |   .0213107   .0024395     8.74   0.000     .0165291    .0260924
          _Ivuosi_1997 |    .017619   .0023719     7.43   0.000       .01297    .0222681
          _Ivuosi_1998 |   .0088728    .002359     3.76   0.000     .0042491    .0134965
          _Ivuosi_1999 |   .0066458   .0023941     2.78   0.006     .0019533    .0113383
          _Ivuosi_2000 |  -.0015999   .0025183    -0.64   0.525    -.0065359    .0033361
          _Ivuosi_2001 |  -.0441442   .0020464   -21.57   0.000    -.0481552   -.0401332
          _Ivuosi_2002 |   -.041088   .0018787   -21.87   0.000    -.0447704   -.0374056
          _Ivuosi_2003 |  -.0390434   .0017367   -22.48   0.000    -.0424475   -.0356394
          _Ivuosi_2004 |  -.0351046   .0015576   -22.54   0.000    -.0381575   -.0320517
          _Ivuosi_2005 |  -.0341512   .0014007   -24.38   0.000    -.0368967   -.0314058
          _Ivuosi_2006 |   -.029011   .0011723   -24.75   0.000    -.0313088   -.0267131
          _Ivuosi_2007 |  -.0216611   .0010053   -21.55   0.000    -.0236315   -.0196907
          _Ivuosi_2008 |  -.0160225   .0008389   -19.10   0.000    -.0176668   -.0143783
          _Ivuosi_2009 |  -.0120395   .0006801   -17.70   0.000    -.0133726   -.0107064
          _Ivuosi_2010 |  -.0072399   .0004895   -14.79   0.000    -.0081994   -.0062804
          _Ivuosi_2011 |  -.0043144   .0002765   -15.60   0.000    -.0048565   -.0037724
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249129   .0151937    -8.22   0.000    -.1546934   -.0951324
             _Iage2_22 |  -.1531655   .0249649    -6.14   0.000    -.2020981    -.104233
             _Iage2_23 |  -.1808834   .0356739    -5.07   0.000    -.2508063   -.1109606
             _Iage2_24 |  -.2157526   .0469369    -4.60   0.000    -.3077517   -.1237536
             _Iage2_25 |  -.2329188   .0582447    -4.00   0.000    -.3470819   -.1187557
             _Iage2_26 |   -.237769   .0696147    -3.42   0.001    -.3742178   -.1013202
             _Iage2_27 |  -.2386746    .081046    -2.94   0.003    -.3975294   -.0798198
             _Iage2_28 |  -.2319963    .092417    -2.51   0.012    -.4131389   -.0508536
             _Iage2_29 |   -.221621   .1037922    -2.14   0.033    -.4250598   -.0181823
             _Iage2_30 |  -.2086544   .1151749    -1.81   0.070     -.434404    .0170952
             _Iage2_31 |  -.1943293   .1265842    -1.54   0.125    -.4424418    .0537832
             _Iage2_32 |   -.177028   .1379426    -1.28   0.199    -.4474035    .0933476
             _Iage2_33 |  -.1580822   .1493034    -1.06   0.290    -.4507255     .134561
             _Iage2_34 |  -.1399177   .1606816    -0.87   0.384     -.454863    .1750275
             _Iage2_35 |  -.1211255   .1720775    -0.70   0.482    -.4584074    .2161563
             _Iage2_36 |  -.1006306   .1834804    -0.55   0.583    -.4602629    .2590017
             _Iage2_37 |  -.0799575   .1948726    -0.41   0.682    -.4619192    .3020042
             _Iage2_38 |   -.057298   .2062502    -0.28   0.781    -.4615606    .3469645
             _Iage2_39 |  -.0349157   .2176212    -0.16   0.873    -.4614659    .3916345
             _Iage2_40 |  -.0129405   .2290139    -0.06   0.955    -.4618211    .4359402
             _Iage2_41 |   .0103312   .2404141     0.04   0.966    -.4608944    .4815567
             _Iage2_42 |   .0324544   .2518029     0.13   0.897    -.4610941    .5260028
             _Iage2_43 |    .055564   .2632105     0.21   0.833    -.4603439    .5714718
             _Iage2_44 |   .0779503   .2746151     0.28   0.777    -.4603113    .6162119
             _Iage2_45 |   .1004156   .2860146     0.35   0.726    -.4601897    .6610208
             _Iage2_46 |   .1235106   .2974142     0.42   0.678    -.4594387    .7064599
             _Iage2_47 |   .1464721   .3088178     0.47   0.635    -.4588288     .751773
             _Iage2_48 |   .1704635   .3202138     0.53   0.594    -.4571742    .7981013
             _Iage2_49 |   .1943227   .3316191     0.59   0.558    -.4556701    .8443154
             _Iage2_50 |   .2192884   .3430271     0.64   0.523    -.4530646    .8916415
             _Iage2_51 |   .2432105   .3544257     0.69   0.493    -.4514846    .9379056
             _Iage2_52 |   .2657892   .3658282     0.73   0.468    -.4512554    .9828338
             _Iage2_53 |   .2899109   .3772278     0.77   0.442    -.4494776    1.029299
             _Iage2_54 |   .3140491   .3886269     0.81   0.419    -.4476824    1.075781
             _Iage2_55 |   .3409878     .40004     0.85   0.394    -.4431139    1.125089
             _Iage2_56 |   .3678722   .4114396     0.89   0.371    -.4385734    1.174318
             _Iage2_57 |   .3951339     .42284     0.93   0.350    -.4336572    1.223925
             _Iage2_58 |   .4305693   .4342241     0.99   0.321    -.4205352    1.281674
             _Iage2_59 |    .461446    .445638     1.04   0.300    -.4120304    1.334922
         firm_size_new |   .0016648    .000342     4.87   0.000     .0009945     .002335
                 _cons |   .1672292   .1701272     0.98   0.326    -.1662301    .5006884
-----------------------+----------------------------------------------------------------
               sigma_u |  .23440858
               sigma_e |  .11660735
                   rho |  .80162896   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25143) =    1.19
            Prob > F =    0.2752

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25143) =   30.12
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1558                         Obs per group: min =         1
       between = 0.0036                                        avg =      11.2
       overall = 0.0003                                        max =        48

                                                F(85,25143)        =     95.62
corr(u_i, Xb)  = -0.9322                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,144 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0018558   .0044142     0.42   0.674    -.0067964     .010508
           treated_ia3 |   .0013826   .0004527     3.05   0.002     .0004954    .0022699
     treated_iasuorv_d |  -.0196777   .0260341    -0.76   0.450     -.070706    .0313506
           treated_pre |   .0245619   .0049016     5.01   0.000     .0149544    .0341694
  treated_pre_iasenior |  -.0042064    .003953    -1.06   0.287    -.0119545    .0035417
       treated_pre_ia3 |   .0004632   .0002945     1.57   0.116     -.000114    .0010404
 treated_pre_iasuorv_d |   .0100041   .0078034     1.28   0.200     -.005291    .0252992
          treated_post |  -.0142453   .0117693    -1.21   0.226    -.0373138    .0088233
 treated_post_iasenior |   .0110174   .0054365     2.03   0.043     .0003615    .0216732
      treated_post_ia3 |   .0010397   .0005125     2.03   0.043     .0000351    .0020443
treated_post_iasuorv_d |   .0669124   .0135314     4.94   0.000     .0403901    .0934347
                senior |   .4601147   .4456745     1.03   0.302    -.4134334    1.333663
             interact3 |   .0012568   .0001074    11.70   0.000     .0010463    .0014672
               suorv_d |   .0065589   .0074453     0.88   0.378    -.0080343    .0211521
                   l_0 |   -.182243   .0572951    -3.18   0.001    -.2945448   -.0699413
                   l_1 |   -.190725   .0686556    -2.78   0.005     -.325294    -.056156
                   l_2 |   -.210294   .0800447    -2.63   0.009    -.3671863   -.0534018
                   l_3 |  -.2324601   .0914675    -2.54   0.011    -.4117418   -.0531784
                   l_4 |  -.2543524   .1028732    -2.47   0.013    -.4559899   -.0527149
                   l_5 |  -.2783059   .1142802    -2.44   0.015    -.5023017   -.0543101
                   l_6 |  -.3034325   .1256765    -2.41   0.016    -.5497658   -.0570993
                   l_7 |  -.3327331   .1370633    -2.43   0.015    -.6013851    -.064081
                   l_8 |  -.3594512   .1484628    -2.42   0.015    -.6504469   -.0684555
                   l_9 |     -.3855   .1598877    -2.41   0.016    -.6988891   -.0721108
                  l_10 |   -.414752   .1712765    -2.42   0.015    -.7504639   -.0790401
                   f_1 |  -.1419487    .045789    -3.10   0.002    -.2316978   -.0521996
                   f_2 |  -.1143277   .0343635    -3.33   0.001    -.1816822   -.0469732
                   f_3 |  -.0836131    .022921    -3.65   0.000    -.1285395   -.0386867
                   f_4 |  -.0491882   .0115344    -4.26   0.000    -.0717962   -.0265802
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0157246   .0031576    -4.98   0.000    -.0219136   -.0095355
          _Ivuosi_1996 |   .0212195   .0024377     8.70   0.000     .0164415    .0259975
          _Ivuosi_1997 |   .0175007   .0023707     7.38   0.000     .0128539    .0221474
          _Ivuosi_1998 |   .0087152   .0023567     3.70   0.000     .0040959    .0133345
          _Ivuosi_1999 |   .0064847   .0023931     2.71   0.007     .0017941    .0111753
          _Ivuosi_2000 |  -.0017674   .0025171    -0.70   0.483     -.006701    .0031663
          _Ivuosi_2001 |  -.0443084   .0020441   -21.68   0.000    -.0483149   -.0403019
          _Ivuosi_2002 |  -.0412446    .001877   -21.97   0.000    -.0449236   -.0375655
          _Ivuosi_2003 |  -.0391989   .0017356   -22.59   0.000    -.0426007    -.035797
          _Ivuosi_2004 |  -.0352465   .0015569   -22.64   0.000    -.0382982   -.0321949
          _Ivuosi_2005 |  -.0342574   .0014004   -24.46   0.000    -.0370023   -.0315125
          _Ivuosi_2006 |  -.0291049   .0011724   -24.83   0.000    -.0314029   -.0268069
          _Ivuosi_2007 |  -.0217352   .0010047   -21.63   0.000    -.0237045   -.0197659
          _Ivuosi_2008 |  -.0160888    .000838   -19.20   0.000    -.0177313   -.0144463
          _Ivuosi_2009 |  -.0120881   .0006799   -17.78   0.000    -.0134207   -.0107556
          _Ivuosi_2010 |  -.0072714     .00049   -14.84   0.000    -.0082318   -.0063109
          _Ivuosi_2011 |  -.0043315   .0002766   -15.66   0.000    -.0048738   -.0037893
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249136   .0151937    -8.22   0.000    -.1546942    -.095133
             _Iage2_22 |  -.1531946   .0249662    -6.14   0.000    -.2021299   -.1042594
             _Iage2_23 |  -.1809354   .0356764    -5.07   0.000    -.2508631   -.1110076
             _Iage2_24 |  -.2158214   .0469399    -4.60   0.000    -.3078263   -.1238165
             _Iage2_25 |  -.2329916   .0582481    -4.00   0.000    -.3471613   -.1188219
             _Iage2_26 |  -.2378504   .0696186    -3.42   0.001     -.374307   -.1013938
             _Iage2_27 |  -.2387703   .0810507    -2.95   0.003    -.3976344   -.0799061
             _Iage2_28 |  -.2321054   .0924224    -2.51   0.012    -.4132587   -.0509521
             _Iage2_29 |  -.2217409   .1037982    -2.14   0.033    -.4251915   -.0182903
             _Iage2_30 |  -.2087809   .1151816    -1.81   0.070    -.4345436    .0169817
             _Iage2_31 |  -.1944467   .1265912    -1.54   0.125    -.4425728    .0536794
             _Iage2_32 |  -.1771377     .13795    -1.28   0.199    -.4475277    .0932524
             _Iage2_33 |  -.1581844   .1493112    -1.06   0.289    -.4508431    .1344744
             _Iage2_34 |   -.140003   .1606898    -0.87   0.384    -.4549644    .1749585
             _Iage2_35 |  -.1211832   .1720861    -0.70   0.481     -.458482    .2161156
             _Iage2_36 |  -.1006626   .1834894    -0.55   0.583    -.4603126    .2589875
             _Iage2_37 |  -.0799603   .1948823    -0.41   0.682    -.4619409    .3020204
             _Iage2_38 |   -.057289   .2062609    -0.28   0.781    -.4615725    .3469945
             _Iage2_39 |   -.034915   .2176335    -0.16   0.873    -.4614893    .3916594
             _Iage2_40 |  -.0129638   .2290282    -0.06   0.955    -.4618724    .4359449
             _Iage2_41 |   -.450855   .2053652    -2.20   0.028    -.8533828   -.0483271
             _Iage2_42 |  -.4287453   .1939648    -2.21   0.027    -.8089277    -.048563
             _Iage2_43 |  -.4056475   .1825464    -2.22   0.026    -.7634491    -.047846
             _Iage2_44 |  -.3832662   .1711311    -2.24   0.025    -.7186931   -.0478394
             _Iage2_45 |   -.360802   .1597229    -2.26   0.024    -.6738682   -.0477359
             _Iage2_46 |  -.3377092   .1483154    -2.28   0.023    -.6284159   -.0470024
             _Iage2_47 |  -.3147654   .1369052    -2.30   0.022    -.5831076   -.0464233
             _Iage2_48 |  -.2907911    .125502    -2.32   0.021    -.5367824   -.0447999
             _Iage2_49 |  -.2669471   .1140915    -2.34   0.019    -.4905731    -.043321
             _Iage2_50 |  -.2420001   .1026806    -2.36   0.018      -.44326   -.0407403
             _Iage2_51 |  -.2180951   .0912784    -2.39   0.017    -.3970061   -.0391841
             _Iage2_52 |  -.1955407   .0798739    -2.45   0.014    -.3520982   -.0389833
             _Iage2_53 |  -.1714329   .0684752    -2.50   0.012    -.3056482   -.0372176
             _Iage2_54 |  -.1473092   .0570766    -2.58   0.010    -.2591827   -.0354358
             _Iage2_55 |  -.1203856   .0456669    -2.64   0.008    -.2098954   -.0308759
             _Iage2_56 |  -.0935194   .0342782    -2.73   0.006    -.1607066   -.0263322
             _Iage2_57 |  -.0662816   .0229015    -2.89   0.004    -.1111699   -.0213933
             _Iage2_58 |  -.0308645    .011471    -2.69   0.007    -.0533484   -.0083806
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0016646   .0003417     4.87   0.000     .0009948    .0023344
                 _cons |   .1673745   .1701364     0.98   0.325    -.1661029    .5008518
-----------------------+----------------------------------------------------------------
               sigma_u |  .23440068
               sigma_e |  .11660339
                   rho |  .80162905   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 25143) =   23.60
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25143) =    2.21
            Prob > F =    0.1096

 ( 1)  treated_pre_ia3 = 0

       F(  1, 25143) =    2.47
            Prob > F =    0.1158

 ( 1)  treated_post_ia3 = 0

       F(  1, 25143) =    4.12
            Prob > F =    0.0425

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25143) =    0.06
            Prob > F =    0.8057

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25143) =    1.36
            Prob > F =    0.2435

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25143) =    0.03
            Prob > F =    0.8628
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1596                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.2
       overall = 0.0005                                        max =        48

                                                F(89,25143)        =     93.47
corr(u_i, Xb)  = -0.9337                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,144 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0001724   .0044513     0.04   0.969    -.0085525    .0088973
           treated_ia2 |   .0772045   .0130173     5.93   0.000     .0516898    .1027192
           treated_ia3 |   .0018137   .0004987     3.64   0.000     .0008363    .0027911
     treated_iasuorv_d |  -.0247732   .0262208    -0.94   0.345    -.0761675    .0266211
           treated_pre |   .0198401   .0053221     3.73   0.000     .0094084    .0302718
  treated_pre_iasenior |  -.0043164   .0040565    -1.06   0.287    -.0122673    .0036345
       treated_pre_ia2 |   .0031747   .0038362     0.83   0.408    -.0043444    .0106938
       treated_pre_ia3 |   .0005916   .0003099     1.91   0.056    -.0000159     .001199
 treated_pre_iasuorv_d |   .0116103   .0081871     1.42   0.156    -.0044369    .0276575
          treated_post |  -.0291351   .0128546    -2.27   0.023     -.054331   -.0039393
 treated_post_iasenior |   .0110415   .0055703     1.98   0.047     .0001233    .0219597
      treated_post_ia2 |   .0129175   .0077532     1.67   0.096    -.0022791    .0281142
      treated_post_ia3 |    .001382   .0005463     2.53   0.011     .0003113    .0024527
treated_post_iasuorv_d |   .0730932   .0146622     4.99   0.000     .0443545    .1018319
                senior |   .4933552   .4458182     1.11   0.268    -.3804744    1.367185
             interact2 |  -.0882597   .0051694   -17.07   0.000    -.0983921   -.0781273
             interact3 |  -.0000194   .0001071    -0.18   0.856    -.0002294    .0001906
               suorv_d |   .0076703   .0074745     1.03   0.305    -.0069802    .0223209
                   l_0 |  -.1784235   .0573153    -3.11   0.002    -.2907649   -.0660821
                   l_1 |  -.1865832   .0686831    -2.72   0.007    -.3212061   -.0519603
                   l_2 |   -.205835   .0800786    -2.57   0.010    -.3627936   -.0488763
                   l_3 |  -.2277566   .0915068    -2.49   0.013    -.4071153   -.0483979
                   l_4 |   -.249388   .1029202    -2.42   0.015    -.4511175   -.0476584
                   l_5 |  -.2730867   .1143365    -2.39   0.017     -.497193   -.0489805
                   l_6 |  -.2978823    .125736    -2.37   0.018    -.5443322   -.0514324
                   l_7 |  -.3269059   .1371357    -2.38   0.017    -.5956999   -.0581119
                   l_8 |  -.3535247   .1485466    -2.38   0.017    -.6446847   -.0623646
                   l_9 |  -.3792914   .1599776    -2.37   0.018    -.6928569    -.065726
                  l_10 |  -.4082432   .1713751    -2.38   0.017    -.7441484    -.072338
                   f_1 |  -.1393708   .0458049    -3.04   0.002    -.2291511   -.0495905
                   f_2 |  -.1122469    .034374    -3.27   0.001    -.1796218   -.0448719
                   f_3 |  -.0819536   .0229253    -3.57   0.000    -.1268885   -.0370187
                   f_4 |  -.0479773    .011531    -4.16   0.000    -.0705787    -.025376
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0162218   .0031582    -5.14   0.000     -.022412   -.0100316
          _Ivuosi_1996 |   .0203343   .0024278     8.38   0.000     .0155757     .025093
          _Ivuosi_1997 |   .0163998    .002366     6.93   0.000     .0117623    .0210372
          _Ivuosi_1998 |   .0075289   .0023523     3.20   0.001     .0029183    .0121394
          _Ivuosi_1999 |   .0053398   .0023851     2.24   0.025     .0006649    .0100147
          _Ivuosi_2000 |  -.0032272   .0025029    -1.29   0.197     -.008133    .0016786
          _Ivuosi_2001 |  -.0456062   .0020351   -22.41   0.000    -.0495951   -.0416173
          _Ivuosi_2002 |  -.0425886   .0018672   -22.81   0.000    -.0462484   -.0389288
          _Ivuosi_2003 |  -.0405136   .0017256   -23.48   0.000    -.0438959   -.0371314
          _Ivuosi_2004 |  -.0365875   .0015479   -23.64   0.000    -.0396214   -.0335537
          _Ivuosi_2005 |  -.0354853   .0013927   -25.48   0.000    -.0382151   -.0327554
          _Ivuosi_2006 |  -.0303543   .0011679   -25.99   0.000    -.0326434   -.0280652
          _Ivuosi_2007 |   -.022918    .001001   -22.90   0.000      -.02488    -.020956
          _Ivuosi_2008 |  -.0169236   .0008326   -20.33   0.000    -.0185555   -.0152918
          _Ivuosi_2009 |   -.012789   .0006751   -18.94   0.000    -.0141122   -.0114657
          _Ivuosi_2010 |  -.0077086   .0004856   -15.88   0.000    -.0086603   -.0067569
          _Ivuosi_2011 |  -.0045541   .0002753   -16.54   0.000    -.0050938   -.0040144
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249718   .0151882    -8.23   0.000    -.1547416   -.0952019
             _Iage2_22 |  -.1531365   .0249628    -6.13   0.000    -.2020651   -.1042079
             _Iage2_23 |  -.1808089   .0356738    -5.07   0.000    -.2507316   -.1108863
             _Iage2_24 |  -.2152874   .0469365    -4.59   0.000    -.3072857    -.123289
             _Iage2_25 |  -.2305494   .0582372    -3.96   0.000    -.3446976   -.1164011
             _Iage2_26 |  -.2325295   .0695999    -3.34   0.001    -.3689495   -.0961096
             _Iage2_27 |  -.2306671    .081029    -2.85   0.004    -.3894887   -.0718456
             _Iage2_28 |  -.2216322   .0923944    -2.40   0.016    -.4027306   -.0405338
             _Iage2_29 |  -.2094178   .1037709    -2.02   0.044    -.4128149   -.0060208
             _Iage2_30 |  -.1950014   .1151559    -1.69   0.090    -.4207137    .0307108
             _Iage2_31 |   -.179268   .1265683    -1.42   0.157    -.4273494    .0688133
             _Iage2_32 |  -.1607976   .1379289    -1.17   0.244    -.4311462     .109551
             _Iage2_33 |   -.140746   .1492943    -0.94   0.346    -.4333716    .1518796
             _Iage2_34 |  -.1216775    .160678    -0.76   0.449    -.4366157    .1932607
             _Iage2_35 |  -.1020032   .1720795    -0.59   0.553     -.439289    .2352826
             _Iage2_36 |  -.0806628    .183488    -0.44   0.660      -.44031    .2789845
             _Iage2_37 |   -.059152   .1948853    -0.30   0.761    -.4411386    .3228346
             _Iage2_38 |  -.0357248   .2062706    -0.17   0.863    -.4400271    .3685775
             _Iage2_39 |  -.0126746   .2176479    -0.06   0.954    -.4392771    .4139279
             _Iage2_40 |   .0099259   .2290484     0.04   0.965    -.4390223    .4588741
             _Iage2_41 |  -.4602386   .2054843    -2.24   0.025    -.8629997   -.0574774
             _Iage2_42 |  -.4374177    .194079    -2.25   0.024    -.8178239   -.0570115
             _Iage2_43 |  -.4136839   .1826533    -2.26   0.024    -.7716949   -.0556728
             _Iage2_44 |  -.3906372   .1712318    -2.28   0.023    -.7262616   -.0550129
             _Iage2_45 |  -.3675028   .1598173    -2.30   0.021     -.680754   -.0542516
             _Iage2_46 |   -.343729   .1484043    -2.32   0.021    -.6346101   -.0528479
             _Iage2_47 |  -.3201237    .136987    -2.34   0.019    -.5886262   -.0516212
             _Iage2_48 |  -.2955387   .1255777    -2.35   0.019    -.5416784    -.049399
             _Iage2_49 |  -.2710575   .1141607    -2.37   0.018     -.494819   -.0472959
             _Iage2_50 |  -.2455122   .1027425    -2.39   0.017    -.4468934   -.0441309
             _Iage2_51 |  -.2210163    .091334    -2.42   0.016    -.4000362   -.0419964
             _Iage2_52 |  -.1979335   .0799226    -2.48   0.013    -.3545864   -.0412806
             _Iage2_53 |  -.1733769   .0685168    -2.53   0.011    -.3076738   -.0390799
             _Iage2_54 |  -.1487904   .0571116    -2.61   0.009    -.2607324   -.0368483
             _Iage2_55 |  -.1215223   .0456951    -2.66   0.008    -.2110874   -.0319573
             _Iage2_56 |  -.0943333   .0342998    -2.75   0.006     -.161563   -.0271037
             _Iage2_57 |  -.0667908   .0229156    -2.91   0.004    -.1117068   -.0218749
             _Iage2_58 |   -.031106   .0114776    -2.71   0.007    -.0536027   -.0086092
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0016406   .0003407     4.82   0.000     .0009728    .0023083
                 _cons |   .1745541   .1701786     1.03   0.305     -.159006    .5081141
-----------------------+----------------------------------------------------------------
               sigma_u |  .23805913
               sigma_e |  .11633898
                   rho |  .80721615   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 25143) =   21.92
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 25143) =    1.78
            Prob > F =    0.1288

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 25143) =    1.82
            Prob > F =    0.1616

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25143) =    3.24
            Prob > F =    0.0392

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25143) =    1.47
            Prob > F =    0.2251

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25143) =    3.05
            Prob > F =    0.0809

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25143) =    5.03
            Prob > F =    0.0249

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 25143) =    0.22
            Prob > F =    0.6378

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25143) =    1.34
            Prob > F =    0.2464

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25143) =    0.13
            Prob > F =    0.7190

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    535,687    .2045262    .4033553          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    577,131    .2259279    .4181923          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    511,720    8.121197     5.24883          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    476,116    20.75021    7.942048          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    402,239    8.641039    5.419433          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    345,984    21.49727    7.907367          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    109,481     6.21127    4.027753          0         18

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    130,132    18.76399    7.688244          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] * 
>   8.12
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.23 + _b[treated_post_ia3] * 
>  20.75

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0153295   .0081053    -1.89   0.059    -.0312157    .0005567
       _nl_2 |   .0135547   .0055916     2.42   0.015     .0025954    .0245139
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.6
> 4
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.5
> 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.2
> 1
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.7
> 6

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0171943    .008909    -1.93   0.054    -.0346556     .000267
       _nl_2 |   .0116202   .0063685     1.82   0.068    -.0008619    .0241022
       _nl_3 |  -.0076351   .0070707    -1.08   0.280    -.0214935    .0062232
       _nl_4 |   .0207509   .0061072     3.40   0.001      .008781    .0327208
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.2
> 1
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  18.7
> 6
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.6
> 4
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.5
> 0

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0291351   .0128546    -2.27   0.023    -.0543297   -.0039405
       _nl_2 |  -.0180936   .0149137    -1.21   0.225    -.0473239    .0111366
       _nl_3 |  -.0162176   .0092893    -1.75   0.081    -.0344243    .0019891
       _nl_4 |  -.0051761    .010996    -0.47   0.638    -.0267279    .0163758
       _nl_5 |  -.0076351   .0070707    -1.08   0.280    -.0214935    .0062232
       _nl_6 |   .0207509   .0061072     3.40   0.001      .008781    .0327208
       _nl_7 |  -.0171943    .008909    -1.93   0.054    -.0346556     .000267
       _nl_8 |   .0116202   .0063685     1.82   0.068    -.0008619    .0241022
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_whitec_noIQ_firstinv_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1596                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.2
       overall = 0.0005                                        max =        48

                                                F(86,25143)        =     96.10
corr(u_i, Xb)  = -0.9338                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,144 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0770421   .0130658     5.90   0.000     .0514325    .1026517
           treated_ia3 |   .0017829   .0004713     3.78   0.000      .000859    .0027067
     treated_iasuorv_d |  -.0271214   .0253515    -1.07   0.285    -.0768118     .022569
           treated_pre |   .0205639   .0052024     3.95   0.000     .0103669    .0307609
       treated_pre_ia2 |   .0027531   .0037635     0.73   0.464    -.0046235    .0101298
       treated_pre_ia3 |   .0004087   .0002463     1.66   0.097    -.0000741    .0008914
 treated_pre_iasuorv_d |   .0071312    .006454     1.10   0.269     -.005519    .0197815
          treated_post |  -.0294712   .0129599    -2.27   0.023    -.0548733   -.0040691
      treated_post_ia2 |   .0143424   .0076986     1.86   0.062    -.0007474    .0294321
      treated_post_ia3 |   .0017794   .0005074     3.51   0.000     .0007848     .002774
treated_post_iasuorv_d |   .0826599    .013136     6.29   0.000     .0569125    .1084073
             interact2 |  -.0883006   .0051688   -17.08   0.000    -.0984317   -.0781695
             interact3 |  -.0000383   .0001074    -0.36   0.721    -.0002489    .0001722
               suorv_d |   .0076327   .0074755     1.02   0.307    -.0070197     .022285
                   l_0 |  -.1785623   .0573108    -3.12   0.002    -.2908949   -.0662297
                   l_1 |  -.1867361   .0686777    -2.72   0.007    -.3213485   -.0521238
                   l_2 |  -.2059942   .0800722    -2.57   0.010    -.3629404    -.049048
                   l_3 |  -.2279321   .0914996    -2.49   0.013    -.4072766   -.0485876
                   l_4 |  -.2495718    .102912    -2.43   0.015    -.4512853   -.0478584
                   l_5 |  -.2732736   .1143274    -2.39   0.017    -.4973621   -.0491852
                   l_6 |  -.2980665   .1257262    -2.37   0.018    -.5444972   -.0516358
                   l_7 |  -.3270884   .1371251    -2.39   0.017    -.5958616   -.0583153
                   l_8 |  -.3537088   .1485351    -2.38   0.017    -.6448462   -.0625714
                   l_9 |  -.3794429   .1599656    -2.37   0.018    -.6929849    -.065901
                  l_10 |  -.4083582   .1713627    -2.38   0.017    -.7442391   -.0724773
                   f_1 |  -.1394462   .0458013    -3.04   0.002    -.2292195   -.0496729
                   f_2 |  -.1123019   .0343714    -3.27   0.001    -.1796717    -.044932
                   f_3 |  -.0819912   .0229237    -3.58   0.000     -.126923   -.0370595
                   f_4 |  -.0479947   .0115305    -4.16   0.000     -.070595   -.0253943
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0161717   .0031597    -5.12   0.000     -.022365   -.0099784
          _Ivuosi_1996 |   .0204063   .0024293     8.40   0.000     .0156448    .0251679
          _Ivuosi_1997 |   .0164949    .002367     6.97   0.000     .0118554    .0211344
          _Ivuosi_1998 |    .007663   .0023553     3.25   0.001     .0030465    .0122796
          _Ivuosi_1999 |   .0054764    .002387     2.29   0.022     .0007977    .0101551
          _Ivuosi_2000 |  -.0030855   .0025052    -1.23   0.218    -.0079958    .0018249
          _Ivuosi_2001 |    -.04547   .0020381   -22.31   0.000    -.0494649   -.0414752
          _Ivuosi_2002 |  -.0424591   .0018696   -22.71   0.000    -.0461237   -.0387945
          _Ivuosi_2003 |  -.0403841   .0017275   -23.38   0.000      -.04377   -.0369981
          _Ivuosi_2004 |  -.0364696   .0015491   -23.54   0.000     -.039506   -.0334332
          _Ivuosi_2005 |  -.0353967   .0013936   -25.40   0.000    -.0381282   -.0326651
          _Ivuosi_2006 |  -.0302774   .0011681   -25.92   0.000     -.032567   -.0279878
          _Ivuosi_2007 |  -.0228587   .0010017   -22.82   0.000    -.0248222   -.0208953
          _Ivuosi_2008 |  -.0168706   .0008336   -20.24   0.000    -.0185046   -.0152367
          _Ivuosi_2009 |  -.0127497   .0006757   -18.87   0.000    -.0140741   -.0114253
          _Ivuosi_2010 |  -.0076841   .0004851   -15.84   0.000     -.008635   -.0067332
          _Ivuosi_2011 |  -.0045411   .0002753   -16.50   0.000    -.0050806   -.0040015
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249644   .0151881    -8.23   0.000    -.1547339   -.0951949
             _Iage2_22 |  -.1530958   .0249612    -6.13   0.000    -.2020211   -.1041704
             _Iage2_23 |   -.180738   .0356709    -5.07   0.000    -.2506551   -.1108209
             _Iage2_24 |  -.2151954   .0469331    -4.59   0.000     -.307187   -.1232038
             _Iage2_25 |   -.230447   .0582331    -3.96   0.000    -.3445873   -.1163066
             _Iage2_26 |  -.2324116   .0695952    -3.34   0.001    -.3688223    -.096001
             _Iage2_27 |  -.2305299   .0810233    -2.85   0.004    -.3893404   -.0717195
             _Iage2_28 |  -.2214754    .092388    -2.40   0.017    -.4025614   -.0403895
             _Iage2_29 |  -.2092456   .1037639    -2.02   0.044    -.4126289   -.0058624
             _Iage2_30 |  -.1948171   .1151482    -1.69   0.091    -.4205142      .03088
             _Iage2_31 |   -.179089   .1265603    -1.42   0.157    -.4271545    .0689766
             _Iage2_32 |  -.1606219   .1379204    -1.16   0.244    -.4309539      .10971
             _Iage2_33 |  -.1405729   .1492853    -0.94   0.346    -.4331809     .152035
             _Iage2_34 |  -.1215157   .1606686    -0.76   0.449    -.4364354    .1934041
             _Iage2_35 |  -.1018616   .1720696    -0.59   0.554    -.4391282    .2354049
             _Iage2_36 |   -.080539   .1834778    -0.44   0.661    -.4401662    .2790881
             _Iage2_37 |   -.059046   .1948745    -0.30   0.762    -.4410113    .3229194
             _Iage2_38 |   -.035614   .2062587    -0.17   0.863    -.4398931     .368665
             _Iage2_39 |  -.0125355   .2176344    -0.06   0.954    -.4391116    .4140406
             _Iage2_40 |   .0101167    .229033     0.04   0.965    -.4388013    .4590347
             _Iage2_41 |    .034073   .2404389     0.14   0.887    -.4372013    .5053472
             _Iage2_42 |   .0569352   .2518324     0.23   0.821     -.436671    .5505414
             _Iage2_43 |   .0807039   .2632472     0.31   0.759     -.435276    .5966837
             _Iage2_44 |   .1037704   .2746578     0.38   0.706    -.4345749    .6421157
             _Iage2_45 |   .1269148   .2860634     0.44   0.657    -.4337862    .6876158
             _Iage2_46 |   .1506989   .2974683     0.51   0.612    -.4323565    .7337542
             _Iage2_47 |    .174329   .3088789     0.56   0.572    -.4310917    .7797497
             _Iage2_48 |   .1989385   .3202807     0.62   0.535    -.4288304    .8267074
             _Iage2_49 |   .2234427   .3316925     0.67   0.501    -.4266939    .8735793
             _Iage2_50 |   .2490145   .3431075     0.73   0.468    -.4234963    .9215253
             _Iage2_51 |   .2735351   .3545124     0.77   0.440    -.4213299    .9684002
             _Iage2_52 |   .2966493   .3659216     0.81   0.418    -.4205784    1.013877
             _Iage2_53 |   .3212264   .3773282     0.85   0.395    -.4183589    1.060812
             _Iage2_54 |    .345834   .3887339     0.89   0.374    -.4161071    1.107775
             _Iage2_55 |   .3731248   .4001536     0.93   0.351    -.4111996    1.157449
             _Iage2_56 |   .4003383   .4115597     0.97   0.331    -.4063427    1.207019
             _Iage2_57 |   .4279092   .4229675     1.01   0.312    -.4011318     1.25695
             _Iage2_58 |   .4636154   .4343589     1.07   0.286    -.3877534    1.314984
             _Iage2_59 |   .4947352   .4457794     1.11   0.267    -.3790184    1.368489
         firm_size_new |   .0016404   .0003409     4.81   0.000     .0009723    .0023086
                 _cons |   .1743279    .170169     1.02   0.306    -.1592132     .507869
-----------------------+----------------------------------------------------------------
               sigma_u |   .2381749
               sigma_e |  .11634227
                   rho |  .80735862   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25143) =    2.62
            Prob > F =    0.1054

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25143) =    4.90
            Prob > F =    0.0268

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25143) =    2.23
            Prob > F =    0.1353

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 25143) =   28.29
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25143) =   17.71
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 25143) =   31.66
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1596                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.2
       overall = 0.0005                                        max =        48

                                                F(89,25143)        =     93.47
corr(u_i, Xb)  = -0.9337                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,144 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0001724   .0044513     0.04   0.969    -.0085525    .0088973
           treated_ia2 |   .0772045   .0130173     5.93   0.000     .0516898    .1027192
           treated_ia3 |   .0018137   .0004987     3.64   0.000     .0008363    .0027911
     treated_iasuorv_d |  -.0247732   .0262208    -0.94   0.345    -.0761675    .0266211
           treated_pre |   .0198401   .0053221     3.73   0.000     .0094084    .0302718
  treated_pre_iasenior |  -.0043164   .0040565    -1.06   0.287    -.0122673    .0036345
       treated_pre_ia2 |   .0031747   .0038362     0.83   0.408    -.0043444    .0106938
       treated_pre_ia3 |   .0005916   .0003099     1.91   0.056    -.0000159     .001199
 treated_pre_iasuorv_d |   .0116103   .0081871     1.42   0.156    -.0044369    .0276575
          treated_post |  -.0291351   .0128546    -2.27   0.023     -.054331   -.0039393
 treated_post_iasenior |   .0110415   .0055703     1.98   0.047     .0001233    .0219597
      treated_post_ia2 |   .0129175   .0077532     1.67   0.096    -.0022791    .0281142
      treated_post_ia3 |    .001382   .0005463     2.53   0.011     .0003113    .0024527
treated_post_iasuorv_d |   .0730932   .0146622     4.99   0.000     .0443545    .1018319
                senior |   .4933552   .4458182     1.11   0.268    -.3804744    1.367185
             interact2 |  -.0882597   .0051694   -17.07   0.000    -.0983921   -.0781273
             interact3 |  -.0000194   .0001071    -0.18   0.856    -.0002294    .0001906
               suorv_d |   .0076703   .0074745     1.03   0.305    -.0069802    .0223209
                   l_0 |  -.1784235   .0573153    -3.11   0.002    -.2907649   -.0660821
                   l_1 |  -.1865832   .0686831    -2.72   0.007    -.3212061   -.0519603
                   l_2 |   -.205835   .0800786    -2.57   0.010    -.3627936   -.0488763
                   l_3 |  -.2277566   .0915068    -2.49   0.013    -.4071153   -.0483979
                   l_4 |   -.249388   .1029202    -2.42   0.015    -.4511175   -.0476584
                   l_5 |  -.2730867   .1143365    -2.39   0.017     -.497193   -.0489805
                   l_6 |  -.2978823    .125736    -2.37   0.018    -.5443322   -.0514324
                   l_7 |  -.3269059   .1371357    -2.38   0.017    -.5956999   -.0581119
                   l_8 |  -.3535247   .1485466    -2.38   0.017    -.6446847   -.0623646
                   l_9 |  -.3792914   .1599776    -2.37   0.018    -.6928569    -.065726
                  l_10 |  -.4082432   .1713751    -2.38   0.017    -.7441484    -.072338
                   f_1 |  -.1393708   .0458049    -3.04   0.002    -.2291511   -.0495905
                   f_2 |  -.1122469    .034374    -3.27   0.001    -.1796218   -.0448719
                   f_3 |  -.0819536   .0229253    -3.57   0.000    -.1268885   -.0370187
                   f_4 |  -.0479773    .011531    -4.16   0.000    -.0705787    -.025376
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0162218   .0031582    -5.14   0.000     -.022412   -.0100316
          _Ivuosi_1996 |   .0203343   .0024278     8.38   0.000     .0155757     .025093
          _Ivuosi_1997 |   .0163998    .002366     6.93   0.000     .0117623    .0210372
          _Ivuosi_1998 |   .0075289   .0023523     3.20   0.001     .0029183    .0121394
          _Ivuosi_1999 |   .0053398   .0023851     2.24   0.025     .0006649    .0100147
          _Ivuosi_2000 |  -.0032272   .0025029    -1.29   0.197     -.008133    .0016786
          _Ivuosi_2001 |  -.0456062   .0020351   -22.41   0.000    -.0495951   -.0416173
          _Ivuosi_2002 |  -.0425886   .0018672   -22.81   0.000    -.0462484   -.0389288
          _Ivuosi_2003 |  -.0405136   .0017256   -23.48   0.000    -.0438959   -.0371314
          _Ivuosi_2004 |  -.0365875   .0015479   -23.64   0.000    -.0396214   -.0335537
          _Ivuosi_2005 |  -.0354853   .0013927   -25.48   0.000    -.0382151   -.0327554
          _Ivuosi_2006 |  -.0303543   .0011679   -25.99   0.000    -.0326434   -.0280652
          _Ivuosi_2007 |   -.022918    .001001   -22.90   0.000      -.02488    -.020956
          _Ivuosi_2008 |  -.0169236   .0008326   -20.33   0.000    -.0185555   -.0152918
          _Ivuosi_2009 |   -.012789   .0006751   -18.94   0.000    -.0141122   -.0114657
          _Ivuosi_2010 |  -.0077086   .0004856   -15.88   0.000    -.0086603   -.0067569
          _Ivuosi_2011 |  -.0045541   .0002753   -16.54   0.000    -.0050938   -.0040144
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249718   .0151882    -8.23   0.000    -.1547416   -.0952019
             _Iage2_22 |  -.1531365   .0249628    -6.13   0.000    -.2020651   -.1042079
             _Iage2_23 |  -.1808089   .0356738    -5.07   0.000    -.2507316   -.1108863
             _Iage2_24 |  -.2152874   .0469365    -4.59   0.000    -.3072857    -.123289
             _Iage2_25 |  -.2305494   .0582372    -3.96   0.000    -.3446976   -.1164011
             _Iage2_26 |  -.2325295   .0695999    -3.34   0.001    -.3689495   -.0961096
             _Iage2_27 |  -.2306671    .081029    -2.85   0.004    -.3894887   -.0718456
             _Iage2_28 |  -.2216322   .0923944    -2.40   0.016    -.4027306   -.0405338
             _Iage2_29 |  -.2094178   .1037709    -2.02   0.044    -.4128149   -.0060208
             _Iage2_30 |  -.1950014   .1151559    -1.69   0.090    -.4207137    .0307108
             _Iage2_31 |   -.179268   .1265683    -1.42   0.157    -.4273494    .0688133
             _Iage2_32 |  -.1607976   .1379289    -1.17   0.244    -.4311462     .109551
             _Iage2_33 |   -.140746   .1492943    -0.94   0.346    -.4333716    .1518796
             _Iage2_34 |  -.1216775    .160678    -0.76   0.449    -.4366157    .1932607
             _Iage2_35 |  -.1020032   .1720795    -0.59   0.553     -.439289    .2352826
             _Iage2_36 |  -.0806628    .183488    -0.44   0.660      -.44031    .2789845
             _Iage2_37 |   -.059152   .1948853    -0.30   0.761    -.4411386    .3228346
             _Iage2_38 |  -.0357248   .2062706    -0.17   0.863    -.4400271    .3685775
             _Iage2_39 |  -.0126746   .2176479    -0.06   0.954    -.4392771    .4139279
             _Iage2_40 |   .0099259   .2290484     0.04   0.965    -.4390223    .4588741
             _Iage2_41 |  -.4602386   .2054843    -2.24   0.025    -.8629997   -.0574774
             _Iage2_42 |  -.4374177    .194079    -2.25   0.024    -.8178239   -.0570115
             _Iage2_43 |  -.4136839   .1826533    -2.26   0.024    -.7716949   -.0556728
             _Iage2_44 |  -.3906372   .1712318    -2.28   0.023    -.7262616   -.0550129
             _Iage2_45 |  -.3675028   .1598173    -2.30   0.021     -.680754   -.0542516
             _Iage2_46 |   -.343729   .1484043    -2.32   0.021    -.6346101   -.0528479
             _Iage2_47 |  -.3201237    .136987    -2.34   0.019    -.5886262   -.0516212
             _Iage2_48 |  -.2955387   .1255777    -2.35   0.019    -.5416784    -.049399
             _Iage2_49 |  -.2710575   .1141607    -2.37   0.018     -.494819   -.0472959
             _Iage2_50 |  -.2455122   .1027425    -2.39   0.017    -.4468934   -.0441309
             _Iage2_51 |  -.2210163    .091334    -2.42   0.016    -.4000362   -.0419964
             _Iage2_52 |  -.1979335   .0799226    -2.48   0.013    -.3545864   -.0412806
             _Iage2_53 |  -.1733769   .0685168    -2.53   0.011    -.3076738   -.0390799
             _Iage2_54 |  -.1487904   .0571116    -2.61   0.009    -.2607324   -.0368483
             _Iage2_55 |  -.1215223   .0456951    -2.66   0.008    -.2110874   -.0319573
             _Iage2_56 |  -.0943333   .0342998    -2.75   0.006     -.161563   -.0271037
             _Iage2_57 |  -.0667908   .0229156    -2.91   0.004    -.1117068   -.0218749
             _Iage2_58 |   -.031106   .0114776    -2.71   0.007    -.0536027   -.0086092
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0016406   .0003407     4.82   0.000     .0009728    .0023083
                 _cons |   .1745541   .1701786     1.03   0.305     -.159006    .5081141
-----------------------+----------------------------------------------------------------
               sigma_u |  .23805913
               sigma_e |  .11633898
                   rho |  .80721615   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 25143) =   21.92
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 25143) =    1.78
            Prob > F =    0.1288

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 25143) =    1.82
            Prob > F =    0.1616

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25143) =    3.24
            Prob > F =    0.0392

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25143) =    1.47
            Prob > F =    0.2251

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25143) =    3.05
            Prob > F =    0.0809

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25143) =    5.03
            Prob > F =    0.0249

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 25143) =    0.22
            Prob > F =    0.6378

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25143) =    1.34
            Prob > F =    0.2464

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25143) =    0.13
            Prob > F =    0.7190
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112350
Group variable: shnro_real                      Number of groups   =     99143

R-sq:  within  = 0.1544                         Obs per group: min =         1
       between = 0.0030                                        avg =      11.2
       overall = 0.0004                                        max =        48

                                                F(74,25142)        =    106.30
corr(u_i, Xb)  = -0.9304                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 25,143 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0314741   .0025559    12.31   0.000     .0264644    .0364838
 treated_post |   .0254178   .0058908     4.31   0.000     .0138715    .0369641
          l_0 |  -.1815365     .05712    -3.18   0.001    -.2934949    -.069578
          l_1 |  -.1896101    .068443    -2.77   0.006    -.3237623   -.0554578
          l_2 |  -.2086235   .0797963    -2.61   0.009    -.3650289   -.0522181
          l_3 |   -.230297   .0911836    -2.53   0.012    -.4090222   -.0515719
          l_4 |  -.2515975   .1025537    -2.45   0.014    -.4526089   -.0505862
          l_5 |  -.2749539   .1139268    -2.41   0.016     -.498257   -.0516507
          l_6 |  -.2994568   .1252896    -2.39   0.017    -.5450319   -.0538818
          l_7 |  -.3279739   .1366444    -2.40   0.016     -.595805   -.0601428
          l_8 |  -.3539146   .1480102    -2.39   0.017    -.6440232   -.0638059
          l_9 |  -.3789791   .1594079    -2.38   0.017    -.6914279   -.0665303
         l_10 |  -.4071782    .170768    -2.38   0.017    -.7418935    -.072463
          f_1 |  -.1405942    .045653    -3.08   0.002    -.2300768   -.0511117
          f_2 |   -.113349   .0342637    -3.31   0.001    -.1805079     -.04619
          f_3 |  -.0831922   .0228558    -3.64   0.000    -.1279909   -.0383936
          f_4 |  -.0493187   .0115028    -4.29   0.000    -.0718649   -.0267725
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0150924   .0031772    -4.75   0.000    -.0213198   -.0088649
 _Ivuosi_1996 |   .0221142   .0024613     8.98   0.000     .0172899    .0269385
 _Ivuosi_1997 |   .0185494    .002392     7.75   0.000     .0138609    .0232379
 _Ivuosi_1998 |   .0098296   .0023686     4.15   0.000     .0051869    .0144723
 _Ivuosi_1999 |   .0076793   .0023948     3.21   0.001     .0029855    .0123732
 _Ivuosi_2000 |  -.0005634   .0025049    -0.22   0.822    -.0054732    .0043465
 _Ivuosi_2001 |  -.0430366   .0020331   -21.17   0.000    -.0470217   -.0390515
 _Ivuosi_2002 |   -.039966     .00186   -21.49   0.000    -.0436117   -.0363202
 _Ivuosi_2003 |   -.037948   .0017142   -22.14   0.000    -.0413079   -.0345882
 _Ivuosi_2004 |  -.0340159   .0015295   -22.24   0.000    -.0370137   -.0310181
 _Ivuosi_2005 |  -.0333677   .0013742   -24.28   0.000    -.0360611   -.0306742
 _Ivuosi_2006 |  -.0281902   .0011545   -24.42   0.000     -.030453   -.0259274
 _Ivuosi_2007 |  -.0209284   .0009873   -21.20   0.000    -.0228636   -.0189931
 _Ivuosi_2008 |  -.0154199   .0008201   -18.80   0.000    -.0170273   -.0138126
 _Ivuosi_2009 |  -.0115328   .0006681   -17.26   0.000    -.0128423   -.0102232
 _Ivuosi_2010 |  -.0069687     .00048   -14.52   0.000    -.0079095   -.0060279
 _Ivuosi_2011 |  -.0041447   .0002734   -15.16   0.000    -.0046806   -.0036087
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1245446   .0151656    -8.21   0.000      -.15427   -.0948192
    _Iage2_22 |  -.1522592   .0248988    -6.12   0.000    -.2010623    -.103456
    _Iage2_23 |  -.1796024   .0355839    -5.05   0.000     -.249349   -.1098559
    _Iage2_24 |  -.2144403   .0468082    -4.58   0.000    -.3061871   -.1226935
    _Iage2_25 |  -.2319588   .0580793    -3.99   0.000    -.3457976   -.1181201
    _Iage2_26 |  -.2370084   .0694137    -3.41   0.001    -.3730633   -.1009536
    _Iage2_27 |  -.2379543   .0808136    -2.94   0.003    -.3963538   -.0795549
    _Iage2_28 |  -.2310463   .0921541    -2.51   0.012    -.4116737    -.050419
    _Iage2_29 |  -.2203713   .1034984    -2.13   0.033    -.4232342   -.0175084
    _Iage2_30 |  -.2069519   .1148518    -1.80   0.072    -.4320681    .0181643
    _Iage2_31 |  -.1921859   .1262292    -1.52   0.128    -.4396025    .0552307
    _Iage2_32 |  -.1744015   .1375574    -1.27   0.205     -.444022     .095219
    _Iage2_33 |  -.1548824   .1488888    -1.04   0.298    -.4467132    .1369484
    _Iage2_34 |  -.1361347   .1602353    -0.85   0.396    -.4502052    .1779358
    _Iage2_35 |  -.1167217   .1716012    -0.68   0.496      -.45307    .2196266
    _Iage2_36 |  -.0956099   .1829743    -0.52   0.601    -.4542503    .2630304
    _Iage2_37 |  -.0742894   .1943354    -0.38   0.702    -.4551981    .3066194
    _Iage2_38 |  -.0509217   .2056852    -0.25   0.804    -.4540768    .3522333
    _Iage2_39 |  -.0278947   .2170285    -0.13   0.898    -.4532832    .3974937
    _Iage2_40 |   -.005248   .2283903    -0.02   0.982    -.4529063    .4424103
    _Iage2_41 |   .0187315   .2397608     0.08   0.938    -.4512136    .4886766
    _Iage2_42 |   .0416181   .2511198     0.17   0.868    -.4505914    .5338276
    _Iage2_43 |   .0654276   .2624983     0.25   0.803    -.4490845    .5799396
    _Iage2_44 |   .0885359   .2738728     0.32   0.746    -.4482708    .6253427
    _Iage2_45 |   .1117664   .2852439     0.39   0.695    -.4473282     .670861
    _Iage2_46 |     .13564   .2966131     0.46   0.647    -.4457389     .717019
    _Iage2_47 |   .1593429   .3079872     0.52   0.605      -.44433    .7630157
    _Iage2_48 |   .1840352   .3193544     0.58   0.564    -.4419181    .8099884
    _Iage2_49 |   .2086833   .3307286     0.63   0.528     -.439564    .8569306
    _Iage2_50 |   .2344158   .3421081     0.69   0.493     -.436136    .9049677
    _Iage2_51 |    .259053   .3534774     0.73   0.464    -.4337834    .9518894
    _Iage2_52 |   .2823517   .3648509     0.77   0.439    -.4327774    .9974807
    _Iage2_53 |   .3072131   .3762209     0.82   0.414    -.4302018    1.044628
    _Iage2_54 |   .3320505   .3875903     0.86   0.392    -.4276492     1.09175
    _Iage2_55 |   .3597142   .3989715     0.90   0.367    -.4222933    1.141722
    _Iage2_56 |   .3871934   .4103406     0.94   0.345    -.4170982    1.191485
    _Iage2_57 |   .4150448   .4217105     0.98   0.325    -.4115324    1.241622
    _Iage2_58 |   .4509873   .4330666     1.04   0.298    -.3978486    1.299823
    _Iage2_59 |   .4824256   .4444493     1.09   0.278     -.388721    1.353572
firm_size_new |   .0016824   .0003482     4.83   0.000     .0009999    .0023649
        _cons |   .1734323   .1696809     1.02   0.307    -.1591521    .5060167
--------------+----------------------------------------------------------------
      sigma_u |  .23116151
      sigma_e |  .11669376
          rho |  .79691561   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112350
Group variable: shnro_real                      Number of groups   =     99143

R-sq:  within  = 0.1558                         Obs per group: min =         1
       between = 0.0036                                        avg =      11.2
       overall = 0.0003                                        max =        48

                                                F(82,25142)        =     98.33
corr(u_i, Xb)  = -0.9322                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0013905   .0004333     3.21   0.001     .0005413    .0022398
     treated_iasuorv_d |  -.0217797   .0252408    -0.86   0.388     -.071253    .0276937
           treated_pre |   .0252047   .0048595     5.19   0.000     .0156797    .0347297
       treated_pre_ia3 |    .000288   .0002435     1.18   0.237    -.0001892    .0007653
 treated_pre_iasuorv_d |   .0057641   .0063092     0.91   0.361    -.0066022    .0181305
          treated_post |  -.0138879   .0119169    -1.17   0.244    -.0372458      .00947
      treated_post_ia3 |   .0014305   .0004938     2.90   0.004     .0004626    .0023984
treated_post_iasuorv_d |   .0759872   .0124853     6.09   0.000     .0515153    .1004591
             interact3 |   .0012345   .0001076    11.47   0.000     .0010236    .0014454
               suorv_d |   .0065097   .0074461     0.87   0.382    -.0080851    .0211044
                   l_0 |  -.1823926   .0572894    -3.18   0.001    -.2946832   -.0701021
                   l_1 |  -.1908829   .0686488    -2.78   0.005    -.3254386   -.0563273
                   l_2 |  -.2104458   .0800367    -2.63   0.009    -.3673224   -.0535692
                   l_3 |  -.2326358   .0914584    -2.54   0.011    -.4118996    -.053372
                   l_4 |  -.2545298   .1028629    -2.47   0.013     -.456147   -.0529125
                   l_5 |  -.2784948   .1142686    -2.44   0.015    -.5024679   -.0545217
                   l_6 |  -.3036575   .1256641    -2.42   0.016    -.5499663   -.0573486
                   l_7 |  -.3329091   .1370496    -2.43   0.015    -.6015343    -.064284
                   l_8 |  -.3596199   .1484477    -2.42   0.015    -.6505861   -.0686536
                   l_9 |  -.3856197   .1598719    -2.41   0.016     -.698978   -.0722614
                  l_10 |   -.414821     .17126    -2.42   0.015    -.7505007   -.0791414
                   f_1 |  -.1420186   .0457844    -3.10   0.002    -.2317586   -.0522786
                   f_2 |   -.114382   .0343602    -3.33   0.001    -.1817299    -.047034
                   f_3 |   -.083655    .022919    -3.65   0.000    -.1285775   -.0387325
                   f_4 |  -.0492155   .0115338    -4.27   0.000    -.0718225   -.0266085
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0156635   .0031634    -4.95   0.000    -.0218639   -.0094631
          _Ivuosi_1996 |   .0213205   .0024427     8.73   0.000     .0165326    .0261084
          _Ivuosi_1997 |    .017597   .0023752     7.41   0.000     .0129415    .0222526
          _Ivuosi_1998 |   .0088519   .0023624     3.75   0.000     .0042215    .0134823
          _Ivuosi_1999 |   .0066073   .0023972     2.76   0.006     .0019087    .0113059
          _Ivuosi_2000 |  -.0016666   .0025209    -0.66   0.509    -.0066077    .0032745
          _Ivuosi_2001 |  -.0441713    .002049   -21.56   0.000    -.0481875    -.040155
          _Ivuosi_2002 |  -.0411133   .0018811   -21.86   0.000    -.0448004   -.0374261
          _Ivuosi_2003 |   -.039065   .0017387   -22.47   0.000    -.0424729    -.035657
          _Ivuosi_2004 |  -.0351229   .0015593   -22.52   0.000    -.0381793   -.0320666
          _Ivuosi_2005 |  -.0341686   .0014021   -24.37   0.000    -.0369168   -.0314205
          _Ivuosi_2006 |   -.029024   .0011734   -24.73   0.000     -.031324    -.026724
          _Ivuosi_2007 |   -.021674   .0010064   -21.54   0.000    -.0236465   -.0197014
          _Ivuosi_2008 |  -.0160342   .0008398   -19.09   0.000    -.0176803   -.0143881
          _Ivuosi_2009 |  -.0120496   .0006808   -17.70   0.000    -.0133841   -.0107151
          _Ivuosi_2010 |  -.0072447     .00049   -14.78   0.000    -.0082052   -.0062842
          _Ivuosi_2011 |  -.0043153   .0002767   -15.59   0.000    -.0048577   -.0037728
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249112   .0151936    -8.22   0.000    -.1546916   -.0951309
             _Iage2_22 |  -.1531631   .0249646    -6.14   0.000    -.2020951   -.1042311
             _Iage2_23 |  -.1808803   .0356733    -5.07   0.000    -.2508021   -.1109584
             _Iage2_24 |  -.2157283    .046936    -4.60   0.000    -.3077256   -.1237311
             _Iage2_25 |  -.2328744   .0582435    -4.00   0.000     -.347035   -.1187138
             _Iage2_26 |  -.2377163   .0696132    -3.41   0.001    -.3741622   -.1012705
             _Iage2_27 |  -.2386232   .0810443    -2.94   0.003    -.3974747   -.0797718
             _Iage2_28 |  -.2319569    .092415    -2.51   0.012    -.4130957   -.0508181
             _Iage2_29 |  -.2216537   .1037902    -2.14   0.033    -.4250885   -.0182189
             _Iage2_30 |  -.2086893   .1151727    -1.81   0.070    -.4344344    .0170558
             _Iage2_31 |  -.1943247   .1265817    -1.54   0.125    -.4424322    .0537827
             _Iage2_32 |  -.1770871   .1379398    -1.28   0.199    -.4474571    .0932829
             _Iage2_33 |  -.1581194   .1493002    -1.06   0.290    -.4507566    .1345178
             _Iage2_34 |  -.1399425   .1606782    -0.87   0.384    -.4548811    .1749961
             _Iage2_35 |  -.1211202   .1720738    -0.70   0.482    -.4583948    .2161544
             _Iage2_36 |  -.1006225   .1834764    -0.55   0.583     -.460247     .259002
             _Iage2_37 |   -.079949   .1948683    -0.41   0.682    -.4619024    .3020043
             _Iage2_38 |  -.0572899   .2062457    -0.28   0.781    -.4615435    .3469636
             _Iage2_39 |  -.0349078   .2176163    -0.16   0.873    -.4614484    .3916328
             _Iage2_40 |  -.0129307   .2290087    -0.06   0.955    -.4618011    .4359398
             _Iage2_41 |    .010343   .2404086     0.04   0.966    -.4608718    .4815579
             _Iage2_42 |   .0324661   .2517971     0.13   0.897     -.461071    .5260032
             _Iage2_43 |   .0555799   .2632044     0.21   0.833    -.4603161    .5714758
             _Iage2_44 |   .0779697   .2746087     0.28   0.776    -.4602794    .6162188
             _Iage2_45 |   .1004362   .2860079     0.35   0.725     -.460156    .6610283
             _Iage2_46 |   .1235341   .2974073     0.42   0.678    -.4594015    .7064697
             _Iage2_47 |   .1464993   .3088105     0.47   0.635    -.4587873    .7517859
             _Iage2_48 |   .1705025   .3202062     0.53   0.594    -.4571204    .7981254
             _Iage2_49 |   .1943687   .3316112     0.59   0.558    -.4556086     .844346
             _Iage2_50 |   .2193418   .3430189     0.64   0.523    -.4529953    .8916789
             _Iage2_51 |   .2432349   .3544173     0.69   0.493    -.4514436    .9379134
             _Iage2_52 |   .2658127   .3658194     0.73   0.467    -.4512147    .9828401
             _Iage2_53 |    .289963   .3772187     0.77   0.442    -.4494077    1.029334
             _Iage2_54 |    .314105   .3886176     0.81   0.419    -.4476081    1.075818
             _Iage2_55 |   .3410536   .4000303     0.85   0.394    -.4430292    1.125136
             _Iage2_56 |   .3679439   .4114297     0.89   0.371    -.4384823     1.17437
             _Iage2_57 |   .3952123   .4228297     0.93   0.350    -.4335587    1.223983
             _Iage2_58 |   .4306557   .4342135     0.99   0.321    -.4204282     1.28174
             _Iage2_59 |   .4615228   .4456271     1.04   0.300    -.4119324    1.334978
         firm_size_new |   .0016626   .0003477     4.78   0.000     .0009811    .0023441
                 _cons |   .1672204   .1701361     0.98   0.326    -.1662564    .5006971
-----------------------+----------------------------------------------------------------
               sigma_u |  .23441736
               sigma_e |  .11659809
                   rho |  .80166614   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =    1.18
            Prob > F =    0.2775

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25142) =   30.15
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112350
Group variable: shnro_real                      Number of groups   =     99143

R-sq:  within  = 0.1560                         Obs per group: min =         1
       between = 0.0029                                        avg =      11.2
       overall = 0.0006                                        max =        48

                                                F(79,25142)        =    102.58
corr(u_i, Xb)  = -0.9249                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 25,143 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0283989   .0053225     5.34   0.000     .0179665    .0388313
          treated_pre |   .0475003   .0036672    12.95   0.000     .0403124    .0546882
 treated_pre_iasenior |  -.0413868   .0041473    -9.98   0.000    -.0495157   -.0332579
         treated_post |   .0209099   .0078857     2.65   0.008     .0054535    .0363664
treated_post_iasenior |  -.0040124   .0069711    -0.58   0.565    -.0176761    .0096513
               senior |          0  (omitted)
         pre_iasenior |   .0437241   .0023026    18.99   0.000     .0392109    .0482374
        post_iasenior |   .0366822   .0025777    14.23   0.000     .0316297    .0417347
                  l_0 |   -.190461   .0570359    -3.34   0.001    -.3022547   -.0786674
                  l_1 |  -.1976452   .0683105    -2.89   0.004    -.3315377   -.0637527
                  l_2 |  -.2159002   .0796203    -2.71   0.007    -.3719607   -.0598397
                  l_3 |  -.2367488   .0909618    -2.60   0.009    -.4150392   -.0584584
                  l_4 |  -.2572563   .1022871    -2.52   0.012     -.457745   -.0567675
                  l_5 |  -.2797843   .1136151    -2.46   0.014    -.5024765   -.0570921
                  l_6 |  -.3034952   .1249315    -2.43   0.015    -.5483681   -.0586222
                  l_7 |  -.3311811   .1362431    -2.43   0.015    -.5982255   -.0641368
                  l_8 |  -.3563801   .1475638    -2.42   0.016    -.6456139   -.0671464
                  l_9 |  -.3807974   .1589126    -2.40   0.017    -.6922753   -.0693195
                 l_10 |  -.4084108   .1702249    -2.40   0.016    -.7420616     -.07476
                  f_1 |  -.1537418   .0455195    -3.38   0.001    -.2429627   -.0645209
                  f_2 |  -.1272291    .034184    -3.72   0.000    -.1942319   -.0602264
                  f_3 |  -.0978417   .0228386    -4.28   0.000    -.1426067   -.0530767
                  f_4 |  -.0647094   .0115714    -5.59   0.000      -.08739   -.0420288
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0158739   .0031525    -5.04   0.000    -.0220531   -.0096948
         _Ivuosi_1996 |   .0215902   .0024474     8.82   0.000     .0167931    .0263874
         _Ivuosi_1997 |   .0180926    .002381     7.60   0.000     .0134257    .0227595
         _Ivuosi_1998 |   .0093518   .0023616     3.96   0.000     .0047229    .0139807
         _Ivuosi_1999 |   .0070533   .0023897     2.95   0.003     .0023693    .0117372
         _Ivuosi_2000 |  -.0010151   .0025115    -0.40   0.686    -.0059377    .0039075
         _Ivuosi_2001 |  -.0438099   .0020314   -21.57   0.000    -.0477915   -.0398282
         _Ivuosi_2002 |  -.0406891   .0018597   -21.88   0.000    -.0443343   -.0370439
         _Ivuosi_2003 |  -.0386592   .0017162   -22.53   0.000     -.042023   -.0352954
         _Ivuosi_2004 |  -.0345573   .0015314   -22.57   0.000    -.0375589   -.0315558
         _Ivuosi_2005 |   -.033605   .0013758   -24.43   0.000    -.0363017   -.0309083
         _Ivuosi_2006 |  -.0284295   .0011569   -24.57   0.000    -.0306971   -.0261619
         _Ivuosi_2007 |   -.021251   .0009867   -21.54   0.000    -.0231851    -.019317
         _Ivuosi_2008 |  -.0157385   .0008195   -19.20   0.000    -.0173448   -.0141321
         _Ivuosi_2009 |  -.0117984   .0006663   -17.71   0.000    -.0131043   -.0104926
         _Ivuosi_2010 |   -.007142    .000479   -14.91   0.000    -.0080808   -.0062032
         _Ivuosi_2011 |   -.004241   .0002718   -15.60   0.000    -.0047737   -.0037082
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1245057   .0151484    -8.22   0.000    -.1541974    -.094814
            _Iage2_22 |  -.1523888   .0248204    -6.14   0.000    -.2010381   -.1037394
            _Iage2_23 |  -.1798566   .0354735    -5.07   0.000    -.2493868   -.1103264
            _Iage2_24 |  -.2149696   .0466541    -4.61   0.000    -.3064144   -.1235249
            _Iage2_25 |  -.2328351   .0578923    -4.02   0.000    -.3463075   -.1193627
            _Iage2_26 |  -.2382389   .0691896    -3.44   0.001    -.3738547   -.1026232
            _Iage2_27 |  -.2397855   .0805525    -2.98   0.003    -.3976732   -.0818979
            _Iage2_28 |   -.233517    .091857    -2.54   0.011     -.413562    -.053472
            _Iage2_29 |  -.2234938   .1031661    -2.17   0.030    -.4257054   -.0212823
            _Iage2_30 |  -.2107076   .1144827    -1.84   0.066    -.4351005    .0136852
            _Iage2_31 |  -.1965629   .1258242    -1.56   0.118    -.4431857    .0500599
            _Iage2_32 |  -.1793796   .1371157    -1.31   0.191    -.4481343    .0893751
            _Iage2_33 |  -.1604826   .1484115    -1.08   0.280    -.4513778    .1304126
            _Iage2_34 |  -.1423155   .1597215    -0.89   0.373    -.4553789     .170748
            _Iage2_35 |   -.123515   .1710516    -0.72   0.470    -.4587861    .2117562
            _Iage2_36 |  -.1030355   .1823882    -0.56   0.572     -.460527    .2544559
            _Iage2_37 |  -.0823521   .1937116    -0.43   0.671    -.4620383     .297334
            _Iage2_38 |  -.0596249   .2050244    -0.29   0.771    -.4614847    .3422349
            _Iage2_39 |   -.037257   .2163285    -0.17   0.863    -.4612734    .3867594
            _Iage2_40 |   -.015345   .2276503    -0.07   0.946    -.4615529     .430863
            _Iage2_41 |  -.0303595   .2387702    -0.13   0.899     -.498363    .4376441
            _Iage2_42 |   -.008399   .2500851    -0.03   0.973    -.4985803    .4817823
            _Iage2_43 |   .0144126    .261417     0.06   0.956    -.4979799    .5268051
            _Iage2_44 |   .0365244   .2727421     0.13   0.893    -.4980661    .5711149
            _Iage2_45 |   .0588129   .2840647     0.21   0.836    -.4979705    .6155962
            _Iage2_46 |   .0816022   .2953835     0.28   0.782    -.4973667    .6605712
            _Iage2_47 |   .1042619   .3067067     0.34   0.734    -.4969013     .705425
            _Iage2_48 |   .1278927   .3180234     0.40   0.688    -.4954518    .7512373
            _Iage2_49 |   .1513606   .3293455     0.46   0.646    -.4941758    .7968969
            _Iage2_50 |   .1759188   .3406699     0.52   0.606    -.4918141    .8436516
            _Iage2_51 |   .1993495   .3519883     0.57   0.571    -.4905682    .8892672
            _Iage2_52 |   .2215319   .3633096     0.61   0.542     -.490576    .9336399
            _Iage2_53 |   .2451451   .3746273     0.65   0.513    -.4891462    .9794364
            _Iage2_54 |   .2687389   .3859433     0.70   0.486    -.4877324     1.02521
            _Iage2_55 |   .2943322   .3972704     0.74   0.459    -.4843409    1.073005
            _Iage2_56 |   .3208599   .4085878     0.79   0.432     -.479996    1.121716
            _Iage2_57 |   .3478667   .4199056     0.83   0.407    -.4751728    1.170906
            _Iage2_58 |   .3829788    .431208     0.89   0.374     -.462214    1.228172
            _Iage2_59 |   .4136257   .4425366     0.93   0.350    -.4537719    1.281023
        firm_size_new |    .001633   .0003465     4.71   0.000     .0009538    .0023122
                _cons |   .1935037   .1690834     1.14   0.252    -.1379096    .5249171
----------------------+----------------------------------------------------------------
              sigma_u |  .22323947
              sigma_e |  .11658519
                  rho |    .785708   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =   12.10
            Prob > F =    0.0005

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 25142) =    6.83
            Prob > F =    0.0090
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112350
Group variable: shnro_real                      Number of groups   =     99143

R-sq:  within  = 0.1597                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.2
       overall = 0.0005                                        max =        48

                                                F(86,25142)        =     96.06
corr(u_i, Xb)  = -0.9338                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0761969   .0131102     5.81   0.000     .0505002    .1018936
           treated_ia3 |   .0017765   .0004712     3.77   0.000     .0008529    .0027001
     treated_iasuorv_d |  -.0270699   .0253501    -1.07   0.286    -.0767576    .0226178
           treated_pre |   .0206234    .005202     3.96   0.000     .0104272    .0308196
       treated_pre_ia2 |   .0027487    .003763     0.73   0.465    -.0046271    .0101245
       treated_pre_ia3 |   .0004065   .0002462     1.65   0.099    -.0000761    .0008892
 treated_pre_iasuorv_d |   .0070717   .0064536     1.10   0.273    -.0055779    .0197212
          treated_post |  -.0291994   .0129559    -2.25   0.024    -.0545937   -.0038052
      treated_post_ia2 |   .0140933   .0077021     1.83   0.067    -.0010032    .0291899
      treated_post_ia3 |   .0017733   .0005073     3.50   0.000     .0007789    .0027676
treated_post_iasuorv_d |   .0823922   .0131315     6.27   0.000     .0566537    .1081308
             interact2 |  -.0882757   .0051686   -17.08   0.000    -.0984064   -.0781449
             interact3 |   -.000038   .0001075    -0.35   0.724    -.0002486    .0001726
               suorv_d |   .0076295   .0074752     1.02   0.307    -.0070222    .0222813
                   l_0 |  -.1785731   .0573097    -3.12   0.002    -.2909035   -.0662427
                   l_1 |  -.1867452   .0686764    -2.72   0.007     -.321355   -.0521354
                   l_2 |  -.2059953   .0800708    -2.57   0.010    -.3629386   -.0490519
                   l_3 |  -.2279444   .0914979    -2.49   0.013    -.4072855   -.0486032
                   l_4 |  -.2495826   .1029101    -2.43   0.015    -.4512924   -.0478727
                   l_5 |  -.2732976   .1143253    -2.39   0.017    -.4973819   -.0492133
                   l_6 |   -.298135    .125724    -2.37   0.018    -.5445614   -.0517087
                   l_7 |   -.327115   .1371225    -2.39   0.017    -.5958831   -.0583469
                   l_8 |  -.3537328   .1485322    -2.38   0.017    -.6448647   -.0626009
                   l_9 |  -.3794623   .1599626    -2.37   0.018    -.6929983   -.0659263
                  l_10 |  -.4083751   .1713594    -2.38   0.017    -.7442496   -.0725006
                   f_1 |  -.1394512   .0458005    -3.04   0.002    -.2292228   -.0496796
                   f_2 |  -.1123084   .0343707    -3.27   0.001     -.179677   -.0449398
                   f_3 |  -.0819989   .0229232    -3.58   0.000    -.1269298    -.037068
                   f_4 |  -.0480026   .0115303    -4.16   0.000    -.0706026   -.0254026
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0161663   .0031638    -5.11   0.000    -.0223675   -.0099651
          _Ivuosi_1996 |   .0204255   .0024325     8.40   0.000     .0156577    .0251933
          _Ivuosi_1997 |    .016484   .0023702     6.95   0.000     .0118383    .0211298
          _Ivuosi_1998 |   .0076538   .0023584     3.25   0.001     .0030312    .0122764
          _Ivuosi_1999 |   .0054505   .0023898     2.28   0.023     .0007663    .0101346
          _Ivuosi_2000 |  -.0031401   .0025075    -1.25   0.210     -.008055    .0017748
          _Ivuosi_2001 |  -.0454848   .0020403   -22.29   0.000     -.049484   -.0414856
          _Ivuosi_2002 |  -.0424725   .0018716   -22.69   0.000     -.046141   -.0388041
          _Ivuosi_2003 |  -.0403948    .001729   -23.36   0.000    -.0437837   -.0370058
          _Ivuosi_2004 |  -.0364775   .0015505   -23.53   0.000    -.0395165   -.0334385
          _Ivuosi_2005 |  -.0354062   .0013947   -25.39   0.000    -.0381398   -.0326725
          _Ivuosi_2006 |  -.0302837    .001169   -25.91   0.000     -.032575   -.0279924
          _Ivuosi_2007 |  -.0228655   .0010026   -22.81   0.000    -.0248307   -.0209004
          _Ivuosi_2008 |  -.0168766   .0008343   -20.23   0.000     -.018512   -.0152413
          _Ivuosi_2009 |  -.0127553   .0006762   -18.86   0.000    -.0140808   -.0114299
          _Ivuosi_2010 |  -.0076857   .0004855   -15.83   0.000    -.0086374    -.006734
          _Ivuosi_2011 |  -.0045401   .0002754   -16.48   0.000    -.0050799   -.0040002
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249649   .0151881    -8.23   0.000    -.1547344   -.0951954
             _Iage2_22 |  -.1530987    .024961    -6.13   0.000    -.2020238   -.1041735
             _Iage2_23 |  -.1807432   .0356707    -5.07   0.000    -.2506598   -.1108266
             _Iage2_24 |  -.2151844   .0469325    -4.58   0.000    -.3071749    -.123194
             _Iage2_25 |   -.230414   .0582323    -3.96   0.000    -.3445527   -.1162753
             _Iage2_26 |  -.2323706   .0695942    -3.34   0.001    -.3687792   -.0959619
             _Iage2_27 |  -.2304874   .0810222    -2.84   0.004    -.3892956   -.0716791
             _Iage2_28 |  -.2214465   .0923867    -2.40   0.017    -.4025298   -.0403631
             _Iage2_29 |  -.2092868   .1037626    -2.02   0.044    -.4126676    -.005906
             _Iage2_30 |  -.1948603   .1151467    -1.69   0.091    -.4205546     .030834
             _Iage2_31 |  -.1790923   .1265586    -1.42   0.157    -.4271546      .06897
             _Iage2_32 |  -.1606897   .1379185    -1.17   0.244    -.4310181    .1096387
             _Iage2_33 |   -.140619   .1492833    -0.94   0.346     -.433223     .151985
             _Iage2_34 |  -.1215506   .1606664    -0.76   0.449    -.4364661    .1933648
             _Iage2_35 |  -.1018673   .1720673    -0.59   0.554    -.4391292    .2353945
             _Iage2_36 |   -.080543   .1834752    -0.44   0.661    -.4401651    .2790792
             _Iage2_37 |  -.0590513   .1948717    -0.30   0.762    -.4410111    .3229086
             _Iage2_38 |  -.0356213   .2062557    -0.17   0.863    -.4398945    .3686519
             _Iage2_39 |  -.0125442   .2176312    -0.06   0.954     -.439114    .4140257
             _Iage2_40 |   .0101085   .2290296     0.04   0.965    -.4388028    .4590198
             _Iage2_41 |   .0340656   .2404353     0.14   0.887    -.4372016    .5053328
             _Iage2_42 |   .0569264   .2518286     0.23   0.821    -.4366724    .5505252
             _Iage2_43 |   .0806976   .2632432     0.31   0.759    -.4352744    .5966697
             _Iage2_44 |   .1037664   .2746536     0.38   0.706    -.4345706    .6421035
             _Iage2_45 |   .1269104    .286059     0.44   0.657    -.4337819    .6876028
             _Iage2_46 |    .150696   .2974637     0.51   0.612    -.4323503    .7337423
             _Iage2_47 |   .1743282   .3088741     0.56   0.572    -.4310831    .7797395
             _Iage2_48 |   .1989479   .3202757     0.62   0.534    -.4288112     .826707
             _Iage2_49 |   .2234577   .3316873     0.67   0.501    -.4266687    .8735842
             _Iage2_50 |   .2490356   .3431022     0.73   0.468    -.4234646    .9215359
             _Iage2_51 |   .2735258   .3545068     0.77   0.440    -.4213283    .9683799
             _Iage2_52 |   .2966377   .3659158     0.81   0.418    -.4205787    1.013854
             _Iage2_53 |   .3212424   .3773222     0.85   0.395    -.4183312    1.060816
             _Iage2_54 |   .3458525   .3887277     0.89   0.374    -.4160765    1.107781
             _Iage2_55 |   .3731522   .4001472     0.93   0.351    -.4111596    1.157464
             _Iage2_56 |   .4003701   .4115531     0.97   0.331     -.406298    1.207038
             _Iage2_57 |   .4279466   .4229607     1.01   0.312     -.401081    1.256974
             _Iage2_58 |   .4636593   .4343519     1.07   0.286    -.3876958    1.315014
             _Iage2_59 |   .4947683   .4457722     1.11   0.267    -.3789713    1.368508
         firm_size_new |   .0016431   .0003467     4.74   0.000     .0009636    .0023227
                 _cons |   .1743662   .1701793     1.02   0.306    -.1591952    .5079275
-----------------------+----------------------------------------------------------------
               sigma_u |  .23814539
               sigma_e |  .11633318
                   rho |   .8073444   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25142) =    2.61
            Prob > F =    0.1060

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =    4.81
            Prob > F =    0.0283

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25142) =    2.22
            Prob > F =    0.1359

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 25142) =   28.42
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25142) =   17.81
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 25142) =   31.80
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112350
Group variable: shnro_real                      Number of groups   =     99143

R-sq:  within  = 0.1559                         Obs per group: min =         1
       between = 0.0036                                        avg =      11.2
       overall = 0.0003                                        max =        48

                                                F(85,25142)        =     95.57
corr(u_i, Xb)  = -0.9322                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0018611   .0044139     0.42   0.673    -.0067903    .0105125
           treated_ia3 |   .0013817   .0004527     3.05   0.002     .0004943    .0022691
     treated_iasuorv_d |  -.0196525    .026034    -0.75   0.450    -.0706807    .0313757
           treated_pre |   .0245727   .0049016     5.01   0.000     .0149652    .0341802
  treated_pre_iasenior |  -.0042088   .0039527    -1.06   0.287    -.0119563    .0035387
       treated_pre_ia3 |   .0004625   .0002945     1.57   0.116    -.0001147    .0010397
 treated_pre_iasuorv_d |   .0099961   .0078032     1.28   0.200    -.0052987    .0252908
          treated_post |  -.0141862   .0117724    -1.21   0.228    -.0372608    .0088883
 treated_post_iasenior |   .0110378   .0054403     2.03   0.042     .0003744    .0217011
      treated_post_ia3 |   .0010365   .0005126     2.02   0.043     .0000317    .0020412
treated_post_iasuorv_d |   .0668473   .0135354     4.94   0.000     .0403171    .0933776
                senior |   .4601908   .4456638     1.03   0.302    -.4133363    1.333718
             interact3 |   .0012581   .0001074    11.71   0.000     .0010476    .0014686
               suorv_d |   .0065513    .007445     0.88   0.379    -.0080413    .0211439
                   l_0 |   -.182259   .0572936    -3.18   0.001    -.2945577   -.0699602
                   l_1 |  -.1907419   .0686538    -2.78   0.005    -.3253074   -.0561764
                   l_2 |  -.2103071   .0800426    -2.63   0.009    -.3671953   -.0534189
                   l_3 |  -.2324879   .0914652    -2.54   0.011     -.411765   -.0532109
                   l_4 |  -.2543823   .1028706    -2.47   0.013    -.4560147     -.05275
                   l_5 |  -.2783531   .1142772    -2.44   0.015    -.5023431   -.0543631
                   l_6 |  -.3035289   .1256733    -2.42   0.016     -.549856   -.0572019
                   l_7 |  -.3327921   .1370596    -2.43   0.015     -.601437   -.0641472
                   l_8 |  -.3595131   .1484587    -2.42   0.015    -.6505009   -.0685253
                   l_9 |   -.385563   .1598833    -2.41   0.016    -.6989436   -.0721824
                  l_10 |  -.4148194   .1712718    -2.42   0.015    -.7505221   -.0791167
                   f_1 |  -.1419651   .0457878    -3.10   0.002    -.2317118   -.0522184
                   f_2 |  -.1143417   .0343626    -3.33   0.001    -.1816945   -.0469889
                   f_3 |  -.0836234   .0229204    -3.65   0.000    -.1285487   -.0386982
                   f_4 |  -.0491941   .0115341    -4.27   0.000    -.0718016   -.0265866
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0157249   .0031616    -4.97   0.000    -.0219218   -.0095281
          _Ivuosi_1996 |   .0212289   .0024409     8.70   0.000     .0164446    .0260131
          _Ivuosi_1997 |   .0174784    .002374     7.36   0.000     .0128252    .0221316
          _Ivuosi_1998 |   .0086942   .0023601     3.68   0.000     .0040682    .0133202
          _Ivuosi_1999 |   .0064462   .0023962     2.69   0.007     .0017496    .0111429
          _Ivuosi_2000 |  -.0018341   .0025196    -0.73   0.467    -.0067727    .0031046
          _Ivuosi_2001 |  -.0443355   .0020467   -21.66   0.000    -.0483472   -.0403238
          _Ivuosi_2002 |  -.0412698   .0018794   -21.96   0.000    -.0449536   -.0375861
          _Ivuosi_2003 |  -.0392203   .0017375   -22.57   0.000     -.042626   -.0358146
          _Ivuosi_2004 |  -.0352649   .0015587   -22.63   0.000      -.03832   -.0322098
          _Ivuosi_2005 |   -.034275   .0014018   -24.45   0.000    -.0370225   -.0315274
          _Ivuosi_2006 |   -.029118   .0011735   -24.81   0.000    -.0314181   -.0268179
          _Ivuosi_2007 |  -.0217481   .0010058   -21.62   0.000    -.0237195   -.0197767
          _Ivuosi_2008 |  -.0161005   .0008389   -19.19   0.000    -.0177448   -.0144562
          _Ivuosi_2009 |  -.0120983   .0006805   -17.78   0.000    -.0134322   -.0107644
          _Ivuosi_2010 |  -.0072763   .0004905   -14.83   0.000    -.0082377   -.0063148
          _Ivuosi_2011 |  -.0043324   .0002769   -15.65   0.000     -.004875   -.0037897
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249119   .0151937    -8.22   0.000    -.1546924   -.0951315
             _Iage2_22 |  -.1531922   .0249659    -6.14   0.000    -.2021269   -.1042575
             _Iage2_23 |  -.1809322   .0356758    -5.07   0.000    -.2508589   -.1110055
             _Iage2_24 |  -.2157969    .046939    -4.60   0.000       -.3078   -.1237938
             _Iage2_25 |  -.2329472   .0582469    -4.00   0.000    -.3471144   -.1187799
             _Iage2_26 |  -.2377975   .0696172    -3.42   0.001    -.3742512   -.1013438
             _Iage2_27 |  -.2387189   .0810491    -2.95   0.003    -.3975798    -.079858
             _Iage2_28 |  -.2320661   .0924205    -2.51   0.012    -.4132156   -.0509165
             _Iage2_29 |  -.2217731   .1037963    -2.14   0.033    -.4252199   -.0183264
             _Iage2_30 |  -.2088154   .1151793    -1.81   0.070    -.4345736    .0169429
             _Iage2_31 |  -.1944419   .1265886    -1.54   0.125     -.442563    .0536792
             _Iage2_32 |  -.1771968   .1379472    -1.28   0.199    -.4475813    .0931878
             _Iage2_33 |  -.1582216   .1493082    -1.06   0.289    -.4508743    .1344311
             _Iage2_34 |  -.1400279   .1606865    -0.87   0.384    -.4549828    .1749269
             _Iage2_35 |  -.1211782   .1720825    -0.70   0.481    -.4584698    .2161135
             _Iage2_36 |  -.1006549   .1834855    -0.55   0.583    -.4602973    .2589874
             _Iage2_37 |  -.0799525   .1948781    -0.41   0.682    -.4619249    .3020199
             _Iage2_38 |  -.0572817   .2062564    -0.28   0.781    -.4615563    .3469929
             _Iage2_39 |  -.0349075   .2176287    -0.16   0.873    -.4614724    .3916574
             _Iage2_40 |  -.0129542   .2290231    -0.06   0.955    -.4618528    .4359444
             _Iage2_41 |  -.4509185     .20536    -2.20   0.028     -.853436   -.0484009
             _Iage2_42 |  -.4288087   .1939598    -2.21   0.027    -.8089813   -.0486361
             _Iage2_43 |  -.4057071   .1825417    -2.22   0.026    -.7634995   -.0479148
             _Iage2_44 |  -.3833226   .1711267    -2.24   0.025    -.7187409   -.0479043
             _Iage2_45 |  -.3608573   .1597188    -2.26   0.024    -.6739155   -.0477991
             _Iage2_46 |  -.3377617   .1483116    -2.28   0.023     -.628461   -.0470623
             _Iage2_47 |  -.3148143   .1369017    -2.30   0.021    -.5831496    -.046479
             _Iage2_48 |  -.2908284   .1254988    -2.32   0.020    -.5368134   -.0448435
             _Iage2_49 |  -.2669775   .1140886    -2.34   0.019    -.4905979   -.0433571
             _Iage2_50 |  -.2420233   .1026779    -2.36   0.018    -.4432781   -.0407686
             _Iage2_51 |  -.2181474   .0912761    -2.39   0.017    -.3970538   -.0392409
             _Iage2_52 |  -.1955939   .0798718    -2.45   0.014    -.3521474   -.0390404
             _Iage2_53 |  -.1714574   .0684735    -2.50   0.012    -.3056693   -.0372454
             _Iage2_54 |  -.1473301   .0570752    -2.58   0.010    -.2592007   -.0354594
             _Iage2_55 |  -.1203966   .0456658    -2.64   0.008    -.2099041    -.030889
             _Iage2_56 |  -.0935246   .0342774    -2.73   0.006    -.1607102   -.0263389
             _Iage2_57 |  -.0662801    .022901    -2.89   0.004    -.1111674   -.0213927
             _Iage2_58 |   -.030855   .0114708    -2.69   0.007    -.0533385   -.0083715
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0016629   .0003475     4.79   0.000     .0009819     .002344
                 _cons |   .1673652   .1701454     0.98   0.325    -.1661298    .5008602
-----------------------+----------------------------------------------------------------
               sigma_u |  .23440852
               sigma_e |  .11659412
                   rho |  .80166496   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 25142) =   23.45
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25142) =    2.20
            Prob > F =    0.1110

 ( 1)  treated_pre_ia3 = 0

       F(  1, 25142) =    2.47
            Prob > F =    0.1163

 ( 1)  treated_post_ia3 = 0

       F(  1, 25142) =    4.09
            Prob > F =    0.0432

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =    0.06
            Prob > F =    0.8105

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =    1.35
            Prob > F =    0.2456

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25142) =    0.03
            Prob > F =    0.8675
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112350
Group variable: shnro_real                      Number of groups   =     99143

R-sq:  within  = 0.1597                         Obs per group: min =         1
       between = 0.0025                                        avg =      11.2
       overall = 0.0005                                        max =        48

                                                F(89,25142)        =     93.43
corr(u_i, Xb)  = -0.9337                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,143 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0001995   .0044505     0.04   0.964    -.0085236    .0089227
           treated_ia2 |    .076355   .0130612     5.85   0.000     .0507542    .1019558
           treated_ia3 |   .0018067   .0004986     3.62   0.000     .0008295    .0027839
     treated_iasuorv_d |  -.0247161   .0262194    -0.94   0.346    -.0761077    .0266755
           treated_pre |   .0198977   .0053216     3.74   0.000     .0094671    .0303284
  treated_pre_iasenior |  -.0043254   .0040557    -1.07   0.286    -.0122748     .003624
       treated_pre_ia2 |   .0031708   .0038356     0.83   0.408    -.0043472    .0106889
       treated_pre_ia3 |   .0005898   .0003099     1.90   0.057    -.0000176    .0011971
 treated_pre_iasuorv_d |   .0115594    .008186     1.41   0.158    -.0044856    .0276045
          treated_post |  -.0288644   .0128497    -2.25   0.025    -.0540505   -.0036782
 treated_post_iasenior |   .0110691   .0055719     1.99   0.047     .0001479    .0219903
      treated_post_ia2 |   .0126649   .0077558     1.63   0.102    -.0025369    .0278667
      treated_post_ia3 |   .0013748   .0005461     2.52   0.012     .0003044    .0024452
treated_post_iasuorv_d |   .0728003   .0146561     4.97   0.000     .0440735     .101527
                senior |   .4933861   .4458111     1.11   0.268    -.3804297    1.367202
             interact2 |  -.0882343   .0051693   -17.07   0.000    -.0983663   -.0781022
             interact3 |   -.000019   .0001072    -0.18   0.860     -.000229    .0001911
               suorv_d |   .0076673   .0074743     1.03   0.305    -.0069826    .0223173
                   l_0 |   -.178434   .0573142    -3.11   0.002    -.2907733   -.0660948
                   l_1 |  -.1865921   .0686818    -2.72   0.007    -.3212126   -.0519717
                   l_2 |  -.2058361   .0800771    -2.57   0.010    -.3627919   -.0488802
                   l_3 |   -.227769   .0915051    -2.49   0.013    -.4071245   -.0484136
                   l_4 |  -.2493989   .1029183    -2.42   0.015    -.4511249   -.0476729
                   l_5 |  -.2731108   .1143345    -2.39   0.017     -.497213   -.0490087
                   l_6 |  -.2979511   .1257338    -2.37   0.018    -.5443968   -.0515055
                   l_7 |  -.3269329   .1371332    -2.38   0.017    -.5957219   -.0581439
                   l_8 |  -.3535493   .1485438    -2.38   0.017    -.6447039   -.0623947
                   l_9 |  -.3793113   .1599746    -2.37   0.018    -.6928709   -.0657518
                  l_10 |  -.4082612   .1713719    -2.38   0.017    -.7441601   -.0723624
                   f_1 |  -.1393759    .045804    -3.04   0.002    -.2291545   -.0495973
                   f_2 |  -.1122535   .0343733    -3.27   0.001    -.1796272   -.0448798
                   f_3 |  -.0819613   .0229249    -3.58   0.000    -.1268954   -.0370272
                   f_4 |  -.0479851   .0115308    -4.16   0.000    -.0705861   -.0253841
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0162171   .0031622    -5.13   0.000    -.0224151    -.010019
          _Ivuosi_1996 |   .0203527    .002431     8.37   0.000     .0155877    .0251176
          _Ivuosi_1997 |   .0163881   .0023692     6.92   0.000     .0117444    .0210318
          _Ivuosi_1998 |   .0075189   .0023554     3.19   0.001     .0029022    .0121355
          _Ivuosi_1999 |   .0053133   .0023879     2.23   0.026     .0006329    .0099938
          _Ivuosi_2000 |  -.0032825   .0025052    -1.31   0.190    -.0081929    .0016279
          _Ivuosi_2001 |  -.0456216   .0020373   -22.39   0.000    -.0496149   -.0416284
          _Ivuosi_2002 |  -.0426026   .0018692   -22.79   0.000    -.0462663    -.038939
          _Ivuosi_2003 |  -.0405248   .0017271   -23.46   0.000    -.0439101   -.0371395
          _Ivuosi_2004 |   -.036596   .0015492   -23.62   0.000    -.0396325   -.0335595
          _Ivuosi_2005 |  -.0354953   .0013938   -25.47   0.000    -.0382272   -.0327633
          _Ivuosi_2006 |  -.0303611   .0011687   -25.98   0.000    -.0326519   -.0280703
          _Ivuosi_2007 |  -.0229251   .0010019   -22.88   0.000    -.0248888   -.0209614
          _Ivuosi_2008 |    -.01693   .0008333   -20.32   0.000    -.0185633   -.0152967
          _Ivuosi_2009 |  -.0127948   .0006757   -18.94   0.000    -.0141192   -.0114705
          _Ivuosi_2010 |  -.0077104    .000486   -15.87   0.000    -.0086629   -.0067578
          _Ivuosi_2011 |  -.0045532   .0002755   -16.53   0.000    -.0050932   -.0040133
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249722   .0151883    -8.23   0.000    -.1547421   -.0952023
             _Iage2_22 |  -.1531394   .0249627    -6.13   0.000    -.2020677    -.104211
             _Iage2_23 |  -.1808141   .0356735    -5.07   0.000    -.2507363   -.1108919
             _Iage2_24 |  -.2152761   .0469359    -4.59   0.000    -.3072733   -.1232789
             _Iage2_25 |  -.2305162   .0582363    -3.96   0.000    -.3446628   -.1163697
             _Iage2_26 |  -.2324881   .0695989    -3.34   0.001    -.3689061   -.0960702
             _Iage2_27 |  -.2306244   .0810279    -2.85   0.004    -.3894437   -.0718051
             _Iage2_28 |   -.221603   .0923931    -2.40   0.016    -.4026989   -.0405072
             _Iage2_29 |  -.2094586   .1037697    -2.02   0.044    -.4128532    -.006064
             _Iage2_30 |  -.1950443   .1151545    -1.69   0.090    -.4207537    .0306652
             _Iage2_31 |  -.1792711   .1265667    -1.42   0.157    -.4273492     .068807
             _Iage2_32 |  -.1608652   .1379271    -1.17   0.244    -.4312103    .1094798
             _Iage2_33 |  -.1407921   .1492923    -0.94   0.346    -.4334138    .1518296
             _Iage2_34 |  -.1217125   .1606758    -0.76   0.449    -.4366465    .1932214
             _Iage2_35 |  -.1020089   .1720771    -0.59   0.553      -.43929    .2352722
             _Iage2_36 |  -.0806668   .1834855    -0.44   0.660    -.4403091    .2789755
             _Iage2_37 |  -.0591574   .1948826    -0.30   0.761    -.4411386    .3228238
             _Iage2_38 |  -.0357321   .2062676    -0.17   0.862    -.4400286    .3685644
             _Iage2_39 |  -.0126829   .2176447    -0.06   0.954    -.4392791    .4139134
             _Iage2_40 |   .0099186    .229045     0.04   0.965     -.439023    .4588602
             _Iage2_41 |  -.4602791   .2054807    -2.24   0.025    -.8630333   -.0575249
             _Iage2_42 |  -.4374593   .1940757    -2.25   0.024    -.8178589   -.0570596
             _Iage2_43 |   -.413723   .1826501    -2.27   0.024    -.7717279   -.0557181
             _Iage2_44 |  -.3906742   .1712289    -2.28   0.023    -.7262928   -.0550556
             _Iage2_45 |  -.3675401   .1598146    -2.30   0.021     -.680786   -.0542942
             _Iage2_46 |  -.3437649   .1484018    -2.32   0.021    -.6346411   -.0528888
             _Iage2_47 |  -.3201575   .1369847    -2.34   0.019    -.5886554   -.0516596
             _Iage2_48 |  -.2955625   .1255756    -2.35   0.019     -.541698    -.049427
             _Iage2_49 |  -.2710757   .1141587    -2.37   0.018    -.4948335   -.0473179
             _Iage2_50 |  -.2455243   .1027407    -2.39   0.017    -.4469021   -.0441464
             _Iage2_51 |   -.221059   .0913324    -2.42   0.016    -.4000758   -.0420421
             _Iage2_52 |  -.1979784   .0799212    -2.48   0.013    -.3546287   -.0413282
             _Iage2_53 |  -.1733941   .0685157    -2.53   0.011    -.3076889   -.0390994
             _Iage2_54 |  -.1488052   .0571107    -2.61   0.009    -.2607454    -.036865
             _Iage2_55 |  -.1215282   .0456944    -2.66   0.008    -.2110918   -.0319645
             _Iage2_56 |  -.0943347   .0342993    -2.75   0.006    -.1615634   -.0271061
             _Iage2_57 |  -.0667866   .0229154    -2.91   0.004    -.1117021   -.0218712
             _Iage2_58 |  -.0310953   .0114775    -2.71   0.007    -.0535918   -.0085987
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0016435   .0003465     4.74   0.000     .0009644    .0023227
                 _cons |   .1745917    .170189     1.03   0.305    -.1589887     .508172
-----------------------+----------------------------------------------------------------
               sigma_u |  .23802987
               sigma_e |  .11632987
                   rho |  .80720227   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 25142) =   21.65
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 25142) =    1.76
            Prob > F =    0.1337

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 25142) =    1.81
            Prob > F =    0.1633

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 25142) =    3.20
            Prob > F =    0.0408

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 25142) =    1.42
            Prob > F =    0.2326

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25142) =    3.04
            Prob > F =    0.0812

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25142) =    4.94
            Prob > F =    0.0262

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 25142) =    0.22
            Prob > F =    0.6408

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 25142) =    1.30
            Prob > F =    0.2545

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25142) =    0.13
            Prob > F =    0.7217
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1112818
Group variable: shnro_real                      Number of groups   =     99192

R-sq:  within  = 0.1596                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.2
       overall = 0.0005                                        max =        48

                                                F(86,25143)        =     96.10
corr(u_i, Xb)  = -0.9338                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 25,144 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0770421   .0130658     5.90   0.000     .0514325    .1026517
           treated_ia3 |   .0017829   .0004713     3.78   0.000      .000859    .0027067
     treated_iasuorv_d |  -.0271214   .0253515    -1.07   0.285    -.0768118     .022569
           treated_pre |   .0205639   .0052024     3.95   0.000     .0103669    .0307609
       treated_pre_ia2 |   .0027531   .0037635     0.73   0.464    -.0046235    .0101298
       treated_pre_ia3 |   .0004087   .0002463     1.66   0.097    -.0000741    .0008914
 treated_pre_iasuorv_d |   .0071312    .006454     1.10   0.269     -.005519    .0197815
          treated_post |  -.0294712   .0129599    -2.27   0.023    -.0548733   -.0040691
      treated_post_ia2 |   .0143424   .0076986     1.86   0.062    -.0007474    .0294321
      treated_post_ia3 |   .0017794   .0005074     3.51   0.000     .0007848     .002774
treated_post_iasuorv_d |   .0826599    .013136     6.29   0.000     .0569125    .1084073
             interact2 |  -.0883006   .0051688   -17.08   0.000    -.0984317   -.0781695
             interact3 |  -.0000383   .0001074    -0.36   0.721    -.0002489    .0001722
               suorv_d |   .0076327   .0074755     1.02   0.307    -.0070197     .022285
                   l_0 |  -.1785623   .0573108    -3.12   0.002    -.2908949   -.0662297
                   l_1 |  -.1867361   .0686777    -2.72   0.007    -.3213485   -.0521238
                   l_2 |  -.2059942   .0800722    -2.57   0.010    -.3629404    -.049048
                   l_3 |  -.2279321   .0914996    -2.49   0.013    -.4072766   -.0485876
                   l_4 |  -.2495718    .102912    -2.43   0.015    -.4512853   -.0478584
                   l_5 |  -.2732736   .1143274    -2.39   0.017    -.4973621   -.0491852
                   l_6 |  -.2980665   .1257262    -2.37   0.018    -.5444972   -.0516358
                   l_7 |  -.3270884   .1371251    -2.39   0.017    -.5958616   -.0583153
                   l_8 |  -.3537088   .1485351    -2.38   0.017    -.6448462   -.0625714
                   l_9 |  -.3794429   .1599656    -2.37   0.018    -.6929849    -.065901
                  l_10 |  -.4083582   .1713627    -2.38   0.017    -.7442391   -.0724773
                   f_1 |  -.1394462   .0458013    -3.04   0.002    -.2292195   -.0496729
                   f_2 |  -.1123019   .0343714    -3.27   0.001    -.1796717    -.044932
                   f_3 |  -.0819912   .0229237    -3.58   0.000     -.126923   -.0370595
                   f_4 |  -.0479947   .0115305    -4.16   0.000     -.070595   -.0253943
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0161717   .0031597    -5.12   0.000     -.022365   -.0099784
          _Ivuosi_1996 |   .0204063   .0024293     8.40   0.000     .0156448    .0251679
          _Ivuosi_1997 |   .0164949    .002367     6.97   0.000     .0118554    .0211344
          _Ivuosi_1998 |    .007663   .0023553     3.25   0.001     .0030465    .0122796
          _Ivuosi_1999 |   .0054764    .002387     2.29   0.022     .0007977    .0101551
          _Ivuosi_2000 |  -.0030855   .0025052    -1.23   0.218    -.0079958    .0018249
          _Ivuosi_2001 |    -.04547   .0020381   -22.31   0.000    -.0494649   -.0414752
          _Ivuosi_2002 |  -.0424591   .0018696   -22.71   0.000    -.0461237   -.0387945
          _Ivuosi_2003 |  -.0403841   .0017275   -23.38   0.000      -.04377   -.0369981
          _Ivuosi_2004 |  -.0364696   .0015491   -23.54   0.000     -.039506   -.0334332
          _Ivuosi_2005 |  -.0353967   .0013936   -25.40   0.000    -.0381282   -.0326651
          _Ivuosi_2006 |  -.0302774   .0011681   -25.92   0.000     -.032567   -.0279878
          _Ivuosi_2007 |  -.0228587   .0010017   -22.82   0.000    -.0248222   -.0208953
          _Ivuosi_2008 |  -.0168706   .0008336   -20.24   0.000    -.0185046   -.0152367
          _Ivuosi_2009 |  -.0127497   .0006757   -18.87   0.000    -.0140741   -.0114253
          _Ivuosi_2010 |  -.0076841   .0004851   -15.84   0.000     -.008635   -.0067332
          _Ivuosi_2011 |  -.0045411   .0002753   -16.50   0.000    -.0050806   -.0040015
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1249644   .0151881    -8.23   0.000    -.1547339   -.0951949
             _Iage2_22 |  -.1530958   .0249612    -6.13   0.000    -.2020211   -.1041704
             _Iage2_23 |   -.180738   .0356709    -5.07   0.000    -.2506551   -.1108209
             _Iage2_24 |  -.2151954   .0469331    -4.59   0.000     -.307187   -.1232038
             _Iage2_25 |   -.230447   .0582331    -3.96   0.000    -.3445873   -.1163066
             _Iage2_26 |  -.2324116   .0695952    -3.34   0.001    -.3688223    -.096001
             _Iage2_27 |  -.2305299   .0810233    -2.85   0.004    -.3893404   -.0717195
             _Iage2_28 |  -.2214754    .092388    -2.40   0.017    -.4025614   -.0403895
             _Iage2_29 |  -.2092456   .1037639    -2.02   0.044    -.4126289   -.0058624
             _Iage2_30 |  -.1948171   .1151482    -1.69   0.091    -.4205142      .03088
             _Iage2_31 |   -.179089   .1265603    -1.42   0.157    -.4271545    .0689766
             _Iage2_32 |  -.1606219   .1379204    -1.16   0.244    -.4309539      .10971
             _Iage2_33 |  -.1405729   .1492853    -0.94   0.346    -.4331809     .152035
             _Iage2_34 |  -.1215157   .1606686    -0.76   0.449    -.4364354    .1934041
             _Iage2_35 |  -.1018616   .1720696    -0.59   0.554    -.4391282    .2354049
             _Iage2_36 |   -.080539   .1834778    -0.44   0.661    -.4401662    .2790881
             _Iage2_37 |   -.059046   .1948745    -0.30   0.762    -.4410113    .3229194
             _Iage2_38 |   -.035614   .2062587    -0.17   0.863    -.4398931     .368665
             _Iage2_39 |  -.0125355   .2176344    -0.06   0.954    -.4391116    .4140406
             _Iage2_40 |   .0101167    .229033     0.04   0.965    -.4388013    .4590347
             _Iage2_41 |    .034073   .2404389     0.14   0.887    -.4372013    .5053472
             _Iage2_42 |   .0569352   .2518324     0.23   0.821     -.436671    .5505414
             _Iage2_43 |   .0807039   .2632472     0.31   0.759     -.435276    .5966837
             _Iage2_44 |   .1037704   .2746578     0.38   0.706    -.4345749    .6421157
             _Iage2_45 |   .1269148   .2860634     0.44   0.657    -.4337862    .6876158
             _Iage2_46 |   .1506989   .2974683     0.51   0.612    -.4323565    .7337542
             _Iage2_47 |    .174329   .3088789     0.56   0.572    -.4310917    .7797497
             _Iage2_48 |   .1989385   .3202807     0.62   0.535    -.4288304    .8267074
             _Iage2_49 |   .2234427   .3316925     0.67   0.501    -.4266939    .8735793
             _Iage2_50 |   .2490145   .3431075     0.73   0.468    -.4234963    .9215253
             _Iage2_51 |   .2735351   .3545124     0.77   0.440    -.4213299    .9684002
             _Iage2_52 |   .2966493   .3659216     0.81   0.418    -.4205784    1.013877
             _Iage2_53 |   .3212264   .3773282     0.85   0.395    -.4183589    1.060812
             _Iage2_54 |    .345834   .3887339     0.89   0.374    -.4161071    1.107775
             _Iage2_55 |   .3731248   .4001536     0.93   0.351    -.4111996    1.157449
             _Iage2_56 |   .4003383   .4115597     0.97   0.331    -.4063427    1.207019
             _Iage2_57 |   .4279092   .4229675     1.01   0.312    -.4011318     1.25695
             _Iage2_58 |   .4636154   .4343589     1.07   0.286    -.3877534    1.314984
             _Iage2_59 |   .4947352   .4457794     1.11   0.267    -.3790184    1.368489
         firm_size_new |   .0016404   .0003409     4.81   0.000     .0009723    .0023086
                 _cons |   .1743279    .170169     1.02   0.306    -.1592132     .507869
-----------------------+----------------------------------------------------------------
               sigma_u |   .2381749
               sigma_e |  .11634227
                   rho |  .80735862   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 25143) =    2.62
            Prob > F =    0.1054

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 25143) =    4.90
            Prob > F =    0.0268

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 25143) =    2.23
            Prob > F =    0.1353

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 25143) =   28.29
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 25143) =   17.71
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 25143) =   31.66
            Prob > F =    0.0000
O:\returns
ue_d_whitec_age_short_noIQ_firstinv_G.xls
dir : seeout
ue_d_whitec_age_top3_noIQ_firstinv_G.xls
dir : seeout
(158,781 observations deleted)
(2,226,633 real changes made)
(125,863 missing values generated)
(109,634 missing values generated)
(2,359,420 missing values generated)
(132,787 real changes made)
(31352 missing values generated)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(132,787 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(131,256 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,482 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(120,577 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(112,699 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(101,528 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(91,521 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(83,326 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(73,920 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,735 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(58,518 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,590 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(64,666 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(60,269 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,329 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,729 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,730 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,612 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(36,899 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(32,832 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(29,257 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,816 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,068 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(127,171 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(63,858 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(111,821 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,234 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(99,849 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,232 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(90,150 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,354 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(81,749 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,121 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(70,990 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(35,747 real changes made)
(31,352 missing values generated)
(586,163 real changes made, 586,163 to missing)
(39,835 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,101,349 real changes made)
       panel variable:  shnro_real (unbalanced)
(1,990,724 real changes made)
(368,696 missing values generated)
(368,696 missing values generated)
(2,359,420 missing values generated)
(1,949,094 real changes made)
(348,275 real changes made)
(368,696 missing values generated)
(340,975 real changes made)
(2359420 missing values generated)
(2,359,420 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------
(2,298,270 real changes made, 759,409 to missing)
(17,890 real changes made)
(759,409 missing values generated)
(759,409 missing values generated)
(759,409 missing values generated)
(2,359,420 missing values generated)
(1,507,269 real changes made)
(263,250 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                       924,865
        from master                   368,696  (_merge==1)
        from using                    556,169  (_merge==2)

    matched                         1,990,724  (_merge==3)
    -----------------------------------------
(368,696 real changes made)
(2,915,589 missing values generated)
(0 real changes made)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,394,643 real changes made)
(2,915,589 missing values generated)
(1,449,732 real changes made)
(2,915,589 missing values generated)
(1,450,739 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    938,921       89.06       89.06
          4 |      8,738        0.83       89.89
          5 |     59,983        5.69       95.58
          6 |     34,259        3.25       98.83
          7 |     12,018        1.14       99.97
          8 |        302        0.03      100.00
------------+-----------------------------------
      Total |  1,054,221      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    606,555       43.41       43.41
          1 |    790,710       56.59      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
(556,169 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.31655         0
      sd |  .5138305         0
     p50 |   10.3931         0
       N |   1396204   1370791
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.13271         0
    1995 |  10.15073         0
    1996 |  10.23919         0
    1997 |  10.24643         0
    1998 |  10.26955         0
    1999 |  10.26382         0
    2000 |  10.25705         0
    2001 |  10.31154         0
    2002 |  10.30962         0
    2003 |  10.32062         0
    2004 |  10.33804         0
    2005 |  10.34308         0
    2006 |  10.35423         0
    2007 |  10.37464         0
    2008 |  10.38888         0
    2009 |   10.3658         0
    2010 |   10.3691         0
    2011 |   10.4054         0
    2012 |   10.4114         0
---------+--------------------
   Total |  10.31655         0
------------------------------
(2,915,589 missing values generated)
(1,258,071 real changes made)
(641,640 real changes made)
(551,053 real changes made)
(616,431 real changes made)
(550,296 real changes made)
(1,101,349 real changes made)
(166,195 real changes made)
(2,915,589 missing values generated)
(556,169 missing values generated)
(556169 missing values generated)
(1,712,953 real changes made)
(1,712,953 real changes made)
(1,047,003 real changes made)
(328,997 real changes made)
(336,953 real changes made)
(338,486 real changes made)
(1,047,003 real changes made)
(311,952 real changes made)
(250,307 real changes made)
(146,258 real changes made)
(0 real changes made)
(665,950 real changes made)
(1,047,003 real changes made)
(17,890 real changes made)
(148,305 real changes made)
(1,315,578 missing values generated)
(1,315,578 real changes made)
(39 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(698,282 real changes made)
(2,915,589 missing values generated)
(380,201 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,397,265 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,397,265      100.00      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,396,204
                                                F(87, 132786)     =    1013.03
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1748
                                                Root MSE          =     .46677

                                     (Std. Err. adjusted for 132,787 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0423798   .0050172     8.45   0.000     .0325461    .0522135
     treated_ia1_4145 |   .0535652   .0077676     6.90   0.000     .0383409    .0687895
     treated_ia1_4650 |   .0691297   .0073993     9.34   0.000     .0546272    .0836322
     treated_ia1_5160 |   .0775772   .0096085     8.07   0.000     .0587447    .0964097
          treated_pre |  -.0186429   .0047216    -3.95   0.000    -.0278971   -.0093887
 treated_pre_ia1_4145 |   .0019518    .007421     0.26   0.793    -.0125932    .0164968
 treated_pre_ia1_4650 |  -.0121899   .0069279    -1.76   0.078    -.0257684    .0013886
 treated_pre_ia1_5155 |  -.0129322   .0085555    -1.51   0.131    -.0297009    .0038365
 treated_pre_ia1_5660 |  -.0117491   .0113409    -1.04   0.300    -.0339769    .0104788
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0233092   .0051601     4.52   0.000     .0131956    .0334228
treated_post_ia1_4145 |  -.0544743   .0080068    -6.80   0.000    -.0701674   -.0387812
treated_post_ia1_4650 |  -.0794655     .00759   -10.47   0.000    -.0943418   -.0645892
treated_post_ia1_5155 |  -.0901185   .0096864    -9.30   0.000    -.1091038   -.0711333
treated_post_ia1_5660 |  -.0880004   .0099809    -8.82   0.000    -.1075629    -.068438
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |   .0146798   .0032632     4.50   0.000     .0082839    .0210757
                  l_1 |   .1001061   .0032457    30.84   0.000     .0937446    .1064677
                  l_2 |   .0854588   .0033384    25.60   0.000     .0789157    .0920019
                  l_3 |   .0845706    .003444    24.56   0.000     .0778204    .0913207
                  l_4 |   .0877166   .0035426    24.76   0.000     .0807731    .0946601
                  l_5 |   .0940054   .0036512    25.75   0.000     .0868492    .1011617
                  l_6 |   .0952305   .0037719    25.25   0.000     .0878378    .1026233
                  l_7 |   .1026044     .00389    26.38   0.000     .0949801    .1102287
                  l_8 |   .1121028   .0040301    27.82   0.000     .1042039    .1200017
                  l_9 |   .1181731   .0041893    28.21   0.000     .1099623     .126384
                 l_10 |   .1189629   .0043916    27.09   0.000     .1103554    .1275704
                  f_1 |   .0476632   .0030982    15.38   0.000     .0415908    .0537356
                  f_2 |   .0375225   .0030743    12.21   0.000     .0314969     .043548
                  f_3 |   .0223809   .0030929     7.24   0.000     .0163187     .028443
                  f_4 |   .0139307   .0030697     4.54   0.000     .0079141    .0199472
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0152067   .0025885     5.87   0.000     .0101333    .0202801
         _Ivuosi_1996 |   .0799775   .0025082    31.89   0.000     .0750616    .0848935
         _Ivuosi_1997 |   .0855693   .0025674    33.33   0.000     .0805372    .0906014
         _Ivuosi_1998 |   .1099254   .0025935    42.38   0.000     .1048421    .1150086
         _Ivuosi_1999 |    .098334   .0026673    36.87   0.000     .0931061    .1035619
         _Ivuosi_2000 |   .1019564   .0027179    37.51   0.000     .0966294    .1072834
         _Ivuosi_2001 |   .1345142   .0027115    49.61   0.000     .1291998    .1398286
         _Ivuosi_2002 |   .1272244   .0027802    45.76   0.000     .1217753    .1326735
         _Ivuosi_2003 |   .1334055   .0028579    46.68   0.000     .1278041    .1390069
         _Ivuosi_2004 |   .1539817   .0029489    52.22   0.000     .1482019    .1597615
         _Ivuosi_2005 |   .1680824   .0030376    55.33   0.000     .1621286    .1740361
         _Ivuosi_2006 |   .1772794   .0031486    56.31   0.000     .1711083    .1834505
         _Ivuosi_2007 |   .1951604   .0032216    60.58   0.000     .1888461    .2014747
         _Ivuosi_2008 |   .1961996   .0033234    59.04   0.000     .1896858    .2027134
         _Ivuosi_2009 |    .155373   .0035718    43.50   0.000     .1483723    .1623737
         _Ivuosi_2010 |    .153004   .0037362    40.95   0.000     .1456812    .1603268
         _Ivuosi_2011 |   .1695838   .0038005    44.62   0.000     .1621349    .1770327
         _Ivuosi_2012 |   .1680421   .0040004    42.01   0.000     .1602014    .1758827
            _Iage2_21 |   .5278657   .0070544    74.83   0.000     .5140393    .5416922
            _Iage2_22 |   .6980411   .0068516   101.88   0.000     .6846119    .7114702
            _Iage2_23 |   .7869773     .00681   115.56   0.000     .7736299    .8003248
            _Iage2_24 |   .8622638   .0067653   127.45   0.000      .849004    .8755237
            _Iage2_25 |   .9355434   .0066895   139.85   0.000     .9224321    .9486547
            _Iage2_26 |   1.003832   .0066232   151.56   0.000     .9908507    1.016813
            _Iage2_27 |   1.044906    .006639   157.39   0.000     1.031894    1.057918
            _Iage2_28 |   1.084032   .0066424   163.20   0.000     1.071013    1.097051
            _Iage2_29 |   1.116063   .0066171   168.66   0.000     1.103094    1.129033
            _Iage2_30 |    1.13679   .0066231   171.64   0.000     1.123809    1.149772
            _Iage2_31 |   1.154466   .0066254   174.25   0.000      1.14148    1.167451
            _Iage2_32 |   1.164926   .0066429   175.36   0.000     1.151906    1.177946
            _Iage2_33 |   1.172164   .0066579   176.06   0.000     1.159115    1.185213
            _Iage2_34 |   1.178716    .006664   176.88   0.000     1.165654    1.191777
            _Iage2_35 |   1.186563   .0066361   178.80   0.000     1.173556     1.19957
            _Iage2_36 |   1.189788   .0066482   178.96   0.000     1.176758    1.202819
            _Iage2_37 |   1.191631   .0066658   178.77   0.000     1.178566    1.204696
            _Iage2_38 |   1.196214   .0066478   179.94   0.000     1.183185    1.209244
            _Iage2_39 |   1.202655   .0066471   180.93   0.000     1.189627    1.215683
            _Iage2_40 |   1.205746   .0066483   181.36   0.000     1.192715    1.218776
            _Iage2_41 |   1.199533   .0068455   175.23   0.000     1.186116     1.21295
            _Iage2_42 |   1.203218     .00685   175.65   0.000     1.189792    1.216644
            _Iage2_43 |   1.209309   .0068386   176.84   0.000     1.195905    1.222712
            _Iage2_44 |    1.21035   .0068393   176.97   0.000     1.196945    1.223755
            _Iage2_45 |   1.211449   .0068418   177.07   0.000      1.19804    1.224859
            _Iage2_46 |    1.21782   .0068622   177.47   0.000      1.20437     1.23127
            _Iage2_47 |   1.215343   .0068841   176.54   0.000     1.201851    1.228836
            _Iage2_48 |   1.219029    .006868   177.50   0.000     1.205568    1.232491
            _Iage2_49 |   1.218189   .0068695   177.33   0.000     1.204725    1.231653
            _Iage2_50 |   1.213794   .0068844   176.31   0.000     1.200301    1.227287
            _Iage2_51 |   1.213634   .0069621   174.32   0.000     1.199988    1.227279
            _Iage2_52 |   1.207627   .0070073   172.34   0.000     1.193893    1.221361
            _Iage2_53 |   1.202942   .0070291   171.14   0.000     1.189165    1.216719
            _Iage2_54 |   1.198956   .0070542   169.96   0.000     1.185129    1.212782
            _Iage2_55 |   1.191262   .0071603   166.37   0.000     1.177228    1.205296
            _Iage2_56 |   1.178245   .0075626   155.80   0.000     1.163422    1.193067
            _Iage2_57 |    1.15562   .0076777   150.52   0.000     1.140571    1.170668
            _Iage2_58 |   1.126937   .0079394   141.94   0.000     1.111376    1.142498
            _Iage2_59 |   1.085135   .0083766   129.54   0.000     1.068717    1.101553
        firm_size_new |   -.002125   .0004912    -4.33   0.000    -.0030878   -.0011623
                _cons |   8.961746   .0070724  1267.15   0.000     8.947884    8.975607
---------------------------------------------------------------------------------------
(1,519,385 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.28636         0  39.10183  .0711265  .0445782  14.81516
      sd |  .5064421         0  10.38652  .2570362   .206376  9.606239
     p50 |  10.36592         0        39         0         0        14
       N |    691571    678071    691571    691571    691571    479247
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.34618         0   39.1707  .0812948  .0516709  14.89104
      sd |  .5192764         0  10.35922  .2732875  .2213618  9.711563
     p50 |  10.42197         0        39         0         0        14
       N |    704633    691719    704633    704633    704633    487581
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.28636         0  39.10183  .0711265  .0445782  14.81516
         |  .5064421         0  10.38652  .2570362   .206376  9.606239
         |  10.36592         0        39         0         0        14
         |    691571    678071    691571    691571    691571    479247
---------+------------------------------------------------------------
       1 |  10.34618         0   39.1707  .0812948  .0516709  14.89104
         |  .5192764         0  10.35922  .2732875  .2213618  9.711563
         |  10.42197         0        39         0         0        14
         |    704633    691719    704633    704633    704633    487581
---------+------------------------------------------------------------
   Total |  10.31655         0  39.13658  .0762582  .0481577  14.85342
         |  .5138305         0  10.37281  .2654109  .2140995  9.659568
         |   10.3931         0        39         0         0        14
         |   1396204   1369790   1396204   1396204   1396204    966828
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_firstinv.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    966,828
                                                F(1, 966826)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6436
                                                Root MSE          =     5.7664

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8220703   .0007411  1109.27   0.000     .8206178    .8235229
       _cons |  -15.33007   .0235315  -651.47   0.000    -15.37619   -15.28395
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7539   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(129,816 real changes made)
(127,171 real changes made)
(111,821 real changes made)
(99,849 real changes made)
(90,150 real changes made)
(81,749 real changes made)
(131,256 real changes made)
(129,482 real changes made)
(120,577 real changes made)
(112,699 real changes made)
(101,528 real changes made)
(91,521 real changes made)
(83,326 real changes made)
(73,920 real changes made)
(65,735 real changes made)
(58,518 real changes made)
(869,742 real changes made, 869,742 to missing)
(778991 missing values generated)
(2,013,269 real changes made, 2,013,269 to missing)
(56,946 real changes made, 56,946 to missing)
(65,068 real changes made)
(63,858 real changes made)
(56,234 real changes made)
(50,232 real changes made)
(45,354 real changes made)
(41,121 real changes made)
(65,590 real changes made)
(64,666 real changes made)
(60,269 real changes made)
(56,329 real changes made)
(50,729 real changes made)
(45,730 real changes made)
(41,612 real changes made)
(36,899 real changes made)
(32,832 real changes made)
(29,257 real changes made)
(541,622 real changes made)
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.1890                         Obs per group: min =         1
       between = 0.1381                                        avg =      10.4
       overall = 0.1255                                        max =        16

                                                F(74,15593)        =    296.68
corr(u_i, Xb)  = -0.3965                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 15,594 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |     .00746   .0125789     0.59   0.553     -.017196     .032116
 treated_post |   .0126287   .0138645     0.91   0.362    -.0145474    .0398048
          l_0 |   .0574049   .0776613     0.74   0.460    -.0948202    .2096301
          l_1 |   .0964436    .092781     1.04   0.299    -.0854179    .2783051
          l_2 |   .0676794   .1082359     0.63   0.532    -.1444755    .2798343
          l_3 |   .0565154   .1236823     0.46   0.648    -.1859163    .2989472
          l_4 |   .0499867   .1391656     0.36   0.719    -.2227941    .3227675
          l_5 |   .0435967   .1545261     0.28   0.778    -.2592924    .3464857
          l_6 |   .0402108   .1700335     0.24   0.813    -.2930747    .3734962
          l_7 |   .0389278   .1854566     0.21   0.834    -.3245886    .4024442
          l_8 |   .0412906   .2008893     0.21   0.837    -.3524758     .435057
          l_9 |   .0407731   .2162916     0.19   0.850    -.3831836    .4647298
         l_10 |   .0400479   .2318094     0.17   0.863    -.4143253    .4944212
          f_1 |   .0521472   .0620955     0.84   0.401    -.0695673    .1738616
          f_2 |   .0389376     .04673     0.83   0.405    -.0526586    .1305338
          f_3 |   .0190557   .0312693     0.61   0.542    -.0422356    .0803471
          f_4 |   .0058047   .0158779     0.37   0.715    -.0253178    .0369272
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0347405   .0044355     7.83   0.000     .0260464    .0434346
 _Ivuosi_1996 |   .0654989   .0047217    13.87   0.000     .0562439    .0747539
 _Ivuosi_1997 |   .0665492   .0047102    14.13   0.000     .0573167    .0757816
 _Ivuosi_1998 |   .0773841   .0047421    16.32   0.000      .068089    .0866792
 _Ivuosi_1999 |   .0593719   .0043186    13.75   0.000     .0509069    .0678368
 _Ivuosi_2000 |   .0589348   .0045647    12.91   0.000     .0499874    .0678821
 _Ivuosi_2001 |    .068017   .0044966    15.13   0.000     .0592031    .0768309
 _Ivuosi_2002 |   .0472028   .0042186    11.19   0.000     .0389338    .0554718
 _Ivuosi_2003 |   .0448737   .0041129    10.91   0.000      .036812    .0529354
 _Ivuosi_2004 |   .0581488   .0040861    14.23   0.000     .0501395    .0661581
 _Ivuosi_2005 |   .0616465   .0041171    14.97   0.000     .0535766    .0697164
 _Ivuosi_2006 |   .0645613   .0042429    15.22   0.000     .0562446    .0728779
 _Ivuosi_2007 |   .0770314   .0042814    17.99   0.000     .0686393    .0854234
 _Ivuosi_2008 |   .0641536   .0040984    15.65   0.000     .0561203    .0721869
 _Ivuosi_2009 |   .0070032   .0049614     1.41   0.158    -.0027217    .0167281
 _Ivuosi_2010 |   .0037668   .0039822     0.95   0.344    -.0040389    .0115724
 _Ivuosi_2011 |   .0115414   .0030883     3.74   0.000     .0054879    .0175949
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5613806    .024124    23.27   0.000     .5140948    .6086664
    _Iage2_22 |   .7582869   .0393485    19.27   0.000     .6811593    .8354145
    _Iage2_23 |   .8648645   .0544978    15.87   0.000     .7580425    .9716865
    _Iage2_24 |   .9566716   .0698567    13.69   0.000     .8197444    1.093599
    _Iage2_25 |   1.042462   .0854151    12.20   0.000     .8750382    1.209885
    _Iage2_26 |   1.127993   .1010394    11.16   0.000     .9299438    1.326042
    _Iage2_27 |   1.186526   .1164938    10.19   0.000      .958185    1.414868
    _Iage2_28 |   1.242124   .1320071     9.41   0.000     .9833744    1.500873
    _Iage2_29 |   1.293742   .1476599     8.76   0.000     1.004312    1.583173
    _Iage2_30 |   1.334867   .1630494     8.19   0.000     1.015271    1.654463
    _Iage2_31 |   1.369424   .1784916     7.67   0.000      1.01956    1.719289
    _Iage2_32 |   1.397397   .1938173     7.21   0.000     1.017493    1.777302
    _Iage2_33 |   1.426858   .2094077     6.81   0.000     1.016394    1.837321
    _Iage2_34 |   1.453868   .2247984     6.47   0.000     1.013237    1.894499
    _Iage2_35 |   1.482348   .2402877     6.17   0.000     1.011356    1.953339
    _Iage2_36 |   1.505539   .2556604     5.89   0.000     1.004415    2.006663
    _Iage2_37 |   1.526325   .2710834     5.63   0.000     .9949706     2.05768
    _Iage2_38 |   1.549477   .2864796     5.41   0.000     .9879439     2.11101
    _Iage2_39 |   1.574618   .3020573     5.21   0.000     .9825503    2.166685
    _Iage2_40 |   1.592809   .3175319     5.02   0.000     .9704098    2.215208
    _Iage2_41 |   1.611558   .3329302     4.84   0.000     .9589757     2.26414
    _Iage2_42 |   1.627209   .3483977     4.67   0.000     .9443088    2.310109
    _Iage2_43 |   1.645392   .3639153     4.52   0.000     .9320757    2.358708
    _Iage2_44 |   1.661177   .3793322     4.38   0.000     .9176419    2.404712
    _Iage2_45 |   1.675514   .3947758     4.24   0.000     .9017073     2.44932
    _Iage2_46 |   1.692398   .4101903     4.13   0.000      .888377    2.496418
    _Iage2_47 |   1.702022   .4256144     4.00   0.000     .8677681    2.536275
    _Iage2_48 |    1.71744    .441094     3.89   0.000     .8528446    2.582036
    _Iage2_49 |    1.72774   .4565706     3.78   0.000     .8328089    2.622672
    _Iage2_50 |   1.734567   .4720135     3.67   0.000     .8093662    2.659769
    _Iage2_51 |   1.745397   .4874541     3.58   0.000     .7899305    2.700864
    _Iage2_52 |   1.751552   .5028491     3.48   0.000     .7659094    2.737195
    _Iage2_53 |   1.757126   .5183383     3.39   0.001     .7411228    2.773129
    _Iage2_54 |   1.763389   .5337627     3.30   0.001     .7171518    2.809625
    _Iage2_55 |   1.766874   .5491806     3.22   0.001     .6904165    2.843332
    _Iage2_56 |   1.765872   .5646774     3.13   0.002     .6590386    2.872705
    _Iage2_57 |   1.749437   .5800956     3.02   0.003     .6123822    2.886492
    _Iage2_58 |   1.730602   .5954762     2.91   0.004     .5633991    2.897804
    _Iage2_59 |   1.707132   .6109332     2.79   0.005     .5096315    2.904632
firm_size_new |   .0062736   .0009822     6.39   0.000     .0043484    .0081989
        _cons |   8.714708   .1962024    44.42   0.000     8.330129    9.099288
--------------+----------------------------------------------------------------
      sigma_u |  .42341994
      sigma_e |   .3442763
          rho |  .60200825   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.1891                         Obs per group: min =         1
       between = 0.1337                                        avg =      10.4
       overall = 0.1210                                        max =        16

                                                F(79,15593)        =    279.60
corr(u_i, Xb)  = -0.4288                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 15,594 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0176899   .0175309     1.01   0.313    -.0166727    .0520525
          treated_pre |    .006319   .0149131     0.42   0.672    -.0229125    .0355505
 treated_pre_iasenior |   .0001504   .0162141     0.01   0.993    -.0316312    .0319319
         treated_post |   .0144211   .0161291     0.89   0.371    -.0171938    .0460359
treated_post_iasenior |  -.0104388   .0178753    -0.58   0.559    -.0454764    .0245988
               senior |          0  (omitted)
         pre_iasenior |  -.0124598   .0056266    -2.21   0.027    -.0234887    -.001431
        post_iasenior |   -.039227   .0069573    -5.64   0.000    -.0528642   -.0255898
                  l_0 |   .0637934   .0777255     0.82   0.412    -.0885576    .2161444
                  l_1 |   .1014568     .09284     1.09   0.274    -.0805204    .2834341
                  l_2 |   .0711612   .1082939     0.66   0.511    -.1411075    .2834299
                  l_3 |   .0584482    .123742     0.47   0.637    -.1841005     .300997
                  l_4 |   .0503453   .1392305     0.36   0.718    -.2225627    .3232532
                  l_5 |   .0423806   .1545956     0.27   0.784    -.2606448    .3454061
                  l_6 |   .0374207     .17011     0.22   0.826    -.2960147     .370856
                  l_7 |   .0344888   .1855415     0.19   0.853    -.3291942    .3981717
                  l_8 |   .0351773   .2009832     0.18   0.861    -.3587732    .4291278
                  l_9 |   .0329029   .2163951     0.15   0.879    -.3912566    .4570623
                 l_10 |   .0304892   .2319221     0.13   0.895    -.4241051    .4850835
                  f_1 |   .0490473    .062244     0.79   0.431    -.0729582    .1710529
                  f_2 |   .0377455   .0468966     0.80   0.421    -.0541773    .1296683
                  f_3 |   .0197602   .0314665     0.63   0.530    -.0419178    .0814383
                  f_4 |    .008427   .0161784     0.52   0.602    -.0232846    .0401386
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0346418   .0044297     7.82   0.000      .025959    .0433246
         _Ivuosi_1996 |   .0654301   .0047204    13.86   0.000     .0561776    .0746825
         _Ivuosi_1997 |   .0664952   .0047069    14.13   0.000      .057269    .0757213
         _Ivuosi_1998 |   .0774652   .0047512    16.30   0.000     .0681523    .0867781
         _Ivuosi_1999 |   .0594274   .0043211    13.75   0.000     .0509576    .0678972
         _Ivuosi_2000 |   .0587771   .0045652    12.87   0.000     .0498287    .0677255
         _Ivuosi_2001 |   .0677163   .0044979    15.06   0.000        .0589    .0765326
         _Ivuosi_2002 |   .0468614   .0042246    11.09   0.000     .0385806    .0551422
         _Ivuosi_2003 |   .0445379   .0041259    10.79   0.000     .0364507    .0526252
         _Ivuosi_2004 |   .0576503   .0040979    14.07   0.000      .049618    .0656827
         _Ivuosi_2005 |   .0612811    .004131    14.83   0.000     .0531839    .0693782
         _Ivuosi_2006 |   .0640776   .0042555    15.06   0.000     .0557364    .0724188
         _Ivuosi_2007 |   .0766202     .00429    17.86   0.000     .0682112    .0850291
         _Ivuosi_2008 |   .0638193   .0041033    15.55   0.000     .0557764    .0718622
         _Ivuosi_2009 |   .0067528   .0049712     1.36   0.174    -.0029913    .0164968
         _Ivuosi_2010 |   .0036444   .0039873     0.91   0.361    -.0041712    .0114601
         _Ivuosi_2011 |   .0114674   .0030907     3.71   0.000     .0054093    .0175256
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5614391   .0241206    23.28   0.000     .5141599    .6087183
            _Iage2_22 |   .7583469    .039344    19.27   0.000     .6812281    .8354656
            _Iage2_23 |   .8650662   .0544928    15.87   0.000     .7582539    .9718784
            _Iage2_24 |   .9571253   .0698518    13.70   0.000     .8202076    1.094043
            _Iage2_25 |   1.043282     .08541    12.21   0.000     .8758684    1.210695
            _Iage2_26 |   1.129316   .1010339    11.18   0.000     .9312778    1.327354
            _Iage2_27 |   1.188501   .1164919    10.20   0.000     .9601634    1.416839
            _Iage2_28 |   1.244742   .1320082     9.43   0.000     .9859903    1.503493
            _Iage2_29 |   1.297074   .1476641     8.78   0.000     1.007635    1.586513
            _Iage2_30 |   1.338891   .1630579     8.21   0.000     1.019278    1.658503
            _Iage2_31 |   1.374232   .1785055     7.70   0.000      1.02434    1.724123
            _Iage2_32 |   1.402897   .1938353     7.24   0.000     1.022957    1.782836
            _Iage2_33 |   1.433041   .2094302     6.84   0.000     1.022533    1.843548
            _Iage2_34 |   1.460787   .2248254     6.50   0.000     1.020103    1.901471
            _Iage2_35 |   1.490035   .2403196     6.20   0.000      1.01898    1.961089
            _Iage2_36 |   1.513962   .2556951     5.92   0.000      1.01277    2.015154
            _Iage2_37 |   1.535664   .2711238     5.66   0.000     1.004229    2.067098
            _Iage2_38 |   1.559865   .2865256     5.44   0.000     .9982412    2.121488
            _Iage2_39 |   1.586213   .3021111     5.25   0.000     .9940404    2.178386
            _Iage2_40 |   1.605931   .3175963     5.06   0.000     .9834059    2.228457
            _Iage2_41 |    1.65648   .3330658     4.97   0.000     1.003632    2.309328
            _Iage2_42 |    1.67406   .3485458     4.80   0.000     .9908701    2.357251
            _Iage2_43 |   1.694416   .3640784     4.65   0.000     .9807805    2.408052
            _Iage2_44 |   1.712497   .3795114     4.51   0.000      .968611    2.456384
            _Iage2_45 |   1.729351    .394974     4.38   0.000     .9551565    2.503546
            _Iage2_46 |   1.748796    .410405     4.26   0.000     .9443545    2.553238
            _Iage2_47 |   1.761145    .425846     4.14   0.000     .9264376    2.595853
            _Iage2_48 |   1.779424   .4413472     4.03   0.000     .9143322    2.644516
            _Iage2_49 |    1.79271   .4568408     3.92   0.000     .8972487    2.688171
            _Iage2_50 |   1.802566    .472304     3.82   0.000     .8767956    2.728337
            _Iage2_51 |   1.816437   .4877669     3.72   0.000     .8603574    2.772517
            _Iage2_52 |    1.82575   .5031818     3.63   0.000     .8394552    2.812045
            _Iage2_53 |   1.834416   .5186908     3.54   0.000     .8177222    2.851111
            _Iage2_54 |    1.84389   .5341334     3.45   0.001      .796926    2.890853
            _Iage2_55 |   1.850628   .5495707     3.37   0.001     .7734059    2.927851
            _Iage2_56 |   1.852772   .5650905     3.28   0.001     .7451286    2.960415
            _Iage2_57 |   1.839564   .5805305     3.17   0.002     .7016569    2.977471
            _Iage2_58 |   1.824018   .5959288     3.06   0.002      .655928    2.992107
            _Iage2_59 |   1.804002   .6114144     2.95   0.003     .6055587    3.002445
        firm_size_new |   .0062462   .0009817     6.36   0.000      .004322    .0081705
                _cons |   8.695863   .1962688    44.31   0.000     8.311154    9.080573
----------------------+----------------------------------------------------------------
              sigma_u |  .43097751
              sigma_e |  .34424419
                  rho |  .61049878   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15593) =    0.06
            Prob > F =    0.8138

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 15593) =    0.18
            Prob > F =    0.6677
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.1896                         Obs per group: min =         1
       between = 0.1327                                        avg =      10.4
       overall = 0.1166                                        max =        16

                                                F(82,15593)        =    274.12
corr(u_i, Xb)  = -0.4929                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,594 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0069873   .0017529     3.99   0.000     .0035515    .0104231
     treated_iasuorv_d |   .1328749   .0423432     3.14   0.002     .0498773    .2158726
           treated_pre |   .0307743   .0263799     1.17   0.243    -.0209334    .0824819
       treated_pre_ia3 |  -.0018191   .0014448    -1.26   0.208    -.0046511    .0010129
 treated_pre_iasuorv_d |  -.0304202     .02666    -1.14   0.254    -.0826769    .0218365
          treated_post |   .1153516   .0277027     4.16   0.000      .061051    .1696521
      treated_post_ia3 |  -.0067792   .0016239    -4.17   0.000    -.0099622   -.0035962
treated_post_iasuorv_d |  -.1364553   .0284785    -4.79   0.000    -.1922765   -.0806341
             interact3 |  -.0022833   .0003181    -7.18   0.000    -.0029067   -.0016598
               suorv_d |  -.0722053   .0104773    -6.89   0.000     -.092742   -.0516686
                   l_0 |   .0342952   .0776294     0.44   0.659    -.1178675    .1864579
                   l_1 |   .0686711    .092731     0.74   0.459    -.1130924    .2504346
                   l_2 |   .0352188   .1081816     0.33   0.745    -.1768296    .2472673
                   l_3 |   .0193467   .1236253     0.16   0.876    -.2229733    .2616666
                   l_4 |   .0080327   .1391052     0.06   0.954    -.2646297     .280695
                   l_5 |  -.0031096   .1544552    -0.02   0.984    -.3058597    .2996405
                   l_6 |  -.0113269   .1699504    -0.07   0.947    -.3444495    .3217957
                   l_7 |  -.0173771   .1853661    -0.09   0.925    -.3807161    .3459619
                   l_8 |  -.0198945   .2007904    -0.10   0.921    -.4134669     .373678
                   l_9 |  -.0252846   .2161872    -0.12   0.907    -.4490367    .3984675
                  l_10 |  -.0308222   .2316913    -0.13   0.894    -.4849641    .4233197
                   f_1 |    .033185   .0620714     0.53   0.593    -.0884821    .1548521
                   f_2 |   .0249122    .046719     0.53   0.594    -.0666624    .1164868
                   f_3 |   .0097911   .0312605     0.31   0.754     -.051483    .0710653
                   f_4 |   .0013434   .0158798     0.08   0.933    -.0297827    .0324696
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348338   .0044301     7.86   0.000     .0261502    .0435173
          _Ivuosi_1996 |    .065226   .0047129    13.84   0.000     .0559882    .0744638
          _Ivuosi_1997 |   .0662373   .0047078    14.07   0.000     .0570094    .0754651
          _Ivuosi_1998 |    .076881   .0047431    16.21   0.000      .067584    .0861779
          _Ivuosi_1999 |   .0586614   .0043235    13.57   0.000     .0501868     .067136
          _Ivuosi_2000 |   .0581653   .0045811    12.70   0.000     .0491858    .0671448
          _Ivuosi_2001 |   .0670337   .0045175    14.84   0.000     .0581788    .0758885
          _Ivuosi_2002 |   .0462459   .0042445    10.90   0.000     .0379262    .0545656
          _Ivuosi_2003 |   .0439715   .0041581    10.57   0.000     .0358212    .0521218
          _Ivuosi_2004 |   .0572993   .0041282    13.88   0.000     .0492076    .0653909
          _Ivuosi_2005 |   .0608815   .0041408    14.70   0.000     .0527651     .068998
          _Ivuosi_2006 |   .0638137    .004269    14.95   0.000     .0554459    .0721815
          _Ivuosi_2007 |   .0763981      .0043    17.77   0.000     .0679695    .0848267
          _Ivuosi_2008 |   .0637453   .0040998    15.55   0.000     .0557092    .0717815
          _Ivuosi_2009 |   .0065913   .0049408     1.33   0.182    -.0030933    .0162759
          _Ivuosi_2010 |   .0034182    .003969     0.86   0.389    -.0043616     .011198
          _Ivuosi_2011 |   .0112721   .0030953     3.64   0.000      .005205    .0173393
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5656757   .0241309    23.44   0.000     .5183763    .6129751
             _Iage2_22 |   .7674368   .0393633    19.50   0.000     .6902801    .8445934
             _Iage2_23 |   .8792478   .0545077    16.13   0.000     .7724065    .9860892
             _Iage2_24 |   .9762782   .0698741    13.97   0.000     .8393169    1.113239
             _Iage2_25 |   1.067177   .0854241    12.49   0.000     .8997354    1.234618
             _Iage2_26 |   1.157954   .1010377    11.46   0.000      .959908    1.355999
             _Iage2_27 |   1.222005   .1164828    10.49   0.000     .9936853    1.450325
             _Iage2_28 |    1.28314   .1319924     9.72   0.000      1.02442    1.541861
             _Iage2_29 |   1.340322   .1476459     9.08   0.000     1.050919    1.629726
             _Iage2_30 |   1.387127   .1630312     8.51   0.000     1.067567    1.706687
             _Iage2_31 |   1.427391    .178465     8.00   0.000     1.077579    1.777203
             _Iage2_32 |   1.461197   .1937918     7.54   0.000     1.081342    1.841051
             _Iage2_33 |   1.496444   .2093791     7.15   0.000     1.086037    1.906852
             _Iage2_34 |   1.529285   .2247656     6.80   0.000     1.088718    1.969851
             _Iage2_35 |   1.563606   .2402486     6.51   0.000     1.092691    2.034521
             _Iage2_36 |   1.592687   .2556172     6.23   0.000     1.091648    2.093727
             _Iage2_37 |   1.619339   .2710411     5.97   0.000     1.088067    2.150611
             _Iage2_38 |   1.648408   .2864424     5.75   0.000     1.086948    2.209869
             _Iage2_39 |   1.679505    .302014     5.56   0.000     1.087523    2.271488
             _Iage2_40 |   1.703794   .3174811     5.37   0.000     1.081494    2.326093
             _Iage2_41 |   1.728611   .3328792     5.19   0.000     1.076129    2.381093
             _Iage2_42 |   1.750403   .3483441     5.02   0.000     1.067608    2.433197
             _Iage2_43 |   1.774829    .363855     4.88   0.000     1.061631    2.488027
             _Iage2_44 |   1.796654   .3792698     4.74   0.000     1.053241    2.540067
             _Iage2_45 |   1.817206   .3947119     4.60   0.000     1.043525    2.590887
             _Iage2_46 |   1.840136   .4101189     4.49   0.000     1.036255    2.644017
             _Iage2_47 |   1.855785   .4255371     4.36   0.000     1.021683    2.689887
             _Iage2_48 |   1.877239   .4410101     4.26   0.000     1.012808     2.74167
             _Iage2_49 |     1.8935   .4564808     4.15   0.000     .9987449    2.788256
             _Iage2_50 |   1.906048   .4719184     4.04   0.000     .9810327    2.831063
             _Iage2_51 |   1.922659   .4873466     3.95   0.000     .9674028    2.877914
             _Iage2_52 |   1.934521   .5027379     3.85   0.000     .9490965    2.919946
             _Iage2_53 |   1.945691   .5182177     3.75   0.000     .9299243    2.961458
             _Iage2_54 |   1.957527   .5336339     3.67   0.000     .9115423    3.003511
             _Iage2_55 |   1.966516   .5490466     3.58   0.000     .8903212    3.042711
             _Iage2_56 |   1.970857   .5645321     3.49   0.000     .8643089    3.077406
             _Iage2_57 |   1.959714   .5799523     3.38   0.001     .8229406    3.096488
             _Iage2_58 |   1.946247   .5953253     3.27   0.001     .7793406    3.113154
             _Iage2_59 |   1.928011   .6107747     3.16   0.002     .7308217    3.125201
         firm_size_new |   .0062686   .0009702     6.46   0.000     .0043668    .0081703
                 _cons |   8.667445   .1961386    44.19   0.000     8.282991      9.0519
-----------------------+----------------------------------------------------------------
               sigma_u |  .44659311
               sigma_e |  .34413963
                   rho |  .62742852   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15593) =   16.95
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15593) =    1.32
            Prob > F =    0.2500
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.1897                         Obs per group: min =         1
       between = 0.1326                                        avg =      10.4
       overall = 0.1164                                        max =        16

                                                F(85,15593)        =    266.49
corr(u_i, Xb)  = -0.4959                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,594 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0202909   .0192832    -1.05   0.293    -.0580883    .0175064
           treated_ia3 |   .0079004   .0018358     4.30   0.000     .0043019    .0114988
     treated_iasuorv_d |   .1580743   .0475354     3.33   0.001     .0648993    .2512492
           treated_pre |   .0311951   .0270417     1.15   0.249    -.0218097       .0842
  treated_pre_iasenior |   .0070496   .0180727     0.39   0.696    -.0283751    .0424743
       treated_pre_ia3 |  -.0020334   .0015756    -1.29   0.197    -.0051218    .0010549
 treated_pre_iasuorv_d |    -.03465   .0329236    -1.05   0.293    -.0991841    .0298841
          treated_post |   .1208162   .0282037     4.28   0.000     .0655337    .1760987
 treated_post_iasenior |   .0352779   .0192878     1.83   0.067    -.0025284    .0730842
      treated_post_ia3 |  -.0080255   .0017351    -4.63   0.000    -.0114265   -.0046246
treated_post_iasuorv_d |   -.165813   .0342169    -4.85   0.000    -.2328821   -.0987438
                senior |    1.92823   .6108002     3.16   0.002     .7309911     3.12547
             interact3 |  -.0022585   .0003187    -7.09   0.000    -.0028832   -.0016339
               suorv_d |   -.072272   .0104748    -6.90   0.000    -.0928038   -.0517401
                   l_0 |   .0343805   .0776327     0.44   0.658    -.1177887    .1865496
                   l_1 |   .0686828   .0927345     0.74   0.459    -.1130876    .2504532
                   l_2 |   .0351585   .1081861     0.32   0.745    -.1768988    .2472158
                   l_3 |   .0192004   .1236303     0.16   0.877    -.2231295    .2615302
                   l_4 |   .0078067   .1391108     0.06   0.955    -.2648666      .28048
                   l_5 |  -.0034268   .1544617    -0.02   0.982    -.3061896     .299336
                   l_6 |  -.0117398   .1699583    -0.07   0.945    -.3448778    .3213982
                   l_7 |   -.017892   .1853753    -0.10   0.923    -.3812491    .3454651
                   l_8 |  -.0205293   .2008007    -0.10   0.919    -.4141221    .3730635
                   l_9 |  -.0260516    .216199    -0.12   0.904    -.4498267    .3977235
                  l_10 |  -.0317601   .2317037    -0.14   0.891    -.4859262    .4224059
                   f_1 |   .0330821   .0620748     0.53   0.594    -.0885916    .1547559
                   f_2 |   .0248532   .0467214     0.53   0.595    -.0667263    .1164326
                   f_3 |   .0097593   .0312617     0.31   0.755    -.0515174    .0710359
                   f_4 |   .0013318     .01588     0.08   0.933    -.0297949    .0324585
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348208    .004428     7.86   0.000     .0261414    .0435001
          _Ivuosi_1996 |   .0651798   .0047061    13.85   0.000     .0559554    .0744043
          _Ivuosi_1997 |   .0661318   .0047022    14.06   0.000     .0569149    .0753487
          _Ivuosi_1998 |   .0767481    .004741    16.19   0.000     .0674551     .086041
          _Ivuosi_1999 |   .0584914   .0043237    13.53   0.000     .0500164    .0669664
          _Ivuosi_2000 |   .0579482   .0045791    12.65   0.000     .0489727    .0669237
          _Ivuosi_2001 |    .066801   .0045168    14.79   0.000     .0579475    .0756545
          _Ivuosi_2002 |   .0460017   .0042441    10.84   0.000     .0376827    .0543206
          _Ivuosi_2003 |   .0437284   .0041598    10.51   0.000     .0355747    .0518821
          _Ivuosi_2004 |   .0570854   .0041292    13.82   0.000     .0489917    .0651792
          _Ivuosi_2005 |   .0607589   .0041445    14.66   0.000     .0526353    .0688825
          _Ivuosi_2006 |   .0637169   .0042701    14.92   0.000     .0553469    .0720868
          _Ivuosi_2007 |    .076314   .0043016    17.74   0.000     .0678823    .0847457
          _Ivuosi_2008 |   .0636607   .0041015    15.52   0.000     .0556214       .0717
          _Ivuosi_2009 |   .0065146   .0049392     1.32   0.187    -.0031668     .016196
          _Ivuosi_2010 |    .003353   .0039697     0.84   0.398    -.0044282    .0111341
          _Ivuosi_2011 |   .0112409   .0030951     3.63   0.000     .0051741    .0173078
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5657063   .0241307    23.44   0.000     .5184073    .6130053
             _Iage2_22 |    .767454   .0393643    19.50   0.000     .6902954    .8446127
             _Iage2_23 |   .8792913   .0545095    16.13   0.000     .7724463    .9861363
             _Iage2_24 |   .9763681    .069876    13.97   0.000      .839403    1.113333
             _Iage2_25 |    1.06732   .0854262    12.49   0.000     .8998745    1.234765
             _Iage2_26 |   1.158185   .1010401    11.46   0.000     .9601351    1.356236
             _Iage2_27 |   1.222307   .1164859    10.49   0.000     .9939809    1.450633
             _Iage2_28 |   1.283531    .131996     9.72   0.000     1.024804    1.542259
             _Iage2_29 |   1.340821   .1476499     9.08   0.000      1.05141    1.630232
             _Iage2_30 |   1.387741   .1630352     8.51   0.000     1.068173    1.707309
             _Iage2_31 |   1.428135   .1784691     8.00   0.000     1.078315    1.777956
             _Iage2_32 |   1.462081   .1937963     7.54   0.000     1.082218    1.841944
             _Iage2_33 |   1.497482   .2093835     7.15   0.000     1.087066    1.907898
             _Iage2_34 |    1.53048   .2247703     6.81   0.000     1.089904    1.971056
             _Iage2_35 |   1.564973   .2402538     6.51   0.000     1.094047    2.035898
             _Iage2_36 |   1.594248   .2556227     6.24   0.000     1.093198    2.095298
             _Iage2_37 |   1.621076   .2710468     5.98   0.000     1.089793     2.15236
             _Iage2_38 |   1.650367   .2864476     5.76   0.000     1.088897    2.211838
             _Iage2_39 |   1.681654   .3020196     5.57   0.000     1.089661    2.273647
             _Iage2_40 |    1.70612   .3174871     5.37   0.000     1.083809    2.328432
             _Iage2_41 |  -.1994298   .2781052    -0.72   0.473    -.7445483    .3456886
             _Iage2_42 |  -.1775111   .2626304    -0.68   0.499    -.6922973     .337275
             _Iage2_43 |  -.1530151   .2471094    -0.62   0.536    -.6373783     .331348
             _Iage2_44 |  -.1311059   .2316909    -0.57   0.571     -.585247    .3230353
             _Iage2_45 |  -.1104966    .216244    -0.51   0.609    -.5343599    .3133667
             _Iage2_46 |  -.0875236   .2008358    -0.44   0.663    -.4811851    .3061378
             _Iage2_47 |  -.0718533   .1854064    -0.39   0.698    -.4352714    .2915649
             _Iage2_48 |  -.0503879   .1699344    -0.30   0.767    -.3834791    .2827033
             _Iage2_49 |  -.0341318    .154458    -0.22   0.825    -.3368875    .2686238
             _Iage2_50 |  -.0216148   .1390244    -0.16   0.876    -.2941188    .2508891
             _Iage2_51 |  -.0050361   .1236008    -0.04   0.967    -.2473081    .2372359
             _Iage2_52 |    .006766   .1082216     0.06   0.950     -.205361     .218893
             _Iage2_53 |   .0179098   .0927568     0.19   0.847    -.1639043    .1997239
             _Iage2_54 |   .0297023    .077358     0.38   0.701    -.1219282    .1813329
             _Iage2_55 |   .0386601   .0619968     0.62   0.533    -.0828609    .1601812
             _Iage2_56 |   .0429737   .0465676     0.92   0.356    -.0483041    .1342516
             _Iage2_57 |   .0317985   .0312257     1.02   0.309    -.0294076    .0930045
             _Iage2_58 |   .0182942    .016083     1.14   0.255    -.0132304    .0498188
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0062848   .0009683     6.49   0.000     .0043867    .0081828
                 _cons |   8.665167   .1961472    44.18   0.000     8.280696    9.049639
-----------------------+----------------------------------------------------------------
               sigma_u |  .44740735
               sigma_e |  .34413506
                   rho |  .62828596   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 15593) =   14.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15593) =   21.63
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 15593) =    1.67
            Prob > F =    0.1969

 ( 1)  treated_post_ia3 = 0

       F(  1, 15593) =   21.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15593) =   17.72
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15593) =   17.74
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15593) =   17.23
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.2013                         Obs per group: min =         1
       between = 0.1150                                        avg =      10.4
       overall = 0.1001                                        max =        16

                                                F(89,15593)        =    294.71
corr(u_i, Xb)  = -0.6409                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,594 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0018252   .0193265    -0.09   0.925    -.0397074     .036057
           treated_ia2 |  -.1173253   .0531907    -2.21   0.027    -.2215853   -.0130654
           treated_ia3 |   .0071773   .0018776     3.82   0.000      .003497    .0108576
     treated_iasuorv_d |   .1149974   .0456471     2.52   0.012     .0255239     .204471
           treated_pre |   .0215502   .0281884     0.76   0.445    -.0337022    .0768027
  treated_pre_iasenior |   .0003077   .0179958     0.02   0.986    -.0349662    .0355815
       treated_pre_ia2 |   .0764814   .0390458     1.96   0.050    -.0000529    .1530156
       treated_pre_ia3 |  -.0018141   .0015932    -1.14   0.255     -.004937    .0013088
 treated_pre_iasuorv_d |   -.017727   .0333077    -0.53   0.595     -.083014    .0475601
          treated_post |   .0710493   .0286267     2.48   0.013     .0149376     .127161
 treated_post_iasenior |   .0109651   .0192931     0.57   0.570    -.0268517    .0487818
      treated_post_ia2 |   .1588356   .0410094     3.87   0.000     .0784524    .2392187
      treated_post_ia3 |  -.0061735   .0017124    -3.61   0.000      -.00953    -.002817
treated_post_iasuorv_d |  -.0856384   .0340828    -2.51   0.012    -.1524447   -.0188322
                senior |   2.194532   .6121395     3.59   0.000     .9946676    3.394397
             interact2 |   .5207701   .0128979    40.38   0.000     .4954888    .5460513
             interact3 |   .0011532   .0003109     3.71   0.000     .0005438    .0017625
               suorv_d |   -.063801   .0104685    -6.09   0.000    -.0843205   -.0432815
                   l_0 |  -.0139068   .0778035    -0.18   0.858    -.1664107    .1385971
                   l_1 |   .0084671   .0929723     0.09   0.927    -.1737695    .1907036
                   l_2 |  -.0351255   .1084586    -0.32   0.746    -.2477169    .1774658
                   l_3 |  -.0611136   .1239513    -0.49   0.622    -.3040726    .1818454
                   l_4 |  -.0831467   .1394676    -0.60   0.551    -.3565195     .190226
                   l_5 |  -.1052306   .1548678    -0.68   0.497    -.4087894    .1983282
                   l_6 |  -.1246654   .1704088    -0.73   0.464    -.4586865    .2093556
                   l_7 |  -.1412729   .1858567    -0.76   0.447    -.5055736    .2230279
                   l_8 |  -.1548145   .2013275    -0.77   0.442    -.5494397    .2398107
                   l_9 |  -.1707637   .2167619    -0.79   0.431    -.5956423    .2541148
                  l_10 |  -.1877968   .2323071    -0.81   0.419    -.6431457    .2675522
                   f_1 |  -.0064513   .0622208    -0.10   0.917    -.1284114    .1155088
                   f_2 |  -.0042966   .0468236    -0.09   0.927    -.0960763    .0874831
                   f_3 |  -.0095118    .031331    -0.30   0.761    -.0709241    .0519006
                   f_4 |  -.0080701   .0159125    -0.51   0.612    -.0392606    .0231203
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0374912   .0044013     8.52   0.000     .0288642    .0461182
          _Ivuosi_1996 |   .0662857   .0046549    14.24   0.000     .0571615    .0754099
          _Ivuosi_1997 |   .0671378    .004634    14.49   0.000     .0580547    .0762209
          _Ivuosi_1998 |   .0785435   .0046459    16.91   0.000     .0694369      .08765
          _Ivuosi_1999 |   .0612676   .0042494    14.42   0.000     .0529382    .0695969
          _Ivuosi_2000 |   .0620366   .0044841    13.83   0.000     .0532472     .070826
          _Ivuosi_2001 |   .0702711    .004409    15.94   0.000     .0616289    .0789133
          _Ivuosi_2002 |   .0493545   .0041282    11.96   0.000     .0412627    .0574463
          _Ivuosi_2003 |   .0469437   .0040258    11.66   0.000     .0390526    .0548349
          _Ivuosi_2004 |   .0606271   .0039826    15.22   0.000     .0528208    .0684335
          _Ivuosi_2005 |   .0643189    .004011    16.04   0.000     .0564568    .0721811
          _Ivuosi_2006 |   .0675736   .0041142    16.42   0.000     .0595092     .075638
          _Ivuosi_2007 |   .0800148   .0041404    19.33   0.000     .0718991    .0881304
          _Ivuosi_2008 |   .0668488   .0039327    17.00   0.000     .0591402    .0745575
          _Ivuosi_2009 |   .0095169   .0047651     2.00   0.046     .0001767    .0188572
          _Ivuosi_2010 |   .0057295   .0038673     1.48   0.138    -.0018508    .0133098
          _Ivuosi_2011 |   .0129534   .0030105     4.30   0.000     .0070524    .0188544
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5714521   .0241319    23.68   0.000     .5241507    .6187534
             _Iage2_22 |   .7802592   .0393885    19.81   0.000     .7030532    .8574652
             _Iage2_23 |   .8972067   .0545344    16.45   0.000     .7903128    1.004101
             _Iage2_24 |   .9930516   .0698732    14.21   0.000     .8560919    1.130011
             _Iage2_25 |   1.079698   .0854321    12.64   0.000     .9122414    1.247155
             _Iage2_26 |   1.168115   .1010743    11.56   0.000     .9699974    1.366232
             _Iage2_27 |   1.233577   .1165566    10.58   0.000     1.005113    1.462042
             _Iage2_28 |   1.298406   .1321034     9.83   0.000     1.039468    1.557344
             _Iage2_29 |   1.359852   .1477682     9.20   0.000     1.070209    1.649494
             _Iage2_30 |   1.412455   .1632095     8.65   0.000     1.092545    1.732364
             _Iage2_31 |   1.459133   .1786843     8.17   0.000     1.108891    1.809375
             _Iage2_32 |   1.500159   .1940458     7.73   0.000     1.119807    1.880511
             _Iage2_33 |   1.542787   .2096693     7.36   0.000      1.13181    1.953763
             _Iage2_34 |   1.582909   .2250901     7.03   0.000     1.141706    2.024112
             _Iage2_35 |   1.624618   .2406217     6.75   0.000     1.152972    2.096265
             _Iage2_36 |   1.661603   .2560317     6.49   0.000     1.159751    2.163455
             _Iage2_37 |   1.695894   .2714994     6.25   0.000     1.163724    2.228064
             _Iage2_38 |   1.732693   .2869424     6.04   0.000     1.170252    2.295133
             _Iage2_39 |   1.771603   .3025496     5.86   0.000     1.178571    2.364636
             _Iage2_40 |   1.803796   .3180524     5.67   0.000     1.180377    2.427216
             _Iage2_41 |  -.3595459   .2788261    -1.29   0.197    -.9060774    .1869856
             _Iage2_42 |   -.329797   .2633114    -1.25   0.210     -.845918     .186324
             _Iage2_43 |  -.2974082   .2477487    -1.20   0.230    -.7830244     .188208
             _Iage2_44 |  -.2673466   .2322901    -1.15   0.250    -.7226623    .1879691
             _Iage2_45 |   -.238714   .2167957    -1.10   0.271    -.6636587    .1862307
             _Iage2_46 |  -.2073736   .2013469    -1.03   0.303     -.602037    .1872897
             _Iage2_47 |  -.1832349   .1858824    -0.99   0.324    -.5475859    .1811162
             _Iage2_48 |  -.1532095   .1703781    -0.90   0.369    -.4871703    .1807513
             _Iage2_49 |  -.1282454    .154854    -0.83   0.408    -.4317773    .1752865
             _Iage2_50 |  -.1068488   .1393802    -0.77   0.443    -.3800502    .1663525
             _Iage2_51 |  -.0812507   .1239204    -0.66   0.512    -.3241491    .1616476
             _Iage2_52 |  -.0602762   .1084956    -0.56   0.579    -.2729401    .1523877
             _Iage2_53 |  -.0398075    .093002    -0.43   0.669    -.2221021    .1424872
             _Iage2_54 |  -.0186899    .077557    -0.24   0.810    -.1707106    .1333308
             _Iage2_55 |  -.0002616   .0621591    -0.00   0.997    -.1221007    .1215774
             _Iage2_56 |   .0136209   .0466905     0.29   0.770    -.0778979    .1051396
             _Iage2_57 |   .0122096   .0313136     0.39   0.697    -.0491686    .0735879
             _Iage2_58 |   .0083632   .0161254     0.52   0.604    -.0232445    .0399709
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0058707   .0009603     6.11   0.000     .0039884     .007753
                 _cons |   8.564619    .196495    43.59   0.000     8.179466    8.949772
-----------------------+----------------------------------------------------------------
               sigma_u |  .50636682
               sigma_e |  .34164833
                   rho |  .68717796   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 15593) =   12.16
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 15593) =   16.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 15593) =    2.89
            Prob > F =    0.0557

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15593) =   16.04
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15593) =    4.70
            Prob > F =    0.0302

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15593) =   29.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15593) =    5.66
            Prob > F =    0.0173

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 15593) =   26.26
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15593) =    4.32
            Prob > F =    0.0376

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15593) =   25.90
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    451,795    .0845251    .2781739          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    402,787    .0509798    .2199568          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    371,987    10.41618    6.273811          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    207,877    23.48404    8.468631          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    334,005     10.8352    6.266629          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    188,795    23.85036    8.427185          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     37,982    6.731373    5.003151          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     19,082    19.85976    8.011642          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.08 + _b[treated_post_ia3] * 
>  10.42
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.05 + _b[treated_post_ia3] * 
>  23.48

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |    .019428   .0168403     1.15   0.249    -.0135783    .0524343
       _nl_2 |  -.0549982   .0244734    -2.25   0.025    -.1029652   -.0070312
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.8
> 4
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.8
> 5
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.7
> 3
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 6

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0041283   .0174936     0.24   0.813    -.0301585    .0384151
       _nl_2 |  -.0652242   .0251408    -2.59   0.009    -.1144993    -.015949
       _nl_3 |    .188337   .0391438     4.81   0.000     .1116165    .2650575
       _nl_4 |   .1182437   .0408118     2.90   0.004      .038254    .1982334
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.7
> 3
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 6
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.8
> 4
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.8
> 5

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0710493   .0286267     2.48   0.013     .0149419    .1271566
       _nl_2 |   .0820144   .0378344     2.17   0.030     .0078602    .1561685
       _nl_3 |   .2298848    .042566     5.40   0.000      .146457    .3133126
       _nl_4 |   .2408499   .0469969     5.12   0.000     .1487376    .3329622
       _nl_5 |    .188337   .0391438     4.81   0.000     .1116165    .2650575
       _nl_6 |   .1182437   .0408118     2.90   0.004      .038254    .1982334
       _nl_7 |   .0041283   .0174936     0.24   0.813    -.0301585    .0384151
       _nl_8 |  -.0652242   .0251408    -2.59   0.009    -.1144993    -.015949
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_bluec_noIQ_firstinv_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.2013                         Obs per group: min =         1
       between = 0.1149                                        avg =      10.4
       overall = 0.1001                                        max =        16

                                                F(86,15593)        =    302.39
corr(u_i, Xb)  = -0.6400                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,594 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1179634   .0528493    -2.23   0.026    -.2215542   -.0143727
           treated_ia3 |   .0069437   .0017958     3.87   0.000     .0034238    .0104636
     treated_iasuorv_d |   .1064169   .0407681     2.61   0.009     .0265067    .1863272
           treated_pre |   .0220099   .0273445     0.80   0.421    -.0315885    .0756083
       treated_pre_ia2 |   .0763624   .0388564     1.97   0.049     .0001993    .1525255
       treated_pre_ia3 |  -.0018073   .0014468    -1.25   0.212    -.0046431    .0010286
 treated_pre_iasuorv_d |  -.0180161   .0267042    -0.67   0.500    -.0703594    .0343272
          treated_post |   .0691809   .0279772     2.47   0.013     .0143424    .1240194
      treated_post_ia2 |   .1605687   .0407011     3.95   0.000     .0807899    .2403475
      treated_post_ia3 |  -.0057293    .001592    -3.60   0.000    -.0088498   -.0026088
treated_post_iasuorv_d |  -.0755633   .0279198    -2.71   0.007    -.1302892   -.0208373
             interact2 |    .520767   .0129003    40.37   0.000     .4954809    .5460532
             interact3 |   .0011325   .0003109     3.64   0.000     .0005232    .0017418
               suorv_d |  -.0637437   .0104708    -6.09   0.000    -.0842676   -.0432198
                   l_0 |  -.0139442   .0777994    -0.18   0.858    -.1664401    .1385517
                   l_1 |   .0084761   .0929676     0.09   0.927    -.1737511    .1907033
                   l_2 |  -.0350683   .1084527    -0.32   0.746    -.2476481    .1775116
                   l_3 |  -.0610007   .1239445    -0.49   0.623    -.3039463     .181945
                   l_4 |  -.0829812     .13946    -0.60   0.552    -.3563389    .1903766
                   l_5 |  -.1050052   .1548589    -0.68   0.498    -.4085467    .1985363
                   l_6 |  -.1243769   .1703985    -0.73   0.465    -.4583778     .209624
                   l_7 |  -.1409171    .185845    -0.76   0.448    -.5051949    .2233606
                   l_8 |   -.154381   .2013145    -0.77   0.443    -.5489807    .2402188
                   l_9 |  -.1702458   .2167475    -0.79   0.432     -.595096    .2546045
                  l_10 |  -.1871713   .2322918    -0.81   0.420    -.6424903    .2681476
                   f_1 |  -.0063686   .0622169    -0.10   0.918     -.128321    .1155837
                   f_2 |  -.0042484   .0468206    -0.09   0.928    -.0960223    .0875254
                   f_3 |  -.0094917   .0313295    -0.30   0.762    -.0709012    .0519178
                   f_4 |  -.0080704    .015912    -0.51   0.612    -.0392598     .023119
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .037511    .004403     8.52   0.000     .0288805    .0461414
          _Ivuosi_1996 |   .0663287    .004659    14.24   0.000     .0571966    .0754608
          _Ivuosi_1997 |   .0672167    .004637    14.50   0.000     .0581276    .0763059
          _Ivuosi_1998 |   .0786413   .0046448    16.93   0.000      .069537    .0877457
          _Ivuosi_1999 |   .0613912   .0042475    14.45   0.000     .0530655    .0697168
          _Ivuosi_2000 |   .0621862    .004484    13.87   0.000     .0533969    .0709754
          _Ivuosi_2001 |   .0704313   .0044075    15.98   0.000     .0617921    .0790706
          _Ivuosi_2002 |   .0495192   .0041269    12.00   0.000       .04143    .0576084
          _Ivuosi_2003 |    .047108   .0040234    11.71   0.000     .0392217    .0549943
          _Ivuosi_2004 |   .0607767    .003981    15.27   0.000     .0529735      .06858
          _Ivuosi_2005 |   .0644153   .0040072    16.07   0.000     .0565608    .0722699
          _Ivuosi_2006 |   .0676533   .0041129    16.45   0.000     .0595915    .0757151
          _Ivuosi_2007 |   .0800824   .0041381    19.35   0.000     .0719712    .0881936
          _Ivuosi_2008 |   .0669098   .0039316    17.02   0.000     .0592034    .0746162
          _Ivuosi_2009 |   .0095688   .0047669     2.01   0.045     .0002251    .0189125
          _Ivuosi_2010 |   .0057725   .0038668     1.49   0.136    -.0018069     .013352
          _Ivuosi_2011 |   .0129733   .0030106     4.31   0.000     .0070721    .0188745
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5714381   .0241312    23.68   0.000     .5241381    .6187381
             _Iage2_22 |   .7802495   .0393864    19.81   0.000     .7030477    .8574514
             _Iage2_23 |   .8971844   .0545312    16.45   0.000     .7902969    1.004072
             _Iage2_24 |   .9930038   .0698696    14.21   0.000     .8560512    1.129956
             _Iage2_25 |   1.079617    .085428    12.64   0.000     .9121687    1.247066
             _Iage2_26 |   1.167984   .1010697    11.56   0.000     .9698756    1.366092
             _Iage2_27 |   1.233403   .1165513    10.58   0.000     1.004949    1.461857
             _Iage2_28 |    1.29818   .1320972     9.83   0.000     1.039255    1.557106
             _Iage2_29 |   1.359566   .1477614     9.20   0.000     1.069936    1.649195
             _Iage2_30 |   1.412105   .1632023     8.65   0.000      1.09221    1.732001
             _Iage2_31 |   1.458711   .1786768     8.16   0.000     1.108484    1.808938
             _Iage2_32 |   1.499662   .1940376     7.73   0.000     1.119326    1.879998
             _Iage2_33 |   1.542207   .2096608     7.36   0.000     1.131247    1.953167
             _Iage2_34 |   1.582246   .2250813     7.03   0.000      1.14106    2.023431
             _Iage2_35 |   1.623862    .240612     6.75   0.000     1.152235     2.09549
             _Iage2_36 |   1.660747   .2560215     6.49   0.000     1.158915    2.162578
             _Iage2_37 |   1.694941   .2714887     6.24   0.000     1.162791     2.22709
             _Iage2_38 |   1.731622   .2869319     6.03   0.000     1.169202    2.294041
             _Iage2_39 |    1.77043   .3025381     5.85   0.000      1.17742     2.36344
             _Iage2_40 |   1.802521   .3180401     5.67   0.000     1.179126    2.425917
             _Iage2_41 |   1.835233   .3334874     5.50   0.000     1.181559    2.488907
             _Iage2_42 |   1.864902   .3489931     5.34   0.000     1.180835    2.548969
             _Iage2_43 |   1.897237   .3645452     5.20   0.000     1.182686    2.611787
             _Iage2_44 |   1.927235   .3800003     5.07   0.000      1.18239     2.67208
             _Iage2_45 |   1.955816   .3954907     4.95   0.000     1.180608    2.731024
             _Iage2_46 |   1.987114   .4109386     4.84   0.000     1.181626    2.792601
             _Iage2_47 |   2.011214   .4263929     4.72   0.000     1.175434    2.846993
             _Iage2_48 |   2.041204   .4418977     4.62   0.000     1.175033    2.907374
             _Iage2_49 |   2.066138   .4574161     4.52   0.000      1.16955    2.962727
             _Iage2_50 |   2.087516   .4728936     4.41   0.000     1.160589    3.014442
             _Iage2_51 |   2.113098   .4883588     4.33   0.000     1.155858    3.070338
             _Iage2_52 |   2.134069   .5037946     4.24   0.000     1.146573    3.121565
             _Iage2_53 |   2.154522    .519305     4.15   0.000     1.136624     3.17242
             _Iage2_54 |   2.175629   .5347677     4.07   0.000     1.127422    3.223836
             _Iage2_55 |   2.194044   .5502174     3.99   0.000     1.115554    3.272534
             _Iage2_56 |   2.207915   .5657425     3.90   0.000     1.098994    3.316836
             _Iage2_57 |   2.206493   .5811975     3.80   0.000     1.067278    3.345707
             _Iage2_58 |   2.202637   .5966135     3.69   0.000     1.033205    3.372068
             _Iage2_59 |   2.194273   .6121072     3.58   0.000     .9944718    3.394074
         firm_size_new |   .0058608   .0009614     6.10   0.000     .0039763    .0077453
                 _cons |   8.565675   .1964788    43.60   0.000     8.180553    8.950796
-----------------------+----------------------------------------------------------------
               sigma_u |  .50590663
               sigma_e |  .34164892
                   rho |  .68678618   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15593) =   29.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15593) =    5.64
            Prob > F =    0.0176

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15593) =   28.73
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 15593) =    5.67
            Prob > F =    0.0173

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15593) =    0.60
            Prob > F =    0.4396

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 15593) =    5.64
            Prob > F =    0.0176
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.2013                         Obs per group: min =         1
       between = 0.1150                                        avg =      10.4
       overall = 0.1001                                        max =        16

                                                F(89,15593)        =    294.71
corr(u_i, Xb)  = -0.6409                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,594 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0018252   .0193265    -0.09   0.925    -.0397074     .036057
           treated_ia2 |  -.1173253   .0531907    -2.21   0.027    -.2215853   -.0130654
           treated_ia3 |   .0071773   .0018776     3.82   0.000      .003497    .0108576
     treated_iasuorv_d |   .1149974   .0456471     2.52   0.012     .0255239     .204471
           treated_pre |   .0215502   .0281884     0.76   0.445    -.0337022    .0768027
  treated_pre_iasenior |   .0003077   .0179958     0.02   0.986    -.0349662    .0355815
       treated_pre_ia2 |   .0764814   .0390458     1.96   0.050    -.0000529    .1530156
       treated_pre_ia3 |  -.0018141   .0015932    -1.14   0.255     -.004937    .0013088
 treated_pre_iasuorv_d |   -.017727   .0333077    -0.53   0.595     -.083014    .0475601
          treated_post |   .0710493   .0286267     2.48   0.013     .0149376     .127161
 treated_post_iasenior |   .0109651   .0192931     0.57   0.570    -.0268517    .0487818
      treated_post_ia2 |   .1588356   .0410094     3.87   0.000     .0784524    .2392187
      treated_post_ia3 |  -.0061735   .0017124    -3.61   0.000      -.00953    -.002817
treated_post_iasuorv_d |  -.0856384   .0340828    -2.51   0.012    -.1524447   -.0188322
                senior |   2.194532   .6121395     3.59   0.000     .9946676    3.394397
             interact2 |   .5207701   .0128979    40.38   0.000     .4954888    .5460513
             interact3 |   .0011532   .0003109     3.71   0.000     .0005438    .0017625
               suorv_d |   -.063801   .0104685    -6.09   0.000    -.0843205   -.0432815
                   l_0 |  -.0139068   .0778035    -0.18   0.858    -.1664107    .1385971
                   l_1 |   .0084671   .0929723     0.09   0.927    -.1737695    .1907036
                   l_2 |  -.0351255   .1084586    -0.32   0.746    -.2477169    .1774658
                   l_3 |  -.0611136   .1239513    -0.49   0.622    -.3040726    .1818454
                   l_4 |  -.0831467   .1394676    -0.60   0.551    -.3565195     .190226
                   l_5 |  -.1052306   .1548678    -0.68   0.497    -.4087894    .1983282
                   l_6 |  -.1246654   .1704088    -0.73   0.464    -.4586865    .2093556
                   l_7 |  -.1412729   .1858567    -0.76   0.447    -.5055736    .2230279
                   l_8 |  -.1548145   .2013275    -0.77   0.442    -.5494397    .2398107
                   l_9 |  -.1707637   .2167619    -0.79   0.431    -.5956423    .2541148
                  l_10 |  -.1877968   .2323071    -0.81   0.419    -.6431457    .2675522
                   f_1 |  -.0064513   .0622208    -0.10   0.917    -.1284114    .1155088
                   f_2 |  -.0042966   .0468236    -0.09   0.927    -.0960763    .0874831
                   f_3 |  -.0095118    .031331    -0.30   0.761    -.0709241    .0519006
                   f_4 |  -.0080701   .0159125    -0.51   0.612    -.0392606    .0231203
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0374912   .0044013     8.52   0.000     .0288642    .0461182
          _Ivuosi_1996 |   .0662857   .0046549    14.24   0.000     .0571615    .0754099
          _Ivuosi_1997 |   .0671378    .004634    14.49   0.000     .0580547    .0762209
          _Ivuosi_1998 |   .0785435   .0046459    16.91   0.000     .0694369      .08765
          _Ivuosi_1999 |   .0612676   .0042494    14.42   0.000     .0529382    .0695969
          _Ivuosi_2000 |   .0620366   .0044841    13.83   0.000     .0532472     .070826
          _Ivuosi_2001 |   .0702711    .004409    15.94   0.000     .0616289    .0789133
          _Ivuosi_2002 |   .0493545   .0041282    11.96   0.000     .0412627    .0574463
          _Ivuosi_2003 |   .0469437   .0040258    11.66   0.000     .0390526    .0548349
          _Ivuosi_2004 |   .0606271   .0039826    15.22   0.000     .0528208    .0684335
          _Ivuosi_2005 |   .0643189    .004011    16.04   0.000     .0564568    .0721811
          _Ivuosi_2006 |   .0675736   .0041142    16.42   0.000     .0595092     .075638
          _Ivuosi_2007 |   .0800148   .0041404    19.33   0.000     .0718991    .0881304
          _Ivuosi_2008 |   .0668488   .0039327    17.00   0.000     .0591402    .0745575
          _Ivuosi_2009 |   .0095169   .0047651     2.00   0.046     .0001767    .0188572
          _Ivuosi_2010 |   .0057295   .0038673     1.48   0.138    -.0018508    .0133098
          _Ivuosi_2011 |   .0129534   .0030105     4.30   0.000     .0070524    .0188544
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5714521   .0241319    23.68   0.000     .5241507    .6187534
             _Iage2_22 |   .7802592   .0393885    19.81   0.000     .7030532    .8574652
             _Iage2_23 |   .8972067   .0545344    16.45   0.000     .7903128    1.004101
             _Iage2_24 |   .9930516   .0698732    14.21   0.000     .8560919    1.130011
             _Iage2_25 |   1.079698   .0854321    12.64   0.000     .9122414    1.247155
             _Iage2_26 |   1.168115   .1010743    11.56   0.000     .9699974    1.366232
             _Iage2_27 |   1.233577   .1165566    10.58   0.000     1.005113    1.462042
             _Iage2_28 |   1.298406   .1321034     9.83   0.000     1.039468    1.557344
             _Iage2_29 |   1.359852   .1477682     9.20   0.000     1.070209    1.649494
             _Iage2_30 |   1.412455   .1632095     8.65   0.000     1.092545    1.732364
             _Iage2_31 |   1.459133   .1786843     8.17   0.000     1.108891    1.809375
             _Iage2_32 |   1.500159   .1940458     7.73   0.000     1.119807    1.880511
             _Iage2_33 |   1.542787   .2096693     7.36   0.000      1.13181    1.953763
             _Iage2_34 |   1.582909   .2250901     7.03   0.000     1.141706    2.024112
             _Iage2_35 |   1.624618   .2406217     6.75   0.000     1.152972    2.096265
             _Iage2_36 |   1.661603   .2560317     6.49   0.000     1.159751    2.163455
             _Iage2_37 |   1.695894   .2714994     6.25   0.000     1.163724    2.228064
             _Iage2_38 |   1.732693   .2869424     6.04   0.000     1.170252    2.295133
             _Iage2_39 |   1.771603   .3025496     5.86   0.000     1.178571    2.364636
             _Iage2_40 |   1.803796   .3180524     5.67   0.000     1.180377    2.427216
             _Iage2_41 |  -.3595459   .2788261    -1.29   0.197    -.9060774    .1869856
             _Iage2_42 |   -.329797   .2633114    -1.25   0.210     -.845918     .186324
             _Iage2_43 |  -.2974082   .2477487    -1.20   0.230    -.7830244     .188208
             _Iage2_44 |  -.2673466   .2322901    -1.15   0.250    -.7226623    .1879691
             _Iage2_45 |   -.238714   .2167957    -1.10   0.271    -.6636587    .1862307
             _Iage2_46 |  -.2073736   .2013469    -1.03   0.303     -.602037    .1872897
             _Iage2_47 |  -.1832349   .1858824    -0.99   0.324    -.5475859    .1811162
             _Iage2_48 |  -.1532095   .1703781    -0.90   0.369    -.4871703    .1807513
             _Iage2_49 |  -.1282454    .154854    -0.83   0.408    -.4317773    .1752865
             _Iage2_50 |  -.1068488   .1393802    -0.77   0.443    -.3800502    .1663525
             _Iage2_51 |  -.0812507   .1239204    -0.66   0.512    -.3241491    .1616476
             _Iage2_52 |  -.0602762   .1084956    -0.56   0.579    -.2729401    .1523877
             _Iage2_53 |  -.0398075    .093002    -0.43   0.669    -.2221021    .1424872
             _Iage2_54 |  -.0186899    .077557    -0.24   0.810    -.1707106    .1333308
             _Iage2_55 |  -.0002616   .0621591    -0.00   0.997    -.1221007    .1215774
             _Iage2_56 |   .0136209   .0466905     0.29   0.770    -.0778979    .1051396
             _Iage2_57 |   .0122096   .0313136     0.39   0.697    -.0491686    .0735879
             _Iage2_58 |   .0083632   .0161254     0.52   0.604    -.0232445    .0399709
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0058707   .0009603     6.11   0.000     .0039884     .007753
                 _cons |   8.564619    .196495    43.59   0.000     8.179466    8.949772
-----------------------+----------------------------------------------------------------
               sigma_u |  .50636682
               sigma_e |  .34164833
                   rho |  .68717796   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 15593) =   12.16
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 15593) =   16.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 15593) =    2.89
            Prob > F =    0.0557

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15593) =   16.04
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15593) =    4.70
            Prob > F =    0.0302

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15593) =   29.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15593) =    5.66
            Prob > F =    0.0173

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 15593) =   26.26
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15593) =    4.32
            Prob > F =    0.0376

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15593) =   25.90
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854541
Group variable: shnro_real                      Number of groups   =     81861

R-sq:  within  = 0.1890                         Obs per group: min =         1
       between = 0.1381                                        avg =      10.4
       overall = 0.1255                                        max =        16

                                                F(74,15592)        =    296.66
corr(u_i, Xb)  = -0.3965                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 15,593 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0074581   .0125789     0.59   0.553     -.017198    .0321142
 treated_post |    .012631   .0138645     0.91   0.362     -.014545    .0398071
          l_0 |   .0574065   .0776613     0.74   0.460    -.0948187    .2096317
          l_1 |   .0964383    .092781     1.04   0.299    -.0854232    .2782998
          l_2 |   .0676742   .1082359     0.63   0.532    -.1444807    .2798292
          l_3 |   .0565141   .1236824     0.46   0.648    -.1859177    .2989459
          l_4 |   .0499805   .1391657     0.36   0.719    -.2228003    .3227614
          l_5 |   .0435843   .1545261     0.28   0.778    -.2593048    .3464735
          l_6 |   .0401983   .1700336     0.24   0.813    -.2930872    .3734838
          l_7 |   .0389161   .1854566     0.21   0.834    -.3246004    .4024326
          l_8 |   .0412782   .2008894     0.21   0.837    -.3524883    .4350447
          l_9 |   .0407581   .2162917     0.19   0.851    -.3831988    .4647149
         l_10 |   .0400114   .2318094     0.17   0.863    -.4143619    .4943848
          f_1 |   .0521438   .0620956     0.84   0.401    -.0695707    .1738583
          f_2 |   .0389352     .04673     0.83   0.405     -.052661    .1305314
          f_3 |   .0190544   .0312693     0.61   0.542     -.042237    .0803458
          f_4 |   .0058038   .0158779     0.37   0.715    -.0253187    .0369263
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0347216   .0044361     7.83   0.000     .0260262     .043417
 _Ivuosi_1996 |   .0654848   .0047223    13.87   0.000     .0562286    .0747411
 _Ivuosi_1997 |   .0665428   .0047107    14.13   0.000     .0573092    .0757763
 _Ivuosi_1998 |   .0773697   .0047427    16.31   0.000     .0680735     .086666
 _Ivuosi_1999 |   .0593536   .0043191    13.74   0.000     .0508877    .0678195
 _Ivuosi_2000 |    .058919   .0045651    12.91   0.000     .0499708    .0678672
 _Ivuosi_2001 |   .0680043    .004497    15.12   0.000     .0591897    .0768189
 _Ivuosi_2002 |   .0471909   .0042189    11.19   0.000     .0389214    .0554604
 _Ivuosi_2003 |   .0448613   .0041131    10.91   0.000     .0367992    .0529235
 _Ivuosi_2004 |   .0581284   .0040864    14.23   0.000     .0501187    .0661382
 _Ivuosi_2005 |    .061639   .0041171    14.97   0.000     .0535689    .0697091
 _Ivuosi_2006 |   .0645539    .004243    15.21   0.000     .0562372    .0728707
 _Ivuosi_2007 |   .0770248   .0042814    17.99   0.000     .0686327    .0854169
 _Ivuosi_2008 |   .0641481   .0040984    15.65   0.000     .0561148    .0721815
 _Ivuosi_2009 |   .0069988   .0049614     1.41   0.158    -.0027261    .0167237
 _Ivuosi_2010 |   .0037644   .0039823     0.95   0.345    -.0040413    .0115702
 _Ivuosi_2011 |   .0115398   .0030883     3.74   0.000     .0054863    .0175933
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5613803    .024124    23.27   0.000     .5140945    .6086661
    _Iage2_22 |   .7582862   .0393485    19.27   0.000     .6811586    .8354139
    _Iage2_23 |   .8648638   .0544978    15.87   0.000     .7580418    .9716859
    _Iage2_24 |   .9566709   .0698567    13.69   0.000     .8197438    1.093598
    _Iage2_25 |   1.042461   .0854151    12.20   0.000     .8750376    1.209885
    _Iage2_26 |   1.127992   .1010394    11.16   0.000     .9299433    1.326041
    _Iage2_27 |   1.186526   .1164938    10.19   0.000     .9581846    1.414867
    _Iage2_28 |   1.242123   .1320071     9.41   0.000      .983374    1.500872
    _Iage2_29 |   1.293743     .14766     8.76   0.000     1.004312    1.583173
    _Iage2_30 |   1.334898   .1630495     8.19   0.000     1.015302    1.654493
    _Iage2_31 |   1.369423   .1784916     7.67   0.000     1.019559    1.719288
    _Iage2_32 |   1.397397   .1938173     7.21   0.000     1.017493    1.777301
    _Iage2_33 |   1.426857   .2094077     6.81   0.000     1.016393     1.83732
    _Iage2_34 |   1.453867   .2247984     6.47   0.000     1.013236    1.894498
    _Iage2_35 |   1.482346   .2402878     6.17   0.000     1.011354    1.953338
    _Iage2_36 |   1.505536   .2556605     5.89   0.000     1.004411     2.00666
    _Iage2_37 |   1.526322   .2710834     5.63   0.000     .9949673    2.057677
    _Iage2_38 |   1.549474   .2864797     5.41   0.000     .9879405    2.111007
    _Iage2_39 |   1.574623   .3020574     5.21   0.000     .9825553     2.16669
    _Iage2_40 |   1.592777   .3175319     5.02   0.000     .9703775    2.215176
    _Iage2_41 |   1.611554   .3329303     4.84   0.000     .9589716    2.264136
    _Iage2_42 |    1.62721   .3483977     4.67   0.000     .9443097     2.31011
    _Iage2_43 |   1.645391   .3639153     4.52   0.000     .9320743    2.358707
    _Iage2_44 |   1.661171   .3793323     4.38   0.000     .9176352    2.404706
    _Iage2_45 |   1.675503   .3947759     4.24   0.000     .9016965     2.44931
    _Iage2_46 |   1.692399   .4101903     4.13   0.000     .8883784     2.49642
    _Iage2_47 |   1.702024   .4256145     4.00   0.000     .8677704    2.536278
    _Iage2_48 |   1.717445   .4410941     3.89   0.000      .852849     2.58204
    _Iage2_49 |    1.72774   .4565706     3.78   0.000      .832809    2.622672
    _Iage2_50 |   1.734571   .4720136     3.67   0.000     .8093694    2.659772
    _Iage2_51 |   1.745402   .4874542     3.58   0.000     .7899347    2.700868
    _Iage2_52 |   1.751557   .5028492     3.48   0.000     .7659146      2.7372
    _Iage2_53 |   1.757132   .5183384     3.39   0.001      .741129    2.773136
    _Iage2_54 |   1.763393   .5337628     3.30   0.001     .7171561     2.80963
    _Iage2_55 |   1.766883   .5491808     3.22   0.001     .6904245    2.843341
    _Iage2_56 |   1.765887   .5646776     3.13   0.002     .6590535    2.872721
    _Iage2_57 |   1.749451   .5800958     3.02   0.003     .6123955    2.886506
    _Iage2_58 |   1.730612   .5954763     2.91   0.004     .5634092    2.897815
    _Iage2_59 |   1.707133   .6109333     2.79   0.005     .5096331    2.904634
firm_size_new |   .0062769    .000984     6.38   0.000     .0043481    .0082057
        _cons |    8.71472   .1962004    44.42   0.000     8.330144    9.099295
--------------+----------------------------------------------------------------
      sigma_u |  .42342346
      sigma_e |  .34428202
          rho |  .60200427   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854541
Group variable: shnro_real                      Number of groups   =     81861

R-sq:  within  = 0.1896                         Obs per group: min =         1
       between = 0.1327                                        avg =      10.4
       overall = 0.1166                                        max =        16

                                                F(82,15592)        =    274.10
corr(u_i, Xb)  = -0.4929                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0069817   .0017529     3.98   0.000     .0035458    .0104175
     treated_iasuorv_d |    .132909   .0423433     3.14   0.002     .0499113    .2159067
           treated_pre |    .030789   .0263798     1.17   0.243    -.0209186    .0824965
       treated_pre_ia3 |  -.0018193   .0014448    -1.26   0.208    -.0046513    .0010127
 treated_pre_iasuorv_d |  -.0304367     .02666    -1.14   0.254    -.0826935      .02182
          treated_post |   .1154092   .0277027     4.17   0.000     .0611088    .1697097
      treated_post_ia3 |    -.00678   .0016239    -4.18   0.000     -.009963   -.0035969
treated_post_iasuorv_d |  -.1365111   .0284785    -4.79   0.000    -.1923323     -.08069
             interact3 |  -.0022829   .0003181    -7.18   0.000    -.0029064   -.0016595
               suorv_d |  -.0722063   .0104773    -6.89   0.000     -.092743   -.0516696
                   l_0 |   .0342934   .0776295     0.44   0.659    -.1178693    .1864562
                   l_1 |   .0686626    .092731     0.74   0.459    -.1131009    .2504261
                   l_2 |   .0352107   .1081816     0.33   0.745    -.1768377    .2472592
                   l_3 |   .0193427   .1236253     0.16   0.876    -.2229772    .2616627
                   l_4 |   .0080243   .1391052     0.06   0.954     -.264638    .2806867
                   l_5 |  -.0031237   .1544552    -0.02   0.984    -.3058738    .2996264
                   l_6 |  -.0113406   .1699505    -0.07   0.947    -.3444632     .321782
                   l_7 |  -.0173894   .1853661    -0.09   0.925    -.3807285    .3459496
                   l_8 |  -.0199067   .2007904    -0.10   0.921    -.4134792    .3736658
                   l_9 |  -.0252987   .2161872    -0.12   0.907    -.4490508    .3984534
                  l_10 |  -.0308568   .2316913    -0.13   0.894    -.4849987    .4232851
                   f_1 |   .0331811   .0620714     0.53   0.593    -.0884859    .1548482
                   f_2 |   .0249092    .046719     0.53   0.594    -.0666654    .1164838
                   f_3 |    .009789   .0312605     0.31   0.754    -.0514851    .0710632
                   f_4 |   .0013418   .0158798     0.08   0.933    -.0297844     .032468
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .034815   .0044308     7.86   0.000     .0261302    .0434998
          _Ivuosi_1996 |   .0652124   .0047135    13.84   0.000     .0559734    .0744515
          _Ivuosi_1997 |   .0662317   .0047084    14.07   0.000     .0570028    .0754607
          _Ivuosi_1998 |   .0768679   .0047436    16.20   0.000     .0675698    .0861659
          _Ivuosi_1999 |   .0586448    .004324    13.56   0.000     .0501693    .0671202
          _Ivuosi_2000 |   .0581514   .0045815    12.69   0.000     .0491711    .0671316
          _Ivuosi_2001 |   .0670231   .0045179    14.84   0.000     .0581675    .0758786
          _Ivuosi_2002 |   .0462362   .0042447    10.89   0.000     .0379162    .0545563
          _Ivuosi_2003 |   .0439614   .0041582    10.57   0.000     .0358107     .052112
          _Ivuosi_2004 |    .057281   .0041283    13.88   0.000      .049189     .065373
          _Ivuosi_2005 |    .060876   .0041409    14.70   0.000     .0527595    .0689926
          _Ivuosi_2006 |    .063808    .004269    14.95   0.000     .0554402    .0721758
          _Ivuosi_2007 |    .076393   .0043001    17.77   0.000     .0679644    .0848216
          _Ivuosi_2008 |   .0637411   .0040999    15.55   0.000     .0557049    .0717772
          _Ivuosi_2009 |   .0065878   .0049408     1.33   0.182    -.0030967    .0162723
          _Ivuosi_2010 |   .0034166   .0039691     0.86   0.389    -.0043633    .0111964
          _Ivuosi_2011 |   .0112709   .0030953     3.64   0.000     .0052038    .0173381
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5656755   .0241309    23.44   0.000     .5183761    .6129749
             _Iage2_22 |    .767436   .0393633    19.50   0.000     .6902794    .8445927
             _Iage2_23 |   .8792471   .0545077    16.13   0.000     .7724058    .9860885
             _Iage2_24 |   .9762774   .0698741    13.97   0.000     .8393161    1.113239
             _Iage2_25 |   1.067176   .0854241    12.49   0.000     .8997345    1.234617
             _Iage2_26 |   1.157953   .1010377    11.46   0.000     .9599073    1.355998
             _Iage2_27 |   1.222004   .1164828    10.49   0.000     .9936846    1.450324
             _Iage2_28 |   1.283139   .1319924     9.72   0.000     1.024419     1.54186
             _Iage2_29 |   1.340322   .1476459     9.08   0.000     1.050919    1.629726
             _Iage2_30 |   1.387158   .1630313     8.51   0.000     1.067597    1.706718
             _Iage2_31 |    1.42739   .1784651     8.00   0.000     1.077577    1.777202
             _Iage2_32 |   1.461196   .1937918     7.54   0.000     1.081342    1.841051
             _Iage2_33 |   1.496444   .2093791     7.15   0.000     1.086036    1.906851
             _Iage2_34 |   1.529284   .2247656     6.80   0.000     1.088717     1.96985
             _Iage2_35 |   1.563605   .2402486     6.51   0.000      1.09269     2.03452
             _Iage2_36 |   1.592684   .2556172     6.23   0.000     1.091645    2.093723
             _Iage2_37 |   1.619336   .2710412     5.97   0.000     1.088064    2.150608
             _Iage2_38 |   1.648406   .2864424     5.75   0.000     1.086945    2.209866
             _Iage2_39 |   1.679511    .302014     5.56   0.000     1.087529    2.271494
             _Iage2_40 |   1.703762   .3174811     5.37   0.000     1.081462    2.326062
             _Iage2_41 |   1.728607   .3328793     5.19   0.000     1.076125    2.381089
             _Iage2_42 |   1.750404   .3483441     5.02   0.000     1.067609    2.433199
             _Iage2_43 |   1.774829    .363855     4.88   0.000     1.061631    2.488027
             _Iage2_44 |   1.796648   .3792698     4.74   0.000     1.053235    2.540061
             _Iage2_45 |   1.817196   .3947119     4.60   0.000     1.043515    2.590877
             _Iage2_46 |   1.840139   .4101189     4.49   0.000     1.036258    2.644019
             _Iage2_47 |   1.855788    .425537     4.36   0.000     1.021686     2.68989
             _Iage2_48 |   1.877245   .4410101     4.26   0.000     1.012814    2.741676
             _Iage2_49 |   1.893501   .4564807     4.15   0.000     .9987459    2.788256
             _Iage2_50 |   1.906052   .4719184     4.04   0.000     .9810373    2.831067
             _Iage2_51 |   1.922664   .4873466     3.95   0.000     .9674082     2.87792
             _Iage2_52 |   1.934527   .5027379     3.85   0.000     .9491028    2.919952
             _Iage2_53 |   1.945698   .5182177     3.75   0.000     .9299314    2.961465
             _Iage2_54 |   1.957532   .5336339     3.67   0.000     .9115476    3.003516
             _Iage2_55 |   1.966525   .5490466     3.58   0.000     .8903301     3.04272
             _Iage2_56 |   1.970873   .5645321     3.49   0.000     .8643246    3.077422
             _Iage2_57 |   1.959729   .5799523     3.38   0.001     .8229547    3.096503
             _Iage2_58 |   1.946258   .5953253     3.27   0.001     .7793516    3.113165
             _Iage2_59 |   1.928014   .6107747     3.16   0.002     .7308243    3.125203
         firm_size_new |   .0062713    .000972     6.45   0.000     .0043661    .0081764
                 _cons |   8.667462   .1961366    44.19   0.000     8.283011    9.051912
-----------------------+----------------------------------------------------------------
               sigma_u |  .44659743
               sigma_e |  .34414533
                   rho |  .62742531   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   16.97
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15592) =    1.32
            Prob > F =    0.2498
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854541
Group variable: shnro_real                      Number of groups   =     81861

R-sq:  within  = 0.1891                         Obs per group: min =         1
       between = 0.1337                                        avg =      10.4
       overall = 0.1210                                        max =        16

                                                F(79,15592)        =    279.58
corr(u_i, Xb)  = -0.4289                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 15,593 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0176897    .017531     1.01   0.313    -.0166731    .0520525
          treated_pre |   .0063179   .0149132     0.42   0.672    -.0229136    .0355494
 treated_pre_iasenior |   .0001491   .0162141     0.01   0.993    -.0316323    .0319306
         treated_post |   .0144267   .0161293     0.89   0.371    -.0171885     .046042
treated_post_iasenior |   -.010444   .0178754    -0.58   0.559    -.0454818    .0245939
               senior |          0  (omitted)
         pre_iasenior |  -.0124637   .0056267    -2.22   0.027    -.0234926   -.0014348
        post_iasenior |  -.0392391   .0069573    -5.64   0.000    -.0528761    -.025602
                  l_0 |    .063797   .0777255     0.82   0.412    -.0885541     .216148
                  l_1 |   .1014531     .09284     1.09   0.275    -.0805241    .2834304
                  l_2 |   .0711571   .1082939     0.66   0.511    -.1411116    .2834258
                  l_3 |   .0584476    .123742     0.47   0.637    -.1841011    .3009963
                  l_4 |   .0503394   .1392305     0.36   0.718    -.2225686    .3232474
                  l_5 |   .0423683   .1545957     0.27   0.784    -.2606572    .3453937
                  l_6 |   .0374077     .17011     0.22   0.826    -.2960277    .3708431
                  l_7 |   .0344761   .1855416     0.19   0.853    -.3292069    .3981591
                  l_8 |   .0351637   .2009833     0.17   0.861    -.3587869    .4291142
                  l_9 |   .0328862   .2163951     0.15   0.879    -.3912733    .4570458
                 l_10 |   .0304507   .2319222     0.13   0.896    -.4241437     .485045
                  f_1 |   .0490432   .0622441     0.79   0.431    -.0729623    .1710488
                  f_2 |   .0377429   .0468966     0.80   0.421    -.0541799    .1296657
                  f_3 |   .0197592   .0314665     0.63   0.530    -.0419188    .0814372
                  f_4 |    .008427   .0161784     0.52   0.602    -.0232847    .0401386
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0346229   .0044304     7.81   0.000     .0259389    .0433069
         _Ivuosi_1996 |    .065416    .004721    13.86   0.000     .0561623    .0746696
         _Ivuosi_1997 |   .0664888   .0047075    14.12   0.000     .0572617     .075716
         _Ivuosi_1998 |   .0774511   .0047517    16.30   0.000     .0681372     .086765
         _Ivuosi_1999 |   .0594094   .0043215    13.75   0.000     .0509388    .0678801
         _Ivuosi_2000 |   .0587615   .0045656    12.87   0.000     .0498124    .0677106
         _Ivuosi_2001 |   .0677038   .0044982    15.05   0.000     .0588869    .0765207
         _Ivuosi_2002 |   .0468497   .0042248    11.09   0.000     .0385685    .0551309
         _Ivuosi_2003 |   .0445257   .0041261    10.79   0.000     .0364381    .0526134
         _Ivuosi_2004 |     .05763   .0040981    14.06   0.000     .0495974    .0656627
         _Ivuosi_2005 |   .0612736    .004131    14.83   0.000     .0531763    .0693709
         _Ivuosi_2006 |   .0640703   .0042555    15.06   0.000      .055729    .0724116
         _Ivuosi_2007 |   .0766136     .00429    17.86   0.000     .0682046    .0850226
         _Ivuosi_2008 |   .0638138   .0041033    15.55   0.000     .0557709    .0718568
         _Ivuosi_2009 |   .0067483   .0049712     1.36   0.175    -.0029957    .0164924
         _Ivuosi_2010 |   .0036421   .0039874     0.91   0.361    -.0041736    .0114578
         _Ivuosi_2011 |   .0114658   .0030907     3.71   0.000     .0054077     .017524
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5614388   .0241206    23.28   0.000     .5141596     .608718
            _Iage2_22 |   .7583461    .039344    19.27   0.000     .6812274    .8354649
            _Iage2_23 |   .8650655   .0544928    15.87   0.000     .7582532    .9718777
            _Iage2_24 |   .9571246   .0698518    13.70   0.000     .8202069    1.094042
            _Iage2_25 |   1.043281     .08541    12.21   0.000     .8758679    1.210695
            _Iage2_26 |   1.129316   .1010339    11.18   0.000     .9312774    1.327354
            _Iage2_27 |   1.188501   .1164919    10.20   0.000     .9601632    1.416839
            _Iage2_28 |   1.244742   .1320082     9.43   0.000     .9859904    1.503493
            _Iage2_29 |   1.297075   .1476642     8.78   0.000     1.007636    1.586513
            _Iage2_30 |   1.338922    .163058     8.21   0.000     1.019309    1.658535
            _Iage2_31 |   1.374232   .1785055     7.70   0.000      1.02434    1.724123
            _Iage2_32 |   1.402897   .1938353     7.24   0.000     1.022958    1.782837
            _Iage2_33 |   1.433041   .2094302     6.84   0.000     1.022534    1.843549
            _Iage2_34 |   1.460787   .2248255     6.50   0.000     1.020103    1.901471
            _Iage2_35 |   1.490035   .2403196     6.20   0.000      1.01898    1.961089
            _Iage2_36 |    1.51396   .2556952     5.92   0.000     1.012768    2.015152
            _Iage2_37 |   1.535662   .2711238     5.66   0.000     1.004228    2.067096
            _Iage2_38 |   1.559863   .2865256     5.44   0.000     .9982399    2.121487
            _Iage2_39 |   1.586221   .3021112     5.25   0.000     .9940478    2.178394
            _Iage2_40 |   1.605902   .3175962     5.06   0.000     .9833761    2.228427
            _Iage2_41 |    1.65649   .3330658     4.97   0.000     1.003642    2.309337
            _Iage2_42 |   1.674076   .3485458     4.80   0.000     .9908853    2.357266
            _Iage2_43 |    1.69443   .3640784     4.65   0.000     .9807941    2.408066
            _Iage2_44 |   1.712507   .3795115     4.51   0.000       .96862    2.456393
            _Iage2_45 |   1.729357    .394974     4.38   0.000     .9551623    2.503552
            _Iage2_46 |   1.748815   .4104051     4.26   0.000     .9443732    2.553256
            _Iage2_47 |   1.761166    .425846     4.14   0.000     .9264581    2.595873
            _Iage2_48 |   1.779448   .4413472     4.03   0.000     .9143558    2.644539
            _Iage2_49 |    1.79273   .4568408     3.92   0.000     .8972689    2.688191
            _Iage2_50 |    1.80259    .472304     3.82   0.000     .8768195    2.728361
            _Iage2_51 |   1.816463    .487767     3.72   0.000     .8603832    2.772543
            _Iage2_52 |   1.825778   .5031818     3.63   0.000     .8394829    2.812072
            _Iage2_53 |   1.834446   .5186909     3.54   0.000     .8177517     2.85114
            _Iage2_54 |   1.843918   .5341335     3.45   0.001     .7969545    2.890882
            _Iage2_55 |   1.850662   .5495708     3.37   0.001     .7734391    2.927884
            _Iage2_56 |   1.852813   .5650906     3.28   0.001     .7451697    2.960456
            _Iage2_57 |   1.839605   .5805306     3.17   0.002     .7016973    2.977512
            _Iage2_58 |   1.824056   .5959288     3.06   0.002     .6559664    2.992146
            _Iage2_59 |   1.804033   .6114145     2.95   0.003       .60559    3.002477
        firm_size_new |   .0062498   .0009835     6.35   0.000      .004322    .0081776
                _cons |    8.69587   .1962669    44.31   0.000     8.311164    9.080575
----------------------+----------------------------------------------------------------
              sigma_u |  .43098329
              sigma_e |  .34424989
                  rho |  .61049728   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =    0.06
            Prob > F =    0.8138

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 15592) =    0.18
            Prob > F =    0.6678
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854541
Group variable: shnro_real                      Number of groups   =     81861

R-sq:  within  = 0.2013                         Obs per group: min =         1
       between = 0.1149                                        avg =      10.4
       overall = 0.1001                                        max =        16

                                                F(86,15592)        =    302.37
corr(u_i, Xb)  = -0.6400                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1179974   .0528489    -2.23   0.026    -.2215874   -.0144074
           treated_ia3 |   .0069385   .0017957     3.86   0.000     .0034187    .0104583
     treated_iasuorv_d |   .1064492   .0407681     2.61   0.009     .0265389    .1863595
           treated_pre |   .0220239   .0273445     0.81   0.421    -.0315746    .0756223
       treated_pre_ia2 |    .076365   .0388561     1.97   0.049     .0002024    .1525275
       treated_pre_ia3 |  -.0018075   .0014468    -1.25   0.212    -.0046434    .0010283
 treated_pre_iasuorv_d |  -.0180319   .0267042    -0.68   0.500    -.0703753    .0343114
          treated_post |   .0692381   .0279768     2.47   0.013     .0144003    .1240759
      treated_post_ia2 |    .160572   .0407008     3.95   0.000     .0807937    .2403502
      treated_post_ia3 |  -.0057302    .001592    -3.60   0.000    -.0088506   -.0026097
treated_post_iasuorv_d |  -.0756191   .0279194    -2.71   0.007    -.1303443   -.0208938
             interact2 |   .5207684   .0129003    40.37   0.000     .4954823    .5460545
             interact3 |   .0011328   .0003109     3.64   0.000     .0005235    .0017421
               suorv_d |  -.0637444   .0104707    -6.09   0.000    -.0842683   -.0432206
                   l_0 |  -.0139454   .0777994    -0.18   0.858    -.1664413    .1385506
                   l_1 |   .0084683   .0929676     0.09   0.927     -.173759    .1906955
                   l_2 |  -.0350756   .1084527    -0.32   0.746    -.2476554    .1775042
                   l_3 |  -.0610037   .1239445    -0.49   0.623    -.3039493    .1819419
                   l_4 |  -.0829885     .13946    -0.60   0.552    -.3563462    .1903693
                   l_5 |   -.105018    .154859    -0.68   0.498    -.4085595    .1985235
                   l_6 |  -.1243891   .1703986    -0.73   0.465      -.45839    .2096119
                   l_7 |  -.1409279    .185845    -0.76   0.448    -.5052057    .2233499
                   l_8 |  -.1543915   .2013145    -0.77   0.443    -.5489913    .2402083
                   l_9 |  -.1702579   .2167475    -0.79   0.432    -.5951082    .2545924
                  l_10 |  -.1872036   .2322919    -0.81   0.420    -.6425227    .2681154
                   f_1 |  -.0063719   .0622169    -0.10   0.918    -.1283243    .1155805
                   f_2 |   -.004251   .0468206    -0.09   0.928    -.0960249    .0875228
                   f_3 |  -.0094935   .0313295    -0.30   0.762     -.070903     .051916
                   f_4 |  -.0080719    .015912    -0.51   0.612    -.0392613    .0231175
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0374927   .0044037     8.51   0.000     .0288609    .0461244
          _Ivuosi_1996 |   .0663156   .0046596    14.23   0.000     .0571823    .0754489
          _Ivuosi_1997 |   .0672119   .0046376    14.49   0.000     .0581217    .0763021
          _Ivuosi_1998 |   .0786291   .0046453    16.93   0.000     .0695237    .0877345
          _Ivuosi_1999 |   .0613754    .004248    14.45   0.000     .0530489    .0697019
          _Ivuosi_2000 |   .0621732   .0044844    13.86   0.000     .0533832    .0709631
          _Ivuosi_2001 |   .0704215   .0044078    15.98   0.000     .0617816    .0790614
          _Ivuosi_2002 |   .0495102   .0041271    12.00   0.000     .0414206    .0575999
          _Ivuosi_2003 |   .0470986   .0040235    11.71   0.000      .039212    .0549852
          _Ivuosi_2004 |   .0607592   .0039812    15.26   0.000     .0529556    .0685627
          _Ivuosi_2005 |   .0644102   .0040072    16.07   0.000     .0565555    .0722649
          _Ivuosi_2006 |   .0676479   .0041129    16.45   0.000     .0595861    .0757098
          _Ivuosi_2007 |   .0800776   .0041381    19.35   0.000     .0719664    .0881888
          _Ivuosi_2008 |   .0669058   .0039316    17.02   0.000     .0591993    .0746123
          _Ivuosi_2009 |   .0095655   .0047669     2.01   0.045     .0002218    .0189091
          _Ivuosi_2010 |    .005771   .0038669     1.49   0.136    -.0018085    .0133505
          _Ivuosi_2011 |   .0129722   .0030106     4.31   0.000      .007071    .0188734
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5714378   .0241312    23.68   0.000     .5241378    .6187378
             _Iage2_22 |   .7802487   .0393864    19.81   0.000     .7030468    .8574505
             _Iage2_23 |   .8971835   .0545313    16.45   0.000     .7902959    1.004071
             _Iage2_24 |   .9930028   .0698696    14.21   0.000     .8560502    1.129955
             _Iage2_25 |   1.079616    .085428    12.64   0.000     .9121676    1.247065
             _Iage2_26 |   1.167983   .1010697    11.56   0.000     .9698746    1.366091
             _Iage2_27 |   1.233402   .1165513    10.58   0.000     1.004948    1.461856
             _Iage2_28 |    1.29818   .1320972     9.83   0.000     1.039254    1.557105
             _Iage2_29 |   1.359565   .1477614     9.20   0.000     1.069936    1.649195
             _Iage2_30 |   1.412135   .1632024     8.65   0.000      1.09224    1.732031
             _Iage2_31 |   1.458709   .1786768     8.16   0.000     1.108482    1.808937
             _Iage2_32 |   1.499661   .1940376     7.73   0.000     1.119325    1.879997
             _Iage2_33 |   1.542205   .2096609     7.36   0.000     1.131246    1.953165
             _Iage2_34 |   1.582244   .2250813     7.03   0.000     1.141059     2.02343
             _Iage2_35 |    1.62386   .2406121     6.75   0.000     1.152232    2.095487
             _Iage2_36 |   1.660742   .2560215     6.49   0.000      1.15891    2.162574
             _Iage2_37 |   1.694937   .2714887     6.24   0.000     1.162787    2.227086
             _Iage2_38 |   1.731617   .2869319     6.03   0.000     1.169198    2.294037
             _Iage2_39 |   1.770434   .3025381     5.85   0.000     1.177424    2.363444
             _Iage2_40 |   1.802488     .31804     5.67   0.000     1.179093    2.425883
             _Iage2_41 |   1.835229   .3334874     5.50   0.000     1.181555    2.488903
             _Iage2_42 |   1.864903   .3489931     5.34   0.000     1.180836     2.54897
             _Iage2_43 |   1.897235   .3645452     5.20   0.000     1.182684    2.611786
             _Iage2_44 |   1.927228   .3800003     5.07   0.000     1.182384    2.672073
             _Iage2_45 |   1.955806   .3954907     4.95   0.000     1.180598    2.731014
             _Iage2_46 |   1.987115   .4109386     4.84   0.000     1.181628    2.792602
             _Iage2_47 |   2.011216    .426393     4.72   0.000     1.175436    2.846996
             _Iage2_48 |   2.041208   .4418977     4.62   0.000     1.175037    2.907379
             _Iage2_49 |   2.066139   .4574161     4.52   0.000      1.16955    2.962727
             _Iage2_50 |   2.087519   .4728936     4.41   0.000     1.160592    3.014445
             _Iage2_51 |   2.113102   .4883588     4.33   0.000     1.155862    3.070342
             _Iage2_52 |   2.134073   .5037947     4.24   0.000     1.146577    3.121569
             _Iage2_53 |   2.154527    .519305     4.15   0.000     1.136629    3.172425
             _Iage2_54 |   2.175633   .5347678     4.07   0.000     1.127426     3.22384
             _Iage2_55 |   2.194051   .5502174     3.99   0.000     1.115561    3.272541
             _Iage2_56 |   2.207928   .5657426     3.90   0.000     1.099007    3.316849
             _Iage2_57 |   2.206504   .5811976     3.80   0.000      1.06729    3.345719
             _Iage2_58 |   2.202645   .5966135     3.69   0.000     1.033213    3.372077
             _Iage2_59 |   2.194273   .6121072     3.58   0.000     .9944717    3.394074
         firm_size_new |   .0058641   .0009632     6.09   0.000     .0039762     .007752
                 _cons |   8.565692   .1964769    43.60   0.000     8.180575    8.950809
-----------------------+----------------------------------------------------------------
               sigma_u |  .50591257
               sigma_e |  .34165458
                   rho |   .6867841   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15592) =   29.27
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =    5.65
            Prob > F =    0.0175

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15592) =   28.75
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 15592) =    5.67
            Prob > F =    0.0173

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15592) =    0.60
            Prob > F =    0.4393

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 15592) =    5.64
            Prob > F =    0.0176
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854541
Group variable: shnro_real                      Number of groups   =     81861

R-sq:  within  = 0.1897                         Obs per group: min =         1
       between = 0.1326                                        avg =      10.4
       overall = 0.1163                                        max =        16

                                                F(85,15592)        =    266.47
corr(u_i, Xb)  = -0.4959                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0202765   .0192829    -1.05   0.293    -.0580733    .0175202
           treated_ia3 |   .0078949   .0018359     4.30   0.000     .0042964    .0114934
     treated_iasuorv_d |   .1581119   .0475357     3.33   0.001     .0649364    .2512875
           treated_pre |   .0312088   .0270417     1.15   0.248    -.0217962    .0842137
  treated_pre_iasenior |   .0070495   .0180726     0.39   0.696    -.0283748    .0424739
       treated_pre_ia3 |  -.0020337   .0015756    -1.29   0.197     -.005122    .0010547
 treated_pre_iasuorv_d |  -.0346664   .0329236    -1.05   0.292    -.0992005    .0298676
          treated_post |   .1208721   .0282038     4.29   0.000     .0655894    .1761548
 treated_post_iasenior |   .0352796   .0192877     1.83   0.067    -.0025265    .0730857
      treated_post_ia3 |  -.0080265   .0017351    -4.63   0.000    -.0114275   -.0046256
treated_post_iasuorv_d |  -.1658714    .034217    -4.85   0.000    -.2329407   -.0988021
                senior |   1.928233   .6108002     3.16   0.002     .7309936    3.125472
             interact3 |  -.0022581   .0003187    -7.09   0.000    -.0028828   -.0016335
               suorv_d |  -.0722731   .0104748    -6.90   0.000    -.0928049   -.0517413
                   l_0 |   .0343789   .0776328     0.44   0.658    -.1177903    .1865482
                   l_1 |   .0686744   .0927345     0.74   0.459     -.113096    .2504448
                   l_2 |   .0351507   .1081861     0.32   0.745    -.1769066     .247208
                   l_3 |   .0191966   .1236303     0.16   0.877    -.2231332    .2615264
                   l_4 |   .0077985   .1391108     0.06   0.955    -.2648748    .2804717
                   l_5 |  -.0034407   .1544617    -0.02   0.982    -.3062035    .2993221
                   l_6 |  -.0117534   .1699583    -0.07   0.945    -.3448914    .3213846
                   l_7 |  -.0179043   .1853753    -0.10   0.923    -.3812614    .3454528
                   l_8 |  -.0205416   .2008008    -0.10   0.919    -.4141344    .3730512
                   l_9 |   -.026066    .216199    -0.12   0.904    -.4498411    .3977091
                  l_10 |  -.0317954   .2317037    -0.14   0.891    -.4859615    .4223708
                   f_1 |   .0330783   .0620748     0.53   0.594    -.0885955    .1547521
                   f_2 |   .0248502   .0467214     0.53   0.595    -.0667292    .1164297
                   f_3 |   .0097573   .0312617     0.31   0.755    -.0515194    .0710339
                   f_4 |   .0013303     .01588     0.08   0.933    -.0297964     .032457
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348021   .0044286     7.86   0.000     .0261215    .0434827
          _Ivuosi_1996 |   .0651668   .0047067    13.85   0.000     .0559412    .0743924
          _Ivuosi_1997 |   .0661267   .0047028    14.06   0.000     .0569088    .0753447
          _Ivuosi_1998 |   .0767354   .0047415    16.18   0.000     .0674414    .0860293
          _Ivuosi_1999 |   .0584753   .0043241    13.52   0.000     .0499995     .066951
          _Ivuosi_2000 |   .0579346   .0045794    12.65   0.000     .0489584    .0669107
          _Ivuosi_2001 |   .0667907   .0045171    14.79   0.000     .0579366    .0756447
          _Ivuosi_2002 |   .0459922   .0042443    10.84   0.000     .0376729    .0543115
          _Ivuosi_2003 |   .0437183   .0041599    10.51   0.000     .0355644    .0518723
          _Ivuosi_2004 |   .0570671   .0041293    13.82   0.000     .0489731    .0651611
          _Ivuosi_2005 |   .0607534   .0041445    14.66   0.000     .0526297    .0688771
          _Ivuosi_2006 |   .0637112   .0042702    14.92   0.000     .0553412    .0720812
          _Ivuosi_2007 |    .076309   .0043016    17.74   0.000     .0678773    .0847407
          _Ivuosi_2008 |   .0636565   .0041015    15.52   0.000     .0556171    .0716958
          _Ivuosi_2009 |   .0065111   .0049392     1.32   0.187    -.0031703    .0161925
          _Ivuosi_2010 |   .0033514   .0039698     0.84   0.399    -.0044298    .0111326
          _Ivuosi_2011 |   .0112398   .0030951     3.63   0.000     .0051729    .0173066
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5657061   .0241307    23.44   0.000     .5184071     .613005
             _Iage2_22 |   .7674533   .0393643    19.50   0.000     .6902946    .8446119
             _Iage2_23 |   .8792906   .0545095    16.13   0.000     .7724456    .9861356
             _Iage2_24 |   .9763673    .069876    13.97   0.000     .8394022    1.113332
             _Iage2_25 |   1.067319   .0854262    12.49   0.000     .8998737    1.234764
             _Iage2_26 |   1.158185   .1010401    11.46   0.000     .9601344    1.356235
             _Iage2_27 |   1.222306   .1164859    10.49   0.000     .9939804    1.450632
             _Iage2_28 |   1.283531   .1319959     9.72   0.000     1.024803    1.542258
             _Iage2_29 |   1.340821   .1476499     9.08   0.000      1.05141    1.630232
             _Iage2_30 |   1.387772   .1630352     8.51   0.000     1.068204     1.70734
             _Iage2_31 |   1.428135   .1784691     8.00   0.000     1.078314    1.777955
             _Iage2_32 |   1.462081   .1937963     7.54   0.000     1.082218    1.841944
             _Iage2_33 |   1.497482   .2093835     7.15   0.000     1.087066    1.907898
             _Iage2_34 |    1.53048   .2247703     6.81   0.000     1.089904    1.971056
             _Iage2_35 |   1.564972   .2402538     6.51   0.000     1.094046    2.035897
             _Iage2_36 |   1.594245   .2556226     6.24   0.000     1.093195    2.095296
             _Iage2_37 |   1.621074   .2710468     5.98   0.000     1.089791    2.152357
             _Iage2_38 |   1.650365   .2864476     5.76   0.000     1.088895    2.211836
             _Iage2_39 |    1.68166   .3020196     5.57   0.000     1.089667    2.273654
             _Iage2_40 |   1.706089    .317487     5.37   0.000     1.083778    2.328401
             _Iage2_41 |   -.199437   .2781052    -0.72   0.473    -.7445554    .3456815
             _Iage2_42 |   -.177513   .2626304    -0.68   0.499    -.6922992    .3372732
             _Iage2_43 |  -.1530191   .2471094    -0.62   0.536    -.6373823     .331344
             _Iage2_44 |  -.1311151    .231691    -0.57   0.571    -.5852563    .3230261
             _Iage2_45 |  -.1105097    .216244    -0.51   0.609    -.5343731    .3133536
             _Iage2_46 |  -.0875245   .2008358    -0.44   0.663    -.4811861     .306137
             _Iage2_47 |  -.0718532   .1854065    -0.39   0.698    -.4352714     .291565
             _Iage2_48 |  -.0503856   .1699345    -0.30   0.767    -.3834769    .2827057
             _Iage2_49 |  -.0341341   .1544581    -0.22   0.825    -.3368898    .2686217
             _Iage2_50 |  -.0216134   .1390244    -0.16   0.876    -.2941174    .2508906
             _Iage2_51 |  -.0050337   .1236008    -0.04   0.968    -.2473057    .2372383
             _Iage2_52 |   .0067693   .1082217     0.06   0.950    -.2053577    .2188964
             _Iage2_53 |    .017914   .0927568     0.19   0.847    -.1639001    .1997281
             _Iage2_54 |   .0297048    .077358     0.38   0.701    -.1219259    .1813354
             _Iage2_55 |   .0386663   .0619969     0.62   0.533    -.0828548    .1601874
             _Iage2_56 |   .0429868   .0465676     0.92   0.356    -.0482911    .1342647
             _Iage2_57 |     .03181   .0312258     1.02   0.308    -.0293961    .0930161
             _Iage2_58 |   .0183026   .0160831     1.14   0.255    -.0132222    .0498274
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0062877   .0009701     6.48   0.000     .0043862    .0081892
                 _cons |   8.665183   .1961452    44.18   0.000     8.280715     9.04965
-----------------------+----------------------------------------------------------------
               sigma_u |  .44741239
               sigma_e |  .34414075
                   rho |   .6282835   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 15592) =   14.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15592) =   21.63
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 15592) =    1.67
            Prob > F =    0.1968

 ( 1)  treated_post_ia3 = 0

       F(  1, 15592) =   21.40
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =   17.73
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   17.75
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15592) =   17.24
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854541
Group variable: shnro_real                      Number of groups   =     81861

R-sq:  within  = 0.2013                         Obs per group: min =         1
       between = 0.1149                                        avg =      10.4
       overall = 0.1001                                        max =        16

                                                F(89,15592)        =    294.69
corr(u_i, Xb)  = -0.6409                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0018103   .0193262    -0.09   0.925    -.0396919    .0360713
           treated_ia2 |  -.1173598   .0531904    -2.21   0.027    -.2216192   -.0131005
           treated_ia3 |   .0071722   .0018775     3.82   0.000      .003492    .0108523
     treated_iasuorv_d |   .1150353   .0456475     2.52   0.012      .025561    .2045096
           treated_pre |   .0215633   .0281885     0.76   0.444    -.0336893     .076816
  treated_pre_iasenior |   .0003079   .0179956     0.02   0.986    -.0349656    .0355814
       treated_pre_ia2 |   .0764836   .0390455     1.96   0.050    -.0000502    .1530174
       treated_pre_ia3 |  -.0018144   .0015932    -1.14   0.255    -.0049373    .0013085
 treated_pre_iasuorv_d |  -.0177432   .0333078    -0.53   0.594    -.0830302    .0475439
          treated_post |   .0711059   .0286264     2.48   0.013     .0149949    .1272169
 treated_post_iasenior |   .0109685   .0192929     0.57   0.570    -.0268478    .0487847
      treated_post_ia2 |    .158838   .0410091     3.87   0.000     .0784554    .2392207
      treated_post_ia3 |  -.0061747   .0017124    -3.61   0.000    -.0095312   -.0028182
treated_post_iasuorv_d |  -.0856993   .0340822    -2.51   0.012    -.1525045   -.0188942
                senior |   2.194533   .6121395     3.59   0.000     .9946682    3.394397
             interact2 |   .5207716   .0128978    40.38   0.000     .4954904    .5460528
             interact3 |   .0011536   .0003109     3.71   0.000     .0005442    .0017629
               suorv_d |  -.0638019   .0104685    -6.09   0.000    -.0843214   -.0432825
                   l_0 |  -.0139078   .0778035    -0.18   0.858    -.1664118    .1385961
                   l_1 |   .0084593   .0929723     0.09   0.928    -.1737773    .1906958
                   l_2 |  -.0351328   .1084585    -0.32   0.746    -.2477242    .1774585
                   l_3 |  -.0611167   .1239513    -0.49   0.622    -.3040757    .1818423
                   l_4 |  -.0831542   .1394676    -0.60   0.551     -.356527    .1902185
                   l_5 |  -.1052436   .1548678    -0.68   0.497    -.4088025    .1983152
                   l_6 |  -.1246779   .1704088    -0.73   0.464     -.458699    .2093431
                   l_7 |  -.1412842   .1858567    -0.76   0.447     -.505585    .2230166
                   l_8 |  -.1548257   .2013275    -0.77   0.442    -.5494509    .2397996
                   l_9 |  -.1707767    .216762    -0.79   0.431    -.5956553    .2541019
                  l_10 |  -.1878302   .2323072    -0.81   0.419    -.6431792    .2675188
                   f_1 |  -.0064547   .0622208    -0.10   0.917    -.1284148    .1155054
                   f_2 |  -.0042992   .0468236    -0.09   0.927     -.096079    .0874805
                   f_3 |  -.0095135    .031331    -0.30   0.761    -.0709259    .0518989
                   f_4 |  -.0080715   .0159125    -0.51   0.612     -.039262    .0231189
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0374729   .0044019     8.51   0.000     .0288447    .0461011
          _Ivuosi_1996 |   .0662729   .0046555    14.24   0.000     .0571475    .0753983
          _Ivuosi_1997 |   .0671331   .0046345    14.49   0.000      .058049    .0762172
          _Ivuosi_1998 |   .0785313   .0046464    16.90   0.000     .0694238    .0876389
          _Ivuosi_1999 |    .061252   .0042498    14.41   0.000     .0529218    .0695821
          _Ivuosi_2000 |   .0620236   .0044844    13.83   0.000     .0532336    .0708137
          _Ivuosi_2001 |   .0702613   .0044093    15.93   0.000     .0616185     .078904
          _Ivuosi_2002 |   .0493455   .0041284    11.95   0.000     .0412534    .0574376
          _Ivuosi_2003 |   .0469342    .004026    11.66   0.000     .0390428    .0548256
          _Ivuosi_2004 |   .0606094   .0039827    15.22   0.000     .0528027     .068416
          _Ivuosi_2005 |   .0643137   .0040111    16.03   0.000     .0564515    .0721759
          _Ivuosi_2006 |   .0675681   .0041143    16.42   0.000     .0595037    .0756326
          _Ivuosi_2007 |   .0800099   .0041404    19.32   0.000     .0718942    .0881256
          _Ivuosi_2008 |   .0668448   .0039328    17.00   0.000     .0591361    .0745534
          _Ivuosi_2009 |   .0095136   .0047651     2.00   0.046     .0001734    .0188538
          _Ivuosi_2010 |    .005728   .0038673     1.48   0.139    -.0018524    .0133083
          _Ivuosi_2011 |   .0129523   .0030105     4.30   0.000     .0070513    .0188532
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5714518   .0241319    23.68   0.000     .5241505    .6187531
             _Iage2_22 |   .7802584   .0393885    19.81   0.000     .7030524    .8574644
             _Iage2_23 |   .8972058   .0545345    16.45   0.000      .790312      1.0041
             _Iage2_24 |   .9930507   .0698732    14.21   0.000      .856091     1.13001
             _Iage2_25 |   1.079697   .0854321    12.64   0.000     .9122405    1.247154
             _Iage2_26 |   1.168114   .1010743    11.56   0.000     .9699966    1.366231
             _Iage2_27 |   1.233577   .1165566    10.58   0.000     1.005112    1.462041
             _Iage2_28 |   1.298406   .1321034     9.83   0.000     1.039468    1.557344
             _Iage2_29 |   1.359851   .1477682     9.20   0.000     1.070209    1.649494
             _Iage2_30 |   1.412485   .1632095     8.65   0.000     1.092575    1.732395
             _Iage2_31 |   1.459132   .1786843     8.17   0.000      1.10889    1.809374
             _Iage2_32 |   1.500158   .1940458     7.73   0.000     1.119806    1.880511
             _Iage2_33 |   1.542786   .2096693     7.36   0.000      1.13181    1.953762
             _Iage2_34 |   1.582908   .2250902     7.03   0.000     1.141706    2.024111
             _Iage2_35 |   1.624617   .2406217     6.75   0.000     1.152971    2.096264
             _Iage2_36 |   1.661599   .2560317     6.49   0.000     1.159748    2.163451
             _Iage2_37 |   1.695891   .2714994     6.25   0.000     1.163721    2.228062
             _Iage2_38 |    1.73269   .2869424     6.04   0.000     1.170249     2.29513
             _Iage2_39 |   1.771609   .3025496     5.86   0.000     1.178576    2.364641
             _Iage2_40 |   1.803765   .3180523     5.67   0.000     1.180345    2.427184
             _Iage2_41 |  -.3595526   .2788261    -1.29   0.197    -.9060841     .186979
             _Iage2_42 |  -.3297982   .2633115    -1.25   0.210    -.8459192    .1863228
             _Iage2_43 |  -.2974112   .2477487    -1.20   0.230    -.7830275    .1882051
             _Iage2_44 |  -.2673546   .2322902    -1.15   0.250    -.7226703    .1879612
             _Iage2_45 |  -.2387256   .2167957    -1.10   0.271    -.6636704    .1862192
             _Iage2_46 |  -.2073736    .201347    -1.03   0.303     -.602037    .1872899
             _Iage2_47 |  -.1832338   .1858824    -0.99   0.324    -.5475849    .1811174
             _Iage2_48 |   -.153206   .1703781    -0.90   0.369    -.4871669    .1807549
             _Iage2_49 |  -.1282462   .1548541    -0.83   0.408    -.4317782    .1752858
             _Iage2_50 |  -.1068466   .1393802    -0.77   0.443     -.380048    .1663548
             _Iage2_51 |  -.0812477   .1239204    -0.66   0.512    -.3241461    .1616508
             _Iage2_52 |  -.0602722   .1084956    -0.56   0.579    -.2729362    .1523917
             _Iage2_53 |  -.0398026    .093002    -0.43   0.669    -.2220974    .1424921
             _Iage2_54 |  -.0186869    .077557    -0.24   0.810    -.1707077    .1333339
             _Iage2_55 |  -.0002549   .0621591    -0.00   0.997     -.122094    .1215842
             _Iage2_56 |   .0136343   .0466905     0.29   0.770    -.0778845    .1051531
             _Iage2_57 |   .0122214   .0313136     0.39   0.696     -.049157    .0735997
             _Iage2_58 |   .0083716   .0161255     0.52   0.604    -.0232363    .0399796
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0058742    .000962     6.11   0.000     .0039885    .0077599
                 _cons |   8.564634    .196493    43.59   0.000     8.179485    8.949783
-----------------------+----------------------------------------------------------------
               sigma_u |  .50637372
               sigma_e |  .34165398
                   rho |   .6871767   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 15592) =   12.16
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 15592) =   16.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 15592) =    2.89
            Prob > F =    0.0557

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15592) =   16.04
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =    4.71
            Prob > F =    0.0301

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15592) =   29.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =    5.67
            Prob > F =    0.0172

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 15592) =   26.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15592) =    4.33
            Prob > F =    0.0375

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15592) =   25.92
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    854582
Group variable: shnro_real                      Number of groups   =     81866

R-sq:  within  = 0.2013                         Obs per group: min =         1
       between = 0.1149                                        avg =      10.4
       overall = 0.1001                                        max =        16

                                                F(86,15593)        =    302.39
corr(u_i, Xb)  = -0.6400                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,594 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1179634   .0528493    -2.23   0.026    -.2215542   -.0143727
           treated_ia3 |   .0069437   .0017958     3.87   0.000     .0034238    .0104636
     treated_iasuorv_d |   .1064169   .0407681     2.61   0.009     .0265067    .1863272
           treated_pre |   .0220099   .0273445     0.80   0.421    -.0315885    .0756083
       treated_pre_ia2 |   .0763624   .0388564     1.97   0.049     .0001993    .1525255
       treated_pre_ia3 |  -.0018073   .0014468    -1.25   0.212    -.0046431    .0010286
 treated_pre_iasuorv_d |  -.0180161   .0267042    -0.67   0.500    -.0703594    .0343272
          treated_post |   .0691809   .0279772     2.47   0.013     .0143424    .1240194
      treated_post_ia2 |   .1605687   .0407011     3.95   0.000     .0807899    .2403475
      treated_post_ia3 |  -.0057293    .001592    -3.60   0.000    -.0088498   -.0026088
treated_post_iasuorv_d |  -.0755633   .0279198    -2.71   0.007    -.1302892   -.0208373
             interact2 |    .520767   .0129003    40.37   0.000     .4954809    .5460532
             interact3 |   .0011325   .0003109     3.64   0.000     .0005232    .0017418
               suorv_d |  -.0637437   .0104708    -6.09   0.000    -.0842676   -.0432198
                   l_0 |  -.0139442   .0777994    -0.18   0.858    -.1664401    .1385517
                   l_1 |   .0084761   .0929676     0.09   0.927    -.1737511    .1907033
                   l_2 |  -.0350683   .1084527    -0.32   0.746    -.2476481    .1775116
                   l_3 |  -.0610007   .1239445    -0.49   0.623    -.3039463     .181945
                   l_4 |  -.0829812     .13946    -0.60   0.552    -.3563389    .1903766
                   l_5 |  -.1050052   .1548589    -0.68   0.498    -.4085467    .1985363
                   l_6 |  -.1243769   .1703985    -0.73   0.465    -.4583778     .209624
                   l_7 |  -.1409171    .185845    -0.76   0.448    -.5051949    .2233606
                   l_8 |   -.154381   .2013145    -0.77   0.443    -.5489807    .2402188
                   l_9 |  -.1702458   .2167475    -0.79   0.432     -.595096    .2546045
                  l_10 |  -.1871713   .2322918    -0.81   0.420    -.6424903    .2681476
                   f_1 |  -.0063686   .0622169    -0.10   0.918     -.128321    .1155837
                   f_2 |  -.0042484   .0468206    -0.09   0.928    -.0960223    .0875254
                   f_3 |  -.0094917   .0313295    -0.30   0.762    -.0709012    .0519178
                   f_4 |  -.0080704    .015912    -0.51   0.612    -.0392598     .023119
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .037511    .004403     8.52   0.000     .0288805    .0461414
          _Ivuosi_1996 |   .0663287    .004659    14.24   0.000     .0571966    .0754608
          _Ivuosi_1997 |   .0672167    .004637    14.50   0.000     .0581276    .0763059
          _Ivuosi_1998 |   .0786413   .0046448    16.93   0.000      .069537    .0877457
          _Ivuosi_1999 |   .0613912   .0042475    14.45   0.000     .0530655    .0697168
          _Ivuosi_2000 |   .0621862    .004484    13.87   0.000     .0533969    .0709754
          _Ivuosi_2001 |   .0704313   .0044075    15.98   0.000     .0617921    .0790706
          _Ivuosi_2002 |   .0495192   .0041269    12.00   0.000       .04143    .0576084
          _Ivuosi_2003 |    .047108   .0040234    11.71   0.000     .0392217    .0549943
          _Ivuosi_2004 |   .0607767    .003981    15.27   0.000     .0529735      .06858
          _Ivuosi_2005 |   .0644153   .0040072    16.07   0.000     .0565608    .0722699
          _Ivuosi_2006 |   .0676533   .0041129    16.45   0.000     .0595915    .0757151
          _Ivuosi_2007 |   .0800824   .0041381    19.35   0.000     .0719712    .0881936
          _Ivuosi_2008 |   .0669098   .0039316    17.02   0.000     .0592034    .0746162
          _Ivuosi_2009 |   .0095688   .0047669     2.01   0.045     .0002251    .0189125
          _Ivuosi_2010 |   .0057725   .0038668     1.49   0.136    -.0018069     .013352
          _Ivuosi_2011 |   .0129733   .0030106     4.31   0.000     .0070721    .0188745
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5714381   .0241312    23.68   0.000     .5241381    .6187381
             _Iage2_22 |   .7802495   .0393864    19.81   0.000     .7030477    .8574514
             _Iage2_23 |   .8971844   .0545312    16.45   0.000     .7902969    1.004072
             _Iage2_24 |   .9930038   .0698696    14.21   0.000     .8560512    1.129956
             _Iage2_25 |   1.079617    .085428    12.64   0.000     .9121687    1.247066
             _Iage2_26 |   1.167984   .1010697    11.56   0.000     .9698756    1.366092
             _Iage2_27 |   1.233403   .1165513    10.58   0.000     1.004949    1.461857
             _Iage2_28 |    1.29818   .1320972     9.83   0.000     1.039255    1.557106
             _Iage2_29 |   1.359566   .1477614     9.20   0.000     1.069936    1.649195
             _Iage2_30 |   1.412105   .1632023     8.65   0.000      1.09221    1.732001
             _Iage2_31 |   1.458711   .1786768     8.16   0.000     1.108484    1.808938
             _Iage2_32 |   1.499662   .1940376     7.73   0.000     1.119326    1.879998
             _Iage2_33 |   1.542207   .2096608     7.36   0.000     1.131247    1.953167
             _Iage2_34 |   1.582246   .2250813     7.03   0.000      1.14106    2.023431
             _Iage2_35 |   1.623862    .240612     6.75   0.000     1.152235     2.09549
             _Iage2_36 |   1.660747   .2560215     6.49   0.000     1.158915    2.162578
             _Iage2_37 |   1.694941   .2714887     6.24   0.000     1.162791     2.22709
             _Iage2_38 |   1.731622   .2869319     6.03   0.000     1.169202    2.294041
             _Iage2_39 |    1.77043   .3025381     5.85   0.000      1.17742     2.36344
             _Iage2_40 |   1.802521   .3180401     5.67   0.000     1.179126    2.425917
             _Iage2_41 |   1.835233   .3334874     5.50   0.000     1.181559    2.488907
             _Iage2_42 |   1.864902   .3489931     5.34   0.000     1.180835    2.548969
             _Iage2_43 |   1.897237   .3645452     5.20   0.000     1.182686    2.611787
             _Iage2_44 |   1.927235   .3800003     5.07   0.000      1.18239     2.67208
             _Iage2_45 |   1.955816   .3954907     4.95   0.000     1.180608    2.731024
             _Iage2_46 |   1.987114   .4109386     4.84   0.000     1.181626    2.792601
             _Iage2_47 |   2.011214   .4263929     4.72   0.000     1.175434    2.846993
             _Iage2_48 |   2.041204   .4418977     4.62   0.000     1.175033    2.907374
             _Iage2_49 |   2.066138   .4574161     4.52   0.000      1.16955    2.962727
             _Iage2_50 |   2.087516   .4728936     4.41   0.000     1.160589    3.014442
             _Iage2_51 |   2.113098   .4883588     4.33   0.000     1.155858    3.070338
             _Iage2_52 |   2.134069   .5037946     4.24   0.000     1.146573    3.121565
             _Iage2_53 |   2.154522    .519305     4.15   0.000     1.136624     3.17242
             _Iage2_54 |   2.175629   .5347677     4.07   0.000     1.127422    3.223836
             _Iage2_55 |   2.194044   .5502174     3.99   0.000     1.115554    3.272534
             _Iage2_56 |   2.207915   .5657425     3.90   0.000     1.098994    3.316836
             _Iage2_57 |   2.206493   .5811975     3.80   0.000     1.067278    3.345707
             _Iage2_58 |   2.202637   .5966135     3.69   0.000     1.033205    3.372068
             _Iage2_59 |   2.194273   .6121072     3.58   0.000     .9944718    3.394074
         firm_size_new |   .0058608   .0009614     6.10   0.000     .0039763    .0077453
                 _cons |   8.565675   .1964788    43.60   0.000     8.180553    8.950796
-----------------------+----------------------------------------------------------------
               sigma_u |  .50590663
               sigma_e |  .34164892
                   rho |  .68678618   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15593) =   29.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15593) =    5.64
            Prob > F =    0.0176

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15593) =   28.73
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 15593) =    5.67
            Prob > F =    0.0173

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15593) =    0.60
            Prob > F =    0.4396

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 15593) =    5.64
            Prob > F =    0.0176
O:\returns
lnwage_bluec_age_short_noIQ_firstinv_G.xls
dir : seeout
lnwage_bluec_age_top3_noIQ_firstinv_G.xls
dir : seeout
(2,061,007 real changes made, 1,518,324 to missing)
(53,474 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,405,667       96.89       96.89
         12 |     25,111        1.73       98.62
         22 |     11,171        0.77       99.39
         24 |      2,654        0.18       99.58
         25 |      3,388        0.23       99.81
         99 |      2,748        0.19      100.00
------------+-----------------------------------
      Total |  1,450,739      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,414,747
                                                F(87, 132763)     =     371.17
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1382
                                                Root MSE          =     .16108

                                     (Std. Err. adjusted for 132,764 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0078599   .0028937     2.72   0.007     .0021884    .0135315
     treated_ia1_4145 |  -.0703121   .0040691   -17.28   0.000    -.0782874   -.0623368
     treated_ia1_4650 |  -.0707544   .0041065   -17.23   0.000    -.0788032   -.0627057
     treated_ia1_5160 |  -.0899689   .0042169   -21.34   0.000    -.0982339   -.0817039
          treated_pre |  -.0014956   .0027091    -0.55   0.581    -.0068053    .0038141
 treated_pre_ia1_4145 |    .048458   .0038737    12.51   0.000     .0408657    .0560504
 treated_pre_ia1_4650 |   .0515325    .003902    13.21   0.000     .0438847    .0591803
 treated_pre_ia1_5155 |   .0685581   .0040691    16.85   0.000     .0605828    .0765335
 treated_pre_ia1_5660 |   .0518814   .0044289    11.71   0.000     .0432009     .060562
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0137053   .0028926    -4.74   0.000    -.0193746   -.0080359
treated_post_ia1_4145 |   .0753037    .004033    18.67   0.000      .067399    .0832084
treated_post_ia1_4650 |   .0779889   .0040783    19.12   0.000     .0699954    .0859824
treated_post_ia1_5155 |   .0987757   .0042034    23.50   0.000     .0905372    .1070142
treated_post_ia1_5660 |   .0918013   .0045656    20.11   0.000     .0828527    .1007498
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.1168402   .0017799   -65.64   0.000    -.1203288   -.1133516
                  l_1 |  -.0846666   .0018455   -45.88   0.000    -.0882838   -.0810494
                  l_2 |  -.0767419   .0018507   -41.47   0.000    -.0803692   -.0731147
                  l_3 |  -.0694806   .0018517   -37.52   0.000    -.0731099   -.0658512
                  l_4 |  -.0649784   .0018535   -35.06   0.000    -.0686112   -.0613455
                  l_5 |  -.0609327   .0018564   -32.82   0.000    -.0645711   -.0572942
                  l_6 |  -.0601104   .0018192   -33.04   0.000    -.0636761   -.0565448
                  l_7 |  -.0641022   .0017537   -36.55   0.000    -.0675394    -.060665
                  l_8 |   -.063916   .0017553   -36.41   0.000    -.0673564   -.0604756
                  l_9 |  -.0639142   .0017582   -36.35   0.000    -.0673602   -.0604682
                 l_10 |  -.0640607   .0017638   -36.32   0.000    -.0675177   -.0606038
                  f_1 |  -.0845042   .0017949   -47.08   0.000     -.088022   -.0809863
                  f_2 |  -.0827981   .0017848   -46.39   0.000    -.0862963      -.0793
                  f_3 |  -.0741152   .0017692   -41.89   0.000    -.0775829   -.0706475
                  f_4 |  -.0438553   .0017378   -25.24   0.000    -.0472614   -.0404492
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0453788    .001662   -27.30   0.000    -.0486363   -.0421214
         _Ivuosi_1996 |    .024603   .0017345    14.18   0.000     .0212033    .0280026
         _Ivuosi_1997 |   .0105543   .0017171     6.15   0.000     .0071889    .0139197
         _Ivuosi_1998 |  -.0013394   .0016719    -0.80   0.423    -.0046162    .0019374
         _Ivuosi_1999 |   .0009806   .0016783     0.58   0.559    -.0023089      .00427
         _Ivuosi_2000 |  -.0317489    .001551   -20.47   0.000    -.0347889   -.0287089
         _Ivuosi_2001 |  -.0966405   .0014229   -67.92   0.000    -.0994294   -.0938516
         _Ivuosi_2002 |  -.0972632   .0014241   -68.30   0.000    -.1000545   -.0944719
         _Ivuosi_2003 |  -.0990666   .0014272   -69.41   0.000    -.1018639   -.0962694
         _Ivuosi_2004 |  -.0993981     .00143   -69.51   0.000    -.1022008   -.0965954
         _Ivuosi_2005 |  -.0997167   .0014291   -69.78   0.000    -.1025176   -.0969157
         _Ivuosi_2006 |  -.0980122   .0014417   -67.98   0.000    -.1008379   -.0951865
         _Ivuosi_2007 |  -.0952392    .001448   -65.77   0.000    -.0980771   -.0924012
         _Ivuosi_2008 |  -.0934976   .0014497   -64.50   0.000    -.0963389   -.0906563
         _Ivuosi_2009 |  -.0934212   .0014619   -63.91   0.000    -.0962864    -.090556
         _Ivuosi_2010 |  -.0937536   .0014598   -64.22   0.000    -.0966147   -.0908924
         _Ivuosi_2011 |  -.0969258    .001483   -65.36   0.000    -.0998324   -.0940191
         _Ivuosi_2012 |  -.0978707   .0014813   -66.07   0.000    -.1007739   -.0949674
            _Iage2_21 |   -.136656   .0030167   -45.30   0.000    -.1425687   -.1307433
            _Iage2_22 |  -.1683175   .0030551   -55.09   0.000    -.1743054   -.1623297
            _Iage2_23 |   -.187403   .0030098   -62.27   0.000    -.1933021    -.181504
            _Iage2_24 |  -.2029945   .0029416   -69.01   0.000    -.2087601    -.197229
            _Iage2_25 |  -.2135831   .0028846   -74.04   0.000     -.219237   -.2079293
            _Iage2_26 |  -.2210525   .0028459   -77.67   0.000    -.2266305   -.2154746
            _Iage2_27 |  -.2265146   .0028267   -80.13   0.000     -.232055   -.2209742
            _Iage2_28 |  -.2311608   .0028117   -82.21   0.000    -.2366716   -.2256499
            _Iage2_29 |  -.2329664   .0028097   -82.92   0.000    -.2384733   -.2274596
            _Iage2_30 |  -.2349373   .0028035   -83.80   0.000    -.2404321   -.2294425
            _Iage2_31 |  -.2377796   .0027921   -85.16   0.000    -.2432521   -.2323071
            _Iage2_32 |  -.2381531   .0027907   -85.34   0.000     -.243623   -.2326833
            _Iage2_33 |  -.2392703   .0027861   -85.88   0.000    -.2447311   -.2338096
            _Iage2_34 |  -.2397019   .0027873   -86.00   0.000    -.2451649    -.234239
            _Iage2_35 |  -.2399879   .0027868   -86.11   0.000    -.2454501   -.2345258
            _Iage2_36 |   -.241187   .0027826   -86.68   0.000    -.2466408   -.2357333
            _Iage2_37 |  -.2424586   .0027772   -87.30   0.000     -.247902   -.2370153
            _Iage2_38 |  -.2425798   .0027773   -87.34   0.000    -.2480232   -.2371364
            _Iage2_39 |   -.242469   .0027771   -87.31   0.000     -.247912    -.237026
            _Iage2_40 |  -.2434386   .0027746   -87.74   0.000    -.2488767   -.2380005
            _Iage2_41 |  -.2407095   .0028192   -85.38   0.000    -.2462351   -.2351839
            _Iage2_42 |   -.240408   .0028263   -85.06   0.000    -.2459475   -.2348684
            _Iage2_43 |   -.240627   .0028291   -85.06   0.000    -.2461719   -.2350821
            _Iage2_44 |  -.2403457   .0028301   -84.93   0.000    -.2458926   -.2347988
            _Iage2_45 |  -.2408981   .0028267   -85.22   0.000    -.2464385   -.2353577
            _Iage2_46 |  -.2422378   .0028284   -85.65   0.000    -.2477814   -.2366942
            _Iage2_47 |  -.2420475   .0028334   -85.43   0.000    -.2476009   -.2364942
            _Iage2_48 |  -.2429002   .0028302   -85.82   0.000    -.2484473   -.2373531
            _Iage2_49 |  -.2425571   .0028333   -85.61   0.000    -.2481104   -.2370038
            _Iage2_50 |  -.2408522    .002838   -84.87   0.000    -.2464147   -.2352897
            _Iage2_51 |  -.2408381   .0028333   -85.00   0.000    -.2463912   -.2352849
            _Iage2_52 |  -.2395161   .0028322   -84.57   0.000    -.2450673    -.233965
            _Iage2_53 |  -.2362424   .0028423   -83.12   0.000    -.2418132   -.2306716
            _Iage2_54 |  -.2346493   .0028361   -82.74   0.000    -.2402079   -.2290906
            _Iage2_55 |  -.2292519   .0028556   -80.28   0.000    -.2348489   -.2236549
            _Iage2_56 |  -.2179175   .0030219   -72.11   0.000    -.2238404   -.2119946
            _Iage2_57 |  -.2133042   .0030632   -69.64   0.000     -.219308   -.2073005
            _Iage2_58 |  -.2052471   .0031691   -64.77   0.000    -.2114585   -.1990358
            _Iage2_59 |  -.1955106    .003341   -58.52   0.000    -.2020589   -.1889624
        firm_size_new |  -.0008024    .000122    -6.58   0.000    -.0010415   -.0005633
                _cons |   .3987766   .0034105   116.92   0.000      .392092    .4054612
---------------------------------------------------------------------------------------
(1,500,842 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.25423  .0330438   38.9115  .0701857  .0436694  14.63565
      sd |  .5836815  .1787512  10.49315    .25546  .2043587  9.620805
     p50 |  10.35995         0        39         0         0        14
       N |    694747    701795    701795    701795    701795    485542
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.31593  .0291268  38.94897  .0801751  .0506402  14.68237
      sd |   .593248   .168162  10.48053  .2715643  .2192619  9.737645
     p50 |  10.41729         0        39         0         0        14
       N |    706319    712952    712952    712952    712952    493018
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.25423  .0330438   38.9115  .0701857  .0436694  14.63565
         |  .5836815  .1787512  10.49315    .25546  .2043587  9.620805
         |  10.35995         0        39         0         0        14
         |    694747    701795    701795    701795    701795    485542
---------+------------------------------------------------------------
       1 |  10.31593  .0291268  38.94897  .0801751  .0506402  14.68237
         |   .593248   .168162  10.48053  .2715643  .2192619  9.737645
         |  10.41729         0        39         0         0        14
         |    706319    712952    712952    712952    712952    493018
---------+------------------------------------------------------------
   Total |  10.28533  .0310699  38.93038  .0752198  .0471823  14.65919
         |  .5893314  .1735066  10.48681  .2637458  .2120287  9.679871
         |  10.38778         0        39         0         0        14
         |   1401066   1414747   1414747   1414747   1414747    978560
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_firstinv.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_firstinv.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    978,560
                                                F(1, 978558)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6509
                                                Root MSE          =     5.7195

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8212081   .0007272  1129.29   0.000     .8197828    .8226334
       _cons |  -15.30131   .0228551  -669.49   0.000     -15.3461   -15.25651
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7583   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(129,816 real changes made)
(127,171 real changes made)
(111,821 real changes made)
(99,849 real changes made)
(90,150 real changes made)
(81,749 real changes made)
(131,256 real changes made)
(129,482 real changes made)
(120,577 real changes made)
(112,699 real changes made)
(101,528 real changes made)
(91,521 real changes made)
(83,326 real changes made)
(73,920 real changes made)
(65,735 real changes made)
(58,518 real changes made)
(869,742 real changes made, 869,742 to missing)
(778991 missing values generated)
(2,013,269 real changes made, 2,013,269 to missing)
(56,946 real changes made, 56,946 to missing)
(65,068 real changes made)
(63,858 real changes made)
(56,234 real changes made)
(50,232 real changes made)
(45,354 real changes made)
(41,121 real changes made)
(65,590 real changes made)
(64,666 real changes made)
(60,269 real changes made)
(56,329 real changes made)
(50,729 real changes made)
(45,730 real changes made)
(41,612 real changes made)
(36,899 real changes made)
(32,832 real changes made)
(29,257 real changes made)
(546,591 real changes made)
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1332                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(74,15592)        =     78.03
corr(u_i, Xb)  = -0.9801                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 15,593 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0086107   .0091157     0.94   0.345    -.0092572    .0264785
 treated_post |   .0118592   .0108926     1.09   0.276    -.0094915    .0332099
          l_0 |  -.3996841   .0355918   -11.23   0.000    -.4694482     -.32992
          l_1 |  -.4195764   .0423546    -9.91   0.000    -.5025963   -.3365565
          l_2 |  -.4677148   .0492098    -9.50   0.000    -.5641717   -.3712579
          l_3 |  -.5162937   .0560891    -9.20   0.000    -.6262348   -.4063525
          l_4 |  -.5677153   .0629574    -9.02   0.000    -.6911192   -.4443115
          l_5 |  -.6194861    .069884    -8.86   0.000    -.7564668   -.4825053
          l_6 |  -.6721762   .0767987    -8.75   0.000    -.8227106   -.5216419
          l_7 |  -.7327847   .0837715    -8.75   0.000    -.8969865   -.5685829
          l_8 |  -.7894903    .090715    -8.70   0.000    -.9673021   -.6116784
          l_9 |  -.8460705   .0976776    -8.66   0.000     -1.03753   -.6546111
         l_10 |  -.9040246   .1045835    -8.64   0.000     -1.10902   -.6990288
          f_1 |   -.307356   .0284543   -10.80   0.000    -.3631297   -.2515823
          f_2 |  -.2483677   .0215722   -11.51   0.000    -.2906518   -.2060836
          f_3 |  -.1817482   .0148613   -12.23   0.000     -.210878   -.1526183
          f_4 |   -.094069   .0078098   -12.04   0.000    -.1093772   -.0787608
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0456503   .0047731    -9.56   0.000    -.0550061   -.0362945
 _Ivuosi_1996 |   .0243448   .0033469     7.27   0.000     .0177845    .0309051
 _Ivuosi_1997 |   .0164339   .0031615     5.20   0.000     .0102369    .0226308
 _Ivuosi_1998 |   .0140031   .0029664     4.72   0.000     .0081885    .0198176
 _Ivuosi_1999 |   .0207199   .0030849     6.72   0.000     .0146731    .0267667
 _Ivuosi_2000 |  -.0004815   .0032977    -0.15   0.884    -.0069454    .0059824
 _Ivuosi_2001 |  -.0504262   .0024983   -20.18   0.000     -.055323   -.0455293
 _Ivuosi_2002 |   -.047806   .0023169   -20.63   0.000    -.0523473   -.0432647
 _Ivuosi_2003 |    -.04601   .0022611   -20.35   0.000     -.050442   -.0415779
 _Ivuosi_2004 |   -.043065   .0019071   -22.58   0.000    -.0468031   -.0393268
 _Ivuosi_2005 |  -.0431467   .0017972   -24.01   0.000    -.0466694   -.0396239
 _Ivuosi_2006 |  -.0362129   .0015531   -23.32   0.000    -.0392572   -.0331687
 _Ivuosi_2007 |  -.0285748   .0013293   -21.50   0.000    -.0311803   -.0259693
 _Ivuosi_2008 |  -.0212495   .0012379   -17.17   0.000    -.0236759   -.0188232
 _Ivuosi_2009 |  -.0163053   .0008829   -18.47   0.000    -.0180359   -.0145747
 _Ivuosi_2010 |  -.0110146   .0006882   -16.01   0.000    -.0123635   -.0096657
 _Ivuosi_2011 |  -.0059767   .0004018   -14.87   0.000    -.0067642   -.0051891
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0727925   .0102609    -7.09   0.000    -.0929049     -.05268
    _Iage2_22 |   -.060315   .0166599    -3.62   0.000    -.0929703   -.0276596
    _Iage2_23 |  -.0304859   .0232719    -1.31   0.190    -.0761015    .0151297
    _Iage2_24 |   -.000584     .02994    -0.02   0.984    -.0592699    .0581019
    _Iage2_25 |   .0332004   .0366845     0.91   0.365    -.0387056    .1051064
    _Iage2_26 |   .0712503   .0435399     1.64   0.102     -.014093    .1565937
    _Iage2_27 |   .1116854   .0504292     2.21   0.027     .0128384    .2105324
    _Iage2_28 |   .1546584   .0573094     2.70   0.007     .0423254    .2669914
    _Iage2_29 |   .2011275   .0642337     3.13   0.002      .075222     .327033
    _Iage2_30 |     .24763   .0711173     3.48   0.000     .1082318    .3870282
    _Iage2_31 |   .2935587   .0780221     3.76   0.000     .1406264     .446491
    _Iage2_32 |   .3434476   .0849455     4.04   0.000     .1769445    .5099506
    _Iage2_33 |   .3934553   .0918425     4.28   0.000     .2134334    .5734772
    _Iage2_34 |   .4440898   .0987132     4.50   0.000     .2506005    .6375792
    _Iage2_35 |   .4968287    .105662     4.70   0.000     .2897189    .7039384
    _Iage2_36 |   .5484247     .11257     4.87   0.000     .3277744    .7690749
    _Iage2_37 |   .5999055   .1195136     5.02   0.000      .365645    .8341661
    _Iage2_38 |   .6526748   .1264302     5.16   0.000      .404857    .9004927
    _Iage2_39 |   .7052598   .1333536     5.29   0.000     .4438713    .9666482
    _Iage2_40 |   .7578245   .1402569     5.40   0.000     .4829046    1.032744
    _Iage2_41 |   .8118506   .1472151     5.51   0.000     .5232919    1.100409
    _Iage2_42 |   .8669201    .154133     5.62   0.000     .5648015    1.169039
    _Iage2_43 |    .920412    .161063     5.71   0.000     .6047098    1.236114
    _Iage2_44 |   .9743638   .1679982     5.80   0.000     .6450678     1.30366
    _Iage2_45 |   1.028115   .1749229     5.88   0.000      .685246    1.370984
    _Iage2_46 |   1.081781   .1818453     5.95   0.000     .7253431    1.438219
    _Iage2_47 |   1.135969   .1887978     6.02   0.000     .7659035    1.506035
    _Iage2_48 |   1.189433   .1957157     6.08   0.000     .8058078    1.573059
    _Iage2_49 |   1.244506   .2026651     6.14   0.000     .8472586    1.641753
    _Iage2_50 |   1.299566   .2095933     6.20   0.000      .888739    1.710393
    _Iage2_51 |   1.352907   .2165168     6.25   0.000     .9285093    1.777305
    _Iage2_52 |   1.408212    .223469     6.30   0.000     .9701865    1.846237
    _Iage2_53 |   1.463871   .2304297     6.35   0.000     1.012202     1.91554
    _Iage2_54 |   1.519913   .2373679     6.40   0.000     1.054644    1.985182
    _Iage2_55 |   1.580665   .2443308     6.47   0.000     1.101749    2.059582
    _Iage2_56 |   1.643235   .2512714     6.54   0.000     1.150714    2.135756
    _Iage2_57 |   1.704181   .2581906     6.60   0.000     1.198097    2.210265
    _Iage2_58 |   1.770755   .2650628     6.68   0.000     1.251201    2.290309
    _Iage2_59 |   1.840201   .2719997     6.77   0.000      1.30705    2.373352
firm_size_new |  -.0000871   .0008351    -0.10   0.917    -.0017239    .0015498
        _cons |  -.2252281   .0854324    -2.64   0.008    -.3926856   -.0577706
--------------+----------------------------------------------------------------
      sigma_u |  .56918703
      sigma_e |  .15179037
          rho |  .93360411   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1343                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(79,15592)        =     74.51
corr(u_i, Xb)  = -0.9791                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 15,593 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0100045   .0127606     0.78   0.433    -.0150078    .0350168
          treated_pre |   .0141637    .011509     1.23   0.218    -.0083952    .0367226
 treated_pre_iasenior |  -.0193718   .0118349    -1.64   0.102    -.0425696    .0038259
         treated_post |   .0038705   .0141936     0.27   0.785    -.0239506    .0316915
treated_post_iasenior |   .0078924   .0137006     0.58   0.565    -.0189625    .0347472
               senior |          0  (omitted)
         pre_iasenior |   .0532019   .0041092    12.95   0.000     .0451473    .0612564
        post_iasenior |   .0557681   .0048017    11.61   0.000     .0463562    .0651801
                  l_0 |  -.4118559   .0357364   -11.52   0.000    -.4819034   -.3418085
                  l_1 |  -.4306547   .0424484   -10.15   0.000    -.5138584   -.3474509
                  l_2 |  -.4777013   .0492618    -9.70   0.000    -.5742601   -.3811425
                  l_3 |  -.5251792   .0561006    -9.36   0.000    -.6351429   -.4152156
                  l_4 |    -.57545   .0629324    -9.14   0.000    -.6988048   -.4520951
                  l_5 |  -.6260777   .0698247    -8.97   0.000    -.7629422   -.4892133
                  l_6 |  -.6776461   .0767058    -8.83   0.000    -.8279983   -.5272938
                  l_7 |  -.7371027   .0836461    -8.81   0.000    -.9010588   -.5731465
                  l_8 |  -.7927344   .0905567    -8.75   0.000     -.970236   -.6152328
                  l_9 |  -.8481684    .097486    -8.70   0.000    -1.039252   -.6570845
                 l_10 |  -.9050977   .1043613    -8.67   0.000    -1.109658   -.7005375
                  f_1 |  -.3200588   .0285617   -11.21   0.000    -.3760431   -.2640745
                  f_2 |  -.2623064   .0217369   -12.07   0.000    -.3049132   -.2196996
                  f_3 |  -.1969097   .0150985   -13.04   0.000    -.2265045    -.167315
                  f_4 |   -.110438   .0081984   -13.47   0.000    -.1265077   -.0943682
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0458015   .0047444    -9.65   0.000    -.0551011    -.036502
         _Ivuosi_1996 |   .0241929   .0033311     7.26   0.000     .0176636    .0307221
         _Ivuosi_1997 |   .0163226   .0031416     5.20   0.000     .0101647    .0224804
         _Ivuosi_1998 |   .0138179    .002973     4.65   0.000     .0079904    .0196453
         _Ivuosi_1999 |   .0203936   .0030855     6.61   0.000     .0143457    .0264416
         _Ivuosi_2000 |  -.0006787   .0033033    -0.21   0.837    -.0071535    .0057962
         _Ivuosi_2001 |  -.0507851   .0025011   -20.31   0.000    -.0556875   -.0458827
         _Ivuosi_2002 |  -.0480501   .0023144   -20.76   0.000    -.0525866   -.0435136
         _Ivuosi_2003 |  -.0462644   .0022515   -20.55   0.000    -.0506777   -.0418512
         _Ivuosi_2004 |  -.0432838   .0019132   -22.62   0.000    -.0470339   -.0395336
         _Ivuosi_2005 |  -.0432127    .001801   -23.99   0.000     -.046743   -.0396825
         _Ivuosi_2006 |  -.0361963   .0015536   -23.30   0.000    -.0392416    -.033151
         _Ivuosi_2007 |  -.0286096   .0013306   -21.50   0.000    -.0312178   -.0260015
         _Ivuosi_2008 |  -.0212895   .0012328   -17.27   0.000     -.023706   -.0188731
         _Ivuosi_2009 |  -.0163549   .0008826   -18.53   0.000    -.0180849    -.014625
         _Ivuosi_2010 |  -.0110995   .0006852   -16.20   0.000    -.0124425   -.0097564
         _Ivuosi_2011 |  -.0060112   .0003977   -15.12   0.000    -.0067907   -.0052318
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0728028   .0102478    -7.10   0.000    -.0928897   -.0527159
            _Iage2_22 |  -.0606695   .0166299    -3.65   0.000    -.0932661    -.028073
            _Iage2_23 |  -.0312969   .0232271    -1.35   0.178    -.0768246    .0142308
            _Iage2_24 |  -.0018594   .0298775    -0.06   0.950    -.0604227    .0567039
            _Iage2_25 |   .0313641   .0366024     0.86   0.392    -.0403808     .103109
            _Iage2_26 |   .0688346   .0434374     1.58   0.113    -.0163077    .1539769
            _Iage2_27 |   .1084952   .0503062     2.16   0.031     .0098892    .2071011
            _Iage2_28 |   .1507754    .057165     2.64   0.008     .0387254    .2628255
            _Iage2_29 |   .1965814    .064068     3.07   0.002     .0710007     .322162
            _Iage2_30 |   .2424653   .0709312     3.42   0.001     .1034318    .3814987
            _Iage2_31 |   .2876655   .0778129     3.70   0.000     .1351431    .4401879
            _Iage2_32 |   .3369305   .0847146     3.98   0.000     .1708801    .5029809
            _Iage2_33 |   .3863166   .0915919     4.22   0.000     .2067859    .5658473
            _Iage2_34 |   .4362299   .0984401     4.43   0.000      .243276    .6291838
            _Iage2_35 |   .4883529   .1053664     4.63   0.000     .2818224    .6948833
            _Iage2_36 |   .5393395   .1122515     4.80   0.000     .3193136    .7593654
            _Iage2_37 |   .5900503    .119171     4.95   0.000     .3564612    .8236393
            _Iage2_38 |   .6420905    .126064     5.09   0.000     .3949904    .8891906
            _Iage2_39 |   .6938668   .1329613     5.22   0.000     .4332471    .9544864
            _Iage2_40 |   .7455211   .1398402     5.33   0.000     .4714181    1.019624
            _Iage2_41 |   .7423606   .1463389     5.07   0.000     .4555193    1.029202
            _Iage2_42 |   .7962291    .153227     5.20   0.000     .4958863    1.096572
            _Iage2_43 |   .8482983    .160123     5.30   0.000     .5344387    1.162158
            _Iage2_44 |   .9008347   .1670244     5.39   0.000     .5734475    1.228222
            _Iage2_45 |   .9529149    .173911     5.48   0.000     .6120291    1.293801
            _Iage2_46 |   1.004822   .1807974     5.56   0.000     .6504378    1.359206
            _Iage2_47 |   1.057359   .1877141     5.63   0.000     .6894177    1.425301
            _Iage2_48 |   1.108955   .1945912     5.70   0.000      .727534    1.490376
            _Iage2_49 |   1.162134   .2015045     5.77   0.000     .7671618    1.557106
            _Iage2_50 |   1.215204   .2083952     5.83   0.000     .8067249    1.623682
            _Iage2_51 |    1.26651   .2152747     5.88   0.000     .8445463    1.688473
            _Iage2_52 |   1.319776   .2221886     5.94   0.000     .8842604    1.755291
            _Iage2_53 |   1.373363   .2291084     5.99   0.000     .9242835    1.822442
            _Iage2_54 |   1.427283   .2360037     6.05   0.000     .9646888    1.889878
            _Iage2_55 |   1.485391   .2429246     6.11   0.000     1.009231    1.961552
            _Iage2_56 |     1.5461   .2498305     6.19   0.000     1.056403    2.035796
            _Iage2_57 |   1.605273   .2567161     6.25   0.000     1.102079    2.108466
            _Iage2_58 |   1.670005   .2635569     6.34   0.000     1.153403    2.186607
            _Iage2_59 |   1.737603   .2704625     6.42   0.000     1.207465    2.267741
        firm_size_new |  -.0000283   .0008271    -0.03   0.973    -.0016496     .001593
                _cons |  -.1998772   .0851339    -2.35   0.019    -.3667497   -.0330048
----------------------+----------------------------------------------------------------
              sigma_u |  .55601683
              sigma_e |  .15169168
                  rho |  .93072612   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =    1.65
            Prob > F =    0.1985

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 15592) =    0.38
            Prob > F =    0.5363
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1344                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(82,15592)        =     72.37
corr(u_i, Xb)  = -0.9782                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0033603   .0010849    -3.10   0.002    -.0054867   -.0012339
     treated_iasuorv_d |  -.1077002   .0231384    -4.65   0.000    -.1530542   -.0623462
           treated_pre |  -.0470436   .0186373    -2.52   0.012    -.0835749   -.0105123
       treated_pre_ia3 |       .004   .0009216     4.34   0.000     .0021936    .0058065
 treated_pre_iasuorv_d |   .0594238   .0182283     3.26   0.001     .0236943    .0951534
          treated_post |  -.0914917   .0223519    -4.09   0.000     -.135304   -.0476794
      treated_post_ia3 |   .0061705   .0010525     5.86   0.000     .0041075    .0082335
treated_post_iasuorv_d |   .1182159   .0210719     5.61   0.000     .0769126    .1595193
             interact3 |   .0002906   .0001185     2.45   0.014     .0000583    .0005229
               suorv_d |   .0348615   .0052717     6.61   0.000     .0245283    .0451946
                   l_0 |  -.3845646   .0355165   -10.83   0.000     -.454181   -.3149481
                   l_1 |  -.4018557   .0422802    -9.50   0.000    -.4847298   -.3189816
                   l_2 |  -.4474133   .0491328    -9.11   0.000    -.5437192   -.3511073
                   l_3 |   -.493417   .0560096    -8.81   0.000    -.6032024   -.3836317
                   l_4 |  -.5422702   .0628775    -8.62   0.000    -.6655175    -.419023
                   l_5 |  -.5914794   .0698012    -8.47   0.000    -.7282978    -.454661
                   l_6 |  -.6416347   .0767148    -8.36   0.000    -.7920046   -.4912648
                   l_7 |  -.6997744   .0836861    -8.36   0.000    -.8638089   -.5357399
                   l_8 |  -.7540411   .0906263    -8.32   0.000    -.9316792   -.5764031
                   l_9 |  -.8081747   .0975864    -8.28   0.000    -.9994553    -.616894
                  l_10 |  -.8638383   .1044934    -8.27   0.000    -1.068658    -.659019
                   f_1 |  -.2960947   .0284133   -10.42   0.000    -.3517881   -.2404013
                   f_2 |  -.2398418   .0215335   -11.14   0.000    -.2820499   -.1976337
                   f_3 |  -.1759716   .0148276   -11.87   0.000    -.2050353   -.1469079
                   f_4 |  -.0910775   .0077931   -11.69   0.000    -.1063528   -.0758021
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0457125   .0047611    -9.60   0.000    -.0550449   -.0363801
          _Ivuosi_1996 |   .0241008   .0033327     7.23   0.000     .0175684    .0306333
          _Ivuosi_1997 |   .0159968   .0031383     5.10   0.000     .0098454    .0221482
          _Ivuosi_1998 |   .0134248   .0029501     4.55   0.000     .0076423    .0192073
          _Ivuosi_1999 |   .0200326   .0030791     6.51   0.000     .0139973    .0260679
          _Ivuosi_2000 |  -.0012522   .0033193    -0.38   0.706    -.0077585     .005254
          _Ivuosi_2001 |     -.0512   .0025131   -20.37   0.000     -.056126   -.0462739
          _Ivuosi_2002 |  -.0486504    .002334   -20.84   0.000    -.0532253   -.0440756
          _Ivuosi_2003 |  -.0468963   .0022763   -20.60   0.000     -.051358   -.0424345
          _Ivuosi_2004 |  -.0439257   .0019297   -22.76   0.000    -.0477082   -.0401433
          _Ivuosi_2005 |  -.0438437   .0018172   -24.13   0.000    -.0474056   -.0402818
          _Ivuosi_2006 |  -.0367553   .0015698   -23.41   0.000    -.0398322   -.0336784
          _Ivuosi_2007 |  -.0290927    .001343   -21.66   0.000    -.0317252   -.0264602
          _Ivuosi_2008 |  -.0216976   .0012461   -17.41   0.000    -.0241401   -.0192551
          _Ivuosi_2009 |  -.0166258   .0008953   -18.57   0.000    -.0183807    -.014871
          _Ivuosi_2010 |  -.0112566   .0006915   -16.28   0.000     -.012612   -.0099012
          _Ivuosi_2011 |   -.006081   .0004011   -15.16   0.000    -.0068672   -.0052948
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0747202   .0102679    -7.28   0.000    -.0948464    -.054594
             _Iage2_22 |  -.0643795   .0166782    -3.86   0.000    -.0970707   -.0316883
             _Iage2_23 |  -.0370921   .0232867    -1.59   0.111    -.0827367    .0085525
             _Iage2_24 |  -.0096262   .0299494    -0.32   0.748    -.0683305    .0490781
             _Iage2_25 |   .0216745   .0366922     0.59   0.555    -.0502465    .0935954
             _Iage2_26 |   .0571245   .0435443     1.31   0.190    -.0282273    .1424763
             _Iage2_27 |   .0948708    .050431     1.88   0.060    -.0039798    .1937215
             _Iage2_28 |   .1351741   .0573093     2.36   0.018     .0228412     .247507
             _Iage2_29 |    .178947   .0642305     2.79   0.005     .0530477    .3048463
             _Iage2_30 |   .2226724   .0711102     3.13   0.002     .0832881    .3620567
             _Iage2_31 |   .2658314   .0780099     3.41   0.001     .1129229    .4187398
             _Iage2_32 |   .3128322   .0849325     3.68   0.000     .1463547    .4793097
             _Iage2_33 |   .3600191   .0918282     3.92   0.000     .1800251    .5400132
             _Iage2_34 |   .4077601   .0986973     4.13   0.000     .2143019    .6012183
             _Iage2_35 |   .4575996   .1056441     4.33   0.000     .2505248    .6646744
             _Iage2_36 |   .5062564   .1125478     4.50   0.000     .2856496    .7268632
             _Iage2_37 |   .5547782    .119489     4.64   0.000     .3205659    .7889905
             _Iage2_38 |   .6045503   .1264041     4.78   0.000     .3567837     .852317
             _Iage2_39 |   .6541197   .1333246     4.91   0.000      .392788    .9154515
             _Iage2_40 |    .703627   .1402289     5.02   0.000     .4287621    .9784919
             _Iage2_41 |   .7546071    .147187     5.13   0.000     .4661035    1.043111
             _Iage2_42 |   .8065659   .1541026     5.23   0.000     .5045068    1.108625
             _Iage2_43 |   .8568857   .1610334     5.32   0.000     .5412415     1.17253
             _Iage2_44 |   .9077248   .1679672     5.40   0.000     .5784897     1.23696
             _Iage2_45 |   .9582903   .1748921     5.48   0.000     .6154815    1.301099
             _Iage2_46 |   1.008873   .1818111     5.55   0.000     .6525019    1.365244
             _Iage2_47 |   1.059976   .1887629     5.62   0.000      .689979    1.429973
             _Iage2_48 |   1.110358   .1956772     5.67   0.000     .7268079    1.493908
             _Iage2_49 |   1.162401   .2026268     5.74   0.000     .7652286    1.559573
             _Iage2_50 |   1.214461   .2095532     5.80   0.000     .8037122    1.625209
             _Iage2_51 |   1.264844   .2164746     5.84   0.000      .840529     1.68916
             _Iage2_52 |    1.31721   .2234238     5.90   0.000     .8792739    1.755147
             _Iage2_53 |    1.36995   .2303805     5.95   0.000     .9183779    1.821523
             _Iage2_54 |   1.423031   .2373147     6.00   0.000     .9578663    1.888195
             _Iage2_55 |   1.480863   .2442716     6.06   0.000     1.002063    1.959664
             _Iage2_56 |   1.540585   .2512084     6.13   0.000     1.048187    2.032982
             _Iage2_57 |   1.598614   .2581229     6.19   0.000     1.092664    2.104565
             _Iage2_58 |   1.662287   .2649891     6.27   0.000     1.142878    2.181696
             _Iage2_59 |   1.728832   .2719186     6.36   0.000      1.19584    2.261824
         firm_size_new |  -.0000735   .0008333    -0.09   0.930     -.001707    .0015599
                 _cons |   -.192848    .085389    -2.26   0.024    -.3602205   -.0254756
-----------------------+----------------------------------------------------------------
               sigma_u |  .54405794
               sigma_e |  .15168865
                   rho |  .92787199   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   15.89
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15592) =    5.83
            Prob > F =    0.0158
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1344                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(85,15592)        =     70.56
corr(u_i, Xb)  = -0.9782                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0014082   .0127647    -0.11   0.912    -.0264286    .0236121
           treated_ia3 |  -.0031597   .0011418    -2.77   0.006    -.0053977   -.0009217
     treated_iasuorv_d |  -.1006806   .0259338    -3.88   0.000     -.151514   -.0498473
           treated_pre |  -.0466951   .0187127    -2.50   0.013    -.0833742    -.010016
  treated_pre_iasenior |   .0037921    .012515     0.30   0.762    -.0207388    .0283231
       treated_pre_ia3 |   .0038702   .0010397     3.72   0.000     .0018323    .0059081
 treated_pre_iasuorv_d |    .056726    .021106     2.69   0.007     .0153558    .0980962
          treated_post |  -.0901147   .0221806    -4.06   0.000    -.1335912   -.0466383
 treated_post_iasenior |   .0091277   .0133078     0.69   0.493    -.0169572    .0352125
      treated_post_ia3 |   .0057964   .0011175     5.19   0.000      .003606    .0079868
treated_post_iasuorv_d |   .1101538   .0233546     4.72   0.000     .0643761    .1559315
                senior |   1.728517   .2719294     6.36   0.000     1.195503     2.26153
             interact3 |   .0003106   .0001182     2.63   0.009      .000079    .0005422
               suorv_d |    .034825   .0052726     6.60   0.000     .0244901    .0451599
                   l_0 |  -.3844587   .0355186   -10.82   0.000    -.4540792   -.3148381
                   l_1 |  -.4017786   .0422819    -9.50   0.000    -.4846562   -.3189011
                   l_2 |  -.4473637   .0491345    -9.10   0.000    -.5436731   -.3510544
                   l_3 |  -.4934011   .0560112    -8.81   0.000    -.6031896   -.3836126
                   l_4 |   -.542285    .062879    -8.62   0.000    -.6655352   -.4190348
                   l_5 |  -.5915319   .0698024    -8.47   0.000    -.7283528   -.4547111
                   l_6 |  -.6417257   .0767155    -8.37   0.000    -.7920971   -.4913544
                   l_7 |  -.6999117   .0836863    -8.36   0.000    -.8639465   -.5358769
                   l_8 |  -.7542322   .0906258    -8.32   0.000    -.9318694   -.5765951
                   l_9 |  -.8084232   .0975852    -8.28   0.000    -.9997014   -.6171449
                  l_10 |  -.8641652   .1044915    -8.27   0.000    -1.068981   -.6593497
                   f_1 |   -.296116   .0284137   -10.42   0.000    -.3518101   -.2404219
                   f_2 |  -.2398461    .021534   -11.14   0.000    -.2820552    -.197637
                   f_3 |  -.1759635   .0148277   -11.87   0.000    -.2050276   -.1468994
                   f_4 |  -.0910625   .0077931   -11.68   0.000     -.106338   -.0757871
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0457203    .004761    -9.60   0.000    -.0550523   -.0363882
          _Ivuosi_1996 |   .0240668   .0033313     7.22   0.000     .0175371    .0305965
          _Ivuosi_1997 |    .015939   .0031391     5.08   0.000      .009786     .022092
          _Ivuosi_1998 |   .0133473   .0029536     4.52   0.000      .007558    .0191367
          _Ivuosi_1999 |   .0199309   .0030861     6.46   0.000     .0138817    .0259801
          _Ivuosi_2000 |  -.0013737   .0033314    -0.41   0.680    -.0079037    .0051563
          _Ivuosi_2001 |  -.0513355   .0025212   -20.36   0.000    -.0562772   -.0463937
          _Ivuosi_2002 |  -.0487908   .0023424   -20.83   0.000    -.0533822   -.0441994
          _Ivuosi_2003 |  -.0470382   .0022838   -20.60   0.000    -.0515146   -.0425617
          _Ivuosi_2004 |  -.0440586   .0019385   -22.73   0.000    -.0478582    -.040259
          _Ivuosi_2005 |   -.043934   .0018232   -24.10   0.000    -.0475076   -.0403604
          _Ivuosi_2006 |  -.0368256   .0015748   -23.38   0.000    -.0399123   -.0337389
          _Ivuosi_2007 |  -.0291564   .0013477   -21.63   0.000    -.0317981   -.0265147
          _Ivuosi_2008 |   -.021752   .0012488   -17.42   0.000    -.0241997   -.0193043
          _Ivuosi_2009 |  -.0166705   .0008986   -18.55   0.000    -.0184319   -.0149091
          _Ivuosi_2010 |  -.0112936   .0006942   -16.27   0.000    -.0126543   -.0099328
          _Ivuosi_2011 |  -.0060979   .0004014   -15.19   0.000    -.0068848    -.005311
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0747166   .0102683    -7.28   0.000    -.0948437   -.0545896
             _Iage2_22 |  -.0643855   .0166792    -3.86   0.000    -.0970786   -.0316923
             _Iage2_23 |  -.0370954    .023288    -1.59   0.111    -.0827425    .0085517
             _Iage2_24 |  -.0096249   .0299506    -0.32   0.748    -.0683315    .0490817
             _Iage2_25 |   .0216867   .0366933     0.59   0.555    -.0502365    .0936099
             _Iage2_26 |   .0571568    .043545     1.31   0.189    -.0281963      .14251
             _Iage2_27 |   .0949233   .0504313     1.88   0.060    -.0039279    .1937746
             _Iage2_28 |   .1352528   .0573094     2.36   0.018     .0229198    .2475858
             _Iage2_29 |    .179058   .0642302     2.79   0.005     .0531594    .3049565
             _Iage2_30 |   .2228155   .0711093     3.13   0.002     .0834331    .3621979
             _Iage2_31 |   .2660142   .0780079     3.41   0.001     .1131097    .4189187
             _Iage2_32 |   .3130596   .0849297     3.69   0.000     .1465875    .4795316
             _Iage2_33 |   .3602944   .0918245     3.92   0.000     .1803076    .5402812
             _Iage2_34 |    .408086   .0986925     4.13   0.000     .2146372    .6015349
             _Iage2_35 |   .4579864   .1056384     4.34   0.000     .2509227      .66505
             _Iage2_36 |   .5067088    .112541     4.50   0.000     .2861153    .7273023
             _Iage2_37 |   .5552933   .1194811     4.65   0.000     .3210964    .7894902
             _Iage2_38 |   .6051428   .1263949     4.79   0.000      .357394    .8528915
             _Iage2_39 |   .6547816   .1333146     4.91   0.000     .3934695    .9160937
             _Iage2_40 |   .7043569    .140218     5.02   0.000     .4295133    .9792005
             _Iage2_41 |  -.9745823   .1248661    -7.81   0.000    -1.219334   -.7298302
             _Iage2_42 |  -.9225695    .117946    -7.82   0.000    -1.153757   -.6913815
             _Iage2_43 |  -.8722088     .11101    -7.86   0.000    -1.089801   -.6546164
             _Iage2_44 |  -.8213249   .1040725    -7.89   0.000    -1.025319   -.6173307
             _Iage2_45 |  -.7707254   .0971436    -7.93   0.000    -.9611381   -.5803127
             _Iage2_46 |  -.7201155   .0902211    -7.98   0.000    -.8969593   -.5432716
             _Iage2_47 |  -.6689816   .0832699    -8.03   0.000    -.8322002   -.5057631
             _Iage2_48 |  -.6185747   .0763544    -8.10   0.000    -.7682383   -.4689111
             _Iage2_49 |  -.5665098    .069408    -8.16   0.000    -.7025575   -.4304622
             _Iage2_50 |  -.5144333    .062485    -8.23   0.000    -.6369111   -.3919555
             _Iage2_51 |  -.4640368   .0555737    -8.35   0.000    -.5729676   -.3551059
             _Iage2_52 |  -.4116663   .0486332    -8.46   0.000     -.506993   -.3163395
             _Iage2_53 |  -.3589156   .0416904    -8.61   0.000    -.4406336   -.2771975
             _Iage2_54 |  -.3058286   .0347824    -8.79   0.000    -.3740061   -.2376511
             _Iage2_55 |  -.2479915   .0278348    -8.91   0.000     -.302551    -.193432
             _Iage2_56 |  -.1882641   .0209232    -9.00   0.000    -.2292761   -.1472522
             _Iage2_57 |  -.1302254   .0140578    -9.26   0.000    -.1577804   -.1026705
             _Iage2_58 |  -.0665468   .0071664    -9.29   0.000    -.0805938   -.0524999
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000662   .0008315    -0.08   0.937    -.0016961    .0015637
                 _cons |  -.1935346   .0853839    -2.27   0.023    -.3608971   -.0261722
-----------------------+----------------------------------------------------------------
               sigma_u |  .54436668
               sigma_e |  .15168717
                   rho |   .9279492   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 15592) =   30.01
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15592) =   16.29
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 15592) =   13.86
            Prob > F =    0.0002

 ( 1)  treated_post_ia3 = 0

       F(  1, 15592) =   26.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =   10.22
            Prob > F =    0.0014

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   15.74
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15592) =    9.56
            Prob > F =    0.0020
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1374                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(89,15592)        =     72.13
corr(u_i, Xb)  = -0.9778                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0056823   .0126515    -0.45   0.653    -.0304808    .0191162
           treated_ia2 |    .027559   .0276616     1.00   0.319    -.0266609    .0817788
           treated_ia3 |  -.0029716    .001139    -2.61   0.009    -.0052043    -.000739
     treated_iasuorv_d |  -.0907555   .0258727    -3.51   0.000    -.1414689    -.040042
           treated_pre |  -.0421738   .0188986    -2.23   0.026    -.0792171   -.0051304
  treated_pre_iasenior |   .0063937   .0124009     0.52   0.606    -.0179135    .0307009
       treated_pre_ia2 |  -.0254461   .0230053    -1.11   0.269    -.0705392    .0196469
       treated_pre_ia3 |   .0036797   .0010409     3.54   0.000     .0016393      .00572
 treated_pre_iasuorv_d |   .0493923   .0212738     2.32   0.020     .0076932    .0910914
          treated_post |  -.0808968   .0221891    -3.65   0.000      -.12439   -.0374036
 treated_post_iasenior |   .0143056   .0131167     1.09   0.275    -.0114046    .0400158
      treated_post_ia2 |  -.0194919   .0244188    -0.80   0.425    -.0673557    .0283719
      treated_post_ia3 |   .0054097   .0011055     4.89   0.000     .0032428    .0075766
treated_post_iasuorv_d |   .0935976   .0232226     4.03   0.000     .0480786    .1391167
                senior |   1.714924   .2715976     6.31   0.000     1.182561    2.247287
             interact2 |   -.108386   .0059759   -18.14   0.000    -.1200994   -.0966725
             interact3 |   -.000441    .000117    -3.77   0.000    -.0006703   -.0002117
               suorv_d |   .0331642   .0052949     6.26   0.000     .0227856    .0435429
                   l_0 |  -.3788926   .0354622   -10.68   0.000    -.4484026   -.3093826
                   l_1 |  -.3949105   .0422219    -9.35   0.000    -.4776703   -.3121506
                   l_2 |  -.4394114   .0490663    -8.96   0.000    -.5355871   -.3432357
                   l_3 |  -.4843941   .0559393    -8.66   0.000    -.5940416   -.3747467
                   l_4 |  -.5320981   .0627974    -8.47   0.000    -.6551883   -.4090078
                   l_5 |  -.5801096   .0697111    -8.32   0.000    -.7167514   -.4434678
                   l_6 |  -.6290356   .0766169    -8.21   0.000    -.7792136   -.4788575
                   l_7 |  -.6860277   .0835776    -8.21   0.000    -.8498495   -.5222059
                   l_8 |  -.7390798   .0905073    -8.17   0.000    -.9164847   -.5616749
                   l_9 |  -.7920937   .0974595    -8.13   0.000    -.9831257   -.6010617
                  l_10 |  -.8464888   .1043549    -8.11   0.000    -1.051037   -.6419411
                   f_1 |  -.2915465   .0283732   -10.28   0.000    -.3471612   -.2359318
                   f_2 |  -.2363913   .0215045   -10.99   0.000    -.2785427   -.1942399
                   f_3 |   -.173652   .0148068   -11.73   0.000     -.202675    -.144629
                   f_4 |  -.0899259   .0077802   -11.56   0.000     -.105176   -.0746757
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0459642   .0047628    -9.65   0.000    -.0552998   -.0366287
          _Ivuosi_1996 |   .0237652   .0033335     7.13   0.000     .0172312    .0302991
          _Ivuosi_1997 |    .015616   .0031361     4.98   0.000     .0094689    .0217631
          _Ivuosi_1998 |   .0129563   .0029473     4.40   0.000     .0071792    .0187335
          _Ivuosi_1999 |   .0193747    .003082     6.29   0.000     .0133337    .0254157
          _Ivuosi_2000 |  -.0020495   .0033282    -0.62   0.538    -.0085732    .0044742
          _Ivuosi_2001 |  -.0518091   .0025167   -20.59   0.000    -.0567421   -.0468762
          _Ivuosi_2002 |  -.0492491   .0023398   -21.05   0.000    -.0538353   -.0446628
          _Ivuosi_2003 |  -.0474635   .0022878   -20.75   0.000    -.0519479   -.0429791
          _Ivuosi_2004 |  -.0445575   .0019445   -22.91   0.000     -.048369   -.0407461
          _Ivuosi_2005 |  -.0444371   .0018304   -24.28   0.000    -.0480249   -.0408493
          _Ivuosi_2006 |  -.0374446   .0015855   -23.62   0.000    -.0405523   -.0343368
          _Ivuosi_2007 |  -.0297692   .0013615   -21.87   0.000    -.0324379   -.0271005
          _Ivuosi_2008 |  -.0222883   .0012497   -17.83   0.000    -.0247379   -.0198386
          _Ivuosi_2009 |  -.0171831   .0009088   -18.91   0.000    -.0189644   -.0154018
          _Ivuosi_2010 |  -.0117241   .0007073   -16.58   0.000    -.0131104   -.0103378
          _Ivuosi_2011 |  -.0064167   .0004211   -15.24   0.000    -.0072422   -.0055912
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.074928   .0102636    -7.30   0.000    -.0950458   -.0548102
             _Iage2_22 |  -.0645302    .016663    -3.87   0.000    -.0971917   -.0318687
             _Iage2_23 |  -.0368469   .0232746    -1.58   0.113    -.0824678    .0087741
             _Iage2_24 |  -.0077988   .0299261    -0.26   0.794    -.0664573    .0508598
             _Iage2_25 |   .0256448   .0366576     0.70   0.484    -.0462083    .0974979
             _Iage2_26 |   .0627594   .0434993     1.44   0.149    -.0225042    .1480231
             _Iage2_27 |   .1014313   .0503773     2.01   0.044      .002686    .2001766
             _Iage2_28 |   .1420682   .0572464     2.48   0.013     .0298587    .2542777
             _Iage2_29 |   .1861382   .0641541     2.90   0.004     .0603887    .3118876
             _Iage2_30 |   .2297498   .0710286     3.23   0.001     .0905255    .3689741
             _Iage2_31 |   .2726943   .0779146     3.50   0.000     .1199726    .4254159
             _Iage2_32 |   .3193122   .0848272     3.76   0.000      .153041    .4855834
             _Iage2_33 |   .3661038   .0917144     3.99   0.000     .1863329    .5458747
             _Iage2_34 |   .4134739   .0985751     4.19   0.000     .2202553    .6066925
             _Iage2_35 |   .4628769   .1055123     4.39   0.000     .2560606    .6696932
             _Iage2_36 |   .5110289   .1124061     4.55   0.000     .2906998     .731358
             _Iage2_37 |   .5590904   .1193363     4.68   0.000     .3251774    .7930035
             _Iage2_38 |   .6083858   .1262434     4.82   0.000      .360934    .8558376
             _Iage2_39 |   .6574639   .1331534     4.94   0.000     .3964678      .91846
             _Iage2_40 |   .7064575   .1400495     5.04   0.000     .4319443    .9809707
             _Iage2_41 |  -.9595807   .1247074    -7.69   0.000    -1.204022   -.7151397
             _Iage2_42 |  -.9081632   .1177945    -7.71   0.000    -1.139054   -.6772722
             _Iage2_43 |  -.8584345   .1108666    -7.74   0.000    -1.075746    -.641123
             _Iage2_44 |  -.8082141   .1039377    -7.78   0.000    -1.011944   -.6044841
             _Iage2_45 |   -.758266   .0970177    -7.82   0.000    -.9484321      -.5681
             _Iage2_46 |  -.7083781   .0901045    -7.86   0.000    -.8849933   -.5317628
             _Iage2_47 |  -.6579853   .0831626    -7.91   0.000    -.8209937    -.494977
             _Iage2_48 |  -.6083246   .0762553    -7.98   0.000    -.7577939   -.4588553
             _Iage2_49 |   -.557052   .0693181    -8.04   0.000    -.6929235   -.4211806
             _Iage2_50 |  -.5058031   .0624037    -8.11   0.000    -.6281216   -.3834846
             _Iage2_51 |  -.4562672   .0554999    -8.22   0.000    -.5650535   -.3474809
             _Iage2_52 |  -.4047956   .0485684    -8.33   0.000    -.4999954   -.3095958
             _Iage2_53 |  -.3529779   .0416359    -8.48   0.000    -.4345891   -.2713667
             _Iage2_54 |  -.3008239   .0347369    -8.66   0.000    -.3689123   -.2327355
             _Iage2_55 |  -.2439519   .0277985    -8.78   0.000    -.2984401   -.1894637
             _Iage2_56 |  -.1852057    .020896    -8.86   0.000    -.2261643   -.1442471
             _Iage2_57 |   -.128187     .01404    -9.13   0.000    -.1557071   -.1006669
             _Iage2_58 |  -.0655027    .007157    -9.15   0.000    -.0795313   -.0514742
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0000541   .0008362     0.06   0.948     -.001585    .0016932
                 _cons |  -.1873104   .0852888    -2.20   0.028    -.3544863   -.0201345
-----------------------+----------------------------------------------------------------
               sigma_u |  .53993187
               sigma_e |   .1514236
                   rho |  .92708315   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 15592) =   15.43
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 15592) =    7.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 15592) =    7.21
            Prob > F =    0.0007

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15592) =   12.62
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =    7.07
            Prob > F =    0.0078

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15592) =   11.19
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   12.58
            Prob > F =    0.0004

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 15592) =    6.95
            Prob > F =    0.0084

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15592) =    6.48
            Prob > F =    0.0109

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15592) =    6.38
            Prob > F =    0.0116

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    463,151    .0829082    .2757437          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    405,005    .0505994    .2191785          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    380,516    10.28008    6.308057          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    207,170    23.44594    8.465947          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    342,332    10.67901     6.31175          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    188,213    23.80923    8.425563          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     38,184    6.703593    5.015612          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     18,957    19.83906    8.008014          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.08 + _b[treated_post_ia3] * 
>  10.28
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.05 + _b[treated_post_ia3] * 
>  23.45

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0268446   .0139462    -1.92   0.054    -.0541786    .0004895
       _nl_2 |   .0592914   .0107702     5.51   0.000     .0381822    .0804007
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.6
> 8
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.8
> 1
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.7
> 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 4

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0231213    .014022    -1.65   0.099     -.050604    .0043613
       _nl_2 |   .0622135   .0109866     5.66   0.000     .0406802    .0837469
       _nl_3 |  -.0641438   .0265992    -2.41   0.016    -.1162772   -.0120104
       _nl_4 |   .0212451   .0249227     0.85   0.394    -.0276024    .0700927
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.7
> 0
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 4
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.6
> 8
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.8
> 1

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0808968   .0221891    -3.65   0.000    -.1243866    -.037407
       _nl_2 |  -.0665912   .0250402    -2.66   0.008    -.1156691   -.0175133
       _nl_3 |  -.1003887   .0300165    -3.34   0.001    -.1592201   -.0415574
       _nl_4 |  -.0860831   .0326546    -2.64   0.008    -.1500849   -.0220813
       _nl_5 |  -.0641438   .0265992    -2.41   0.016    -.1162772   -.0120104
       _nl_6 |   .0212451   .0249227     0.85   0.394    -.0276024    .0700927
       _nl_7 |  -.0231213    .014022    -1.65   0.099     -.050604    .0043613
       _nl_8 |   .0622135   .0109866     5.66   0.000     .0406802    .0837469
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_bluec_noIQ_firstinv_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1374                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(86,15592)        =     73.95
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0263296   .0277236     0.95   0.342    -.0280118    .0806711
           treated_ia3 |  -.0033292   .0010787    -3.09   0.002    -.0054435   -.0012149
     treated_iasuorv_d |  -.1014184   .0231438    -4.38   0.000    -.1467829   -.0560539
           treated_pre |  -.0429967   .0188387    -2.28   0.022    -.0799227   -.0060707
       treated_pre_ia2 |  -.0246484   .0230818    -1.07   0.286    -.0698914    .0205945
       treated_pre_ia3 |   .0038933   .0009245     4.21   0.000     .0020813    .0057054
 treated_pre_iasuorv_d |   .0539811   .0184811     2.92   0.003     .0177559    .0902063
          treated_post |   -.083441   .0224259    -3.72   0.000    -.1273983   -.0394837
      treated_post_ia2 |  -.0173395   .0245381    -0.71   0.480     -.065437    .0307581
      treated_post_ia3 |   .0059639   .0010454     5.70   0.000     .0039148     .008013
treated_post_iasuorv_d |   .1059662   .0211591     5.01   0.000      .064492    .1474405
             interact2 |  -.1083745   .0059755   -18.14   0.000    -.1200871   -.0966619
             interact3 |  -.0004607   .0001174    -3.92   0.000    -.0006908   -.0002306
               suorv_d |   .0331955   .0052939     6.27   0.000     .0228189    .0435721
                   l_0 |  -.3790253   .0354594   -10.69   0.000    -.4485299   -.3095207
                   l_1 |  -.3950171   .0422194    -9.36   0.000     -.477772   -.3122622
                   l_2 |   -.439493   .0490638    -8.96   0.000    -.5356638   -.3433223
                   l_3 |  -.4844435   .0559367    -8.66   0.000     -.594086    -.374801
                   l_4 |  -.5321194   .0627949    -8.47   0.000    -.6552047   -.4090341
                   l_5 |  -.5800945   .0697087    -8.32   0.000    -.7167317   -.4434573
                   l_6 |  -.6289839    .076615    -8.21   0.000    -.7791583   -.4788096
                   l_7 |  -.6859301   .0835763    -8.21   0.000    -.8497493    -.522111
                   l_8 |  -.7389284   .0905065    -8.16   0.000    -.9163317   -.5615251
                   l_9 |  -.7918839   .0974594    -8.13   0.000    -.9829157    -.600852
                  l_10 |  -.8461985   .1043555    -8.11   0.000    -1.050747   -.6416496
                   f_1 |  -.2915428   .0283725   -10.28   0.000    -.3471562   -.2359294
                   f_2 |  -.2363988   .0215038   -10.99   0.000    -.2785486   -.1942489
                   f_3 |  -.1736667   .0148064   -11.73   0.000    -.2026889   -.1446444
                   f_4 |  -.0899422   .0077799   -11.56   0.000    -.1051918   -.0746926
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0459542   .0047629    -9.65   0.000      -.05529   -.0366183
          _Ivuosi_1996 |   .0238033   .0033346     7.14   0.000     .0172672    .0303394
          _Ivuosi_1997 |   .0156797   .0031355     5.00   0.000     .0095338    .0218255
          _Ivuosi_1998 |   .0130415   .0029442     4.43   0.000     .0072705    .0188124
          _Ivuosi_1999 |    .019486   .0030751     6.34   0.000     .0134585    .0255135
          _Ivuosi_2000 |  -.0019157   .0033165    -0.58   0.564    -.0084165     .004585
          _Ivuosi_2001 |  -.0516618   .0025088   -20.59   0.000    -.0565794   -.0467442
          _Ivuosi_2002 |  -.0490962   .0023316   -21.06   0.000    -.0536663    -.044526
          _Ivuosi_2003 |    -.04731   .0022805   -20.75   0.000    -.0517801     -.04284
          _Ivuosi_2004 |   -.044415    .001936   -22.94   0.000    -.0482097   -.0406203
          _Ivuosi_2005 |  -.0443425   .0018246   -24.30   0.000    -.0479189   -.0407661
          _Ivuosi_2006 |  -.0373712   .0015807   -23.64   0.000    -.0404697   -.0342728
          _Ivuosi_2007 |  -.0297028   .0013569   -21.89   0.000    -.0323624   -.0270432
          _Ivuosi_2008 |  -.0222302   .0012472   -17.82   0.000    -.0246749   -.0197855
          _Ivuosi_2009 |  -.0171345   .0009056   -18.92   0.000    -.0189095   -.0153594
          _Ivuosi_2010 |  -.0116842   .0007048   -16.58   0.000    -.0130657   -.0103028
          _Ivuosi_2011 |  -.0063985   .0004209   -15.20   0.000    -.0072236   -.0055734
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0749268   .0102629    -7.30   0.000    -.0950432   -.0548104
             _Iage2_22 |  -.0645107   .0166616    -3.87   0.000    -.0971693   -.0318521
             _Iage2_23 |  -.0368268   .0232726    -1.58   0.114    -.0824437    .0087902
             _Iage2_24 |  -.0077804    .029924    -0.26   0.795    -.0664349    .0508741
             _Iage2_25 |   .0256526   .0366555     0.70   0.484    -.0461965    .0975018
             _Iage2_26 |    .062744   .0434977     1.44   0.149    -.0225165    .1480045
             _Iage2_27 |   .1013934    .050376     2.01   0.044     .0026506    .2001362
             _Iage2_28 |   .1420014   .0572453     2.48   0.013      .029794    .2542087
             _Iage2_29 |   .1860357   .0641534     2.90   0.004     .0602876    .3117838
             _Iage2_30 |   .2296113   .0710284     3.23   0.001     .0903875    .3688352
             _Iage2_31 |   .2725112   .0779155     3.50   0.000     .1197878    .4252346
             _Iage2_32 |   .3190784   .0848288     3.76   0.000     .1528041    .4853527
             _Iage2_33 |   .3658163   .0917169     3.99   0.000     .1860406     .545592
             _Iage2_34 |   .4131294   .0985785     4.19   0.000     .2199041    .6063548
             _Iage2_35 |   .4624637   .1055166     4.38   0.000     .2556389    .6692884
             _Iage2_36 |   .5105396   .1124115     4.54   0.000        .2902    .7308792
             _Iage2_37 |   .5585302   .1193426     4.68   0.000     .3246048    .7924556
             _Iage2_38 |   .6077379    .126251     4.81   0.000     .3602712    .8552046
             _Iage2_39 |   .6567369   .1331619     4.93   0.000     .3957242    .9177496
             _Iage2_40 |   .7056558   .1400587     5.04   0.000     .4311244    .9801872
             _Iage2_41 |   .7560426   .1470082     5.14   0.000     .4678894    1.044196
             _Iage2_42 |   .8074037   .1539169     5.25   0.000     .5057086    1.109099
             _Iage2_43 |   .8570938   .1608392     5.33   0.000     .5418302    1.172357
             _Iage2_44 |   .9072697   .1677645     5.41   0.000     .5784319    1.236107
             _Iage2_45 |   .9571886   .1746806     5.48   0.000     .6147943    1.299583
             _Iage2_46 |   1.007056   .1815902     5.55   0.000     .6511179    1.362994
             _Iage2_47 |   1.057425   .1885325     5.61   0.000     .6878794    1.426971
             _Iage2_48 |   1.107071   .1954386     5.66   0.000     .7239887    1.490153
             _Iage2_49 |   1.158333   .2023791     5.72   0.000     .7616464    1.555019
             _Iage2_50 |   1.209579   .2092968     5.78   0.000      .799333    1.619825
             _Iage2_51 |   1.259115   .2162104     5.82   0.000     .8353177    1.682913
             _Iage2_52 |   1.310598   .2231508     5.87   0.000     .8731969       1.748
             _Iage2_53 |   1.362418   .2300973     5.92   0.000     .9114001    1.813435
             _Iage2_54 |    1.41458   .2370226     5.97   0.000     .9499881    1.879172
             _Iage2_55 |   1.471462   .2439709     6.03   0.000     .9932505    1.949673
             _Iage2_56 |   1.530214   .2508985     6.10   0.000     1.038424    2.022004
             _Iage2_57 |   1.587235   .2578038     6.16   0.000      1.08191    2.092561
             _Iage2_58 |   1.649926   .2646621     6.23   0.000     1.131158    2.168695
             _Iage2_59 |   1.715442   .2715821     6.32   0.000      1.18311    2.247775
         firm_size_new |    .000046   .0008382     0.05   0.956     -.001597     .001689
                 _cons |  -.1864217   .0852935    -2.19   0.029    -.3536069   -.0192365
-----------------------+----------------------------------------------------------------
               sigma_u |  .53963514
               sigma_e |  .15142572
                   rho |   .9270069   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15592) =   11.29
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   13.00
            Prob > F =    0.0003

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15592) =   10.42
            Prob > F =    0.0013

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 15592) =    6.25
            Prob > F =    0.0124

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15592) =    4.71
            Prob > F =    0.0301

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 15592) =    5.75
            Prob > F =    0.0165
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1374                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(89,15592)        =     72.13
corr(u_i, Xb)  = -0.9778                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0056823   .0126515    -0.45   0.653    -.0304808    .0191162
           treated_ia2 |    .027559   .0276616     1.00   0.319    -.0266609    .0817788
           treated_ia3 |  -.0029716    .001139    -2.61   0.009    -.0052043    -.000739
     treated_iasuorv_d |  -.0907555   .0258727    -3.51   0.000    -.1414689    -.040042
           treated_pre |  -.0421738   .0188986    -2.23   0.026    -.0792171   -.0051304
  treated_pre_iasenior |   .0063937   .0124009     0.52   0.606    -.0179135    .0307009
       treated_pre_ia2 |  -.0254461   .0230053    -1.11   0.269    -.0705392    .0196469
       treated_pre_ia3 |   .0036797   .0010409     3.54   0.000     .0016393      .00572
 treated_pre_iasuorv_d |   .0493923   .0212738     2.32   0.020     .0076932    .0910914
          treated_post |  -.0808968   .0221891    -3.65   0.000      -.12439   -.0374036
 treated_post_iasenior |   .0143056   .0131167     1.09   0.275    -.0114046    .0400158
      treated_post_ia2 |  -.0194919   .0244188    -0.80   0.425    -.0673557    .0283719
      treated_post_ia3 |   .0054097   .0011055     4.89   0.000     .0032428    .0075766
treated_post_iasuorv_d |   .0935976   .0232226     4.03   0.000     .0480786    .1391167
                senior |   1.714924   .2715976     6.31   0.000     1.182561    2.247287
             interact2 |   -.108386   .0059759   -18.14   0.000    -.1200994   -.0966725
             interact3 |   -.000441    .000117    -3.77   0.000    -.0006703   -.0002117
               suorv_d |   .0331642   .0052949     6.26   0.000     .0227856    .0435429
                   l_0 |  -.3788926   .0354622   -10.68   0.000    -.4484026   -.3093826
                   l_1 |  -.3949105   .0422219    -9.35   0.000    -.4776703   -.3121506
                   l_2 |  -.4394114   .0490663    -8.96   0.000    -.5355871   -.3432357
                   l_3 |  -.4843941   .0559393    -8.66   0.000    -.5940416   -.3747467
                   l_4 |  -.5320981   .0627974    -8.47   0.000    -.6551883   -.4090078
                   l_5 |  -.5801096   .0697111    -8.32   0.000    -.7167514   -.4434678
                   l_6 |  -.6290356   .0766169    -8.21   0.000    -.7792136   -.4788575
                   l_7 |  -.6860277   .0835776    -8.21   0.000    -.8498495   -.5222059
                   l_8 |  -.7390798   .0905073    -8.17   0.000    -.9164847   -.5616749
                   l_9 |  -.7920937   .0974595    -8.13   0.000    -.9831257   -.6010617
                  l_10 |  -.8464888   .1043549    -8.11   0.000    -1.051037   -.6419411
                   f_1 |  -.2915465   .0283732   -10.28   0.000    -.3471612   -.2359318
                   f_2 |  -.2363913   .0215045   -10.99   0.000    -.2785427   -.1942399
                   f_3 |   -.173652   .0148068   -11.73   0.000     -.202675    -.144629
                   f_4 |  -.0899259   .0077802   -11.56   0.000     -.105176   -.0746757
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0459642   .0047628    -9.65   0.000    -.0552998   -.0366287
          _Ivuosi_1996 |   .0237652   .0033335     7.13   0.000     .0172312    .0302991
          _Ivuosi_1997 |    .015616   .0031361     4.98   0.000     .0094689    .0217631
          _Ivuosi_1998 |   .0129563   .0029473     4.40   0.000     .0071792    .0187335
          _Ivuosi_1999 |   .0193747    .003082     6.29   0.000     .0133337    .0254157
          _Ivuosi_2000 |  -.0020495   .0033282    -0.62   0.538    -.0085732    .0044742
          _Ivuosi_2001 |  -.0518091   .0025167   -20.59   0.000    -.0567421   -.0468762
          _Ivuosi_2002 |  -.0492491   .0023398   -21.05   0.000    -.0538353   -.0446628
          _Ivuosi_2003 |  -.0474635   .0022878   -20.75   0.000    -.0519479   -.0429791
          _Ivuosi_2004 |  -.0445575   .0019445   -22.91   0.000     -.048369   -.0407461
          _Ivuosi_2005 |  -.0444371   .0018304   -24.28   0.000    -.0480249   -.0408493
          _Ivuosi_2006 |  -.0374446   .0015855   -23.62   0.000    -.0405523   -.0343368
          _Ivuosi_2007 |  -.0297692   .0013615   -21.87   0.000    -.0324379   -.0271005
          _Ivuosi_2008 |  -.0222883   .0012497   -17.83   0.000    -.0247379   -.0198386
          _Ivuosi_2009 |  -.0171831   .0009088   -18.91   0.000    -.0189644   -.0154018
          _Ivuosi_2010 |  -.0117241   .0007073   -16.58   0.000    -.0131104   -.0103378
          _Ivuosi_2011 |  -.0064167   .0004211   -15.24   0.000    -.0072422   -.0055912
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.074928   .0102636    -7.30   0.000    -.0950458   -.0548102
             _Iage2_22 |  -.0645302    .016663    -3.87   0.000    -.0971917   -.0318687
             _Iage2_23 |  -.0368469   .0232746    -1.58   0.113    -.0824678    .0087741
             _Iage2_24 |  -.0077988   .0299261    -0.26   0.794    -.0664573    .0508598
             _Iage2_25 |   .0256448   .0366576     0.70   0.484    -.0462083    .0974979
             _Iage2_26 |   .0627594   .0434993     1.44   0.149    -.0225042    .1480231
             _Iage2_27 |   .1014313   .0503773     2.01   0.044      .002686    .2001766
             _Iage2_28 |   .1420682   .0572464     2.48   0.013     .0298587    .2542777
             _Iage2_29 |   .1861382   .0641541     2.90   0.004     .0603887    .3118876
             _Iage2_30 |   .2297498   .0710286     3.23   0.001     .0905255    .3689741
             _Iage2_31 |   .2726943   .0779146     3.50   0.000     .1199726    .4254159
             _Iage2_32 |   .3193122   .0848272     3.76   0.000      .153041    .4855834
             _Iage2_33 |   .3661038   .0917144     3.99   0.000     .1863329    .5458747
             _Iage2_34 |   .4134739   .0985751     4.19   0.000     .2202553    .6066925
             _Iage2_35 |   .4628769   .1055123     4.39   0.000     .2560606    .6696932
             _Iage2_36 |   .5110289   .1124061     4.55   0.000     .2906998     .731358
             _Iage2_37 |   .5590904   .1193363     4.68   0.000     .3251774    .7930035
             _Iage2_38 |   .6083858   .1262434     4.82   0.000      .360934    .8558376
             _Iage2_39 |   .6574639   .1331534     4.94   0.000     .3964678      .91846
             _Iage2_40 |   .7064575   .1400495     5.04   0.000     .4319443    .9809707
             _Iage2_41 |  -.9595807   .1247074    -7.69   0.000    -1.204022   -.7151397
             _Iage2_42 |  -.9081632   .1177945    -7.71   0.000    -1.139054   -.6772722
             _Iage2_43 |  -.8584345   .1108666    -7.74   0.000    -1.075746    -.641123
             _Iage2_44 |  -.8082141   .1039377    -7.78   0.000    -1.011944   -.6044841
             _Iage2_45 |   -.758266   .0970177    -7.82   0.000    -.9484321      -.5681
             _Iage2_46 |  -.7083781   .0901045    -7.86   0.000    -.8849933   -.5317628
             _Iage2_47 |  -.6579853   .0831626    -7.91   0.000    -.8209937    -.494977
             _Iage2_48 |  -.6083246   .0762553    -7.98   0.000    -.7577939   -.4588553
             _Iage2_49 |   -.557052   .0693181    -8.04   0.000    -.6929235   -.4211806
             _Iage2_50 |  -.5058031   .0624037    -8.11   0.000    -.6281216   -.3834846
             _Iage2_51 |  -.4562672   .0554999    -8.22   0.000    -.5650535   -.3474809
             _Iage2_52 |  -.4047956   .0485684    -8.33   0.000    -.4999954   -.3095958
             _Iage2_53 |  -.3529779   .0416359    -8.48   0.000    -.4345891   -.2713667
             _Iage2_54 |  -.3008239   .0347369    -8.66   0.000    -.3689123   -.2327355
             _Iage2_55 |  -.2439519   .0277985    -8.78   0.000    -.2984401   -.1894637
             _Iage2_56 |  -.1852057    .020896    -8.86   0.000    -.2261643   -.1442471
             _Iage2_57 |   -.128187     .01404    -9.13   0.000    -.1557071   -.1006669
             _Iage2_58 |  -.0655027    .007157    -9.15   0.000    -.0795313   -.0514742
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0000541   .0008362     0.06   0.948     -.001585    .0016932
                 _cons |  -.1873104   .0852888    -2.20   0.028    -.3544863   -.0201345
-----------------------+----------------------------------------------------------------
               sigma_u |  .53993187
               sigma_e |   .1514236
                   rho |  .92708315   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 15592) =   15.43
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 15592) =    7.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 15592) =    7.21
            Prob > F =    0.0007

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15592) =   12.62
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15592) =    7.07
            Prob > F =    0.0078

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15592) =   11.19
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   12.58
            Prob > F =    0.0004

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 15592) =    6.95
            Prob > F =    0.0084

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15592) =    6.48
            Prob > F =    0.0109

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15592) =    6.38
            Prob > F =    0.0116
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868115
Group variable: shnro_real                      Number of groups   =     81853

R-sq:  within  = 0.1332                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(74,15591)        =     78.02
corr(u_i, Xb)  = -0.9801                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 15,592 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |    .008611   .0091157     0.94   0.345    -.0092568    .0264789
 treated_post |   .0118607   .0108925     1.09   0.276    -.0094899    .0332114
          l_0 |  -.3996875   .0355918   -11.23   0.000    -.4694515   -.3299234
          l_1 |  -.4195798   .0423545    -9.91   0.000    -.5025996     -.33656
          l_2 |  -.4677264   .0492097    -9.50   0.000    -.5641832   -.3712696
          l_3 |   -.516299   .0560891    -9.20   0.000    -.6262401   -.4063579
          l_4 |  -.5677207   .0629574    -9.02   0.000    -.6911245   -.4443169
          l_5 |  -.6194908    .069884    -8.86   0.000    -.7564715   -.4825101
          l_6 |   -.672183   .0767987    -8.75   0.000    -.8227174   -.5216487
          l_7 |  -.7327953   .0837714    -8.75   0.000    -.8969971   -.5685936
          l_8 |  -.7895017   .0907149    -8.70   0.000    -.9673135   -.6116899
          l_9 |  -.8460833   .0976776    -8.66   0.000    -1.037543   -.6546239
         l_10 |  -.9040374   .1045835    -8.64   0.000    -1.109033   -.6990417
          f_1 |    -.30736   .0284543   -10.80   0.000    -.3631336   -.2515864
          f_2 |    -.24837   .0215722   -11.51   0.000    -.2906541    -.206086
          f_3 |  -.1817504   .0148613   -12.23   0.000    -.2108802   -.1526206
          f_4 |  -.0940694   .0078098   -12.05   0.000    -.1093775   -.0787613
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0456537   .0047735    -9.56   0.000    -.0550104    -.036297
 _Ivuosi_1996 |   .0243285   .0033472     7.27   0.000     .0177676    .0308894
 _Ivuosi_1997 |    .016432   .0031618     5.20   0.000     .0102345    .0226296
 _Ivuosi_1998 |   .0140005   .0029668     4.72   0.000     .0081853    .0198157
 _Ivuosi_1999 |   .0207181   .0030852     6.72   0.000     .0146708    .0267655
 _Ivuosi_2000 |  -.0004851    .003298    -0.15   0.883    -.0069495    .0059793
 _Ivuosi_2001 |  -.0504323   .0024985   -20.19   0.000    -.0553296    -.045535
 _Ivuosi_2002 |  -.0478107    .002317   -20.63   0.000    -.0523523   -.0432691
 _Ivuosi_2003 |  -.0460145   .0022612   -20.35   0.000    -.0504467   -.0415823
 _Ivuosi_2004 |  -.0430685   .0019072   -22.58   0.000    -.0468068   -.0393302
 _Ivuosi_2005 |  -.0431494   .0017973   -24.01   0.000    -.0466723   -.0396265
 _Ivuosi_2006 |  -.0362151   .0015532   -23.32   0.000    -.0392595   -.0331707
 _Ivuosi_2007 |  -.0285767   .0013293   -21.50   0.000    -.0311823   -.0259711
 _Ivuosi_2008 |  -.0212513   .0012379   -17.17   0.000    -.0236778   -.0188249
 _Ivuosi_2009 |  -.0163065    .000883   -18.47   0.000    -.0180372   -.0145758
 _Ivuosi_2010 |  -.0110154   .0006882   -16.01   0.000    -.0123643   -.0096665
 _Ivuosi_2011 |  -.0059773   .0004018   -14.88   0.000    -.0067649   -.0051897
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0727914   .0102608    -7.09   0.000    -.0929039    -.052679
    _Iage2_22 |  -.0603136   .0166599    -3.62   0.000    -.0929689   -.0276582
    _Iage2_23 |   -.030484   .0232719    -1.31   0.190    -.0760996    .0151316
    _Iage2_24 |  -.0005818     .02994    -0.02   0.984    -.0592677     .058104
    _Iage2_25 |   .0332028   .0366845     0.91   0.365    -.0387031    .1051088
    _Iage2_26 |   .0712532   .0435399     1.64   0.102    -.0140902    .1565965
    _Iage2_27 |   .1116886   .0504292     2.21   0.027     .0128416    .2105356
    _Iage2_28 |    .154662   .0573094     2.70   0.007      .042329    .2669951
    _Iage2_29 |   .2011316   .0642337     3.13   0.002     .0752261    .3270371
    _Iage2_30 |   .2476476   .0711173     3.48   0.000     .1082495    .3870457
    _Iage2_31 |   .2935756    .078022     3.76   0.000     .1406433    .4465078
    _Iage2_32 |   .3434277   .0849456     4.04   0.000     .1769245    .5099308
    _Iage2_33 |   .3934605   .0918425     4.28   0.000     .2134386    .5734825
    _Iage2_34 |   .4440956   .0987132     4.50   0.000     .2506063     .637585
    _Iage2_35 |   .4968349    .105662     4.70   0.000     .2897251    .7039446
    _Iage2_36 |   .5484304     .11257     4.87   0.000     .3277802    .7690806
    _Iage2_37 |   .5999111   .1195136     5.02   0.000     .3656505    .8341717
    _Iage2_38 |   .6526839   .1264302     5.16   0.000      .404866    .9005018
    _Iage2_39 |   .7052673   .1333535     5.29   0.000     .4438788    .9666557
    _Iage2_40 |   .7578313   .1402569     5.40   0.000     .4829114    1.032751
    _Iage2_41 |   .8118641   .1472151     5.51   0.000     .5233055    1.100423
    _Iage2_42 |   .8669332    .154133     5.62   0.000     .5648146    1.169052
    _Iage2_43 |   .9204231    .161063     5.71   0.000      .604721    1.236125
    _Iage2_44 |   .9743759   .1679981     5.80   0.000       .64508    1.303672
    _Iage2_45 |   1.028126   .1749228     5.88   0.000     .6852568    1.370995
    _Iage2_46 |   1.081789   .1818454     5.95   0.000     .7253508    1.438227
    _Iage2_47 |   1.135977   .1887978     6.02   0.000     .7659115    1.506043
    _Iage2_48 |   1.189442   .1957157     6.08   0.000      .805816    1.573067
    _Iage2_49 |   1.244515   .2026652     6.14   0.000     .8472672    1.641762
    _Iage2_50 |   1.299578   .2095933     6.20   0.000     .8887508    1.710405
    _Iage2_51 |    1.35292   .2165168     6.25   0.000     .9285216    1.777318
    _Iage2_52 |   1.408224    .223469     6.30   0.000     .9701992     1.84625
    _Iage2_53 |   1.463884   .2304298     6.35   0.000     1.012215    1.915553
    _Iage2_54 |   1.519924   .2373679     6.40   0.000     1.054655    1.985193
    _Iage2_55 |   1.580676   .2443309     6.47   0.000      1.10176    2.059593
    _Iage2_56 |   1.643252   .2512715     6.54   0.000      1.15073    2.135773
    _Iage2_57 |   1.704199   .2581907     6.60   0.000     1.198115    2.210282
    _Iage2_58 |   1.770775   .2650628     6.68   0.000     1.251221    2.290329
    _Iage2_59 |   1.840225   .2719998     6.77   0.000     1.307074    2.373376
firm_size_new |  -.0000917   .0008358    -0.11   0.913      -.00173    .0015466
        _cons |  -.2252185   .0854316    -2.64   0.008    -.3926744   -.0577627
--------------+----------------------------------------------------------------
      sigma_u |  .56919332
      sigma_e |  .15179117
          rho |  .93360482   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868115
Group variable: shnro_real                      Number of groups   =     81853

R-sq:  within  = 0.1344                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(82,15591)        =     72.37
corr(u_i, Xb)  = -0.9782                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,592 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0033613   .0010849    -3.10   0.002    -.0054878   -.0012349
     treated_iasuorv_d |  -.1076949   .0231384    -4.65   0.000    -.1530489    -.062341
           treated_pre |  -.0470414   .0186373    -2.52   0.012    -.0835728   -.0105101
       treated_pre_ia3 |   .0040001   .0009216     4.34   0.000     .0021936    .0058065
 treated_pre_iasuorv_d |   .0594222   .0182283     3.26   0.001     .0236926    .0951519
          treated_post |  -.0914822   .0223519    -4.09   0.000    -.1352946   -.0476698
      treated_post_ia3 |   .0061704   .0010525     5.86   0.000     .0041074    .0082334
treated_post_iasuorv_d |   .1182074   .0210719     5.61   0.000     .0769039    .1595108
             interact3 |   .0002906   .0001185     2.45   0.014     .0000583    .0005229
               suorv_d |   .0348614   .0052717     6.61   0.000     .0245283    .0451946
                   l_0 |  -.3845675   .0355165   -10.83   0.000     -.454184   -.3149511
                   l_1 |  -.4018585   .0422801    -9.50   0.000    -.4847325   -.3189845
                   l_2 |  -.4474241   .0491327    -9.11   0.000      -.54373   -.3511182
                   l_3 |  -.4934214   .0560096    -8.81   0.000    -.6032067   -.3836361
                   l_4 |  -.5422743   .0628775    -8.62   0.000    -.6655216   -.4190271
                   l_5 |  -.5914826   .0698012    -8.47   0.000     -.728301   -.4546641
                   l_6 |  -.6416394   .0767148    -8.36   0.000    -.7920094   -.4912695
                   l_7 |  -.6997825   .0836861    -8.36   0.000     -.863817    -.535748
                   l_8 |  -.7540496   .0906263    -8.32   0.000    -.9316876   -.5764116
                   l_9 |  -.8081838   .0975864    -8.28   0.000    -.9994644   -.6169032
                  l_10 |  -.8638472   .1044934    -8.27   0.000    -1.068666    -.659028
                   f_1 |  -.2960978   .0284133   -10.42   0.000    -.3517912   -.2404044
                   f_2 |  -.2398436   .0215335   -11.14   0.000    -.2820517   -.1976355
                   f_3 |  -.1759734   .0148275   -11.87   0.000    -.2050371   -.1469097
                   f_4 |  -.0910778    .007793   -11.69   0.000    -.1063531   -.0758025
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0457152   .0047616    -9.60   0.000    -.0550485   -.0363819
          _Ivuosi_1996 |   .0240854    .003333     7.23   0.000     .0175524    .0306185
          _Ivuosi_1997 |    .015996   .0031386     5.10   0.000      .009844     .022148
          _Ivuosi_1998 |   .0134236   .0029504     4.55   0.000     .0076405    .0192068
          _Ivuosi_1999 |   .0200323   .0030793     6.51   0.000     .0139965    .0260682
          _Ivuosi_2000 |  -.0012543   .0033195    -0.38   0.706    -.0077609    .0052524
          _Ivuosi_2001 |  -.0512044   .0025133   -20.37   0.000    -.0561307   -.0462781
          _Ivuosi_2002 |  -.0486536   .0023341   -20.84   0.000    -.0532286   -.0440785
          _Ivuosi_2003 |  -.0468992   .0022763   -20.60   0.000    -.0513611   -.0424374
          _Ivuosi_2004 |   -.043928   .0019297   -22.76   0.000    -.0477105   -.0401454
          _Ivuosi_2005 |  -.0438455   .0018172   -24.13   0.000    -.0474075   -.0402836
          _Ivuosi_2006 |  -.0367568   .0015698   -23.41   0.000    -.0398338   -.0336798
          _Ivuosi_2007 |  -.0290939   .0013431   -21.66   0.000    -.0317264   -.0264613
          _Ivuosi_2008 |  -.0216988   .0012462   -17.41   0.000    -.0241414   -.0192562
          _Ivuosi_2009 |  -.0166267   .0008953   -18.57   0.000    -.0183816   -.0148718
          _Ivuosi_2010 |  -.0112571   .0006915   -16.28   0.000    -.0126125   -.0099016
          _Ivuosi_2011 |  -.0060815   .0004011   -15.16   0.000    -.0068677   -.0052952
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0747193   .0102679    -7.28   0.000    -.0948455   -.0545931
             _Iage2_22 |  -.0643785   .0166782    -3.86   0.000    -.0970697   -.0316872
             _Iage2_23 |  -.0370907   .0232867    -1.59   0.111    -.0827353    .0085539
             _Iage2_24 |  -.0096247   .0299494    -0.32   0.748     -.068329    .0490797
             _Iage2_25 |   .0216761   .0366922     0.59   0.555    -.0502449    .0935971
             _Iage2_26 |   .0571265   .0435443     1.31   0.190    -.0282254    .1424783
             _Iage2_27 |    .094873    .050431     1.88   0.060    -.0039776    .1937237
             _Iage2_28 |   .1351765   .0573093     2.36   0.018     .0228436    .2475094
             _Iage2_29 |   .1789497   .0642306     2.79   0.005     .0530503     .304849
             _Iage2_30 |   .2226884   .0711102     3.13   0.002     .0833041    .3620726
             _Iage2_31 |   .2658466   .0780099     3.41   0.001     .1129381     .418755
             _Iage2_32 |   .3128106   .0849326     3.68   0.000     .1463329    .4792882
             _Iage2_33 |   .3600224   .0918283     3.92   0.000     .1800283    .5400165
             _Iage2_34 |   .4077638   .0986973     4.13   0.000     .2143055     .601222
             _Iage2_35 |   .4576036   .1056442     4.33   0.000     .2505288    .6646785
             _Iage2_36 |   .5062594   .1125478     4.50   0.000     .2856525    .7268662
             _Iage2_37 |    .554781    .119489     4.64   0.000     .3205686    .7889934
             _Iage2_38 |   .6045566   .1264041     4.78   0.000     .3567899    .8523233
             _Iage2_39 |   .6541235   .1333246     4.91   0.000     .3927918    .9154553
             _Iage2_40 |   .7036304   .1402289     5.02   0.000     .4287654    .9784954
             _Iage2_41 |   .7546175    .147187     5.13   0.000     .4661138    1.043121
             _Iage2_42 |   .8065762   .1541026     5.23   0.000     .5045171    1.108635
             _Iage2_43 |   .8568942   .1610334     5.32   0.000       .54125    1.172538
             _Iage2_44 |   .9077347   .1679672     5.40   0.000     .5784995     1.23697
             _Iage2_45 |    .958299   .1748921     5.48   0.000     .6154902    1.301108
             _Iage2_46 |   1.008878   .1818112     5.55   0.000     .6525073    1.365249
             _Iage2_47 |   1.059982    .188763     5.62   0.000     .6899849     1.42998
             _Iage2_48 |   1.110364   .1956773     5.67   0.000     .7268141    1.493915
             _Iage2_49 |   1.162408   .2026269     5.74   0.000     .7652352     1.55958
             _Iage2_50 |    1.21447   .2095533     5.80   0.000      .803721    1.625218
             _Iage2_51 |   1.264854   .2164747     5.84   0.000     .8405381    1.689169
             _Iage2_52 |    1.31722   .2234239     5.90   0.000     .8792832    1.755157
             _Iage2_53 |    1.36996   .2303806     5.95   0.000     .9183876    1.821533
             _Iage2_54 |   1.423038   .2373148     6.00   0.000     .9578733    1.888203
             _Iage2_55 |   1.480871   .2442717     6.06   0.000      1.00207    1.959672
             _Iage2_56 |   1.540597   .2512085     6.13   0.000     1.048199    2.032995
             _Iage2_57 |   1.598628    .258123     6.19   0.000     1.092677    2.104579
             _Iage2_58 |   1.662303   .2649892     6.27   0.000     1.142893    2.181712
             _Iage2_59 |   1.728852   .2719187     6.36   0.000     1.195859    2.261844
         firm_size_new |  -.0000769   .0008343    -0.09   0.927    -.0017121    .0015584
                 _cons |  -.1928408   .0853882    -2.26   0.024    -.3602116     -.02547
-----------------------+----------------------------------------------------------------
               sigma_u |  .54406295
               sigma_e |  .15168948
                   rho |  .92787249   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15591) =   15.88
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15591) =    5.83
            Prob > F =    0.0158
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868115
Group variable: shnro_real                      Number of groups   =     81853

R-sq:  within  = 0.1343                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(79,15591)        =     74.50
corr(u_i, Xb)  = -0.9791                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 15,592 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0100147   .0127605     0.78   0.433    -.0149973    .0350267
          treated_pre |   .0141624    .011509     1.23   0.219    -.0083967    .0367214
 treated_pre_iasenior |  -.0193702    .011835    -1.64   0.102     -.042568    .0038277
         treated_post |   .0038641   .0141939     0.27   0.785    -.0239576    .0316858
treated_post_iasenior |   .0079005   .0137009     0.58   0.564    -.0189549    .0347559
               senior |          0  (omitted)
         pre_iasenior |   .0532016   .0041092    12.95   0.000      .045147    .0612562
        post_iasenior |   .0557673   .0048017    11.61   0.000     .0463554    .0651793
                  l_0 |  -.4118583   .0357364   -11.52   0.000    -.4819058   -.3418109
                  l_1 |  -.4306572   .0424483   -10.15   0.000    -.5138608   -.3474536
                  l_2 |  -.4777117   .0492617    -9.70   0.000    -.5742704   -.3811531
                  l_3 |  -.5251834   .0561005    -9.36   0.000     -.635147   -.4152198
                  l_4 |  -.5754542   .0629324    -9.14   0.000     -.698809   -.4520994
                  l_5 |  -.6260812   .0698246    -8.97   0.000    -.7629456   -.4892168
                  l_6 |  -.6776515   .0767058    -8.83   0.000    -.8280037   -.5272992
                  l_7 |  -.7371118   .0836461    -8.81   0.000    -.9010679   -.5731558
                  l_8 |  -.7927445   .0905566    -8.75   0.000     -.970246    -.615243
                  l_9 |  -.8481799    .097486    -8.70   0.000    -1.039264   -.6570961
                 l_10 |  -.9051097   .1043612    -8.67   0.000     -1.10967   -.7005496
                  f_1 |  -.3200624   .0285617   -11.21   0.000    -.3760466   -.2640781
                  f_2 |  -.2623084   .0217369   -12.07   0.000    -.3049152   -.2197016
                  f_3 |  -.1969116   .0150985   -13.04   0.000    -.2265063   -.1673169
                  f_4 |  -.1104381   .0081983   -13.47   0.000    -.1265078   -.0943684
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0458047   .0047448    -9.65   0.000    -.0551051   -.0365044
         _Ivuosi_1996 |   .0241775   .0033314     7.26   0.000     .0176477    .0307074
         _Ivuosi_1997 |   .0163215   .0031419     5.19   0.000     .0101631    .0224799
         _Ivuosi_1998 |    .013816   .0029733     4.65   0.000     .0079879     .019644
         _Ivuosi_1999 |   .0203927   .0030858     6.61   0.000     .0143443    .0264411
         _Ivuosi_2000 |  -.0006816   .0033035    -0.21   0.837    -.0071568    .0057937
         _Ivuosi_2001 |  -.0507907   .0025012   -20.31   0.000    -.0556933    -.045888
         _Ivuosi_2002 |  -.0480544   .0023145   -20.76   0.000    -.0525911   -.0435177
         _Ivuosi_2003 |  -.0462687   .0022516   -20.55   0.000     -.050682   -.0418553
         _Ivuosi_2004 |  -.0432872   .0019132   -22.62   0.000    -.0470374    -.039537
         _Ivuosi_2005 |  -.0432153   .0018011   -23.99   0.000    -.0467457   -.0396849
         _Ivuosi_2006 |  -.0361983   .0015537   -23.30   0.000    -.0392437    -.033153
         _Ivuosi_2007 |  -.0286114   .0013307   -21.50   0.000    -.0312197   -.0260032
         _Ivuosi_2008 |  -.0212912   .0012329   -17.27   0.000    -.0237077   -.0188746
         _Ivuosi_2009 |  -.0163561   .0008826   -18.53   0.000    -.0180861   -.0146261
         _Ivuosi_2010 |  -.0111002   .0006852   -16.20   0.000    -.0124433   -.0097572
         _Ivuosi_2011 |  -.0060118   .0003977   -15.12   0.000    -.0067913   -.0052323
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0728018   .0102478    -7.10   0.000    -.0928886   -.0527149
            _Iage2_22 |  -.0606682   .0166299    -3.65   0.000    -.0932647   -.0280716
            _Iage2_23 |   -.031295    .023227    -1.35   0.178    -.0768227    .0142327
            _Iage2_24 |  -.0018573   .0298775    -0.06   0.950    -.0604206     .056706
            _Iage2_25 |   .0313665   .0366024     0.86   0.391    -.0403784    .1031114
            _Iage2_26 |   .0688374   .0434374     1.58   0.113    -.0163049    .1539797
            _Iage2_27 |   .1084984   .0503062     2.16   0.031     .0098924    .2071043
            _Iage2_28 |    .150779    .057165     2.64   0.008      .038729     .262829
            _Iage2_29 |   .1965854    .064068     3.07   0.002     .0710048     .322166
            _Iage2_30 |   .2424829   .0709312     3.42   0.001     .1034495    .3815162
            _Iage2_31 |   .2876824   .0778129     3.70   0.000     .1351601    .4402047
            _Iage2_32 |   .3369107   .0847147     3.98   0.000     .1708601    .5029612
            _Iage2_33 |   .3863219   .0915918     4.22   0.000     .2067913    .5658526
            _Iage2_34 |   .4362359     .09844     4.43   0.000      .243282    .6291898
            _Iage2_35 |   .4883594   .1053664     4.63   0.000      .281829    .6948898
            _Iage2_36 |   .5393453   .1122514     4.80   0.000     .3193194    .7593711
            _Iage2_37 |   .5900559    .119171     4.95   0.000     .3564669    .8236449
            _Iage2_38 |   .6420998    .126064     5.09   0.000     .3949997    .8891999
            _Iage2_39 |   .6938736   .1329613     5.22   0.000      .433254    .9544932
            _Iage2_40 |   .7455274   .1398402     5.33   0.000     .4714244     1.01963
            _Iage2_41 |   .7423729   .1463389     5.07   0.000     .4555317    1.029214
            _Iage2_42 |   .7962411    .153227     5.20   0.000     .4958985    1.096584
            _Iage2_43 |   .8483084   .1601229     5.30   0.000     .5344489    1.162168
            _Iage2_44 |   .9008459   .1670244     5.39   0.000     .5734588    1.228233
            _Iage2_45 |   .9529247   .1739109     5.48   0.000     .6120391     1.29381
            _Iage2_46 |   1.004828   .1807974     5.56   0.000     .6504445    1.359212
            _Iage2_47 |   1.057366   .1877141     5.63   0.000     .6894247    1.425308
            _Iage2_48 |   1.108962   .1945912     5.70   0.000     .7275412    1.490384
            _Iage2_49 |   1.162142   .2015045     5.77   0.000     .7671695    1.557114
            _Iage2_50 |   1.215214   .2083952     5.83   0.000     .8067356    1.623693
            _Iage2_51 |   1.266521   .2152747     5.88   0.000     .8445576    1.688484
            _Iage2_52 |   1.319787   .2221886     5.94   0.000     .8842721    1.755303
            _Iage2_53 |   1.373375   .2291084     5.99   0.000     .9242957    1.822454
            _Iage2_54 |   1.427293   .2360037     6.05   0.000     .9646987    1.889888
            _Iage2_55 |   1.485401   .2429246     6.11   0.000     1.009241    1.961562
            _Iage2_56 |   1.546115   .2498305     6.19   0.000     1.056418    2.035812
            _Iage2_57 |   1.605289   .2567161     6.25   0.000     1.102096    2.108483
            _Iage2_58 |   1.670024   .2635569     6.34   0.000     1.153422    2.186626
            _Iage2_59 |   1.737626   .2704625     6.42   0.000     1.207488    2.267764
        firm_size_new |  -.0000326   .0008279    -0.04   0.969    -.0016554    .0015902
                _cons |  -.1998686   .0851331    -2.35   0.019    -.3667393   -.0329978
----------------------+----------------------------------------------------------------
              sigma_u |  .55602321
              sigma_e |  .15169246
                  rho |  .93072693   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15591) =    1.65
            Prob > F =    0.1984

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 15591) =    0.38
            Prob > F =    0.5363
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868115
Group variable: shnro_real                      Number of groups   =     81853

R-sq:  within  = 0.1374                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(86,15591)        =     73.94
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,592 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0263237   .0277235     0.95   0.342    -.0280177    .0806651
           treated_ia3 |  -.0033303   .0010787    -3.09   0.002    -.0054446   -.0012159
     treated_iasuorv_d |  -.1014127   .0231437    -4.38   0.000    -.1467771   -.0560484
           treated_pre |  -.0429943   .0188387    -2.28   0.022    -.0799203   -.0060683
       treated_pre_ia2 |  -.0246482   .0230817    -1.07   0.286     -.069891    .0205947
       treated_pre_ia3 |   .0038933   .0009245     4.21   0.000     .0020813    .0057054
 treated_pre_iasuorv_d |   .0539792   .0184812     2.92   0.003     .0177539    .0902045
          treated_post |  -.0834301   .0224259    -3.72   0.000    -.1273875   -.0394728
      treated_post_ia2 |  -.0173394   .0245381    -0.71   0.480    -.0654369    .0307582
      treated_post_ia3 |   .0059638   .0010454     5.70   0.000     .0039147    .0080129
treated_post_iasuorv_d |   .1059564   .0211591     5.01   0.000     .0644821    .1474308
             interact2 |  -.1083736   .0059755   -18.14   0.000    -.1200862    -.096661
             interact3 |  -.0004606   .0001174    -3.92   0.000    -.0006907   -.0002306
               suorv_d |   .0331955   .0052939     6.27   0.000     .0228189    .0435722
                   l_0 |  -.3790284   .0354594   -10.69   0.000     -.448533   -.3095238
                   l_1 |  -.3950201   .0422193    -9.36   0.000    -.4777749   -.3122653
                   l_2 |   -.439504   .0490637    -8.96   0.000    -.5356747   -.3433334
                   l_3 |  -.4844481   .0559367    -8.66   0.000    -.5940905   -.3748056
                   l_4 |  -.5321237   .0627949    -8.47   0.000    -.6552091   -.4090384
                   l_5 |  -.5800979   .0697087    -8.32   0.000    -.7167351   -.4434607
                   l_6 |   -.628989    .076615    -8.21   0.000    -.7791634   -.4788146
                   l_7 |  -.6859385   .0835762    -8.21   0.000    -.8497576   -.5221193
                   l_8 |  -.7389372   .0905065    -8.16   0.000    -.9163405   -.5615339
                   l_9 |  -.7918934   .0974594    -8.13   0.000    -.9829251   -.6008616
                  l_10 |  -.8462078   .1043555    -8.11   0.000    -1.050757   -.6416589
                   f_1 |   -.291546   .0283725   -10.28   0.000    -.3471593   -.2359326
                   f_2 |  -.2364007   .0215038   -10.99   0.000    -.2785505   -.1942508
                   f_3 |  -.1736686   .0148064   -11.73   0.000    -.2026908   -.1446464
                   f_4 |  -.0899425   .0077799   -11.56   0.000    -.1051921    -.074693
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0459569   .0047634    -9.65   0.000    -.0552937   -.0366201
          _Ivuosi_1996 |   .0237878   .0033349     7.13   0.000      .017251    .0303245
          _Ivuosi_1997 |   .0156788   .0031358     5.00   0.000     .0095324    .0218252
          _Ivuosi_1998 |   .0130401   .0029445     4.43   0.000     .0072686    .0188117
          _Ivuosi_1999 |   .0194856   .0030754     6.34   0.000     .0134575    .0255136
          _Ivuosi_2000 |  -.0019179   .0033167    -0.58   0.563    -.0084191    .0045833
          _Ivuosi_2001 |  -.0516663    .002509   -20.59   0.000    -.0565842   -.0467484
          _Ivuosi_2002 |  -.0490994   .0023317   -21.06   0.000    -.0536697    -.044529
          _Ivuosi_2003 |  -.0473131   .0022806   -20.75   0.000    -.0517832   -.0428429
          _Ivuosi_2004 |  -.0444172    .001936   -22.94   0.000     -.048212   -.0406224
          _Ivuosi_2005 |  -.0443444   .0018246   -24.30   0.000    -.0479209   -.0407679
          _Ivuosi_2006 |  -.0373727   .0015808   -23.64   0.000    -.0404712   -.0342742
          _Ivuosi_2007 |   -.029704   .0013569   -21.89   0.000    -.0323637   -.0270443
          _Ivuosi_2008 |  -.0222314   .0012473   -17.82   0.000    -.0246762   -.0197867
          _Ivuosi_2009 |  -.0171353   .0009056   -18.92   0.000    -.0189104   -.0153602
          _Ivuosi_2010 |  -.0116847   .0007048   -16.58   0.000    -.0130662   -.0103033
          _Ivuosi_2011 |  -.0063989    .000421   -15.20   0.000     -.007224   -.0055738
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0749259   .0102629    -7.30   0.000    -.0950423   -.0548095
             _Iage2_22 |  -.0645097   .0166616    -3.87   0.000    -.0971683   -.0318511
             _Iage2_23 |  -.0368253   .0232726    -1.58   0.114    -.0824423    .0087917
             _Iage2_24 |  -.0077788    .029924    -0.26   0.795    -.0664333    .0508757
             _Iage2_25 |   .0256544   .0366555     0.70   0.484    -.0461948    .0975035
             _Iage2_26 |    .062746   .0434977     1.44   0.149    -.0225145    .1480065
             _Iage2_27 |   .1013956    .050376     2.01   0.044     .0026528    .2001385
             _Iage2_28 |   .1420039   .0572453     2.48   0.013     .0297965    .2542113
             _Iage2_29 |   .1860385   .0641534     2.90   0.004     .0602904    .3117866
             _Iage2_30 |   .2296274   .0710283     3.23   0.001     .0904037    .3688512
             _Iage2_31 |   .2725265   .0779155     3.50   0.000     .1198032    .4252499
             _Iage2_32 |   .3190569   .0848289     3.76   0.000     .1527824    .4853315
             _Iage2_33 |   .3658197   .0917169     3.99   0.000      .186044    .5455955
             _Iage2_34 |   .4131333   .0985785     4.19   0.000     .2199079    .6063587
             _Iage2_35 |   .4624679   .1055166     4.38   0.000     .2556431    .6692926
             _Iage2_36 |   .5105428   .1124115     4.54   0.000     .2902032    .7308825
             _Iage2_37 |   .5585333   .1193427     4.68   0.000     .3246078    .7924588
             _Iage2_38 |   .6077444   .1262511     4.81   0.000     .3602777    .8552112
             _Iage2_39 |   .6567411   .1331619     4.93   0.000     .3957284    .9177539
             _Iage2_40 |   .7056596   .1400588     5.04   0.000     .4311281     .980191
             _Iage2_41 |   .7560533   .1470082     5.14   0.000     .4679001    1.044207
             _Iage2_42 |   .8074142   .1539169     5.25   0.000     .5057191    1.109109
             _Iage2_43 |   .8571025   .1608392     5.33   0.000      .541839    1.172366
             _Iage2_44 |   .9072797   .1677645     5.41   0.000     .5784419    1.236118
             _Iage2_45 |   .9571975   .1746806     5.48   0.000     .6148031    1.299592
             _Iage2_46 |   1.007062   .1815903     5.55   0.000     .6511237       1.363
             _Iage2_47 |   1.057432   .1885326     5.61   0.000     .6878857    1.426977
             _Iage2_48 |   1.107078   .1954387     5.66   0.000     .7239951     1.49016
             _Iage2_49 |    1.15834   .2023792     5.72   0.000     .7616534    1.555027
             _Iage2_50 |   1.209588   .2092969     5.78   0.000     .7993421    1.619835
             _Iage2_51 |   1.259125   .2162105     5.82   0.000     .8353272    1.682923
             _Iage2_52 |   1.310608   .2231509     5.87   0.000     .8732066     1.74801
             _Iage2_53 |   1.362428   .2300974     5.92   0.000     .9114101    1.813445
             _Iage2_54 |   1.414587   .2370227     5.97   0.000     .9499955    1.879179
             _Iage2_55 |   1.471469   .2439711     6.03   0.000     .9932579    1.949681
             _Iage2_56 |   1.530227   .2508987     6.10   0.000     1.038437    2.022018
             _Iage2_57 |   1.587249    .257804     6.16   0.000     1.081924    2.092575
             _Iage2_58 |   1.649943   .2646622     6.23   0.000     1.131174    2.168711
             _Iage2_59 |   1.715462   .2715822     6.32   0.000      1.18313    2.247795
         firm_size_new |   .0000426   .0008391     0.05   0.959    -.0016021    .0016874
                 _cons |  -.1864145   .0852927    -2.19   0.029    -.3535981   -.0192309
-----------------------+----------------------------------------------------------------
               sigma_u |  .53963856
               sigma_e |  .15142654
                   rho |  .92700702   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15591) =   11.29
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15591) =   12.99
            Prob > F =    0.0003

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15591) =   10.41
            Prob > F =    0.0013

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 15591) =    6.25
            Prob > F =    0.0124

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15591) =    4.70
            Prob > F =    0.0301

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 15591) =    5.75
            Prob > F =    0.0165
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868115
Group variable: shnro_real                      Number of groups   =     81853

R-sq:  within  = 0.1344                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(85,15591)        =     70.55
corr(u_i, Xb)  = -0.9782                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,592 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0013989   .0127648    -0.11   0.913    -.0264194    .0236216
           treated_ia3 |  -.0031604   .0011418    -2.77   0.006    -.0053984   -.0009223
     treated_iasuorv_d |  -.1006624   .0259337    -3.88   0.000    -.1514955   -.0498294
           treated_pre |  -.0466936   .0187128    -2.50   0.013    -.0833728   -.0100144
  treated_pre_iasenior |   .0037943   .0125152     0.30   0.762    -.0207369    .0283255
       treated_pre_ia3 |   .0038701   .0010397     3.72   0.000     .0018322     .005908
 treated_pre_iasuorv_d |   .0567233   .0211061     2.69   0.007     .0153529    .0980937
          treated_post |  -.0901038   .0221806    -4.06   0.000    -.1335804   -.0466273
 treated_post_iasenior |   .0091431    .013308     0.69   0.492    -.0169422    .0352283
      treated_post_ia3 |   .0057956   .0011175     5.19   0.000     .0036051     .007986
treated_post_iasuorv_d |   .1101304   .0233545     4.72   0.000      .064353    .1559079
                senior |   1.728535   .2719296     6.36   0.000     1.195522    2.261549
             interact3 |   .0003107   .0001182     2.63   0.009     .0000791    .0005423
               suorv_d |   .0348249   .0052726     6.60   0.000     .0244899    .0451598
                   l_0 |  -.3844612   .0355186   -10.82   0.000    -.4540818   -.3148406
                   l_1 |  -.4017812   .0422819    -9.50   0.000    -.4846586   -.3189037
                   l_2 |  -.4473742   .0491345    -9.11   0.000    -.5436835    -.351065
                   l_3 |  -.4934052   .0560112    -8.81   0.000    -.6031937   -.3836168
                   l_4 |   -.542289    .062879    -8.62   0.000    -.6655392   -.4190388
                   l_5 |   -.591535   .0698024    -8.47   0.000    -.7283559   -.4547141
                   l_6 |  -.6417305   .0767156    -8.37   0.000     -.792102   -.4913591
                   l_7 |  -.6999199   .0836863    -8.36   0.000    -.8639547   -.5358851
                   l_8 |  -.7542411   .0906258    -8.32   0.000    -.9318782   -.5766039
                   l_9 |  -.8084328   .0975852    -8.28   0.000    -.9997111   -.6171546
                  l_10 |  -.8641749   .1044915    -8.27   0.000     -1.06899   -.6593595
                   f_1 |  -.2961191   .0284137   -10.42   0.000    -.3518131    -.240425
                   f_2 |  -.2398479    .021534   -11.14   0.000     -.282057   -.1976388
                   f_3 |  -.1759653   .0148277   -11.87   0.000    -.2050293   -.1469012
                   f_4 |  -.0910628   .0077931   -11.69   0.000    -.1063381   -.0757874
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0457229   .0047614    -9.60   0.000    -.0550559     -.03639
          _Ivuosi_1996 |   .0240516   .0033316     7.22   0.000     .0175213    .0305819
          _Ivuosi_1997 |   .0159384   .0031394     5.08   0.000     .0097848     .022092
          _Ivuosi_1998 |   .0133461   .0029539     4.52   0.000     .0075562    .0191361
          _Ivuosi_1999 |   .0199306   .0030864     6.46   0.000     .0138809    .0259803
          _Ivuosi_2000 |  -.0013759   .0033316    -0.41   0.680    -.0079062    .0051545
          _Ivuosi_2001 |  -.0513401   .0025213   -20.36   0.000    -.0562821   -.0463981
          _Ivuosi_2002 |  -.0487942   .0023425   -20.83   0.000    -.0533857   -.0442026
          _Ivuosi_2003 |  -.0470414   .0022838   -20.60   0.000    -.0515179   -.0425649
          _Ivuosi_2004 |  -.0440611   .0019385   -22.73   0.000    -.0478608   -.0402615
          _Ivuosi_2005 |   -.043936   .0018232   -24.10   0.000    -.0475097   -.0403623
          _Ivuosi_2006 |  -.0368272   .0015748   -23.39   0.000     -.039914   -.0337404
          _Ivuosi_2007 |  -.0291577   .0013478   -21.63   0.000    -.0317996   -.0265159
          _Ivuosi_2008 |  -.0217533   .0012488   -17.42   0.000    -.0242011   -.0193055
          _Ivuosi_2009 |  -.0166714   .0008987   -18.55   0.000    -.0184329   -.0149099
          _Ivuosi_2010 |  -.0112941   .0006942   -16.27   0.000    -.0126549   -.0099333
          _Ivuosi_2011 |  -.0060984   .0004015   -15.19   0.000    -.0068853   -.0053115
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0747158   .0102683    -7.28   0.000    -.0948428   -.0545887
             _Iage2_22 |  -.0643845   .0166792    -3.86   0.000    -.0970776   -.0316913
             _Iage2_23 |   -.037094    .023288    -1.59   0.111    -.0827411    .0085531
             _Iage2_24 |  -.0096234   .0299506    -0.32   0.748      -.06833    .0490833
             _Iage2_25 |   .0216883   .0366933     0.59   0.554    -.0502349    .0936116
             _Iage2_26 |   .0571588    .043545     1.31   0.189    -.0281944     .142512
             _Iage2_27 |   .0949256   .0504313     1.88   0.060    -.0039257    .1937769
             _Iage2_28 |   .1352554   .0573094     2.36   0.018     .0229224    .2475885
             _Iage2_29 |   .1790609   .0642302     2.79   0.005     .0531623    .3049595
             _Iage2_30 |   .2228318   .0711092     3.13   0.002     .0834495    .3622142
             _Iage2_31 |   .2660298   .0780079     3.41   0.001     .1131253    .4189343
             _Iage2_32 |   .3130385   .0849298     3.69   0.000     .1465663    .4795108
             _Iage2_33 |   .3602983   .0918246     3.92   0.000     .1803115    .5402852
             _Iage2_34 |   .4080905   .0986926     4.13   0.000     .2146416    .6015394
             _Iage2_35 |   .4579914   .1056385     4.34   0.000     .2509277     .665055
             _Iage2_36 |   .5067128   .1125411     4.50   0.000     .2861193    .7273063
             _Iage2_37 |   .5552974   .1194812     4.65   0.000     .3211004    .7894944
             _Iage2_38 |   .6051505    .126395     4.79   0.000     .3574017    .8528994
             _Iage2_39 |   .6547868   .1333146     4.91   0.000     .3934746    .9160989
             _Iage2_40 |   .7043619   .1402181     5.02   0.000     .4295182    .9792056
             _Iage2_41 |  -.9745927   .1248662    -7.81   0.000    -1.219345   -.7298405
             _Iage2_42 |  -.9225799   .1179462    -7.82   0.000    -1.153768   -.6913918
             _Iage2_43 |  -.8722208   .1110101    -7.86   0.000    -1.089813   -.6546282
             _Iage2_44 |  -.8213354   .1040726    -7.89   0.000     -1.02533    -.617341
             _Iage2_45 |   -.770737   .0971437    -7.93   0.000    -.9611499    -.580324
             _Iage2_46 |  -.7201301   .0902211    -7.98   0.000    -.8969741   -.5432862
             _Iage2_47 |  -.6689957   .0832699    -8.03   0.000    -.8322144   -.5057771
             _Iage2_48 |  -.6185884   .0763544    -8.10   0.000     -.768252   -.4689248
             _Iage2_49 |  -.5665229    .069408    -8.16   0.000    -.7025706   -.4304752
             _Iage2_50 |  -.5144444    .062485    -8.23   0.000    -.6369222   -.3919665
             _Iage2_51 |  -.4640474   .0555737    -8.35   0.000    -.5729783   -.3551165
             _Iage2_52 |  -.4116766   .0486332    -8.46   0.000    -.5070034   -.3163499
             _Iage2_53 |  -.3589255   .0416904    -8.61   0.000    -.4406436   -.2772075
             _Iage2_54 |  -.3058412   .0347824    -8.79   0.000    -.3740187   -.2376636
             _Iage2_55 |   -.248004   .0278348    -8.91   0.000    -.3025635   -.1934445
             _Iage2_56 |  -.1882714   .0209233    -9.00   0.000    -.2292834   -.1472594
             _Iage2_57 |  -.1302316   .0140578    -9.26   0.000    -.1577866   -.1026766
             _Iage2_58 |   -.066551   .0071664    -9.29   0.000     -.080598   -.0525039
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000694   .0008324    -0.08   0.934    -.0017011    .0015623
                 _cons |  -.1935293   .0853831    -2.27   0.023    -.3608901   -.0261686
-----------------------+----------------------------------------------------------------
               sigma_u |  .54437261
               sigma_e |  .15168799
                   rho |  .92794993   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 15591) =   29.98
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15591) =   16.28
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 15591) =   13.86
            Prob > F =    0.0002

 ( 1)  treated_post_ia3 = 0

       F(  1, 15591) =   26.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15591) =   10.21
            Prob > F =    0.0014

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15591) =   15.74
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15591) =    9.55
            Prob > F =    0.0020
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868115
Group variable: shnro_real                      Number of groups   =     81853

R-sq:  within  = 0.1374                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(89,15591)        =     72.12
corr(u_i, Xb)  = -0.9778                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,592 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0056733   .0126516    -0.45   0.654    -.0304719    .0191253
           treated_ia2 |   .0275541   .0276615     1.00   0.319    -.0266657    .0817739
           treated_ia3 |  -.0029724   .0011391    -2.61   0.009     -.005205   -.0007397
     treated_iasuorv_d |  -.0907367   .0258725    -3.51   0.000    -.1414499   -.0400235
           treated_pre |   -.042172   .0188986    -2.23   0.026    -.0792154   -.0051286
  treated_pre_iasenior |   .0063959    .012401     0.52   0.606    -.0179116    .0307033
       treated_pre_ia2 |  -.0254464   .0230053    -1.11   0.269    -.0705394    .0196466
       treated_pre_ia3 |   .0036796   .0010409     3.53   0.000     .0016393    .0057199
 treated_pre_iasuorv_d |   .0493893   .0212739     2.32   0.020       .00769    .0910886
          treated_post |  -.0808842   .0221891    -3.65   0.000    -.1243774   -.0373909
 treated_post_iasenior |   .0143208   .0131168     1.09   0.275    -.0113897    .0400314
      treated_post_ia2 |  -.0194946   .0244189    -0.80   0.425    -.0673585    .0283693
      treated_post_ia3 |   .0054088   .0011055     4.89   0.000     .0032419    .0075757
treated_post_iasuorv_d |   .0935728   .0232225     4.03   0.000     .0480539    .1390916
                senior |   1.714943   .2715977     6.31   0.000      1.18258    2.247306
             interact2 |   -.108385   .0059759   -18.14   0.000    -.1200984   -.0966716
             interact3 |  -.0004409    .000117    -3.77   0.000    -.0006702   -.0002115
               suorv_d |   .0331641   .0052949     6.26   0.000     .0227855    .0435428
                   l_0 |  -.3788953   .0354622   -10.68   0.000    -.4484053   -.3093853
                   l_1 |  -.3949132   .0422219    -9.35   0.000    -.4776729   -.3121534
                   l_2 |  -.4394221   .0490663    -8.96   0.000    -.5355977   -.3432464
                   l_3 |  -.4843985   .0559392    -8.66   0.000    -.5940459   -.3747511
                   l_4 |  -.5321023   .0627974    -8.47   0.000    -.6551926    -.409012
                   l_5 |  -.5801129   .0697111    -8.32   0.000    -.7167547   -.4434711
                   l_6 |  -.6290406   .0766169    -8.21   0.000    -.7792187   -.4788625
                   l_7 |  -.6860362   .0835776    -8.21   0.000    -.8498579   -.5222144
                   l_8 |  -.7390889   .0905073    -8.17   0.000    -.9164938    -.561684
                   l_9 |  -.7921037   .0974595    -8.13   0.000    -.9831356   -.6010717
                  l_10 |  -.8464989   .1043549    -8.11   0.000    -1.051047   -.6419512
                   f_1 |  -.2915497   .0283732   -10.28   0.000    -.3471644    -.235935
                   f_2 |  -.2363932   .0215045   -10.99   0.000    -.2785446   -.1942418
                   f_3 |  -.1736539   .0148068   -11.73   0.000    -.2026768   -.1446309
                   f_4 |  -.0899261   .0077802   -11.56   0.000    -.1051762   -.0746761
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.045967   .0047632    -9.65   0.000    -.0553034   -.0366305
          _Ivuosi_1996 |   .0237499   .0033338     7.12   0.000     .0172153    .0302845
          _Ivuosi_1997 |   .0156152   .0031364     4.98   0.000     .0094676    .0217629
          _Ivuosi_1998 |   .0129551   .0029476     4.40   0.000     .0071773    .0187328
          _Ivuosi_1999 |   .0193743   .0030822     6.29   0.000     .0133328    .0254158
          _Ivuosi_2000 |  -.0020517   .0033284    -0.62   0.538    -.0085757    .0044724
          _Ivuosi_2001 |  -.0518138   .0025168   -20.59   0.000     -.056747   -.0468805
          _Ivuosi_2002 |  -.0492525   .0023399   -21.05   0.000    -.0538389   -.0446661
          _Ivuosi_2003 |  -.0474668   .0022879   -20.75   0.000    -.0519513   -.0429823
          _Ivuosi_2004 |  -.0445601   .0019445   -22.92   0.000    -.0483716   -.0407485
          _Ivuosi_2005 |  -.0444391   .0018304   -24.28   0.000     -.048027   -.0408513
          _Ivuosi_2006 |  -.0374461   .0015855   -23.62   0.000     -.040554   -.0343383
          _Ivuosi_2007 |  -.0297706   .0013615   -21.87   0.000    -.0324393   -.0271018
          _Ivuosi_2008 |  -.0222896   .0012498   -17.83   0.000    -.0247393   -.0198399
          _Ivuosi_2009 |   -.017184   .0009088   -18.91   0.000    -.0189654   -.0154026
          _Ivuosi_2010 |  -.0117247   .0007073   -16.58   0.000     -.013111   -.0103383
          _Ivuosi_2011 |  -.0064172   .0004211   -15.24   0.000    -.0072426   -.0055917
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0749272   .0102636    -7.30   0.000     -.095045   -.0548094
             _Iage2_22 |  -.0645292    .016663    -3.87   0.000    -.0971907   -.0318677
             _Iage2_23 |  -.0368454   .0232746    -1.58   0.113    -.0824664    .0087755
             _Iage2_24 |  -.0077972   .0299261    -0.26   0.794    -.0664558    .0508613
             _Iage2_25 |   .0256465   .0366576     0.70   0.484    -.0462067    .0974996
             _Iage2_26 |   .0627615   .0434993     1.44   0.149    -.0225021    .1480251
             _Iage2_27 |   .1014337   .0503773     2.01   0.044     .0026883     .200179
             _Iage2_28 |   .1420709   .0572464     2.48   0.013     .0298613    .2542804
             _Iage2_29 |   .1861412   .0641541     2.90   0.004     .0603917    .3118907
             _Iage2_30 |   .2297662   .0710286     3.23   0.001      .090542    .3689905
             _Iage2_31 |     .27271   .0779146     3.50   0.000     .1199884    .4254317
             _Iage2_32 |   .3192912   .0848273     3.76   0.000     .1530198    .4855627
             _Iage2_33 |   .3661079   .0917145     3.99   0.000     .1863369    .5458789
             _Iage2_34 |   .4134786   .0985751     4.19   0.000     .2202599    .6066972
             _Iage2_35 |    .462882   .1055123     4.39   0.000     .2560657    .6696984
             _Iage2_36 |   .5110332   .1124062     4.55   0.000      .290704    .7313623
             _Iage2_37 |   .5590948   .1193363     4.69   0.000     .3251817    .7930079
             _Iage2_38 |   .6083938   .1262435     4.82   0.000      .360942    .8558457
             _Iage2_39 |   .6574694   .1331534     4.94   0.000     .3964733    .9184655
             _Iage2_40 |   .7064628   .1400495     5.04   0.000     .4319495    .9809761
             _Iage2_41 |  -.9595913   .1247075    -7.69   0.000    -1.204033   -.7151501
             _Iage2_42 |  -.9081738   .1177947    -7.71   0.000    -1.139065   -.6772826
             _Iage2_43 |  -.8584468   .1108667    -7.74   0.000    -1.075758   -.6411351
             _Iage2_44 |  -.8082249   .1039378    -7.78   0.000    -1.011955   -.6044948
             _Iage2_45 |  -.7582779   .0970178    -7.82   0.000    -.9484442   -.5681117
             _Iage2_46 |  -.7083929   .0901045    -7.86   0.000    -.8850082   -.5317776
             _Iage2_47 |  -.6579996   .0831626    -7.91   0.000     -.821008   -.4949913
             _Iage2_48 |  -.6083386   .0762553    -7.98   0.000    -.7578079   -.4588692
             _Iage2_49 |  -.5570654   .0693181    -8.04   0.000    -.6929369   -.4211939
             _Iage2_50 |  -.5058143   .0624037    -8.11   0.000    -.6281328   -.3834957
             _Iage2_51 |   -.456278   .0554999    -8.22   0.000    -.5650643   -.3474916
             _Iage2_52 |  -.4048061   .0485685    -8.33   0.000    -.5000059   -.3096062
             _Iage2_53 |   -.352988   .0416359    -8.48   0.000    -.4345992   -.2713768
             _Iage2_54 |  -.3008366    .034737    -8.66   0.000    -.3689251   -.2327481
             _Iage2_55 |  -.2439646   .0277985    -8.78   0.000    -.2984528   -.1894763
             _Iage2_56 |  -.1852131    .020896    -8.86   0.000    -.2261717   -.1442544
             _Iage2_57 |  -.1281932   .0140401    -9.13   0.000    -.1557134    -.100673
             _Iage2_58 |  -.0655069   .0071571    -9.15   0.000    -.0795356   -.0514782
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0000509   .0008371     0.06   0.952      -.00159    .0016918
                 _cons |  -.1873052   .0852879    -2.20   0.028    -.3544794    -.020131
-----------------------+----------------------------------------------------------------
               sigma_u |  .53993621
               sigma_e |  .15142441
                   rho |  .92708352   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 15591) =   15.42
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 15591) =    7.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 15591) =    7.21
            Prob > F =    0.0007

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 15591) =   12.61
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 15591) =    7.07
            Prob > F =    0.0079

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15591) =   11.18
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15591) =   12.58
            Prob > F =    0.0004

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 15591) =    6.95
            Prob > F =    0.0084

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 15591) =    6.47
            Prob > F =    0.0110

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15591) =    6.37
            Prob > F =    0.0116
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    868156
Group variable: shnro_real                      Number of groups   =     81858

R-sq:  within  = 0.1374                         Obs per group: min =         1
       between = 0.0000                                        avg =      10.6
       overall = 0.0000                                        max =        16

                                                F(86,15592)        =     73.95
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 15,593 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0263296   .0277236     0.95   0.342    -.0280118    .0806711
           treated_ia3 |  -.0033292   .0010787    -3.09   0.002    -.0054435   -.0012149
     treated_iasuorv_d |  -.1014184   .0231438    -4.38   0.000    -.1467829   -.0560539
           treated_pre |  -.0429967   .0188387    -2.28   0.022    -.0799227   -.0060707
       treated_pre_ia2 |  -.0246484   .0230818    -1.07   0.286    -.0698914    .0205945
       treated_pre_ia3 |   .0038933   .0009245     4.21   0.000     .0020813    .0057054
 treated_pre_iasuorv_d |   .0539811   .0184811     2.92   0.003     .0177559    .0902063
          treated_post |   -.083441   .0224259    -3.72   0.000    -.1273983   -.0394837
      treated_post_ia2 |  -.0173395   .0245381    -0.71   0.480     -.065437    .0307581
      treated_post_ia3 |   .0059639   .0010454     5.70   0.000     .0039148     .008013
treated_post_iasuorv_d |   .1059662   .0211591     5.01   0.000      .064492    .1474405
             interact2 |  -.1083745   .0059755   -18.14   0.000    -.1200871   -.0966619
             interact3 |  -.0004607   .0001174    -3.92   0.000    -.0006908   -.0002306
               suorv_d |   .0331955   .0052939     6.27   0.000     .0228189    .0435721
                   l_0 |  -.3790253   .0354594   -10.69   0.000    -.4485299   -.3095207
                   l_1 |  -.3950171   .0422194    -9.36   0.000     -.477772   -.3122622
                   l_2 |   -.439493   .0490638    -8.96   0.000    -.5356638   -.3433223
                   l_3 |  -.4844435   .0559367    -8.66   0.000     -.594086    -.374801
                   l_4 |  -.5321194   .0627949    -8.47   0.000    -.6552047   -.4090341
                   l_5 |  -.5800945   .0697087    -8.32   0.000    -.7167317   -.4434573
                   l_6 |  -.6289839    .076615    -8.21   0.000    -.7791583   -.4788096
                   l_7 |  -.6859301   .0835763    -8.21   0.000    -.8497493    -.522111
                   l_8 |  -.7389284   .0905065    -8.16   0.000    -.9163317   -.5615251
                   l_9 |  -.7918839   .0974594    -8.13   0.000    -.9829157    -.600852
                  l_10 |  -.8461985   .1043555    -8.11   0.000    -1.050747   -.6416496
                   f_1 |  -.2915428   .0283725   -10.28   0.000    -.3471562   -.2359294
                   f_2 |  -.2363988   .0215038   -10.99   0.000    -.2785486   -.1942489
                   f_3 |  -.1736667   .0148064   -11.73   0.000    -.2026889   -.1446444
                   f_4 |  -.0899422   .0077799   -11.56   0.000    -.1051918   -.0746926
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0459542   .0047629    -9.65   0.000      -.05529   -.0366183
          _Ivuosi_1996 |   .0238033   .0033346     7.14   0.000     .0172672    .0303394
          _Ivuosi_1997 |   .0156797   .0031355     5.00   0.000     .0095338    .0218255
          _Ivuosi_1998 |   .0130415   .0029442     4.43   0.000     .0072705    .0188124
          _Ivuosi_1999 |    .019486   .0030751     6.34   0.000     .0134585    .0255135
          _Ivuosi_2000 |  -.0019157   .0033165    -0.58   0.564    -.0084165     .004585
          _Ivuosi_2001 |  -.0516618   .0025088   -20.59   0.000    -.0565794   -.0467442
          _Ivuosi_2002 |  -.0490962   .0023316   -21.06   0.000    -.0536663    -.044526
          _Ivuosi_2003 |    -.04731   .0022805   -20.75   0.000    -.0517801     -.04284
          _Ivuosi_2004 |   -.044415    .001936   -22.94   0.000    -.0482097   -.0406203
          _Ivuosi_2005 |  -.0443425   .0018246   -24.30   0.000    -.0479189   -.0407661
          _Ivuosi_2006 |  -.0373712   .0015807   -23.64   0.000    -.0404697   -.0342728
          _Ivuosi_2007 |  -.0297028   .0013569   -21.89   0.000    -.0323624   -.0270432
          _Ivuosi_2008 |  -.0222302   .0012472   -17.82   0.000    -.0246749   -.0197855
          _Ivuosi_2009 |  -.0171345   .0009056   -18.92   0.000    -.0189095   -.0153594
          _Ivuosi_2010 |  -.0116842   .0007048   -16.58   0.000    -.0130657   -.0103028
          _Ivuosi_2011 |  -.0063985   .0004209   -15.20   0.000    -.0072236   -.0055734
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0749268   .0102629    -7.30   0.000    -.0950432   -.0548104
             _Iage2_22 |  -.0645107   .0166616    -3.87   0.000    -.0971693   -.0318521
             _Iage2_23 |  -.0368268   .0232726    -1.58   0.114    -.0824437    .0087902
             _Iage2_24 |  -.0077804    .029924    -0.26   0.795    -.0664349    .0508741
             _Iage2_25 |   .0256526   .0366555     0.70   0.484    -.0461965    .0975018
             _Iage2_26 |    .062744   .0434977     1.44   0.149    -.0225165    .1480045
             _Iage2_27 |   .1013934    .050376     2.01   0.044     .0026506    .2001362
             _Iage2_28 |   .1420014   .0572453     2.48   0.013      .029794    .2542087
             _Iage2_29 |   .1860357   .0641534     2.90   0.004     .0602876    .3117838
             _Iage2_30 |   .2296113   .0710284     3.23   0.001     .0903875    .3688352
             _Iage2_31 |   .2725112   .0779155     3.50   0.000     .1197878    .4252346
             _Iage2_32 |   .3190784   .0848288     3.76   0.000     .1528041    .4853527
             _Iage2_33 |   .3658163   .0917169     3.99   0.000     .1860406     .545592
             _Iage2_34 |   .4131294   .0985785     4.19   0.000     .2199041    .6063548
             _Iage2_35 |   .4624637   .1055166     4.38   0.000     .2556389    .6692884
             _Iage2_36 |   .5105396   .1124115     4.54   0.000        .2902    .7308792
             _Iage2_37 |   .5585302   .1193426     4.68   0.000     .3246048    .7924556
             _Iage2_38 |   .6077379    .126251     4.81   0.000     .3602712    .8552046
             _Iage2_39 |   .6567369   .1331619     4.93   0.000     .3957242    .9177496
             _Iage2_40 |   .7056558   .1400587     5.04   0.000     .4311244    .9801872
             _Iage2_41 |   .7560426   .1470082     5.14   0.000     .4678894    1.044196
             _Iage2_42 |   .8074037   .1539169     5.25   0.000     .5057086    1.109099
             _Iage2_43 |   .8570938   .1608392     5.33   0.000     .5418302    1.172357
             _Iage2_44 |   .9072697   .1677645     5.41   0.000     .5784319    1.236107
             _Iage2_45 |   .9571886   .1746806     5.48   0.000     .6147943    1.299583
             _Iage2_46 |   1.007056   .1815902     5.55   0.000     .6511179    1.362994
             _Iage2_47 |   1.057425   .1885325     5.61   0.000     .6878794    1.426971
             _Iage2_48 |   1.107071   .1954386     5.66   0.000     .7239887    1.490153
             _Iage2_49 |   1.158333   .2023791     5.72   0.000     .7616464    1.555019
             _Iage2_50 |   1.209579   .2092968     5.78   0.000      .799333    1.619825
             _Iage2_51 |   1.259115   .2162104     5.82   0.000     .8353177    1.682913
             _Iage2_52 |   1.310598   .2231508     5.87   0.000     .8731969       1.748
             _Iage2_53 |   1.362418   .2300973     5.92   0.000     .9114001    1.813435
             _Iage2_54 |    1.41458   .2370226     5.97   0.000     .9499881    1.879172
             _Iage2_55 |   1.471462   .2439709     6.03   0.000     .9932505    1.949673
             _Iage2_56 |   1.530214   .2508985     6.10   0.000     1.038424    2.022004
             _Iage2_57 |   1.587235   .2578038     6.16   0.000      1.08191    2.092561
             _Iage2_58 |   1.649926   .2646621     6.23   0.000     1.131158    2.168695
             _Iage2_59 |   1.715442   .2715821     6.32   0.000      1.18311    2.247775
         firm_size_new |    .000046   .0008382     0.05   0.956     -.001597     .001689
                 _cons |  -.1864217   .0852935    -2.19   0.029    -.3536069   -.0192365
-----------------------+----------------------------------------------------------------
               sigma_u |  .53963514
               sigma_e |  .15142572
                   rho |   .9270069   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 15592) =   11.29
            Prob > F =    0.0008

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 15592) =   13.00
            Prob > F =    0.0003

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 15592) =   10.42
            Prob > F =    0.0013

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 15592) =    6.25
            Prob > F =    0.0124

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 15592) =    4.71
            Prob > F =    0.0301

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 15592) =    5.75
            Prob > F =    0.0165
O:\returns
ue_d_bluec_age_short_noIQ_firstinv_G.xls
dir : seeout
ue_d_bluec_age_top3_noIQ_firstinv_G.xls
dir : seeout

. *log close
.         
. 
.                                 
.         
.         
. exit

end of do-file

. do "$estimation\returns_EST_CEM_noPhD_2022_08_22"               // estimations excluding those individuals who ever get
>  a PhD

. clear all

. set more off

. *capture log close
. set logtype text

. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by flavor of
    Stata.  See limits for more details.

. 
. local mydate: di %tdDNCY date(c(current_date), "DMY")

. 
. global output           "O:\returns"

. global data_path        "W:\returns\REStat_estimation_data" 

. global work                     "W:\returns\REStat_estimation_data" 

. global graphs           "O:\returns"

. 
. global graphs_do        0

. * choose 0 =  no graphs; 1 = do graphs
. global horse_race       1

. global dummy            1  /* 1 if estimate constant /  interacted TE models, 0 otherwise */

. global ownfirm          0  /* 1 if only use obs where the individuals in the firm they were in at t = 0 */

. *log using "${output}\returns_EST_CEM_`mydate'_noIQ_noPhD.log" , replace
. 
. **************************************************************************************
. 
. * This file produces the results dropping individuals with a PhD for
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. 
. **************************************************************************************
. 
. /*  
> \
> ()
> {}
> []
> =
> `i'
>  >
>  <
>  |
>  +
> */
. 
. * set seed 
. set seed 346352014

. 
. **********************************************************************************************
. 
. * inventors
. 
. **********************************************************************************************
. 
. * NOTE on data cem - matching vector
. * A: cem on educ, STEM, IQ, manuf, sme, region
. * B: add age
. * C: add dwage over past 3 years
. * D: add avg wage over past 4 years
. * E: educ, STEM, IQ, manuf, region, age, firm size quintiles 
. * F: educ, STEM, manuf, region, age, firm size quintiles 
. * G: educ, STEM, manuf, region, age, firm size quintiles, dtf, suorv_d
. 
. capture program drop alterations

. program define alterations, eclass
  1.                 matrix A = e(b)
  2.                 matrix A[1,96] = 0
  3.                 ereturn repost b = A
  4.                 ereturn repost V = koev
  5. end

. 
. 
. 
. * choose data
. * NOTE: choose data_int == 6 if you want to use the IQ data; use data_int == 5 if you want to use the large data
. global data     G

. global data_int 5

. 
. global sose_types inventors sose_entr whitec sose_bc 

. global cow_types_oth sose_sr sose_mngt_jr sose_jr

.         
. local datacounter               = 3

. forvalues datacounter   = 3/4  {
  2. 
.         if  `datacounter' == 1 {
  3.                 use "${data_path}\cem_estim_inventors$data.dta", clear
  4.                 local sose_type         = "inv"
  5.                 }
  6.         else if `datacounter' == 2 {
  7.                 use "${data_path}\cem_estim_sose_entr$data.dta", clear
  8.                 local sose_type         = "entr"
  9.                 }
 10.         else if `datacounter' == 3 {
 11.                 use "${data_path}\returns_EST_sose_mngt_sr$data.dta", clear
 12.                 foreach k of global cow_types_oth {
 13.                         append using "${data_path}\returns_EST_`k'$data.dta"
 14.                         }
 15.                 local sose_type         = "whitec"
 16.                 }
 17.         else if `datacounter' == 4 {
 18.                 use "${data_path}\returns_EST_sose_bc$data.dta", clear
 19.                 local sose_type         = "bluec"
 20.                 }
 21. 
.         drop if ika >= 60
 22.         
.         capture:        drop if wage_l14_obs != 1
 23.         capture:        rename inventor treated
 24.         capture:        gen treated_cow = inv_1
 25.         capture:        gen     cem_weights = 1
 26.         capture:        drop treated
 27.         replace treated_cow                     = 0             if treated_cow == .  /* corresponds to inv_1 */
 28.         capture: bysort shnro: egen treated     = max(treated_cow)
 29.         * regressions
.         gen lnwage                                      = ln(wage)
 30.         gen lnearnings                          = ln(earnings)
 31.         gen lnwage_alt                          = ln(wage + 1)
 32.         gen lnearnings_alt                      = ln(earnings + 1)
 33. 
.         gen cem_year0                           = .
 34.         replace cem_year0                       = vuosi if cem_matched == 1
 35.         bysort shnro: egen cem_year     = max(cem_year0)
 36. 
.         * NOTE: if cem_year == ., the individual is an inventor who was not matched by cem
. 
.         sort shnro vuosi
 37.         forvalues i = 0/10 {
 38.                 gen l_`i'                               = .
 39.                 replace l_`i'                   = 0  
 40.                 replace l_`i'                   = 1 if vuosi == cem_year + `i' 
 41.                 }
 42.                 
.         forvalues i = 1/10 {
 43.                 gen inv_l_`i'                   = .
 44.                 replace inv_l_`i'               = 0  
 45.                 replace inv_l_`i'               = 1 if vuosi == cem_year + `i' & treated == 1 
 46.                 }
 47.                 
.         forvalues i = 1/4 {
 48.                 gen f_`i'                               = .
 49.                 replace f_`i'                   = 0 
 50.                 replace f_`i'                   = 1 if vuosi == cem_year - `i'
 51.                 gen inv_f_`i'                   = .
 52.                 replace inv_f_`i'               = 0 
 53.                 replace inv_f_`i'               = 1 if vuosi == cem_year - `i' & treated == 1 
 54.                 }
 55.         forvalues i = 5/7 {
 56.                 gen fl_`i'                              = .
 57.                 replace fl_`i'                  = 0 
 58.                 replace fl_`i'                  = 1 if vuosi == cem_year - `i' 
 59.                 gen inv_fl_`i'                  = .
 60.                 replace inv_fl_`i'              = 0 
 61.                 replace inv_fl_`i'              = 1 if vuosi == cem_year - `i' & treated == 1 
 62.                 }       
 63.                 
.         
.         gen treatment_time                      = vuosi - cem_year      
 64.         replace treatment_time          = . if (treatment_time < -6 | treatment_time > 10) & treatment_time != .
 65. 
.         egen minage                                     = min(ika)
 66.         gen age2                                        = ika
 67.         replace age2                            = minage + 1 if age2 <= minage + 1
 68.         local minage_plus                       = minage + 1
 69.         display "`minage_plus'"
 70.                                                         
.         char vuosi[omit] 1994
 71.         char age2[omit] `minage_plus'
 72.                 
.         xi i.vuosi*i.age2
 73. 
.         global calendar_year_ds _Ivuosi_*
 74.         global age_ds _Iage2_*
 75.         global interactions _IvuoXage*
 76. 
.         gen after                                       = 0
 77.         replace after                           = 1             if treatment_time >= 0 & treatment_time != .
 78.         gen treated_post                        = treated * after
 79. 
.         if $graphs_do == 1 {    
 80.                 regr lnwage                             $calendar_year_ds $age_ds $interactions if cem_year != . 
 81.                 predict lnwage_hat  
 82.                 regr lnearnings                         $calendar_year_ds $age_ds $interactions if cem_year != . 
 83.                 predict lnearnings_hat
 84. 
.                 gen wage_hat                    = exp(lnwage_hat)
 85.                 gen earnings_hat                = exp(lnearnings_hat)
 86.                 
.                 bysort treatment_time: egen wage_avg_control_raw0       = mean(wage) if treated == 0 & cem_year != . 
 87.                 bysort treatment_time: egen wage_avg_treat_raw0         = mean(wage) if treated == 1 & cem_year != .
 88.                 
.                 bysort treatment_time: egen wage_avg_control0           = mean(wage_hat) if treated == 0 & cem_year != 
> . 
 89.                 bysort treatment_time: egen wage_avg_treat0                     = mean(wage_hat) if treated == 1 & c
> em_year != .
 90. 
.                 bysort treatment_time: egen earn_avg_control0           = mean(earnings_hat) if treated == 0 & cem_year
>  != . 
 91.                 bysort treatment_time: egen earn_avg_treat0                     = mean(earnings_hat) if treated == 1
>  & cem_year != .
 92. 
.                 bysort treatment_time: egen wage_avg_control_raw        = mean(wage_avg_control_raw0)  
 93.                 bysort treatment_time: egen wage_avg_treat_raw          = mean(wage_avg_treat_raw0) 
 94.                 
.                 bysort treatment_time: egen wage_avg_control            = mean(wage_avg_control0)  
 95.                 bysort treatment_time: egen wage_avg_treat                      = mean(wage_avg_treat0) 
 96. 
.                 bysort treatment_time: egen earn_avg_control            = mean(earn_avg_control0) 
 97.                 bysort treatment_time: egen earn_avg_treat                      = mean(earn_avg_treat0) 
 98. 
.                 bysort vuosi: gen win_vuosi_ind                                         = _n if cem_year != .
 99.                 bysort treatment_time: gen win_tyear_ind                        = _n
100. 
.                 twoway  line wage_avg_treat_raw treatment_time if win_tyear_ind == 1 || ///
>                         line wage_avg_control_raw treatment_time if win_tyear_ind == 1, ///
>                         xline(0) ///
>                         legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                         graphregion(color(white)) bgcolor(white)
101.                 graph export "${graphs}\inventor_wage_raw_`sose_type'$data.pdf" , replace
102.                 
.                 twoway  line wage_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line wage_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
103.                         graph export "${graphs}\wage_time_`sose_type'$data.pdf" , replace
104.                                 
.                 twoway  line earn_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line earn_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
105.                         graph export "${graphs}\earn_time_`sose_type'$data.pdf" , replace
106. 
.                 gen earn_wage                   = earnings / wage
107.                 gen earn_wage_hat               = earnings_hat / wage_hat
108.                 display "controls, wage"
109.                 tabstat wage                                            if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
110.                 display "treated, wage"
111.                 tabstat wage                                            if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
112.                 display "controls, earnings"
113.                 tabstat earnings                                        if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
114.                 display "treated, earnings"
115.                 tabstat earnings                                        if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
116.                 tabstat earn_wage                                       if earn_wage > 1 & treated == 1, stat(mean p
> 1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
117.                         
.                 bysort vuosi: egen earn_wage_control_v0                         = mean(earn_wage) if treated == 0 & cem
> _year != .
118.                 bysort vuosi: egen earn_wage_treat_v0                           = mean(earn_wage) if treated == 1 & 
> cem_year != .
119. 
.                 bysort vuosi: egen earn_wage_control_v                          = mean(earn_wage_control_v0) 
120.                 bysort vuosi: egen earn_wage_treat_v                            = mean(earn_wage_treat_v0)  
121. 
.                 bysort treatment_time: egen earn_wage_control_t0        = mean(earn_wage) if treated == 0 & cem_year !=
>  .
122.                 bysort treatment_time: egen earn_wage_treat_t0          = mean(earn_wage) if treated == 1 & cem_year
>  != .
123. 
.                 bysort vuosi: egen earn_wage_control_t                          = mean(earn_wage_control_t0)
124.                 bysort vuosi: egen earn_wage_treat_t                            = mean(earn_wage_treat_t0) 
125. 
. 
.                 twoway  scatter earn_wage_treat_v vuosi if win_vuosi_ind == 1 || ///
>                                 scatter earn_wage_control_v vuosi  if win_vuosi_ind == 1 , ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
126.                         graph export "${graphs}\earn_wage_vuosi_`sose_type'$data.pdf" , replace
127. 
.                 twoway  scatter earn_wage_treat_t treatment_time if win_vuosi_ind == 1  || ///
>                                 scatter earn_wage_control_t treatment_time if win_vuosi_ind == 1 , ///
>                                 xline(0) ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
128.                         graph export "${graphs}\earn_wage_ttime_`sose_type'$data.pdf" , replace
129.                         
.                 twoway  kdensity wage_hat if treated == 1 & cem_year != . & treatment_time < 0 & wage < 200000 & wage >
>  20000 || ///    
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time < 0 & wage < 200000 
> & wage > 20000 || ///
>                                 kdensity wage_hat if treated == 1 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 || ///   
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("wage, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
130.                         graph export "${graphs}\distr_wage_ttime_`sose_type'$data.pdf" , replace
131.                                 
.                 twoway  kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time < 0 & earnings < 200000 
> & earnings > 20000 || ///        
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time < 0 & earnings <
>  200000 & earnings > 20000 || ///
>                                 kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 || ///       
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("earnings, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
132.                         graph export "${graphs}\distr_earnings_ttime_`sose_type'$data.pdf" , replace
133.                 }
134.                         
.         * NOTE: using shnro or shtun makes no difference
. 
.         egen shnro_real                         = group(shnro)
135.         xtset shnro_real
136.         
.         
.         replace firm_size                       = firm_size / 1000
137.         gen firm_size2                          = firm_size^2
138.         gen firm_size3                          = firm_size^3
139. 
. 
.         bysort shnro: egen total_firm_size      = total(firm_size)
140.         
.         gen ue_d                                        = .
141.         replace ue_d                            = 0                     if ptoim1 == "11"  & sykstun != ""          
>                             /* 11 = työllinen */
142.         replace ue_d                            = 1                     if ptoim1 != "11"
143.         sort shnro vuosi
144.         gen firm_size_new                       = firm_size
145.         replace firm_size_new = firm_size_new[_n - 1]           if firm_size_new[_n] == . & firm_size_new[_n - 1] !=
>  . & ue_d[_n] == 1
146. 
.         
.         bysort shnro: egen fam_size_max         = max(family_size_max)
147.         replace fam_size_max                            = 0 if fam_size_max == .
148. 
.         gen treated_famsize                     = treated_post * fam_size_max
149. 
.         if  $data_int == 6 {
150.                 gen high_iq                                     = .
151.                 replace high_iq                         = 0             if kuv_pc != .
152.                 replace high_iq                         = 1             if kuv_pc >= 90 & kuv_pc != .
153. 
.                 gen treated_iq                          = treated * high_iq
154.                 gen treated_post_iq                     = treated_post * high_iq
155.                 }
156.                 
.         gen star_inv                            = 0
157.         replace star_inv                        = 1                     if fwd_cits5_max >= 5 &  fwd_cits5_max != .
158. 
.         gen birth_year                          = vuosi - ika
159.         gen year                                        = vuosi
160.         sort shnro vuosi
161.         bysort shnro: gen within_ind            = _n
162.         tabstat birth_year if within_ind == 1, stat(mean p50)
163.         gen interact                            = 0
164.         replace interact                        = vuosi - suorv
165.         
.         gen msc_new                                     = 0 
166.         replace msc_new                         = 1                     if  edu_lev >= 4 & edu_lev != .
167.         
.         gen treated_ia                          = treated * interact
168.         gen treated_post_ia                     = treated_post * interact
169. 
.         gen treated_pre                         = treated * (f_1 + f_2 + f_3 + f_4)     
170.         gen treated_pre_ia                      = treated_pre * interact
171.         if   $data_int == 6 {
172.                 gen treated_pre_iq              = treated_pre * high_iq
173.                 }
174.         * name interaction
.         local inter                                     = "suorv"
175.         
.         * NOTE: using syrtun or sykstun makes no difference
. 
.         sort shnro vuosi
176.         gen djob_d                                      = .
177.         replace djob_d                          = 0                     if shnro == shnro[_n - 1] & syrtun == syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
178.         replace djob_d                          = 1                     if shnro == shnro[_n - 1] & syrtun != syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
179.         
.         if $ownfirm == 1 {
180.                 sort shnro vuosi
181.                 replace ue_d                    = ue_d[_n + 1]          if ue[_n + 1] == 1              & shnro == s
> hnro[_n + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
182.                 replace djob_d                  = djob_d[_n + 1]        if djob_d[_n + 1] == 1  & shnro == shnro[_n 
> + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != "" 
183.                 }
184.         global dep_vars lnwage
185. 
.         if `datacounter' == 1 {
186.         
.                 preserve
187.                 use "${data_path}\returns_DATAPREP_1.dta", clear
188.                 drop                                                                    if syrtun       == ""
189.                 keep syrtun vuosi inv_1
190.                 bysort syrtun: egen total_inv_1         = total(inv_1)
191.                 
.                 keep syrtun vuosi total_inv_1
192.                 
.                 bysort syrtun vuosi: gen index          = _n
193.                 keep                                                                    if index == 1
194.                 drop index
195.                 save "${data_path}\returns_inventor_count_data.dta", replace
196.                 restore
197.                 }
198.         else if `datacounter' != 1 {
199.                 drop _merge
200.                 merge m:1 syrtun using "${data_path}\returns_inventor_count_data.dta"
201.                 replace total_inv_1             = 3000                  if syrtun == ""
202.                 drop _merge
203.                 }
204. 
.         gen est_sample                          = .
205.         replace est_sample                      = .
206.         replace est_sample                      = 1                     if cem_year != . & treatment_time >= -5 & tr
> eatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
207.         gen est_sample_rob                      = .
208.         replace est_sample_rob          = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
209.         gen est_sample_top3             = .
210.         replace est_sample_top3         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. & total_inv_1 < 850 // & iq !=.
211.         gen est_sample_long                     = .
212.         replace est_sample_long         = 1                     if cem_year != . & treatment_time >= -8 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
213.         gen est_sample_publ                     = .
214.         replace est_sample_publ         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=.  // & iq !=.
215.         
.         
.         * RESTAT REVISION       
.         * what fraction of data are PhD?
.         tab educ_level          if est_sample == 1 /* educ_level = 8 == PhD */
216.         tab edu_science         if est_sample == 1
217.         
.         
.         if $ownfirm == 1 {
218.                 egen syrtun_num                 = group(syrtun)
219.                 gen syrtun_l0_0                 = syrtun_num    if l_0 == 1
220.                 
.                 bysort shnro: egen syrtun_l0 = max(syrtun_l0_0)
221.                 
.                 replace est_sample              = .                     if syrtun_num != syrtun_l0
222.                 replace est_sample_rob  = .                     if syrtun_num != syrtun_l0
223.                 replace est_sample_top3 = .                     if syrtun_num != syrtun_l0
224.                 replace est_sample_long = .                     if syrtun_num != syrtun_l0
225.                 replace est_sample_publ = .                     if syrtun_num != syrtun_l0
226.                 }
227.                 
.         global dep_vars lnwage
228.         global firm_size_vars firm_size_new // firm_size_d              
229.         
.         capture: drop interact birth_year
230.         
.         gen birth_year                          = vuosi - ika
231.         sort shnro vuosi
232.         tabstat birth_year                                                      if within_ind == 1, stat(mean p50)
233. 
.         global short_depvar lnwage ue_d         
234.         tabstat $short_depvar if est_sample == 1, stat(mean sd p50 n)
235.         tabstat $short_depvar if est_sample == 1, stat(mean) by(vuosi)
236. 
.         gen categ                                       = .
237.         replace categ                           = 0                     if after == 0
238.         replace categ                           = 1                     if treated == 0 & after == 0
239.         replace categ                           = 2                     if treated == 0 & after == 1
240.         replace categ                           = 3                     if treated == 1 & after == 0
241.         replace categ                           = 4                     if treated == 1 & after == 1
242.         replace categ                           = 5                     if after == 1   
243.         
.         gen bsc                                         = 0
244.         replace bsc                                     = 1                     if edu_lev >= 3 & edu_lev != .
245.         
.         gen est_sample_u        = .
246.         * generate dummy for working in one of top-3 firms in year of invention
.         rename total_inv_1 total_inv_a
247.         gen total_inv_b         = total_inv_a * l_0 
248.         bysort shnro: egen total_inv_1  = max(total_inv_b)
249. 
.         sort shnro vuosi
250.         capture: bysort shnro: gen within_shnro_ind = _n                
251.         
. 
.         gen senior                      = 0
252.         replace senior          = 1                                     if ika > 30 & ika != .
253.         if  $data_int == 5 {
254.                 replace senior          = 0
255.                 replace senior          = 1                             if ika > 40 & ika != .
256.                 }       
257.         gen age_3135            = 0
258.         replace age_3135        = 1                                             if ika > 30 & ika <= 35
259.         gen age_3640            = 0
260.         replace age_3640        = 1                                             if ika >= 36 & ika <= 40
261.         gen age_4145            = 0
262.         replace age_4145        = 1                                             if ika > 40 & ika <= 45
263.         gen age_41                      = 0
264.         replace age_41          = 1                                             if ika > 40 & ika != .
265.         gen age_4650            = 0
266.         replace age_4650        = 1                                             if ika >= 46 & ika <= 50
267.         gen age_5155            = 0
268.         replace age_5155        = 1                                             if ika > 50 & ika <= 55
269.         gen age_5660            = 0
270.         replace age_5660        = 1                                             if ika >= 56 & ika <= 60
271.         gen age_61                      = 0
272.         replace age_61          = 1                                             if ika > 60 & ika != .  
273.                 
.         gen age_new                     = 2
274.         replace age_new         = 3                                     if ika > 30 & ika <= 40
275.         replace age_new         = 4                                     if ika > 40 & ika != .
276.         
.         
.         * 2nd interaction: level of education   
.         gen interact2                   = 0
277.         replace interact2               = 1                             if  edu_lev >= 4 & edu_lev != .
278.         if "`sose_type'" == "bluec" {
279.                 replace interact2       = 1                             if  edu_lev >= 3 & edu_lev != .
280.                 }
281. 
.         * 3rd interaction: distance to frontier of education
.         gen interact3                   = vuosi - suorv
282.         replace interact3               = 0                             if suorv == .
283.         replace interact3               = ika - 15                      if interact3 > ika - 15 & interact3 != . & s
> uorv != .
284.         
.         gen dtf_610                             = 0
285.         replace dtf_610                 = 1                             if interact3 > 5 & interact3 <= 10
286.         gen dtf_1115                    = 0
287.         replace dtf_1115                = 1                             if interact3 > 10 & interact3 <= 15
288.         gen dtf_1620                    = 0
289.         replace dtf_1620                = 1                             if interact3 > 15 & interact3 <= 20
290.         gen dtf_2125                    = 0
291.         replace dtf_2125                = 1                             if interact3 > 20 & interact3 <= 25
292.         gen dtf_2630                    = 0
293.         replace dtf_2630                = 1                             if interact3 > 25 & interact3 <= 30
294.         gen dtf_31                              = 0
295.         replace dtf_31                  = 1                             if interact3 > 30 & interact3 != .
296.         
.         gen dtf_new                             = 5
297.         replace dtf_new                 = 10                            if interact3 > 5 & interact3 <= 10
298.         replace dtf_new                 = 15                            if interact3 > 10 & interact3 <= 15
299. 
.         replace dtf_new                 = 16                            if interact3 > 15 & interact3 != .
300.         
.         gen dtf_cat                             = .
301.         replace dtf_cat                 = 1                             if suorv_d == 0 & interact3 <= 5
302.         replace dtf_cat                 = 2                             if suorv_d == 0 & interact3 > 5 & interact3 
> <= 10
303.         replace dtf_cat                 = 3                             if suorv_d == 0 & interact3 > 10 & interact3
>  <= 15
304.         replace dtf_cat                 = 4                             if suorv_d == 0 & interact3 > 15 & interact3
>  <= 20
305.         replace dtf_cat                 = 5                             if suorv_d == 0 & interact3 > 20 & interact3
>  <= 25
306.         replace dtf_cat                 = 6                             if suorv_d == 0 & interact3 > 25 & interact3
>  <= 30
307.         replace dtf_cat                 = 7                             if suorv_d == 0 & interact3 > 30
308.         
. 
.         * 4th and 5th interaction: IQ
.         gen post                                        = after
309.         gen pre                                         = f_1 + f_2 + f_3 + f_4
310.         
.         if  $data_int == 6 {
311.                 gen interact4                           = 0
312.                 replace interact4                       = 1  if p_test_pc > 50 & p_test_pc <= 90
313.                 gen interact5                           = 0
314.                 replace interact5                       = 1  if p_test_pc > 90 & p_test_pc != .
315.                 }
316.                 
.         gen pre_iasenior                        = pre * senior
317.         gen pre_ia1_41                          = pre * age_41
318.         gen pre_ia1_4145                        = pre * age_4145
319.         gen pre_ia1_4650                        = pre * age_4650
320.         gen pre_ia1_5155                        = pre * age_5155
321.         gen pre_ia1_5660                        = pre * age_5660
322.         gen pre_ia1_61                          = pre * age_61
323.                 
.         gen pre_ia2                                     = pre * interact2
324.         gen pre_ia3                                     = pre * interact3
325.         gen pre_ia3_610                         = pre * dtf_610
326.         gen pre_ia3_1115                        = pre * dtf_1115
327.         gen pre_ia3_1620                        = pre * dtf_1620
328.         gen pre_ia3_2125                        = pre * dtf_2125
329.         gen pre_ia3_2630                        = pre * dtf_2630
330.         gen pre_ia3_31                          = pre * dtf_31
331.         gen pre_iasuorv_d                       = pre * suorv_d
332.         
.         if  $data_int == 6 {
333.                 gen pre_ia4                                     = pre * interact4
334.                 gen pre_ia5                                     = pre * interact5
335.                 }
336.                 
.         gen post_iasenior                       = post * senior
337.         gen post_ia1_41                         = post * age_41
338.         gen post_ia1_4145                       = post * age_4145
339.         gen post_ia1_4650                       = post * age_4650
340.         gen post_ia1_5155                       = post * age_5155
341.         gen post_ia1_5660                       = post * age_5660
342.         gen post_ia1_61                         = post * age_61
343.                 
.         gen post_ia2                            = post * interact2
344.         gen post_ia3                            = post * interact3
345.         gen post_ia3_610                        = post * dtf_610
346.         gen post_ia3_1115                       = post * dtf_1115
347.         gen post_ia3_1620                       = post * dtf_1620
348.         gen post_ia3_2125                       = post * dtf_2125
349.         gen post_ia3_2630                       = post * dtf_2630
350.         gen post_ia3_31                         = post * dtf_31
351.         gen post_iasuorv_d                      = post * suorv_d
352.         
.         if  $data_int == 6 {
353.                 gen post_ia4                            = post * interact4
354.                 gen post_ia5                            = post * interact5
355.                 }
356.                 
.         gen treated_iasenior            = treated * senior
357.         
.         gen treated_ia1_41                      = treated * age_41
358.         gen treated_ia1_4145            = treated * age_4145
359.         gen treated_ia1_4650            = treated * age_4650
360.         gen treated_ia1_5155            = treated * age_5155
361.         gen treated_ia1_5660            = treated * age_5660
362.         gen treated_ia1_61                      = treated * age_61
363.         gen treated_ia1_5160            = treated_ia1_5155 + treated_ia1_5660
364.         
.         gen treated_ia2                         = treated * interact2
365.         
.         gen treated_ia3                         = treated * interact3
366.         gen treated_ia3_610                     = treated * dtf_610 
367.         gen treated_ia3_1115            = treated * dtf_1115
368.         gen treated_ia3_1620            = treated * dtf_1620
369.         gen treated_ia3_2125            = treated * dtf_2125
370.         gen treated_ia3_2630            = treated * dtf_2630
371.         gen treated_ia3_31                      = treated * dtf_31
372.         
.         gen treated_iasuorv_d           = treated * suorv_d
373.         
.         if  $data_int == 6 {
374.                 gen treated_ia4                         = treated * interact4
375.                 gen treated_ia5                         = treated * interact5
376.                 }
377.                 
.         gen treated_post_iasenior       = treated_post * senior
378.         gen treated_post_ia1_41         = treated_post * age_41
379.         gen treated_post_ia1_4145       = treated_post * age_4145
380.         gen treated_post_ia1_4650       = treated_post * age_4650
381.         gen treated_post_ia1_5155       = treated_post * age_5155
382.         gen treated_post_ia1_5660       = treated_post * age_5660
383.         gen treated_post_ia1_61         = treated_post * age_61
384.         
.         gen treated_post_ia2            = treated_post * interact2
385.         
.         gen treated_post_ia3            = treated_post * interact3
386.         gen treated_post_ia3_610        = treated_post * dtf_610
387.         gen treated_post_ia3_1115       = treated_post * dtf_1115
388.         gen treated_post_ia3_1620       = treated_post * dtf_1620
389.         gen treated_post_ia3_2125       = treated_post * dtf_2125
390.         gen treated_post_ia3_2630       = treated_post * dtf_2630
391.         gen treated_post_ia3_31         = treated_post * dtf_31
392.         
.         gen treated_post_iasuorv_d      = treated_post * suorv_d
393.         
.         if  $data_int == 6 {
394.                 gen treated_post_ia4            = treated_post * interact4
395.                 gen treated_post_ia5            = treated_post * interact5
396.                 }
397.                 
.         gen treated_pre_iasenior        = treated_pre * senior
398.         gen treated_pre_ia1_41          = treated_pre * age_41
399.         gen treated_pre_ia1_4145        = treated_pre * age_4145
400.         gen treated_pre_ia1_4650        = treated_pre * age_4650
401.         gen treated_pre_ia1_5155        = treated_pre * age_5155
402.         gen treated_pre_ia1_5660        = treated_pre * age_5660
403.         gen treated_pre_ia1_61          = treated_pre * age_61
404.         
.         gen treated_pre_ia2                     = treated_pre * interact2
405.         
.         gen treated_pre_ia3                     = treated_pre * interact3
406.         gen treated_pre_ia3_610         = treated_pre * dtf_610
407.         gen treated_pre_ia3_1115        = treated_pre * dtf_1115
408.         gen treated_pre_ia3_1620        = treated_pre * dtf_1620
409.         gen treated_pre_ia3_2125        = treated_pre * dtf_2125
410.         gen treated_pre_ia3_2630        = treated_pre * dtf_2630
411.         gen treated_pre_ia3_31          = treated_pre * dtf_31
412.         
.         gen treated_pre_iasuorv_d       = treated_pre * suorv_d
413.         
.         gen post_ia2_senior                     = post * interact2 * senior
414.         gen pre_ia2_senior                      = pre * interact2 * senior
415.         gen post_ia2_ia3                        = post * interact2 * interact3
416.         gen pre_ia2_ia3                         = pre * interact2 * interact3
417.         
.         gen treated_post_ia2_senior     = treated_post * interact2 * senior
418.         gen treated_pre_ia2_senior      = treated_pre * interact2 * senior
419.         gen treated_post_ia2_ia3        = treated_post * interact2 * interact3
420.         gen treated_pre_ia2_ia3         = treated_pre * interact2 * interact3
421.         gen ia2_ia3                                     = interact2 * interact3
422.         gen ia2_senior                          = interact2 * senior
423.         
.         gen treated_ia2_senior          = treated * interact2 * senior
424.         gen treated_ia2_ia3                     = treated * interact2 * interact3
425.         
.         gen ia2_dtf610          = interact2 * dtf_610
426.         gen ia2_dtf1115         = interact2 * dtf_1115
427.         gen ia2_dtf1620         = interact2 * dtf_1620
428.         gen ia2_dtf2125         = interact2 * dtf_2125
429.         gen ia2_dtf2630         = interact2 * dtf_2630
430.         gen ia2_dtf31           = interact2 * dtf_31
431.         
.         gen treated_ia2_dtf610          = treated * interact2 * dtf_610
432.         gen treated_ia2_dtf1115         = treated * interact2 * dtf_1115
433.         gen treated_ia2_dtf1620         = treated * interact2 * dtf_1620
434.         gen treated_ia2_dtf2125         = treated * interact2 * dtf_2125
435.         gen treated_ia2_dtf2630         = treated * interact2 * dtf_2630
436.         gen treated_ia2_dtf31           = treated * interact2 * dtf_31
437.         
.         gen pre_ia2_dtf610      = pre * interact2 * dtf_610
438.         gen pre_ia2_dtf1115     = pre * interact2 * dtf_1115
439.         gen pre_ia2_dtf1620     = pre * interact2 * dtf_1620
440.         gen pre_ia2_dtf2125     = pre * interact2 * dtf_2125
441.         gen pre_ia2_dtf2630     = pre * interact2 * dtf_2630
442.         gen pre_ia2_dtf31       = pre * interact2 * dtf_31
443.         
.         gen post_ia2_dtf610     = post * interact2 * dtf_610
444.         gen post_ia2_dtf1115    = post * interact2 * dtf_1115
445.         gen post_ia2_dtf1620    = post * interact2 * dtf_1620
446.         gen post_ia2_dtf2125    = post * interact2 * dtf_2125
447.         gen post_ia2_dtf2630    = post * interact2 * dtf_2630
448.         gen post_ia2_dtf31              = post * interact2 * dtf_31
449. 
.         gen treated_pre_ia2_dtf610      = treated_pre * interact2 * dtf_610
450.         gen treated_pre_ia2_dtf1115     = treated_pre * interact2 * dtf_1115
451.         gen treated_pre_ia2_dtf1620     = treated_pre * interact2 * dtf_1620
452.         gen treated_pre_ia2_dtf2125     = treated_pre * interact2 * dtf_2125
453.         gen treated_pre_ia2_dtf2630     = treated_pre * interact2 * dtf_2630
454.         gen treated_pre_ia2_dtf31       = treated_pre * interact2 * dtf_31
455.         
.         gen treated_post_ia2_dtf610             = treated_post * interact2 * dtf_610
456.         gen treated_post_ia2_dtf1115    = treated_post * interact2 * dtf_1115
457.         gen treated_post_ia2_dtf1620    = treated_post * interact2 * dtf_1620
458.         gen treated_post_ia2_dtf2125    = treated_post * interact2 * dtf_2125
459.         gen treated_post_ia2_dtf2630    = treated_post * interact2 * dtf_2630
460.         gen treated_post_ia2_dtf31              = treated_post * interact2 * dtf_31
461. 
.         gen ia2_age4145         = interact2 * age_4145
462.         gen ia2_age4650         = interact2 * age_4650
463.         gen ia2_age5155         = interact2 * age_5155
464.         gen ia2_age5660         = interact2 * age_5660
465.         
.         gen treated_ia2_age4145         = treated * interact2 * age_4145
466.         gen treated_ia2_age4650         = treated * interact2 * age_4650
467.         gen treated_ia2_age5155         = treated * interact2 * age_5155
468.         gen treated_ia2_age5660         = treated * interact2 * age_5660
469.         
.         gen pre_ia2_age4145             = pre * interact2 * age_4145
470.         gen pre_ia2_age4650             = pre * interact2 * age_4650
471.         gen pre_ia2_age5155             = pre * interact2 * age_5155
472.         gen pre_ia2_age5660             = pre * interact2 * age_5660
473.         
.         gen post_ia2_age4145    = post * interact2 * age_4145
474.         gen post_ia2_age4650    = post * interact2 * age_4650
475.         gen post_ia2_age5155    = post * interact2 * age_5155
476.         gen post_ia2_age5660    = post * interact2 * age_5660
477.         
.         gen treated_pre_ia2_age4145             = treated_pre * interact2 * age_4145
478.         gen treated_pre_ia2_age4650             = treated_pre * interact2 * age_4650
479.         gen treated_pre_ia2_age5155             = treated_pre * interact2 * age_5155
480.         gen treated_pre_ia2_age5660             = treated_pre * interact2 * age_5660
481.         
.         gen treated_post_ia2_age4145    = treated_post * interact2 * age_4145
482.         gen treated_post_ia2_age4650    = treated_post * interact2 * age_4650
483.         gen treated_post_ia2_age5155    = treated_post * interact2 * age_5155
484.         gen treated_post_ia2_age5660    = treated_post * interact2 * age_5660
485.         
.         if  $data_int == 6 {
486.                 gen treated_pre_ia4                     = treated_pre * interact4
487.                 gen treated_pre_ia5                     = treated_pre * interact5
488.                 }
489.                 
.         global interactions             interact2 dtf_610 dtf_1115 dtf_16
490.         
.         global pre_ias_short            pre_iasenior pre_ia2 pre_ia3 pre_iasuorv_d
491.         global pre_ias_educ                     pre_ia2 pre_ia3 pre_iasuorv_d
492.         
.         global pre_ias_med                      pre_ia1_41 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
493.         global pre_ias_meduc            pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_
> ia3_31 pre_iasuorv_d
494.         global pre_ias_long                     pre_ia1_41 pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_16 pre_iasuorv_d
>  // pre_ia1_3135 pre_ia1_3640
495.         
.         if $data_int == 5 {
496.                 global pre_ias_med                      pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
497.                 global pre_ias_long                     pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 ///              // pre_ia1_3135 pre_ia1_3640   
>                                                                         pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2
> 125 pre_ia3_2630 pre_ia3_31 pre_iasuorv_d
498.                 }
499.                 
.         global post_ias_short           post_iasenior post_ia2 post_ia3 post_iasuorv_d
500.         global post_ias_educ            post_ia2 post_ia3 post_iasuorv_d
501.         global post_ias_med                     post_ia1_41 post_ia2 post_ia3 post_iasuorv_d // post_ia1_3135 post_i
> a1_3640
502.         global post_ias_meduc           post_ia2 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_263
> 0 post_ia3_31 post_iasuorv_d
503.         global post_ias_long            post_ia1_41 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 
> post_ia3_2630 post_ia3_31 post post_iasuorv_d
504.         
.         if $data_int == 5 {
505.                 global post_ias_med                     post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post
> _ia1_61 post_ia2 post_ia3 post_iasuorv_d    // post_ia1_3135 post_ia1_3640 
506.                 global post_ias_long            post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 
> post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                         post_ia3_610 post_ia3_1115 post_ia3_1620 post_i
> a3_2125 post_ia3_2630 post_ia3_31 post post_iasuorv_d
507.                 }
508.                 
.         global treated_educ                     treated_ia2 treated_ia3_* treated_suorv_d
509.         global treated_post_educ_ia             treated_post_ia2 treated_post_ia3_* post_iasuorv_d
510.         global treated_pre_educ_ia              treated_pre_ia2 treated_pre_ia3_* post_iasuorv_d
511.         
.         global treated_age                      treated_ia1_41 // treated_ia1_3135 treated_ia1_3640 
512.         global treated_pre_age_ia       treated_pre_ia1_41 // treated_pre_ia1_3135 treated_pre_ia1_3640 
513.         global treated_post_age_ia      treated_post_ia1_41 // treated_post_ia1_3135 treated_post_ia1_3640 
514.         
.         if $data_int == 5 {
515.                 global treated_age                      treated_ia1_4145 treated_ia1_4650 treated_ia1_5160 // treate
> d_ia1_3135 treated_ia1_3640 
516.                 global treated_pre_age_ia       treated_pre_ia1_4145 treated_pre_ia1_4650 treated_pre_ia1_5155 treat
> ed_pre_ia1_5660 treated_pre_ia1_61 // treated_pre_ia1_3135 treated_pre_ia1_3640 
517.                 global treated_post_age_ia      treated_post_ia1_4145 treated_post_ia1_4650 treated_post_ia1_5155 tr
> eated_post_ia1_5660 treated_post_ia1_61 // treated_post_ia1_3135 treated_post_ia1_3640 
518.                 }
519.                 
.         if  $data_int == 6 {
520.                 global interactions_iq          interact2 dtf_610 dtf_1115 dtf_16 interact4 interact5
521.                 global treated_ias_iq           treated_ia1_* treated_ia2 treated_ia3_* treated_ia4 treated_ia5
522.                 global treated_post_ias_iq      treated_post_ia1_* treated_post_ia2 treated_post_ia3_* treated_post_
> ia4 treated_post_ia5
523.                 global treated_pre_ias_iq       treated_pre_ia1_* treated_pre_ia2 treated_pre_ia3_* treated_pre_ia4 
> treated_pre_ia5
524.                 }
525.         
.         global ia2_dtfias                               ia2_dtf*
526.         global pre_ia2_dtfias                   pre_ia2_dtf*
527.         global post_ia2_dtfias                  post_ia2_dtf*
528.         
.         global treated_ia2_dtfias               treated_ia2_dtf*
529.         global treated_pre_ia2_dtfias   treated_pre_ia2_dtf*
530.         global treated_post_ia2_dtfias  treated_post_ia2_dtf*
531.         
.         global ia2_ageias                               ia2_age*
532.         global pre_ia2_ageias                   pre_ia2_age*
533.         global post_ia2_ageias                  post_ia2_age*   
534.         
.         global treated_ia2_ageias               treated_ia2_age*
535.         global treated_pre_ia2_ageias   treated_pre_ia2_age*
536.         global treated_post_ia2_ageias  treated_post_ia2_age*
537.         
.         *global interactions_long l_ia* inv_f_ia_* f_ia_*
.         global leads_and_lags l_0 l_1 l_2 l_3 l_4 l_5 l_6 l_7 l_8 l_9 l_10 f_1 f_2 f_3 f_4
538.         
.         foreach t of global interactions {
539.                 display "number of obs by treatment category conditional on `t'"
540.                 tab categ `t' if est_sample_u == 1 
541.                 }
542.                 
.         foreach d of global short_depvar {
543.                 
.                         replace est_sample_u            = est_sample
544.                         * need to use est_sample_publ for ue_d as otherwise ue_d == 0 by definition
.                         if "`d'" == "ue_d" {
545.                                 replace est_sample_u    = est_sample_publ
546.                                 }
547.                                 
.                         tab ptoim1                                                                                     
>                          if  est_sample_u == 1   
548.                 
.                         regr `d'        treated $treated_age ///
>                                 treated_pre ///
>                                 $treated_pre_age_ia   ///
>                                 treated_post ///
>                                 $treated_post_age_ia  ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars       if est_sample_u == 1, c
> luster(shnro) 
549.                         
.                         replace est_sample_u = e(sample)
550.                 
.                         display "dependent variable is `d'"     
551. 
.                         * Appendix A.2 descriptive statistics
.                         
.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated 
> == 0, stat(mean sd p50 n) save
552.                         matrix A = r(StatTotal)
553.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treat
> ed == 1, stat(mean sd p50 n) save
554.                         matrix B = r(StatTotal)
555.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1, stat(m
> ean sd p50 n) by(treated) save
556.                         matrix C = r(StatTotal)
557.                         
.                         putexcel set "${graphs}\Appendix_A.2_tabstat_`sose_type'$data_`d'_noIQ_noPhD.xls", replace
558.                         putexcel B1 = "treated = 0"
559.                         putexcel B2 = matrix(A), names
560.                         putexcel B8 = "treated = 1"
561.                         putexcel B9 = matrix(B), names
562.                         putexcel B15 = "total"
563.                         putexcel B16 = matrix(C), names
564.                         
.                 
.                         
.                         *display " 0 = before, 1 = control before, 2 = control after, 3 = treated before, 4 = treated a
> fter 5 = after "
. 
.                         * Appendix A.3 desc stats on distribution of age and dtf
.                         tab age_new dtf_cat if est_sample_u == 1 , cell
565. 
.                         tab dtf         if ika == 35 & est_sample_u == 1 
566.                         /*
>                         twoway  histogram dtf if ika == 35 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_35_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         tab dtf         if ika == 45 & est_sample_u == 1 
567.                         /*
>                         twoway  histogram dtf if ika == 45 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_45_`sose_type'$data_`d'.pdf" , replace
>                         */              
.                         tab dtf         if ika == 55 & est_sample_u == 1 
568.                         /*
>                         twoway  histogram dtf if ika == 55 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_55_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         bysort ika: egen dtf_p10                = pctile(dtf)                           if est_sample_u
>  == 1, p(10)
569.                         *bysort ika: egen dtf_p25               = pctile(dtf)                           if est_sampl
> e_u == 1, p(25)
.                         *bysort ika: egen dtf_p50               = pctile(dtf)                           if est_sample_u
>  == 1, p(50)
.                         *bysort ika: egen dtf_p75               = pctile(dtf)                           if est_sample_u
>  == 1, p(75)
.                         bysort ika: egen dtf_p90                = pctile(dtf)                           if est_sample_u
>  == 1, p(90)
570.                         *bysort ika: egen dtf_mean              = mean(dtf)                                     if e
> st_sample_u == 1
.                         bysort ika: gen ika_ind                 = _n                                            if est_
> sample_u == 1
571.                         
.                         twoway rarea dtf_p10 dtf_p90 ika        if est_sample_u == 1 & ika_ind == 1     , ///
>                                         sort fcolor(gs10) ///
>                                         xtitle("age")  ///
>                                         ytitle("DTHCF") ///
>                                         lwidth(none) ///                                        
>                                         graphregion(color(white)) bgcolor(white) ///
>                                         legend( order(2 3) label(2 "10th percentile") label(3 "90th percentile")) ///
>                                         ||   line dtf_p10 ika if est_sample_u == 1 & ika_ind == 1 ///
>                                         ||   line dtf_p90 ika if est_sample_u == 1 & ika_ind == 1 
572.                                                         graph export "${graphs}\dtf_age_`sose_type'_`d'_noIQ_noPhD_$
> data.pdf" , replace 
573. 
.                                         
.                 
.                         drop dtf_p10 dtf_p90 ika_ind
574. 
. 
.                         
.                         pwcorr ika dtf                          if est_sample_u == 1 , sig
575.                         pwcorr ika interact3            if est_sample_u == 1 , sig
576.                         regr dtf ika                            if est_sample_u == 1, robust
577.                         
.                         pwcorr age_new dtf_cat          if est_sample_u == 1, sig
578.                         *regr dtf_cat age_new           if est_sample_u == 1, robust
.                         
.                         *RESTAT REVISION: ESTIMATE MODEL FOR THOSE WITH STEM EDUCATION
.                         gen treat_year                          = .
579.                         replace treat_year                      = year                  if treatment_time == 0
580.                         egen treat_year_count           = group(syrtun treat_year)
581.                         bysort shnro: egen my_group             = min(treat_year_count)
582.                         drop treat_year treat_year_count
583.                         
.                         capture drop max_edu_lev
584.                         capture bysort shnro: egen max_edu_lev = max(edu_lev)
585.                         drop if max_edu_lev == 5 /* edu_lev == 5 == PhD */
586.                         if $dummy == 1 {
587.                                 
. *******************************************************************                     
.                                 * 1. base -  pre + no interaction
. ******************************************************************* eqn_2
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1, fe cluster(my_group)  
588.                                 estimates store eqn_2           
589.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                     
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1, fe cluster(my_group)  
590.                                 test treated_post + treated_post_iasenior = 0
591.                                 test treated_pre + treated_pre_iasenior = 0
592.                                 estimates store eqn_4           
593. 
. *******************************************************************     
.                                 * 2. base -  pre + only DTHCF
. ****************************************************************** eqn_8        
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1, fe cluster(my_group)  
594.                                 test treated_post + treated_post_ia3 = 0
595.                                 test treated_pre + treated_pre_ia3 = 0
596.                                 estimates store eqn_5           
597.                                 
.                                 
.                                 
. *******************************************************************     
.                                 * 2. base -  pre + simple educ
. ****************************************************************** 
. 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
598.                                 estimates store eqn_6           
599.                                 testparm *ia3*
600.                                 testparm *pre*ia3  *post*ia3 
601.                                 testparm *pre*ia3  
602.                                 testparm *post*ia3
603.                                 test treated_post + treated_post_iasenior = 0
604.                                 test treated_post + treated_post_ia3 = 0
605.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
606.                                 
.                                 * senior + educ + dtf
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
607.                                 estimates store eqn_7           
608.                                 testparm *ia2* *ia3*
609.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
610.                                 testparm *pre*ia2* *pre*ia3  
611.                                 testparm *post*ia2* *post*ia3
612.                                 test treated_post + treated_post_iasenior = 0
613.                                 test treated_post + treated_post_ia2 = 0
614.                                 test treated_post + treated_post_ia3 = 0
615.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
616.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
617.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
618.                                 
.                                 sum interact2                           if est_sample_u == 1 & senior == 0
619.                                 scalar educ_junior_m            = r(mean)
620.                                 local educ_junior_m                     = educ_junior_m
621.                                 local educ_junior_m: di %6.2f    educ_junior_m
622.         
.                                 sum interact2                           if est_sample_u == 1 & senior == 1
623.                                 scalar educ_senior_m            = r(mean)
624.                                 local educ_senior_m                     = educ_senior_m
625.                                 local educ_senior_m: di %6.2f    educ_senior_m
626.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0
627.                                 scalar dtf_junior_m                     = r(mean)
628.                                 local dtf_junior_m                      = dtf_junior_m
629.                                 local dtf_junior_m: di %6.2f     dtf_junior_m
630.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1
631.                                 scalar dtf_senior_m                     = r(mean)
632.                                 local dtf_senior_m                      = dtf_senior_m  
633.                                 local dtf_senior_m: di %6.2f     dtf_senior_m
634.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 0
635.                                 scalar dtf_junior_ml            = r(mean)
636.                                 local dtf_junior_ml                     = dtf_junior_ml
637.                                 local dtf_junior_ml: di %6.2f    dtf_junior_ml
638.                                 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 0
639.                                 scalar dtf_senior_ml            = r(mean)
640.                                 local dtf_senior_ml                     = dtf_senior_ml 
641.                                 local dtf_senior_ml: di %6.2f    dtf_senior_ml
642. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 1
643.                                 scalar dtf_junior_mh            = r(mean)
644.                                 local dtf_junior_mh                     = dtf_junior_mh 
645.                                 local dtf_junior_mh: di %6.2f    dtf_junior_mh
646. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 1
647.                                 scalar dtf_senior_mh            = r(mean)
648.                                 local dtf_senior_mh                     = dtf_senior_mh 
649.                                 local dtf_senior_mh: di %6.2f    dtf_senior_mh
650.         
.         
.                                 *****
.                                 * Graph 1A: junior and senior, mean educ, mean dtf
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * `edu
> c_junior_m' + _b[treated_post_ia3] * `dtf_junior_m') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * `educ_senior_m' + _b[treated_post_ia3] * `dtf_senior_m') 
651.                                 matrix phat1 = r(b)
652.                                 matrix pse1 = vecdiag(r(V))
653.                                 matrix CI1 = J(2,2,.)
654.                                 forvalues i = 1/2 {
655.                                         matrix CI1[1,`i'] = phat1[1, `i'] + sqrt(pse1[1, `i'])
656.                                         matrix CI1[2,`i'] = phat1[1, `i'] - sqrt(pse1[1, `i'])
657.                                         }       
658.                                 
.                                 * Graph 1B: junior and senior x low and high educ x mean dtf | senior, high educ
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') 
659.                                 matrix phat2 = r(b)
660.                                 matrix pse2 = vecdiag(r(V))
661.                                 matrix CI2 = J(4,4,.)
662.                                 forvalues i = 1/4 {
663.                                         matrix CI2[1,`i'] = phat2[1, `i'] + sqrt(pse2[1, `i'])
664.                                         matrix CI2[2,`i'] = phat2[1, `i'] - sqrt(pse2[1, `i'])
665.                                         }       
666.                                         
.                                 * Graph 1C: junior and senior with mean educ and mean dtf; junior and senior x low and 
> high educ x mean dtf | senior, high educ; 
.                                 * junior and senior x  high     and low educ, dtf = 0                                  
>                  
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') 
667.                                 matrix phat3 = r(b)
668.                                 matrix pse3 = vecdiag(r(V))
669.                                 matrix CI3 = J(8,8,.)
670.                                 forvalues i = 1/8 {
671.                                         matrix CI3[1,`i'] = phat3[1, `i'] + sqrt(pse3[1, `i'])
672.                                         matrix CI3[2,`i'] = phat3[1, `i'] - sqrt(pse3[1, `i'])
673.                                         }
674.                                         
.                         
.                                 coefplot matrix(phat1), ci(CI1) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelA, replace)
675.                                 graph export "${graphs}\Fig1_panelA_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replace
676.                                 
.                                 coefplot matrix(phat1), ci(CI1) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelAv2, replace)
677.                                 graph export "${graphs}\Fig1_panelAv2_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replac
> e
678. 
.                                 *               notes("LE = low educ; HE = high educ; J = junior; S = senior")
.                                 * REMEMBER: cols(x) 
.                                 coefplot matrix(phat2), ci(CI2) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelB, replace)
679.                                 graph export "${graphs}\Fig1_panelB_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replace
680.                                 
.                                 coefplot matrix(phat2), ci(CI2) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelBv2, replace)
681.                                 graph export "${graphs}\Fig1_panelBv2_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replac
> e
682.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical recast(bar) ciopts(recast(rcap))  ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelC, replace)
683.                                 graph export "${graphs}\Fig1_panelC_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replace
684.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelCv2, replace)
685.                                 graph export "${graphs}\Fig1_panelCv2_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replac
> e
686. 
.                                 gr combine panelA.gph panelB.gph, saving(panelAB, replace) imargin(0 0 0 0) cols(2)
687.                                 gr combine panelAB.gph panelC.gph, saving(Fig1_all, replace) imargin(tiny) cols(1)
688.                                 graph export "${graphs}\Fig1_all_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replace
689.         
.                                 gr combine panelAv2.gph panelBv2.gph, saving(panelABv2, replace) imargin(0 0 0 0) cols(
> 2)
690.                                 gr combine panelABv2.gph panelCv2.gph, saving(Fig1v2_all, replace) imargin(tiny) col
> s(1)
691.                                 graph export "${graphs}\Fig1v2_all_`d'_`sose_type'_noIQ_noPhD_$data.pdf" , replace
692. 
. 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
693.                                 test treated_post + treated_post_ia2 = 0
694.                                 test treated_post + treated_post_ia3 = 0
695.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
696.                                 test treated_pre + treated_pre_ia2 = 0
697.                                 test treated_pre + treated_pre_ia3 = 0
698.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
699.                                 estimates store eqn_8           
700. 
.                                 
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
701.                                 estimates store eqn_12          
702.                                 testparm *ia2* *ia3*
703.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
704.                                 testparm *pre*ia2* *pre*ia3  
705.                                 testparm *post*ia2* *post*ia3
706.                                 test treated_post + treated_post_iasenior = 0
707.                                 test treated_post + treated_post_ia2 = 0
708.                                 test treated_post + treated_post_ia3 = 0
709.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
710.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
711.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
712. 
.                 
.                         
. 
. ******************************************************************* 
.                                 * 8 base - interaction drop top-3
.                                 
.                                 * 1. base -  pre + no interaction
. ******************************************************************* 
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
713.                                 estimates store eqn_top32               
714.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                             
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                         $pre_ia_educ $post_ia_educ ///
>                                         interact3 suorv_d ///
>                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 
> 1  & total_inv_1 < 850, fe cluster(my_group)  
715.                                 test treated_post + treated_post_ia3 = 0
716.                                 test treated_pre + treated_pre_ia3 = 0
717.                                 estimates store eqn_top33               
718.                                 
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group) 
>  
719.                                 test treated_post + treated_post_iasenior = 0
720.                                 test treated_pre + treated_pre_iasenior = 0
721.                                 estimates store eqn_top34       
722.                                 
.                                 
. *******************************************************************                             
.                                 * 2. base -  pre + simple educ
. *******************************************************************     
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuo
> rv_d ///
>                                                         treated_post  treated_post_ia2 treated_post_ia3 treated_post_ia
> suorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact2 interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
723.                                 test treated_post + treated_post_ia2 = 0
724.                                 test treated_post + treated_post_ia3 = 0
725.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
726.                                 test treated_pre + treated_pre_ia2 = 0
727.                                 test treated_pre + treated_pre_ia3 = 0
728.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
729.                                 estimates store eqn_top35                                               
730. 
.                                 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
731.                                 estimates store eqn_top36               
732.                                 testparm *ia3*
733.                                 testparm *pre*ia3  *post*ia3 
734.                                 testparm *pre*ia3  
735.                                 testparm *post*ia3
736.                                 test treated_post + treated_post_iasenior = 0
737.                                 test treated_post + treated_post_ia3 = 0
738.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
739. 
.                                 * senior + educ
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
740.                                 estimates store eqn_top37               
741.                                 testparm *ia2* *ia3*
742.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
743.                                 testparm *pre*ia2* *pre*ia3  
744.                                 testparm *post*ia2* *post*ia3
745.                                 test treated_post + treated_post_iasenior = 0
746.                                 test treated_post + treated_post_ia2 = 0
747.                                 test treated_post + treated_post_ia3 = 0
748.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
749.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
750.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
751.                                 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
752.                                 test treated_post + treated_post_ia2 = 0
753.                                 test treated_post + treated_post_ia3 = 0
754.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
755.                                 test treated_pre + treated_pre_ia2 = 0
756.                                 test treated_pre + treated_pre_ia3 = 0
757.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
758.                                 estimates store eqn_top38               
759. 
. 
. ***********************************************************************************************************************
> *****************************************                                
. 
.                                 local filename          = "`d'"
760.                                 cd ${output}
761. 
.                                 if $ownfirm != 1 & $data_int == 6 {
762.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
763.                                                 }
764.                                 else if $ownfirm != 1 & $data_int == 5  {
765.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
766.                                                 }       
767.                                 if $ownfirm != 1 & $data_int == 6 {
768.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
769.                                                 }
770.                                 else if $ownfirm != 1 & $data_int == 5  {
771.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
772.                                                 }       
773.                                 if $ownfirm == 1 & $data_int == 6 {
774.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
775.                                                 }
776.                                 else if $ownfirm == 1 & $data_int == 5  {
777.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_noPhD_$data.xls", /// 
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
778.                                 if $ownfirm == 1 & $data_int == 6 {
779.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
780.                                                 }
781.                                 else if $ownfirm == 1 & $data_int == 5  {
782.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_noPhD_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
783.                                                 }                       
784.                                         */
.                                         }
785.                                 
.                                 /*              
>                                 outreg2 [eqn_long_1 eqn_long_2] using "`d'_`sose_type'_horser_long$data.xls", replace /
> //
>                                                 keep(treated treated_cow  inv_l_* inv_f_* inv_fl_*)
>                                 */
.                                 }
786.                 drop my_group           
787.         
.                 }
788.         local datacounter       = `datacounter' + 1     
789.         }
(label _merge already defined)
(label _merge already defined)
(label _merge already defined)
(239,651 observations deleted)
(3,147,402 real changes made)
(132,209 missing values generated)
(103,355 missing values generated)
(3,324,847 missing values generated)
(177,445 real changes made)
(65358 missing values generated)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(178,336 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(174,703 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(170,837 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(149,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(135,159 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(117,864 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(103,525 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,280 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(70,798 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(56,345 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(50,576 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(88,902 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(86,883 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(75,827 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(68,602 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(59,504 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(52,094 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(44,751 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(35,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(27,890 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(25,069 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(177,042 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(90,154 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(175,944 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,582 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(164,590 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(83,884 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(156,261 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(79,760 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(148,976 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(76,067 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(141,822 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(72,449 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(132,136 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(67,508 real changes made)
(65,358 missing values generated)
(998,316 real changes made, 998,316 to missing)
(44,430 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,296,538 real changes made)
       panel variable:  shnro_real (unbalanced)
(2,870,653 real changes made)
(454,194 missing values generated)
(454,194 missing values generated)
(3,324,847 missing values generated)
(2,782,955 real changes made)
(418,774 real changes made)
(454,194 missing values generated)
(408,713 real changes made)
(3324847 missing values generated)
(3,324,847 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------
(3,192,566 real changes made, 374,857 to missing)
(666,404 real changes made)
(374,857 missing values generated)
(374,857 missing values generated)
(374,857 missing values generated)
(3,324,847 missing values generated)
(2,220,248 real changes made)
(400,153 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                     1,003,647
        from master                   454,194  (_merge==1)
        from using                    549,453  (_merge==2)

    matched                         2,870,653  (_merge==3)
    -----------------------------------------
(454,194 real changes made)
(3,874,300 missing values generated)
(0 real changes made)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,874,563 real changes made)
(3,874,300 missing values generated)
(1,991,729 real changes made)
(3,874,300 missing values generated)
(1,938,369 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    492,696       27.87       27.87
          4 |     10,885        0.62       28.49
          5 |    434,738       24.60       53.09
          6 |    400,438       22.65       75.74
          7 |    382,615       21.65       97.39
          8 |     46,194        2.61      100.00
------------+-----------------------------------
      Total |  1,767,566      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    876,708       46.47       46.47
          1 |  1,009,876       53.53      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
(549,453 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.66542         0
      sd |  .6092713         0
     p50 |  10.70241         0
       N |   1885513   1828195
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.46082         0
    1995 |  10.45269         0
    1996 |  10.52745         0
    1997 |  10.53696         0
    1998 |  10.56097         0
    1999 |  10.56886         0
    2000 |  10.56892         0
    2001 |  10.61203         0
    2002 |  10.61898         0
    2003 |  10.63067         0
    2004 |  10.65567         0
    2005 |  10.66955         0
    2006 |  10.69059         0
    2007 |  10.71738         0
    2008 |  10.74392         0
    2009 |  10.75992         0
    2010 |   10.7702         0
    2011 |  10.79585         0
    2012 |  10.80281         0
---------+--------------------
   Total |  10.66542         0
------------------------------
(3,874,300 missing values generated)
(2,028,309 real changes made)
(1,026,709 real changes made)
(641,051 real changes made)
(1,001,600 real changes made)
(655,487 real changes made)
(1,296,538 real changes made)
(2,029,548 real changes made)
(3,874,300 missing values generated)
(549,453 missing values generated)
(549453 missing values generated)
(2,494,609 real changes made)
(2,494,609 real changes made)
(1,506,426 real changes made)
(488,379 real changes made)
(499,804 real changes made)
(490,878 real changes made)
(1,506,426 real changes made)
(449,814 real changes made)
(356,926 real changes made)
(208,808 real changes made)
(0 real changes made)
(988,183 real changes made)
(1,506,426 real changes made)
(666,404 real changes made)
(924,310 missing values generated)
(924,310 real changes made)
(14 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(1,094,728 real changes made)
(3,874,300 missing values generated)
(831,882 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,886,584 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,886,584      100.00      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,885,513
                                                F(87, 159428)     =    1573.83
                                                Prob > F          =     0.0000
                                                R-squared         =     0.2273
                                                Root MSE          =     .53559

                                     (Std. Err. adjusted for 159,429 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0337624   .0043821     7.70   0.000     .0251737    .0423512
     treated_ia1_4145 |   .0488185   .0076588     6.37   0.000     .0338074    .0638296
     treated_ia1_4650 |   .0640597   .0077927     8.22   0.000     .0487861    .0793333
     treated_ia1_5160 |    .097091   .0091774    10.58   0.000     .0791034    .1150785
          treated_pre |   .0188673   .0037854     4.98   0.000      .011448    .0262865
 treated_pre_ia1_4145 |  -.0179303   .0070181    -2.55   0.011    -.0316856    -.004175
 treated_pre_ia1_4650 |  -.0322815   .0067312    -4.80   0.000    -.0454745   -.0190885
 treated_pre_ia1_5155 |  -.0376624   .0074883    -5.03   0.000    -.0523392   -.0229856
 treated_pre_ia1_5660 |  -.0381243   .0096981    -3.93   0.000    -.0571324   -.0191162
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0469079   .0046121    10.17   0.000     .0378683    .0559476
treated_post_ia1_4145 |  -.0424488   .0082198    -5.16   0.000    -.0585595   -.0263381
treated_post_ia1_4650 |   -.070996   .0082658    -8.59   0.000    -.0871968   -.0547951
treated_post_ia1_5155 |  -.1105512   .0093823   -11.78   0.000    -.1289402   -.0921621
treated_post_ia1_5660 |    -.09801    .009263   -10.58   0.000    -.1161653   -.0798547
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |    .016892   .0027972     6.04   0.000     .0114096    .0223744
                  l_1 |   .0743576   .0028565    26.03   0.000      .068759    .0799562
                  l_2 |   .0603645   .0030294    19.93   0.000     .0544268    .0663021
                  l_3 |   .0569287   .0031976    17.80   0.000     .0506615     .063196
                  l_4 |   .0546285   .0033706    16.21   0.000     .0480222    .0612348
                  l_5 |   .0501995   .0035635    14.09   0.000     .0432152    .0571839
                  l_6 |   .0472612   .0037883    12.48   0.000     .0398363    .0546862
                  l_7 |    .043753   .0040218    10.88   0.000     .0358704    .0516356
                  l_8 |   .0457788   .0042696    10.72   0.000     .0374105    .0541472
                  l_9 |   .0428347   .0045726     9.37   0.000     .0338725    .0517969
                 l_10 |    .042309   .0048504     8.72   0.000     .0328024    .0518157
                  f_1 |   .0335141   .0024401    13.73   0.000     .0287315    .0382967
                  f_2 |   .0203332   .0023367     8.70   0.000     .0157532    .0249132
                  f_3 |    .011004   .0022533     4.88   0.000     .0065876    .0154204
                  f_4 |   .0017611    .002173     0.81   0.418     -.002498    .0060202
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0082984   .0027285     3.04   0.002     .0029506    .0136462
         _Ivuosi_1996 |   .0727416   .0027399    26.55   0.000     .0673714    .0781117
         _Ivuosi_1997 |   .0763539    .002839    26.89   0.000     .0707896    .0819183
         _Ivuosi_1998 |   .1000126   .0029545    33.85   0.000     .0942218    .1058035
         _Ivuosi_1999 |   .1176668   .0030095    39.10   0.000     .1117682    .1235654
         _Ivuosi_2000 |   .1311884   .0030669    42.78   0.000     .1251773    .1371994
         _Ivuosi_2001 |   .1610548   .0030869    52.17   0.000     .1550045    .1671051
         _Ivuosi_2002 |    .160597   .0031622    50.79   0.000     .1543992    .1667948
         _Ivuosi_2003 |   .1703102   .0032405    52.56   0.000      .163959    .1766615
         _Ivuosi_2004 |   .1928852   .0033071    58.32   0.000     .1864034    .1993671
         _Ivuosi_2005 |   .2113533   .0034002    62.16   0.000      .204689    .2180175
         _Ivuosi_2006 |   .2167662   .0035515    61.04   0.000     .2098055     .223727
         _Ivuosi_2007 |   .2322437   .0036955    62.85   0.000     .2250006    .2394867
         _Ivuosi_2008 |   .2435971   .0038416    63.41   0.000     .2360676    .2511266
         _Ivuosi_2009 |   .2411787    .004017    60.04   0.000     .2333054     .249052
         _Ivuosi_2010 |    .241793   .0041998    57.57   0.000     .2335616    .2500245
         _Ivuosi_2011 |   .2458833   .0043468    56.57   0.000     .2373637    .2544029
         _Ivuosi_2012 |   .2457982   .0045479    54.05   0.000     .2368844    .2547121
            _Iage2_21 |   .3984763   .0142549    27.95   0.000     .3705369    .4264157
            _Iage2_22 |   .5422289   .0135556    40.00   0.000     .5156602    .5687977
            _Iage2_23 |   .6706946   .0132377    50.67   0.000      .644749    .6966402
            _Iage2_24 |   .8296829   .0130624    63.52   0.000     .8040809    .8552849
            _Iage2_25 |   1.037846   .0129167    80.35   0.000      1.01253    1.063162
            _Iage2_26 |   1.212385   .0128182    94.58   0.000     1.187262    1.237509
            _Iage2_27 |   1.337928   .0127147   105.23   0.000     1.313008    1.362849
            _Iage2_28 |   1.435554   .0126815   113.20   0.000     1.410699     1.46041
            _Iage2_29 |   1.505186   .0126507   118.98   0.000     1.480391    1.529982
            _Iage2_30 |   1.557459   .0126285   123.33   0.000     1.532707     1.58221
            _Iage2_31 |   1.602431   .0126209   126.97   0.000     1.577694    1.627167
            _Iage2_32 |   1.641808   .0126232   130.06   0.000     1.617067    1.666549
            _Iage2_33 |   1.676753   .0126342   132.72   0.000      1.65199    1.701515
            _Iage2_34 |   1.702756   .0126393   134.72   0.000     1.677983    1.727529
            _Iage2_35 |   1.727582   .0126356   136.72   0.000     1.702817    1.752348
            _Iage2_36 |   1.748755   .0126489   138.25   0.000     1.723963    1.773547
            _Iage2_37 |    1.76769   .0126607   139.62   0.000     1.742876    1.792505
            _Iage2_38 |   1.784529   .0126702   140.84   0.000     1.759695    1.809362
            _Iage2_39 |   1.798268   .0126777   141.84   0.000      1.77342    1.823116
            _Iage2_40 |   1.810667   .0126866   142.72   0.000     1.785802    1.835533
            _Iage2_41 |   1.813487   .0128037   141.64   0.000     1.788392    1.838582
            _Iage2_42 |   1.826774   .0128033   142.68   0.000     1.801679    1.851868
            _Iage2_43 |   1.834348   .0127944   143.37   0.000     1.809271    1.859424
            _Iage2_44 |   1.839874   .0128001   143.74   0.000     1.814786    1.864962
            _Iage2_45 |    1.84283   .0128085   143.88   0.000     1.817726    1.867934
            _Iage2_46 |   1.851318   .0128597   143.96   0.000     1.826114    1.876523
            _Iage2_47 |   1.854708   .0128554   144.28   0.000     1.829512    1.879904
            _Iage2_48 |   1.858451    .012864   144.47   0.000     1.833238    1.883664
            _Iage2_49 |   1.856959   .0128743   144.24   0.000     1.831725    1.882192
            _Iage2_50 |   1.856729   .0128856   144.09   0.000     1.831473    1.881984
            _Iage2_51 |   1.855592   .0129768   142.99   0.000     1.830157    1.881026
            _Iage2_52 |   1.859638   .0129824   143.24   0.000     1.834192    1.885083
            _Iage2_53 |   1.863137   .0129858   143.47   0.000     1.837685    1.888589
            _Iage2_54 |   1.861834   .0130134   143.07   0.000     1.836328     1.88734
            _Iage2_55 |   1.860608    .013063   142.43   0.000     1.835005    1.886211
            _Iage2_56 |   1.854693   .0133195   139.25   0.000     1.828587    1.880799
            _Iage2_57 |   1.836723   .0134093   136.97   0.000     1.810441    1.863005
            _Iage2_58 |   1.829518   .0135263   135.26   0.000     1.803006    1.856029
            _Iage2_59 |   1.797706   .0137803   130.45   0.000     1.770697    1.824715
        firm_size_new |   .0017562   .0005639     3.11   0.002      .000651    .0028614
                _cons |   8.697283   .0127657   681.30   0.000     8.672263    8.722304
---------------------------------------------------------------------------------------
(1,988,787 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.62383         0  41.06355  .6419092  .2353308  14.25271
      sd |  .5944325         0  9.670137  .4794393  .4242056   9.24824
     p50 |  10.66401         0        41         1         0        13
       N |    928918    896168    928918    928918    928918    832465
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |   10.7058         0  41.13015  .6973526  .2453431  14.25693
      sd |  .6206825         0  9.637819  .4594042  .4302907  9.253291
     p50 |  10.74198         0        41         1         0        13
       N |    956595    931003    956595    956595    956595    858531
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.62383         0  41.06355  .6419092  .2353308  14.25271
         |  .5944325         0  9.670137  .4794393  .4242056   9.24824
         |  10.66401         0        41         1         0        13
         |    928918    896168    928918    928918    928918    832465
---------+------------------------------------------------------------
       1 |   10.7058         0  41.13015  .6973526  .2453431  14.25693
         |  .6206825         0  9.637819  .4594042  .4302907  9.253291
         |  10.74198         0        41         1         0        13
         |    956595    931003    956595    956595    956595    858531
---------+------------------------------------------------------------
   Total |  10.66542         0  41.09734  .6700378  .2404104  14.25486
         |  .6092713         0  9.653809  .4701992  .4273328  9.250803
         |  10.70241         0        41         1         0        13
         |   1885513   1827171   1885513   1885513   1885513   1690996
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ_noPhD.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
Linear regression                               Number of obs     =  1,690,996
                                                F(1, 1690994)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6343
                                                Root MSE          =     5.5944

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7878825   .0004796  1642.92   0.000     .7869425    .7888224
       _cons |  -17.50656   .0174482 -1003.35   0.000    -17.54076   -17.47236
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7017   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
(101,144 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2665                         Obs per group: min =         1
       between = 0.1541                                        avg =      11.8
       overall = 0.1100                                        max =        48

                                                F(74,26696)        =    619.73
corr(u_i, Xb)  = -0.9255                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,697 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0110462   .0035968     3.07   0.002     .0039963     .018096
 treated_post |   .0211171   .0052009     4.06   0.000     .0109231    .0313111
          l_0 |  -.4769607   .1112407    -4.29   0.000    -.6949983   -.2589231
          l_1 |  -.5534672   .1334834    -4.15   0.000    -.8151017   -.2918327
          l_2 |  -.6781647    .155714    -4.36   0.000    -.9833724    -.372957
          l_3 |  -.7930362   .1779333    -4.46   0.000    -1.141795   -.4442774
          l_4 |  -.9065896   .2001893    -4.53   0.000    -1.298971   -.5142081
          l_5 |  -1.019252   .2224472    -4.58   0.000     -1.45526   -.5832434
          l_6 |  -1.131549   .2446774    -4.62   0.000     -1.61113   -.6519689
          l_7 |  -1.244597   .2669164    -4.66   0.000    -1.767767   -.7214264
          l_8 |  -1.349765   .2891171    -4.67   0.000     -1.91645   -.7830799
          l_9 |  -1.455379   .3114497    -4.67   0.000    -2.065837   -.8449214
         l_10 |  -1.563185   .3336796    -4.68   0.000    -2.217215   -.9091553
          f_1 |  -.3778855   .0890139    -4.25   0.000    -.5523575   -.2034134
          f_2 |  -.2873235   .0667488    -4.30   0.000    -.4181546   -.1564923
          f_3 |  -.1961594   .0444829    -4.41   0.000    -.2833482   -.1089706
          f_4 |  -.1020912    .022299    -4.58   0.000    -.1457984   -.0583841
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0101697   .0034619     2.94   0.003     .0033842    .0169552
 _Ivuosi_1996 |   .0387967   .0036037    10.77   0.000     .0317332    .0458601
 _Ivuosi_1997 |   .0298065   .0038353     7.77   0.000     .0222892    .0373238
 _Ivuosi_1998 |   .0386326   .0040116     9.63   0.000     .0307697    .0464956
 _Ivuosi_1999 |   .0433788   .0038689    11.21   0.000     .0357956     .050962
 _Ivuosi_2000 |   .0447684   .0038893    11.51   0.000     .0371451    .0523917
 _Ivuosi_2001 |   .0577674   .0037605    15.36   0.000     .0503967    .0651381
 _Ivuosi_2002 |   .0402193   .0033418    12.04   0.000     .0336691    .0467695
 _Ivuosi_2003 |   .0329899   .0030615    10.78   0.000     .0269892    .0389905
 _Ivuosi_2004 |   .0416415   .0029732    14.01   0.000     .0358138    .0474691
 _Ivuosi_2005 |   .0512549   .0027695    18.51   0.000     .0458266    .0566833
 _Ivuosi_2006 |    .044801   .0026718    16.77   0.000     .0395641     .050038
 _Ivuosi_2007 |   .0478078   .0026624    17.96   0.000     .0425893    .0530263
 _Ivuosi_2008 |   .0449418    .002465    18.23   0.000     .0401102    .0497734
 _Ivuosi_2009 |   .0229506    .002266    10.13   0.000      .018509    .0273921
 _Ivuosi_2010 |   .0148805   .0022079     6.74   0.000      .010553    .0192081
 _Ivuosi_2011 |   .0078699    .001652     4.76   0.000     .0046319    .0111078
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |    .597423   .0348926    17.12   0.000     .5290317    .6658142
    _Iage2_22 |    .872002   .0565533    15.42   0.000     .7611546    .9828493
    _Iage2_23 |   1.131489   .0784101    14.43   0.000     .9778012    1.285177
    _Iage2_24 |   1.415482   .1007791    14.05   0.000     1.217949    1.613014
    _Iage2_25 |   1.751939   .1233165    14.21   0.000     1.510232    1.993646
    _Iage2_26 |   2.052439   .1455981    14.10   0.000     1.767059    2.337819
    _Iage2_27 |   2.306673   .1677415    13.75   0.000     1.977891    2.635455
    _Iage2_28 |   2.529011   .1899514    13.31   0.000     2.156697    2.901326
    _Iage2_29 |   2.724655   .2121594    12.84   0.000     2.308812    3.140499
    _Iage2_30 |    2.90204   .2343019    12.39   0.000     2.442795    3.361284
    _Iage2_31 |    3.07018   .2565199    11.97   0.000     2.567388    3.572973
    _Iage2_32 |   3.231541   .2787119    11.59   0.000     2.685251    3.777831
    _Iage2_33 |   3.388947   .3009223    11.26   0.000     2.799123    3.978771
    _Iage2_34 |   3.537817   .3230607    10.95   0.000     2.904601    4.171034
    _Iage2_35 |   3.687653   .3453288    10.68   0.000     3.010791    4.364516
    _Iage2_36 |   3.834008   .3675717    10.43   0.000     3.113548    4.554468
    _Iage2_37 |   3.978354   .3898637    10.20   0.000     3.214201    4.742507
    _Iage2_38 |   4.120007   .4120718    10.00   0.000     3.312325     4.92769
    _Iage2_39 |    4.25878   .4342704     9.81   0.000     3.407587    5.109973
    _Iage2_40 |   4.395618   .4565112     9.63   0.000     3.500832    5.290404
    _Iage2_41 |   4.529585   .4787075     9.46   0.000     3.591293    5.467877
    _Iage2_42 |   4.666049   .5009922     9.31   0.000     3.684078     5.64802
    _Iage2_43 |   4.796272   .5232035     9.17   0.000     3.770766    5.821779
    _Iage2_44 |   4.923749   .5454121     9.03   0.000     3.854713    5.992786
    _Iage2_45 |   5.051293   .5676719     8.90   0.000     3.938626     6.16396
    _Iage2_46 |   5.176583   .5899328     8.77   0.000     4.020284    6.332883
    _Iage2_47 |   5.301375   .6121678     8.66   0.000     4.101493    6.501256
    _Iage2_48 |   5.422911    .634377     8.55   0.000     4.179499    6.666323
    _Iage2_49 |   5.539826   .6566333     8.44   0.000      4.25279    6.826862
    _Iage2_50 |   5.657124   .6788513     8.33   0.000     4.326539    6.987708
    _Iage2_51 |    5.77485   .7010678     8.24   0.000     4.400721     7.14898
    _Iage2_52 |   5.894501    .723326     8.15   0.000     4.476744    7.312258
    _Iage2_53 |   6.011105    .745554     8.06   0.000      4.54978     7.47243
    _Iage2_54 |   6.124605    .767721     7.98   0.000     4.619831    7.629378
    _Iage2_55 |   6.237536   .7900166     7.90   0.000     4.689061     7.78601
    _Iage2_56 |   6.351451   .8122237     7.82   0.000      4.75945    7.943452
    _Iage2_57 |   6.446156   .8344893     7.72   0.000     4.810513    8.081799
    _Iage2_58 |   6.545987   .8567263     7.64   0.000     4.866758    8.225216
    _Iage2_59 |    6.62467   .8789148     7.54   0.000      4.90195    8.347389
firm_size_new |   .0051338   .0005589     9.19   0.000     .0040384    .0062292
        _cons |   6.842777   .3378547    20.25   0.000     6.180565     7.50499
--------------+----------------------------------------------------------------
      sigma_u |  1.3371314
      sigma_e |  .34370006
          rho |   .9380238   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2669                         Obs per group: min =         1
       between = 0.1525                                        avg =      11.8
       overall = 0.1087                                        max =        48

                                                F(79,26696)        =    587.03
corr(u_i, Xb)  = -0.9280                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,697 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0217705   .0071009     3.07   0.002     .0078524    .0356886
          treated_pre |   .0208344   .0050499     4.13   0.000     .0109364    .0307324
 treated_pre_iasenior |  -.0232766   .0059168    -3.93   0.000    -.0348739   -.0116793
         treated_post |    .047405   .0074448     6.37   0.000     .0328128    .0619973
treated_post_iasenior |   -.050788   .0080692    -6.29   0.000    -.0666039    -.034972
               senior |          0  (omitted)
         pre_iasenior |  -.0034377   .0038608    -0.89   0.373     -.011005    .0041296
        post_iasenior |  -.0277321    .005333    -5.20   0.000    -.0381851   -.0172792
                  l_0 |  -.4792869   .1112058    -4.31   0.000    -.6972561   -.2613177
                  l_1 |  -.5578009   .1334191    -4.18   0.000    -.8193095   -.2962924
                  l_2 |  -.6845909   .1556239    -4.40   0.000    -.9896221   -.3795597
                  l_3 |  -.8015709   .1778187    -4.51   0.000    -1.150105   -.4530369
                  l_4 |  -.9172505   .2000505    -4.59   0.000     -1.30936   -.5251409
                  l_5 |  -1.032119   .2222849    -4.64   0.000     -1.46781   -.5964292
                  l_6 |  -1.146588   .2444919    -4.69   0.000    -1.625805   -.6673711
                  l_7 |  -1.261923   .2667087    -4.73   0.000    -1.784686   -.7391593
                  l_8 |  -1.369356   .2888869    -4.74   0.000    -1.935589   -.8031223
                  l_9 |  -1.477303   .3111927    -4.75   0.000    -2.087257   -.8673488
                 l_10 |  -1.587349   .3333993    -4.76   0.000    -2.240829   -.9338687
                  f_1 |  -.3874252   .0889542    -4.36   0.000    -.5617803   -.2130702
                  f_2 |  -.2941901   .0667207    -4.41   0.000    -.4249662   -.1634139
                  f_3 |    -.20041   .0444937    -4.50   0.000      -.28762      -.1132
                  f_4 |  -.1037243   .0223822    -4.63   0.000    -.1475945   -.0598541
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0103842   .0034665     3.00   0.003     .0035898    .0171787
         _Ivuosi_1996 |   .0389359   .0035958    10.83   0.000      .031888    .0459837
         _Ivuosi_1997 |   .0299244   .0038188     7.84   0.000     .0224393    .0374095
         _Ivuosi_1998 |   .0390889   .0039898     9.80   0.000     .0312687    .0469092
         _Ivuosi_1999 |   .0439676   .0038532    11.41   0.000     .0364152    .0515201
         _Ivuosi_2000 |   .0448181   .0038804    11.55   0.000     .0372124    .0524238
         _Ivuosi_2001 |   .0576808   .0037492    15.38   0.000     .0503321    .0650295
         _Ivuosi_2002 |   .0400869   .0033376    12.01   0.000      .033545    .0466288
         _Ivuosi_2003 |   .0328609   .0030612    10.73   0.000     .0268607     .038861
         _Ivuosi_2004 |    .041434   .0029773    13.92   0.000     .0355983    .0472698
         _Ivuosi_2005 |   .0513001   .0027634    18.56   0.000     .0458837    .0567166
         _Ivuosi_2006 |   .0447674   .0026659    16.79   0.000     .0395422    .0499926
         _Ivuosi_2007 |   .0476877   .0026536    17.97   0.000     .0424866    .0528889
         _Ivuosi_2008 |   .0446782   .0024546    18.20   0.000      .039867    .0494895
         _Ivuosi_2009 |   .0228118   .0022587    10.10   0.000     .0183846     .027239
         _Ivuosi_2010 |   .0149345   .0022054     6.77   0.000     .0106119    .0192571
         _Ivuosi_2011 |   .0078553   .0016502     4.76   0.000     .0046208    .0110899
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5975963   .0348592    17.14   0.000     .5292705     .665922
            _Iage2_22 |   .8720945   .0564946    15.44   0.000      .761362    .9828269
            _Iage2_23 |   1.131847    .078326    14.45   0.000     .9783237     1.28537
            _Iage2_24 |   1.415989   .1006715    14.07   0.000     1.218668    1.613311
            _Iage2_25 |   1.752419   .1231807    14.23   0.000     1.510978     1.99386
            _Iage2_26 |   2.052796   .1454348    14.11   0.000     1.767736    2.337856
            _Iage2_27 |   2.307006   .1675542    13.77   0.000     1.978591    2.635421
            _Iage2_28 |    2.52935    .189738    13.33   0.000     2.157454    2.901247
            _Iage2_29 |   2.725001   .2119209    12.86   0.000     2.309625    3.140377
            _Iage2_30 |   2.902571   .2340404    12.40   0.000     2.443839    3.361302
            _Iage2_31 |   3.070994   .2562344    11.99   0.000     2.568761    3.573227
            _Iage2_32 |   3.232745   .2784024    11.61   0.000     2.687062    3.778428
            _Iage2_33 |   3.390585    .300589    11.28   0.000     2.801414    3.979755
            _Iage2_34 |   3.539996   .3227044    10.97   0.000     2.907478    4.172514
            _Iage2_35 |   3.690395   .3449497    10.70   0.000     3.014275    4.366515
            _Iage2_36 |   3.837353   .3671691    10.45   0.000     3.117682    4.557024
            _Iage2_37 |    3.98253   .3894389    10.23   0.000      3.21921    4.745851
            _Iage2_38 |   4.125331   .4116246    10.02   0.000     3.318525    4.932137
            _Iage2_39 |   4.265589   .4338002     9.83   0.000     3.415318    5.115861
            _Iage2_40 |   4.404244   .4560188     9.66   0.000     3.510423    5.298064
            _Iage2_41 |   4.569025   .4782237     9.55   0.000     3.631681    5.506369
            _Iage2_42 |   4.708217   .5004866     9.41   0.000     3.727237    5.689197
            _Iage2_43 |   4.841448    .522678     9.26   0.000     3.816972    5.865925
            _Iage2_44 |    4.97224    .544865     9.13   0.000     3.904276    6.040204
            _Iage2_45 |   5.103408   .5671042     9.00   0.000     3.991854    6.214962
            _Iage2_46 |   5.232575   .5893446     8.88   0.000     4.077429    6.387722
            _Iage2_47 |   5.361365     .61156     8.77   0.000     4.162675    6.560055
            _Iage2_48 |   5.487089     .63375     8.66   0.000     4.244905    6.729273
            _Iage2_49 |   5.608302   .6559879     8.55   0.000     4.322531    6.894073
            _Iage2_50 |   5.729895   .6781866     8.45   0.000     4.400614    7.059177
            _Iage2_51 |   5.852037    .700383     8.36   0.000      4.47925    7.224825
            _Iage2_52 |    5.97607   .7226225     8.27   0.000     4.559692    7.392448
            _Iage2_53 |   6.097151   .7448313     8.19   0.000     4.637243     7.55706
            _Iage2_54 |   6.215139   .7669798     8.10   0.000     4.711818    7.718459
            _Iage2_55 |   6.332902   .7892583     8.02   0.000     4.785914     7.87989
            _Iage2_56 |   6.451223   .8114447     7.95   0.000     4.860748    8.041697
            _Iage2_57 |   6.550576   .8336875     7.86   0.000     4.916504    8.184647
            _Iage2_58 |   6.655256   .8559048     7.78   0.000     4.977638    8.332875
            _Iage2_59 |   6.739161   .8780726     7.67   0.000     5.018092     8.46023
        firm_size_new |   .0052713   .0005613     9.39   0.000     .0041712    .0063715
                _cons |    6.81951    .337501    20.21   0.000      6.15799    7.481029
----------------------+----------------------------------------------------------------
              sigma_u |  1.3604674
              sigma_e |   .3436099
                  rho |  .94003484   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =    0.41
            Prob > F =    0.5243

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26696) =    0.40
            Prob > F =    0.5267
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2703                         Obs per group: min =         1
       between = 0.1495                                        avg =      11.8
       overall = 0.1076                                        max =        48

                                                F(82,26696)        =    558.73
corr(u_i, Xb)  = -0.9261                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0044266   .0005854     7.56   0.000     .0032792    .0055741
     treated_iasuorv_d |   .1019617   .0298317     3.42   0.001     .0434901    .1604333
           treated_pre |   .0415244   .0058777     7.06   0.000     .0300037    .0530451
       treated_pre_ia3 |  -.0024351      .0003    -8.12   0.000    -.0030232    -.001847
 treated_pre_iasuorv_d |  -.0680079   .0077855    -8.74   0.000    -.0832678   -.0527479
          treated_post |   .1061995   .0088483    12.00   0.000     .0888563    .1235426
      treated_post_ia3 |  -.0057776   .0004046   -14.28   0.000    -.0065707   -.0049846
treated_post_iasuorv_d |  -.2039831   .0105155   -19.40   0.000    -.2245941   -.1833721
             interact3 |  -.0090987   .0003446   -26.40   0.000    -.0097741   -.0084233
               suorv_d |  -.0418071   .0168941    -2.47   0.013    -.0749204   -.0086938
                   l_0 |  -.4740694   .1114872    -4.25   0.000    -.6925902   -.2555487
                   l_1 |  -.5499974   .1337804    -4.11   0.000    -.8122141   -.2877808
                   l_2 |  -.6737749   .1560589    -4.32   0.000    -.9796585   -.3678912
                   l_3 |  -.7875191   .1783232    -4.42   0.000    -1.137042   -.4379961
                   l_4 |  -.8998702   .2006223    -4.49   0.000      -1.2931     -.50664
                   l_5 |  -1.011542   .2229231    -4.54   0.000    -1.448483   -.5746012
                   l_6 |  -1.122816   .2451978    -4.58   0.000    -1.603417   -.6422152
                   l_7 |  -1.234548   .2674874    -4.62   0.000    -1.758837   -.7102584
                   l_8 |  -1.338835   .2897418    -4.62   0.000    -1.906745   -.7709263
                   l_9 |  -1.443559   .3121202    -4.63   0.000    -2.055331   -.8317869
                  l_10 |  -1.550234   .3344017    -4.64   0.000    -2.205679   -.8947889
                   f_1 |   -.376049   .0892048    -4.22   0.000    -.5508951   -.2012029
                   f_2 |  -.2855359   .0668901    -4.27   0.000     -.416644   -.1544278
                   f_3 |  -.1945956   .0445765    -4.37   0.000    -.2819678   -.1072233
                   f_4 |   -.100728   .0223458    -4.51   0.000     -.144527    -.056929
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0104146   .0034606     3.01   0.003     .0036317    .0171975
          _Ivuosi_1996 |   .0384217    .003625    10.60   0.000     .0313165     .045527
          _Ivuosi_1997 |   .0294037   .0038363     7.66   0.000     .0218843    .0369232
          _Ivuosi_1998 |   .0383458   .0040058     9.57   0.000     .0304943    .0461974
          _Ivuosi_1999 |   .0430925   .0039005    11.05   0.000     .0354474    .0507376
          _Ivuosi_2000 |   .0444658   .0039301    11.31   0.000     .0367626    .0521689
          _Ivuosi_2001 |   .0576327   .0038091    15.13   0.000     .0501667    .0650987
          _Ivuosi_2002 |   .0399179    .003395    11.76   0.000     .0332636    .0465722
          _Ivuosi_2003 |   .0328078   .0031248    10.50   0.000     .0266831    .0389326
          _Ivuosi_2004 |   .0416191   .0030196    13.78   0.000     .0357005    .0475376
          _Ivuosi_2005 |   .0514516   .0028098    18.31   0.000     .0459444    .0569589
          _Ivuosi_2006 |   .0450197   .0026937    16.71   0.000     .0397398    .0502995
          _Ivuosi_2007 |   .0481635     .00266    18.11   0.000     .0429499    .0533772
          _Ivuosi_2008 |   .0446892   .0024648    18.13   0.000     .0398582    .0495203
          _Ivuosi_2009 |   .0230232   .0022588    10.19   0.000     .0185959    .0274505
          _Ivuosi_2010 |   .0145106   .0022062     6.58   0.000     .0101863    .0188349
          _Ivuosi_2011 |   .0076405   .0016539     4.62   0.000     .0043988    .0108823
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6012069   .0348573    17.25   0.000     .5328847    .6695291
             _Iage2_22 |   .8789956   .0565213    15.55   0.000     .7682109    .9897802
             _Iage2_23 |   1.141621   .0784107    14.56   0.000     .9879314     1.29531
             _Iage2_24 |   1.425639    .100815    14.14   0.000     1.228036    1.623242
             _Iage2_25 |   1.760084    .123368    14.27   0.000     1.518276    2.001892
             _Iage2_26 |   2.059305   .1456809    14.14   0.000     1.773763    2.344847
             _Iage2_27 |    2.31394   .1678604    13.78   0.000     1.984925    2.642956
             _Iage2_28 |   2.537999   .1901083    13.35   0.000     2.165377    2.910622
             _Iage2_29 |   2.736258   .2123539    12.89   0.000     2.320033    3.152483
             _Iage2_30 |    2.91713   .2345405    12.44   0.000     2.457418    3.376842
             _Iage2_31 |   3.089071   .2567978    12.03   0.000     2.585734    3.592408
             _Iage2_32 |   3.254946   .2790369    11.66   0.000     2.708019    3.801873
             _Iage2_33 |   3.417036   .3012987    11.34   0.000     2.826474    4.007597
             _Iage2_34 |   3.570882   .3234891    11.04   0.000     2.936826    4.204938
             _Iage2_35 |   3.726093   .3458044    10.78   0.000     3.048298    4.403888
             _Iage2_36 |   3.877928   .3681006    10.53   0.000     3.156431    4.599424
             _Iage2_37 |    4.02777   .3904413    10.32   0.000     3.262484    4.793055
             _Iage2_38 |   4.175434   .4126974    10.12   0.000     3.366526    4.984343
             _Iage2_39 |   4.320225   .4349491     9.93   0.000     3.467702    5.172748
             _Iage2_40 |   4.463223   .4572372     9.76   0.000     3.567014    5.359432
             _Iage2_41 |    4.60355   .4794886     9.60   0.000     3.663727    5.543373
             _Iage2_42 |    4.74679   .5018276     9.46   0.000     3.763181    5.730399
             _Iage2_43 |   4.883775   .5240907     9.32   0.000     3.856529     5.91102
             _Iage2_44 |   5.018094   .5463529     9.18   0.000     3.947213    6.088974
             _Iage2_45 |   5.152955   .5686641     9.06   0.000     4.038344    6.267567
             _Iage2_46 |   5.285701   .5909754     8.94   0.000     4.127358    6.444044
             _Iage2_47 |   5.417819    .613264     8.83   0.000     4.215789    6.619849
             _Iage2_48 |   5.546701   .6355238     8.73   0.000     4.301041    6.792362
             _Iage2_49 |   5.671268   .6578319     8.62   0.000     4.381883    6.960653
             _Iage2_50 |   5.796116   .6801057     8.52   0.000     4.463073    7.129159
             _Iage2_51 |   5.921838   .7023792     8.43   0.000     4.545138    7.298538
             _Iage2_52 |   6.049133   .7246921     8.35   0.000     4.628699    7.469568
             _Iage2_53 |   6.173648   .7469714     8.26   0.000     4.709544    7.637751
             _Iage2_54 |   6.295038   .7691938     8.18   0.000     4.787378    7.802699
             _Iage2_55 |   6.416486    .791538     8.11   0.000      4.86503    7.967943
             _Iage2_56 |   6.538017   .8137996     8.03   0.000     4.942927    8.133107
             _Iage2_57 |   6.640726   .8361201     7.94   0.000     5.001886    8.279565
             _Iage2_58 |   6.748842    .858413     7.86   0.000     5.066307    8.431377
             _Iage2_59 |   6.836556   .8806534     7.76   0.000     5.110429    8.562684
         firm_size_new |   .0052952   .0005556     9.53   0.000     .0042061    .0063843
                 _cons |   6.848541   .3381715    20.25   0.000     6.185707    7.511374
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3491831
               sigma_e |  .34281194
                   rho |  .93935437   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =  138.22
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26696) =   48.00
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2704                         Obs per group: min =         1
       between = 0.1496                                        avg =      11.8
       overall = 0.1077                                        max =        48

                                                F(85,26696)        =    547.88
corr(u_i, Xb)  = -0.9258                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0338685   .0069649    -4.86   0.000      -.04752    -.020217
           treated_ia3 |   .0054164   .0006288     8.61   0.000      .004184    .0066488
     treated_iasuorv_d |   .1120607   .0302104     3.71   0.000     .0528468    .1712746
           treated_pre |   .0435597     .00585     7.45   0.000     .0320934     .055026
  treated_pre_iasenior |   .0096916   .0058664     1.65   0.099    -.0018068    .0211901
       treated_pre_ia3 |  -.0028208   .0003647    -7.74   0.000    -.0035356   -.0021061
 treated_pre_iasuorv_d |  -.0757203   .0099173    -7.64   0.000    -.0951588   -.0562819
          treated_post |   .1105261   .0088924    12.43   0.000     .0930964    .1279557
 treated_post_iasenior |   .0170201   .0070842     2.40   0.016     .0031348    .0309055
      treated_post_ia3 |  -.0064189   .0004539   -14.14   0.000    -.0073086   -.0055293
treated_post_iasuorv_d |  -.2172791   .0121692   -17.85   0.000    -.2411314   -.1934268
                senior |   6.835627   .8809821     7.76   0.000     5.108855    8.562398
             interact3 |  -.0092983   .0003474   -26.76   0.000    -.0099792   -.0086173
               suorv_d |  -.0418986   .0168957    -2.48   0.013     -.075015   -.0087821
                   l_0 |  -.4742374   .1115306    -4.25   0.000    -.6928433   -.2556314
                   l_1 |  -.5499119   .1338308    -4.11   0.000    -.8122274   -.2875965
                   l_2 |  -.6734369   .1561166    -4.31   0.000    -.9794336   -.3674402
                   l_3 |  -.7869287   .1783876    -4.41   0.000    -1.136578   -.4372795
                   l_4 |  -.8990292   .2006939    -4.48   0.000      -1.2924   -.5056585
                   l_5 |  -1.010454   .2230021    -4.53   0.000     -1.44755   -.5733578
                   l_6 |  -1.121471   .2452836    -4.57   0.000    -1.602239   -.6407016
                   l_7 |   -1.23295   .2675802    -4.61   0.000    -1.757421   -.7084784
                   l_8 |  -1.336965   .2898418    -4.61   0.000    -1.905071   -.7688599
                   l_9 |  -1.441394   .3122266    -4.62   0.000    -2.053375   -.8294133
                  l_10 |  -1.547773   .3345145    -4.63   0.000    -2.203439   -.8921071
                   f_1 |  -.3754402   .0892347    -4.21   0.000    -.5503449   -.2005355
                   f_2 |  -.2851947   .0669132    -4.26   0.000     -.416348   -.1540414
                   f_3 |  -.1945217   .0445931    -4.36   0.000    -.2819266   -.1071168
                   f_4 |  -.1009314   .0223556    -4.51   0.000    -.1447496   -.0571132
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0103694   .0034598     3.00   0.003     .0035881    .0171507
          _Ivuosi_1996 |   .0383909   .0036234    10.60   0.000      .031289    .0454929
          _Ivuosi_1997 |   .0293835   .0038382     7.66   0.000     .0218606    .0369065
          _Ivuosi_1998 |   .0382994   .0040073     9.56   0.000     .0304448     .046154
          _Ivuosi_1999 |   .0430352   .0039021    11.03   0.000     .0353869    .0506835
          _Ivuosi_2000 |   .0444523   .0039329    11.30   0.000     .0367437    .0521609
          _Ivuosi_2001 |   .0576111   .0038122    15.11   0.000     .0501389    .0650832
          _Ivuosi_2002 |   .0398673   .0033982    11.73   0.000     .0332066     .046528
          _Ivuosi_2003 |   .0327538    .003128    10.47   0.000     .0266228    .0388848
          _Ivuosi_2004 |   .0415826   .0030219    13.76   0.000     .0356595    .0475056
          _Ivuosi_2005 |    .051421   .0028126    18.28   0.000     .0459082    .0569338
          _Ivuosi_2006 |   .0449834   .0026956    16.69   0.000        .0397    .0502668
          _Ivuosi_2007 |   .0481369   .0026607    18.09   0.000     .0429217     .053352
          _Ivuosi_2008 |   .0446815   .0024655    18.12   0.000      .039849     .049514
          _Ivuosi_2009 |   .0229978   .0022598    10.18   0.000     .0185684    .0274271
          _Ivuosi_2010 |   .0144966   .0022063     6.57   0.000     .0101721    .0188212
          _Ivuosi_2011 |   .0076356    .001654     4.62   0.000     .0043936    .0108776
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .601022   .0348618    17.24   0.000      .532691    .6693531
             _Iage2_22 |   .8786052   .0565328    15.54   0.000     .7677979    .9894125
             _Iage2_23 |   1.141002    .078429    14.55   0.000     .9872767    1.294727
             _Iage2_24 |   1.424896   .1008399    14.13   0.000     1.227244    1.622547
             _Iage2_25 |    1.75919   .1233994    14.26   0.000      1.51732    2.001059
             _Iage2_26 |    2.05822   .1457186    14.12   0.000     1.772604    2.343836
             _Iage2_27 |   2.312665   .1679044    13.77   0.000     1.983563    2.641766
             _Iage2_28 |    2.53652    .190158    13.34   0.000     2.163801     2.90924
             _Iage2_29 |    2.73457   .2124093    12.87   0.000     2.318237    3.150904
             _Iage2_30 |   2.915243   .2346016    12.43   0.000     2.455412    3.375075
             _Iage2_31 |   3.086986   .2568644    12.02   0.000     2.583518    3.590453
             _Iage2_32 |   3.252678   .2791089    11.65   0.000     2.705609    3.799746
             _Iage2_33 |   3.414598   .3013763    11.33   0.000     2.823884    4.005311
             _Iage2_34 |   3.568275    .323572    11.03   0.000     2.934056    4.202493
             _Iage2_35 |   3.723321   .3458926    10.76   0.000     3.045354    4.401289
             _Iage2_36 |   3.875004   .3681943    10.52   0.000     3.153324    4.596685
             _Iage2_37 |   4.024674   .3905405    10.31   0.000     3.259194    4.790154
             _Iage2_38 |   4.172155   .4128015    10.11   0.000     3.363042    4.981267
             _Iage2_39 |   4.316724   .4350594     9.92   0.000     3.463984    5.169463
             _Iage2_40 |   4.459475   .4573538     9.75   0.000     3.563037    5.355912
             _Iage2_41 |  -2.226235   .4014584    -5.55   0.000    -3.013115   -1.439356
             _Iage2_42 |  -2.083346   .3791022    -5.50   0.000    -2.826407   -1.340286
             _Iage2_43 |  -1.946726   .3568225    -5.46   0.000    -2.646117   -1.247335
             _Iage2_44 |  -1.812789    .334544    -5.42   0.000    -2.468513   -1.157065
             _Iage2_45 |  -1.678316   .3122178    -5.38   0.000    -2.290279   -1.066353
             _Iage2_46 |  -1.545978     .28989    -5.33   0.000    -2.114178    -.977778
             _Iage2_47 |  -1.414247   .2675873    -5.29   0.000    -1.938732   -.8897613
             _Iage2_48 |   -1.28578   .2453131    -5.24   0.000    -1.766607   -.8049538
             _Iage2_49 |  -1.161626   .2229895    -5.21   0.000    -1.598698   -.7245551
             _Iage2_50 |  -1.037169   .2007048    -5.17   0.000    -1.430561   -.6437771
             _Iage2_51 |  -.9118388   .1784237    -5.11   0.000    -1.261559    -.562119
             _Iage2_52 |  -.7849341   .1561022    -5.03   0.000    -1.090903   -.4789655
             _Iage2_53 |  -.6607949   .1338136    -4.94   0.000    -.9230766   -.3985132
             _Iage2_54 |  -.5397676    .111587    -4.84   0.000     -.758484   -.3210511
             _Iage2_55 |  -.4187118   .0892427    -4.69   0.000    -.5936322   -.2437913
             _Iage2_56 |  -.2975265   .0669884    -4.44   0.000    -.4288274   -.1662256
             _Iage2_57 |  -.1951527   .0446838    -4.37   0.000    -.2827354     -.10757
             _Iage2_58 |  -.0873815   .0224388    -3.89   0.000    -.1313627   -.0434003
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0052876   .0005558     9.51   0.000     .0041982    .0063771
                 _cons |   6.850755    .338249    20.25   0.000     6.187769    7.513741
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3464635
               sigma_e |   .3428018
                   rho |  .93912744   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26696) =   80.64
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26696) =  120.92
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26696) =   59.83
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26696) =  200.00
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =  143.08
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =  145.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26696) =  138.51
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2798                         Obs per group: min =         1
       between = 0.1732                                        avg =      11.8
       overall = 0.1268                                        max =        48

                                                F(89,26696)        =    628.62
corr(u_i, Xb)  = -0.9251                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.024635   .0069218    -3.56   0.000     -.038202   -.0110679
           treated_ia2 |  -.1676034   .0167094   -10.03   0.000    -.2003546   -.1348521
           treated_ia3 |   .0053183   .0006403     8.31   0.000     .0040634    .0065733
     treated_iasuorv_d |   .0973155   .0291702     3.34   0.001     .0401403    .1544906
           treated_pre |   .0434219   .0060482     7.18   0.000     .0315671    .0552766
  treated_pre_iasenior |   .0061037   .0058608     1.04   0.298    -.0053838    .0175911
       treated_pre_ia2 |   .0079237   .0057771     1.37   0.170    -.0033998    .0192472
       treated_pre_ia3 |  -.0027701   .0003688    -7.51   0.000     -.003493   -.0020473
 treated_pre_iasuorv_d |  -.0574064   .0100518    -5.71   0.000    -.0771084   -.0377043
          treated_post |   .1007536   .0086339    11.67   0.000     .0838307    .1176765
 treated_post_iasenior |   .0034176   .0069772     0.49   0.624     -.010258    .0170931
      treated_post_ia2 |   .0348112   .0076411     4.56   0.000     .0198343    .0497881
      treated_post_ia3 |  -.0059389   .0004534   -13.10   0.000    -.0068276   -.0050501
treated_post_iasuorv_d |  -.1499341   .0121372   -12.35   0.000    -.1737237   -.1261446
                senior |   6.603735   .8802778     7.50   0.000     4.878344    8.329126
             interact2 |   .4731541    .011314    41.82   0.000     .4509782    .4953301
             interact3 |  -.0022308   .0003237    -6.89   0.000    -.0028653   -.0015963
               suorv_d |   -.045562   .0164448    -2.77   0.006    -.0777946   -.0133294
                   l_0 |  -.4828183    .111461    -4.33   0.000    -.7012878   -.2643488
                   l_1 |  -.5603171   .1337708    -4.19   0.000    -.8225149   -.2981193
                   l_2 |  -.6851431   .1560543    -4.39   0.000    -.9910178   -.3792684
                   l_3 |  -.7995803   .1783169    -4.48   0.000    -1.149091   -.4500698
                   l_4 |  -.9127857   .2006143    -4.55   0.000       -1.306   -.5195712
                   l_5 |  -1.025245   .2229243    -4.60   0.000    -1.462188   -.5883014
                   l_6 |  -1.137384   .2451981    -4.64   0.000    -1.617986   -.6567832
                   l_7 |  -1.249963   .2674835    -4.67   0.000    -1.774245   -.7256813
                   l_8 |  -1.354451   .2897405    -4.67   0.000    -1.922358   -.7865441
                   l_9 |  -1.460275   .3121166    -4.68   0.000     -2.07204   -.8485105
                  l_10 |  -1.567838   .3343916    -4.69   0.000    -2.223263   -.9124129
                   f_1 |  -.3818186   .0891993    -4.28   0.000    -.5566538   -.2069833
                   f_2 |  -.2902778    .066887    -4.34   0.000    -.4213799   -.1591757
                   f_3 |  -.1982989   .0445765    -4.45   0.000    -.2856713   -.1109265
                   f_4 |  -.1032245   .0223451    -4.62   0.000    -.1470221    -.059427
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0118713   .0033463     3.55   0.000     .0053125    .0184302
          _Ivuosi_1996 |   .0404773   .0034942    11.58   0.000     .0336285     .047326
          _Ivuosi_1997 |   .0323792   .0036971     8.76   0.000     .0251327    .0396257
          _Ivuosi_1998 |   .0420317   .0038577    10.90   0.000     .0344704    .0495929
          _Ivuosi_1999 |   .0464362   .0037309    12.45   0.000     .0391234     .053749
          _Ivuosi_2000 |   .0491937   .0037585    13.09   0.000     .0418268    .0565607
          _Ivuosi_2001 |   .0628373   .0036412    17.26   0.000     .0557004    .0699742
          _Ivuosi_2002 |   .0453083   .0032325    14.02   0.000     .0389724    .0516442
          _Ivuosi_2003 |   .0382502   .0029578    12.93   0.000     .0324528    .0440475
          _Ivuosi_2004 |   .0471878    .002862    16.49   0.000     .0415781    .0527976
          _Ivuosi_2005 |   .0571107   .0026663    21.42   0.000     .0518847    .0623368
          _Ivuosi_2006 |   .0506408   .0025553    19.82   0.000     .0456323    .0556493
          _Ivuosi_2007 |   .0536913   .0025309    21.21   0.000     .0487307    .0586519
          _Ivuosi_2008 |    .048468   .0023495    20.63   0.000     .0438628    .0530732
          _Ivuosi_2009 |    .026098   .0021849    11.94   0.000     .0218155    .0303804
          _Ivuosi_2010 |   .0163013   .0021375     7.63   0.000     .0121117    .0204909
          _Ivuosi_2011 |   .0085063   .0016354     5.20   0.000     .0053008    .0117119
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5994086   .0348314    17.21   0.000     .5311373      .66768
             _Iage2_22 |   .8760125   .0565125    15.50   0.000     .7652451      .98678
             _Iage2_23 |   1.137464   .0783842    14.51   0.000     .9838271    1.291102
             _Iage2_24 |   1.417153   .1007515    14.07   0.000     1.219674    1.614631
             _Iage2_25 |   1.739127   .1231924    14.12   0.000     1.497663     1.98059
             _Iage2_26 |   2.022016   .1454591    13.90   0.000     1.736909    2.307124
             _Iage2_27 |   2.261307   .1676135    13.49   0.000     1.932776    2.589839
             _Iage2_28 |   2.472536    .189826    13.03   0.000     2.100467    2.844605
             _Iage2_29 |   2.659983    .212071    12.54   0.000     2.244313    3.075653
             _Iage2_30 |    2.83165   .2342523    12.09   0.000     2.372503    3.290797
             _Iage2_31 |   2.994888   .2564988    11.68   0.000     2.492137     3.49764
             _Iage2_32 |   3.153463   .2787423    11.31   0.000     2.607114    3.699813
             _Iage2_33 |   3.308332   .3010064    10.99   0.000     2.718343     3.89832
             _Iage2_34 |   3.455744   .3231947    10.69   0.000     2.822265    4.089222
             _Iage2_35 |   3.604701   .3455065    10.43   0.000      2.92749    4.281913
             _Iage2_36 |    3.75057   .3677974    10.20   0.000     3.029668    4.471473
             _Iage2_37 |   3.894453   .3901355     9.98   0.000     3.129767     4.65914
             _Iage2_38 |   4.036282   .4123803     9.79   0.000     3.227995     4.84457
             _Iage2_39 |   4.175401   .4346245     9.61   0.000     3.323514    5.027288
             _Iage2_40 |   4.313008   .4569063     9.44   0.000     3.417447    5.208568
             _Iage2_41 |  -2.145777   .4012023    -5.35   0.000    -2.932155   -1.359399
             _Iage2_42 |  -2.008066   .3788584    -5.30   0.000    -2.750649   -1.265484
             _Iage2_43 |  -1.876293    .356592    -5.26   0.000    -2.575232   -1.177354
             _Iage2_44 |  -1.747338   .3343249    -5.23   0.000    -2.402632   -1.092043
             _Iage2_45 |  -1.617771   .3120118    -5.18   0.000    -2.229331   -1.006211
             _Iage2_46 |  -1.490506   .2896967    -5.15   0.000    -2.058327   -.9226848
             _Iage2_47 |  -1.363541   .2674069    -5.10   0.000    -1.887672    -.839409
             _Iage2_48 |  -1.239732   .2451462    -5.06   0.000    -1.720231   -.7592322
             _Iage2_49 |  -1.120373   .2228366    -5.03   0.000    -1.557144   -.6836013
             _Iage2_50 |  -1.000754   .2005685    -4.99   0.000    -1.393879   -.6076289
             _Iage2_51 |  -.8799641   .1783062    -4.94   0.000    -1.229454   -.5304744
             _Iage2_52 |  -.7575032   .1559993    -4.86   0.000     -1.06327   -.4517362
             _Iage2_53 |  -.6376826   .1337254    -4.77   0.000    -.8997915   -.3755738
             _Iage2_54 |  -.5208989   .1115102    -4.67   0.000    -.7394648   -.3023329
             _Iage2_55 |  -.4038233   .0891803    -4.53   0.000    -.5786214   -.2290252
             _Iage2_56 |  -.2864768   .0669418    -4.28   0.000    -.4176862   -.1552675
             _Iage2_57 |  -.1878194   .0446538    -4.21   0.000    -.2753433   -.1002956
             _Iage2_58 |  -.0837297   .0224232    -3.73   0.000    -.1276804    -.039779
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0052717   .0005405     9.75   0.000     .0042123    .0063312
                 _cons |    6.82786   .3380015    20.20   0.000     6.165359    7.490361
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3213932
               sigma_e |  .34057608
                   rho |  .93770807   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26696) =   66.13
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26696) =   73.42
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26696) =   32.21
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26696) =  116.12
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =   94.46
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =  216.20
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =  128.84
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26696) =  160.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26696) =   90.15
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =  155.59
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    887,341    .2038912    .4028892          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    941,730    .2047604    .4035266          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    847,506    8.195356    5.225219          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    787,332    21.11142    7.893397          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    666,783    8.738869    5.372003          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    594,950    21.66501    7.955318          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    180,723    6.190048    4.056204          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    192,382    19.39943     7.44261          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] * 
>   8.20
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] * 
>  21.11

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0590171   .0065546     9.00   0.000     .0461704    .0718639
       _nl_2 |  -.0142361   .0059214    -2.40   0.016    -.0258418   -.0026305
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.7
> 4
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.6
> 7
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.1
> 9
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.4
> 0

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0488479   .0068399     7.14   0.000     .0354419    .0622539
       _nl_2 |  -.0245241   .0060865    -4.03   0.000    -.0364535   -.0125947
       _nl_3 |   .0988032   .0084852    11.64   0.000     .0821726    .1154339
       _nl_4 |   .0237683   .0085028     2.80   0.005     .0071032    .0404335
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.1
> 9
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.4
> 0
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.7
> 4
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.6
> 7

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .1007536   .0086339    11.67   0.000     .0838315    .1176757
       _nl_2 |   .1041712   .0107182     9.72   0.000     .0831638    .1251785
       _nl_3 |   .1355648   .0092197    14.70   0.000     .1174945    .1536351
       _nl_4 |   .1389824   .0109546    12.69   0.000     .1175118     .160453
       _nl_5 |   .0988032   .0084852    11.64   0.000     .0821726    .1154339
       _nl_6 |   .0237683   .0085028     2.80   0.005     .0071032    .0404335
       _nl_7 |   .0488479   .0068399     7.14   0.000     .0354419    .0622539
       _nl_8 |  -.0245241   .0060865    -4.03   0.000    -.0364535   -.0125947
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_whitec_noIQ_noPhD_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2798                         Obs per group: min =         1
       between = 0.1732                                        avg =      11.8
       overall = 0.1268                                        max =        48

                                                F(86,26696)        =    641.74
corr(u_i, Xb)  = -0.9252                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1703376   .0166545   -10.23   0.000    -.2029813   -.1376939
           treated_ia3 |   .0046491   .0005957     7.80   0.000     .0034815    .0058167
     treated_iasuorv_d |   .0928018   .0287846     3.22   0.001     .0363824    .1492211
           treated_pre |   .0415979   .0060586     6.87   0.000     .0297228    .0534731
       treated_pre_ia2 |   .0084507    .005756     1.47   0.142    -.0028313    .0197327
       treated_pre_ia3 |  -.0025125   .0002992    -8.40   0.000    -.0030989   -.0019261
 treated_pre_iasuorv_d |  -.0520107   .0078346    -6.64   0.000    -.0673669   -.0366544
          treated_post |   .0970952   .0086164    11.27   0.000     .0802066    .1139838
      treated_post_ia2 |   .0349706   .0076483     4.57   0.000     .0199794    .0499618
      treated_post_ia3 |  -.0057735    .000398   -14.51   0.000    -.0065536   -.0049933
treated_post_iasuorv_d |  -.1467479    .010368   -14.15   0.000    -.1670698    -.126426
             interact2 |   .4742759   .0112996    41.97   0.000     .4521281    .4964237
             interact3 |  -.0020027   .0003219    -6.22   0.000    -.0026337   -.0013717
               suorv_d |  -.0452323   .0164478    -2.75   0.006    -.0774707   -.0129938
                   l_0 |  -.4815989    .111441    -4.32   0.000    -.7000292   -.2631686
                   l_1 |  -.5591362   .1337486    -4.18   0.000    -.8212905   -.2969819
                   l_2 |  -.6839983   .1560296    -4.38   0.000    -.9898246    -.378172
                   l_3 |  -.7984699   .1782902    -4.48   0.000    -1.147928   -.4490117
                   l_4 |   -.911706   .2005851    -4.55   0.000    -1.304863   -.5185486
                   l_5 |  -1.024193    .222893    -4.60   0.000    -1.461075   -.5873113
                   l_6 |  -1.136377   .2451647    -4.64   0.000    -1.616913   -.6558417
                   l_7 |  -1.248981   .2674478    -4.67   0.000    -1.773193   -.7247691
                   l_8 |  -1.353515   .2897021    -4.67   0.000    -1.921346   -.7856837
                   l_9 |  -1.459411   .3120768    -4.68   0.000    -2.071098   -.8477242
                  l_10 |  -1.567056   .3343503    -4.69   0.000      -2.2224   -.9117116
                   f_1 |  -.3815582   .0891883    -4.28   0.000     -.556372   -.2067444
                   f_2 |  -.2899789   .0668781    -4.34   0.000    -.4210635   -.1588943
                   f_3 |  -.1979636   .0445694    -4.44   0.000     -.285322   -.1106053
                   f_4 |  -.1028419   .0223401    -4.60   0.000    -.1466297   -.0590542
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0118844    .003346     3.55   0.000     .0053261    .0184426
          _Ivuosi_1996 |    .040471   .0034961    11.58   0.000     .0336185    .0473235
          _Ivuosi_1997 |   .0323754   .0036966     8.76   0.000     .0251299     .039621
          _Ivuosi_1998 |   .0420294   .0038581    10.89   0.000     .0344673    .0495916
          _Ivuosi_1999 |    .046435   .0037312    12.45   0.000     .0391216    .0537484
          _Ivuosi_2000 |   .0491897   .0037578    13.09   0.000     .0418243    .0565552
          _Ivuosi_2001 |   .0628553   .0036397    17.27   0.000     .0557213    .0699893
          _Ivuosi_2002 |   .0453489   .0032302    14.04   0.000     .0390176    .0516803
          _Ivuosi_2003 |   .0382981   .0029554    12.96   0.000     .0325053    .0440908
          _Ivuosi_2004 |   .0472274     .00286    16.51   0.000     .0416217    .0528331
          _Ivuosi_2005 |   .0571304   .0026643    21.44   0.000     .0519083    .0623526
          _Ivuosi_2006 |   .0506639   .0025535    19.84   0.000      .045659    .0556688
          _Ivuosi_2007 |   .0537197   .0025304    21.23   0.000       .04876    .0586794
          _Ivuosi_2008 |   .0484892   .0023495    20.64   0.000     .0438841    .0530942
          _Ivuosi_2009 |   .0261268   .0021847    11.96   0.000     .0218446     .030409
          _Ivuosi_2010 |   .0163085   .0021375     7.63   0.000     .0121189    .0204981
          _Ivuosi_2011 |   .0085104   .0016353     5.20   0.000     .0053052    .0117157
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5994154   .0348323    17.21   0.000     .5311423    .6676886
             _Iage2_22 |   .8760181   .0565118    15.50   0.000     .7652521    .9867842
             _Iage2_23 |   1.137497   .0783814    14.51   0.000     .9838657    1.291129
             _Iage2_24 |   1.417177   .1007462    14.07   0.000     1.219709    1.614645
             _Iage2_25 |   1.739184   .1231855    14.12   0.000     1.497734    1.980634
             _Iage2_26 |   2.022135   .1454511    13.90   0.000     1.737043    2.307226
             _Iage2_27 |   2.261482   .1676039    13.49   0.000     1.932969    2.589994
             _Iage2_28 |   2.472778   .1898157    13.03   0.000     2.100729    2.844827
             _Iage2_29 |     2.6603     .21206    12.55   0.000     2.244651    3.075948
             _Iage2_30 |   2.832041   .2342405    12.09   0.000     2.372917    3.291164
             _Iage2_31 |   2.995365   .2564865    11.68   0.000     2.492638    3.498092
             _Iage2_32 |   3.154018   .2787295    11.32   0.000     2.607693    3.700343
             _Iage2_33 |    3.30896   .3009933    10.99   0.000     2.718997    3.898922
             _Iage2_34 |   3.456447   .3231814    10.70   0.000     2.822994      4.0899
             _Iage2_35 |   3.605486    .345493    10.44   0.000     2.928302    4.282671
             _Iage2_36 |   3.751425   .3677836    10.20   0.000     3.030549      4.4723
             _Iage2_37 |   3.895374   .3901213     9.99   0.000     3.130715    4.660032
             _Iage2_38 |   4.037258   .4123659     9.79   0.000        3.229    4.845517
             _Iage2_39 |   4.176439    .434609     9.61   0.000     3.324582    5.028296
             _Iage2_40 |     4.3141   .4568894     9.44   0.000     3.418573    5.209628
             _Iage2_41 |   4.448843   .4791287     9.29   0.000     3.509725    5.387961
             _Iage2_42 |    4.58663   .5014609     9.15   0.000      3.60374    5.569519
             _Iage2_43 |   4.718471   .5237159     9.01   0.000      3.69196    5.744982
             _Iage2_44 |   4.847485   .5459719     8.88   0.000     3.777352    5.917619
             _Iage2_45 |   4.977092    .568275     8.76   0.000     3.863243    6.090941
             _Iage2_46 |   5.104399   .5905785     8.64   0.000     3.946834    6.261964
             _Iage2_47 |   5.231388   .6128593     8.54   0.000     4.030152    6.432625
             _Iage2_48 |   5.355234   .6351104     8.43   0.000     4.110384    6.600084
             _Iage2_49 |   5.474628   .6574095     8.33   0.000     4.186071    6.763186
             _Iage2_50 |   5.594272   .6796714     8.23   0.000      4.26208    6.926464
             _Iage2_51 |   5.715096   .7019309     8.14   0.000     4.339275    7.090918
             _Iage2_52 |   5.837594    .724234     8.06   0.000     4.418057    7.257131
             _Iage2_53 |   5.957455   .7465039     7.98   0.000     4.494267    7.420642
             _Iage2_54 |   6.074273     .76872     7.90   0.000     4.567541    7.581005
             _Iage2_55 |   6.191403    .791055     7.83   0.000     4.640893    7.741912
             _Iage2_56 |    6.30878   .8133061     7.76   0.000     4.714657    7.902903
             _Iage2_57 |   6.407465   .8356157     7.67   0.000     4.769614    8.045316
             _Iage2_58 |   6.511598   .8578995     7.59   0.000      4.83007    8.193126
             _Iage2_59 |   6.595361   .8801286     7.49   0.000     4.870262    8.320459
         firm_size_new |   .0052716   .0005401     9.76   0.000      .004213    .0063302
                 _cons |   6.827638   .3380013    20.20   0.000     6.165138    7.490139
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3218217
               sigma_e |  .34058552
                   rho |   .9377427   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =  207.95
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =  120.60
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =  198.75
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26696) =   53.77
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26696) =   45.01
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26696) =   50.92
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2798                         Obs per group: min =         1
       between = 0.1732                                        avg =      11.8
       overall = 0.1268                                        max =        48

                                                F(89,26696)        =    628.62
corr(u_i, Xb)  = -0.9251                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.024635   .0069218    -3.56   0.000     -.038202   -.0110679
           treated_ia2 |  -.1676034   .0167094   -10.03   0.000    -.2003546   -.1348521
           treated_ia3 |   .0053183   .0006403     8.31   0.000     .0040634    .0065733
     treated_iasuorv_d |   .0973155   .0291702     3.34   0.001     .0401403    .1544906
           treated_pre |   .0434219   .0060482     7.18   0.000     .0315671    .0552766
  treated_pre_iasenior |   .0061037   .0058608     1.04   0.298    -.0053838    .0175911
       treated_pre_ia2 |   .0079237   .0057771     1.37   0.170    -.0033998    .0192472
       treated_pre_ia3 |  -.0027701   .0003688    -7.51   0.000     -.003493   -.0020473
 treated_pre_iasuorv_d |  -.0574064   .0100518    -5.71   0.000    -.0771084   -.0377043
          treated_post |   .1007536   .0086339    11.67   0.000     .0838307    .1176765
 treated_post_iasenior |   .0034176   .0069772     0.49   0.624     -.010258    .0170931
      treated_post_ia2 |   .0348112   .0076411     4.56   0.000     .0198343    .0497881
      treated_post_ia3 |  -.0059389   .0004534   -13.10   0.000    -.0068276   -.0050501
treated_post_iasuorv_d |  -.1499341   .0121372   -12.35   0.000    -.1737237   -.1261446
                senior |   6.603735   .8802778     7.50   0.000     4.878344    8.329126
             interact2 |   .4731541    .011314    41.82   0.000     .4509782    .4953301
             interact3 |  -.0022308   .0003237    -6.89   0.000    -.0028653   -.0015963
               suorv_d |   -.045562   .0164448    -2.77   0.006    -.0777946   -.0133294
                   l_0 |  -.4828183    .111461    -4.33   0.000    -.7012878   -.2643488
                   l_1 |  -.5603171   .1337708    -4.19   0.000    -.8225149   -.2981193
                   l_2 |  -.6851431   .1560543    -4.39   0.000    -.9910178   -.3792684
                   l_3 |  -.7995803   .1783169    -4.48   0.000    -1.149091   -.4500698
                   l_4 |  -.9127857   .2006143    -4.55   0.000       -1.306   -.5195712
                   l_5 |  -1.025245   .2229243    -4.60   0.000    -1.462188   -.5883014
                   l_6 |  -1.137384   .2451981    -4.64   0.000    -1.617986   -.6567832
                   l_7 |  -1.249963   .2674835    -4.67   0.000    -1.774245   -.7256813
                   l_8 |  -1.354451   .2897405    -4.67   0.000    -1.922358   -.7865441
                   l_9 |  -1.460275   .3121166    -4.68   0.000     -2.07204   -.8485105
                  l_10 |  -1.567838   .3343916    -4.69   0.000    -2.223263   -.9124129
                   f_1 |  -.3818186   .0891993    -4.28   0.000    -.5566538   -.2069833
                   f_2 |  -.2902778    .066887    -4.34   0.000    -.4213799   -.1591757
                   f_3 |  -.1982989   .0445765    -4.45   0.000    -.2856713   -.1109265
                   f_4 |  -.1032245   .0223451    -4.62   0.000    -.1470221    -.059427
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0118713   .0033463     3.55   0.000     .0053125    .0184302
          _Ivuosi_1996 |   .0404773   .0034942    11.58   0.000     .0336285     .047326
          _Ivuosi_1997 |   .0323792   .0036971     8.76   0.000     .0251327    .0396257
          _Ivuosi_1998 |   .0420317   .0038577    10.90   0.000     .0344704    .0495929
          _Ivuosi_1999 |   .0464362   .0037309    12.45   0.000     .0391234     .053749
          _Ivuosi_2000 |   .0491937   .0037585    13.09   0.000     .0418268    .0565607
          _Ivuosi_2001 |   .0628373   .0036412    17.26   0.000     .0557004    .0699742
          _Ivuosi_2002 |   .0453083   .0032325    14.02   0.000     .0389724    .0516442
          _Ivuosi_2003 |   .0382502   .0029578    12.93   0.000     .0324528    .0440475
          _Ivuosi_2004 |   .0471878    .002862    16.49   0.000     .0415781    .0527976
          _Ivuosi_2005 |   .0571107   .0026663    21.42   0.000     .0518847    .0623368
          _Ivuosi_2006 |   .0506408   .0025553    19.82   0.000     .0456323    .0556493
          _Ivuosi_2007 |   .0536913   .0025309    21.21   0.000     .0487307    .0586519
          _Ivuosi_2008 |    .048468   .0023495    20.63   0.000     .0438628    .0530732
          _Ivuosi_2009 |    .026098   .0021849    11.94   0.000     .0218155    .0303804
          _Ivuosi_2010 |   .0163013   .0021375     7.63   0.000     .0121117    .0204909
          _Ivuosi_2011 |   .0085063   .0016354     5.20   0.000     .0053008    .0117119
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5994086   .0348314    17.21   0.000     .5311373      .66768
             _Iage2_22 |   .8760125   .0565125    15.50   0.000     .7652451      .98678
             _Iage2_23 |   1.137464   .0783842    14.51   0.000     .9838271    1.291102
             _Iage2_24 |   1.417153   .1007515    14.07   0.000     1.219674    1.614631
             _Iage2_25 |   1.739127   .1231924    14.12   0.000     1.497663     1.98059
             _Iage2_26 |   2.022016   .1454591    13.90   0.000     1.736909    2.307124
             _Iage2_27 |   2.261307   .1676135    13.49   0.000     1.932776    2.589839
             _Iage2_28 |   2.472536    .189826    13.03   0.000     2.100467    2.844605
             _Iage2_29 |   2.659983    .212071    12.54   0.000     2.244313    3.075653
             _Iage2_30 |    2.83165   .2342523    12.09   0.000     2.372503    3.290797
             _Iage2_31 |   2.994888   .2564988    11.68   0.000     2.492137     3.49764
             _Iage2_32 |   3.153463   .2787423    11.31   0.000     2.607114    3.699813
             _Iage2_33 |   3.308332   .3010064    10.99   0.000     2.718343     3.89832
             _Iage2_34 |   3.455744   .3231947    10.69   0.000     2.822265    4.089222
             _Iage2_35 |   3.604701   .3455065    10.43   0.000      2.92749    4.281913
             _Iage2_36 |    3.75057   .3677974    10.20   0.000     3.029668    4.471473
             _Iage2_37 |   3.894453   .3901355     9.98   0.000     3.129767     4.65914
             _Iage2_38 |   4.036282   .4123803     9.79   0.000     3.227995     4.84457
             _Iage2_39 |   4.175401   .4346245     9.61   0.000     3.323514    5.027288
             _Iage2_40 |   4.313008   .4569063     9.44   0.000     3.417447    5.208568
             _Iage2_41 |  -2.145777   .4012023    -5.35   0.000    -2.932155   -1.359399
             _Iage2_42 |  -2.008066   .3788584    -5.30   0.000    -2.750649   -1.265484
             _Iage2_43 |  -1.876293    .356592    -5.26   0.000    -2.575232   -1.177354
             _Iage2_44 |  -1.747338   .3343249    -5.23   0.000    -2.402632   -1.092043
             _Iage2_45 |  -1.617771   .3120118    -5.18   0.000    -2.229331   -1.006211
             _Iage2_46 |  -1.490506   .2896967    -5.15   0.000    -2.058327   -.9226848
             _Iage2_47 |  -1.363541   .2674069    -5.10   0.000    -1.887672    -.839409
             _Iage2_48 |  -1.239732   .2451462    -5.06   0.000    -1.720231   -.7592322
             _Iage2_49 |  -1.120373   .2228366    -5.03   0.000    -1.557144   -.6836013
             _Iage2_50 |  -1.000754   .2005685    -4.99   0.000    -1.393879   -.6076289
             _Iage2_51 |  -.8799641   .1783062    -4.94   0.000    -1.229454   -.5304744
             _Iage2_52 |  -.7575032   .1559993    -4.86   0.000     -1.06327   -.4517362
             _Iage2_53 |  -.6376826   .1337254    -4.77   0.000    -.8997915   -.3755738
             _Iage2_54 |  -.5208989   .1115102    -4.67   0.000    -.7394648   -.3023329
             _Iage2_55 |  -.4038233   .0891803    -4.53   0.000    -.5786214   -.2290252
             _Iage2_56 |  -.2864768   .0669418    -4.28   0.000    -.4176862   -.1552675
             _Iage2_57 |  -.1878194   .0446538    -4.21   0.000    -.2753433   -.1002956
             _Iage2_58 |  -.0837297   .0224232    -3.73   0.000    -.1276804    -.039779
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0052717   .0005405     9.75   0.000     .0042123    .0063312
                 _cons |    6.82786   .3380015    20.20   0.000     6.165359    7.490361
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3213932
               sigma_e |  .34057608
                   rho |  .93770807   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26696) =   66.13
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26696) =   73.42
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26696) =   32.21
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26696) =  116.12
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =   94.46
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =  216.20
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =  128.84
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26696) =  160.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26696) =   90.15
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =  155.59
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1827788
Group variable: shnro_real                      Number of groups   =    154484

R-sq:  within  = 0.2667                         Obs per group: min =         1
       between = 0.1542                                        avg =      11.8
       overall = 0.1100                                        max =        48

                                                F(74,26688)        =    619.10
corr(u_i, Xb)  = -0.9258                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,689 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0111206   .0035958     3.09   0.002     .0040726    .0181686
 treated_post |    .021037   .0052003     4.05   0.000     .0108441    .0312298
          l_0 |  -.4781617   .1112876    -4.30   0.000    -.6962912   -.2600322
          l_1 |   -.555047   .1335394    -4.16   0.000    -.8167912   -.2933027
          l_2 |  -.6800321   .1557791    -4.37   0.000    -.9853673   -.3746968
          l_3 |  -.7952044   .1780073    -4.47   0.000    -1.144108   -.4463008
          l_4 |  -.9091569   .2002719    -4.54   0.000      -1.3017   -.5166133
          l_5 |  -1.022034   .2225388    -4.59   0.000    -1.458222   -.5858463
          l_6 |   -1.13462   .2447776    -4.64   0.000    -1.614397   -.6548429
          l_7 |  -1.247867   .2670253    -4.67   0.000    -1.771251   -.7244831
          l_8 |  -1.353368   .2892352    -4.68   0.000    -1.920285   -.7864519
          l_9 |  -1.459147   .3115774    -4.68   0.000    -2.069856   -.8484392
         l_10 |  -1.567111   .3338164    -4.69   0.000    -2.221409   -.9128133
          f_1 |  -.3789869   .0890511    -4.26   0.000    -.5535318   -.2044419
          f_2 |  -.2881436   .0667767    -4.32   0.000    -.4190294   -.1572578
          f_3 |  -.1967281   .0445014    -4.42   0.000    -.2839533    -.109503
          f_4 |  -.1024069   .0223083    -4.59   0.000    -.1461324   -.0586814
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0098951   .0034453     2.87   0.004     .0031421     .016648
 _Ivuosi_1996 |   .0381789   .0035897    10.64   0.000     .0311429    .0452149
 _Ivuosi_1997 |   .0290661   .0038103     7.63   0.000     .0215977    .0365346
 _Ivuosi_1998 |   .0377784   .0039787     9.50   0.000       .02998    .0455769
 _Ivuosi_1999 |   .0421392   .0038044    11.08   0.000     .0346824     .049596
 _Ivuosi_2000 |   .0437053   .0038392    11.38   0.000     .0361804    .0512303
 _Ivuosi_2001 |   .0570614   .0037361    15.27   0.000     .0497385    .0643844
 _Ivuosi_2002 |   .0394451   .0033139    11.90   0.000     .0329497    .0459405
 _Ivuosi_2003 |   .0323945   .0030449    10.64   0.000     .0264262    .0383627
 _Ivuosi_2004 |   .0411549    .002963    13.89   0.000     .0353472    .0469626
 _Ivuosi_2005 |   .0508136   .0027575    18.43   0.000     .0454089    .0562184
 _Ivuosi_2006 |   .0444474   .0026631    16.69   0.000     .0392275    .0496672
 _Ivuosi_2007 |   .0474627    .002655    17.88   0.000     .0422588    .0526666
 _Ivuosi_2008 |   .0446726   .0024598    18.16   0.000     .0398512     .049494
 _Ivuosi_2009 |   .0227394   .0022626    10.05   0.000     .0183045    .0271743
 _Ivuosi_2010 |   .0147151    .002206     6.67   0.000     .0103913    .0190389
 _Ivuosi_2011 |   .0077976   .0016515     4.72   0.000     .0045606    .0110347
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5979419   .0349174    17.12   0.000      .529502    .6663819
    _Iage2_22 |   .8727634   .0565869    15.42   0.000     .7618501    .9836767
    _Iage2_23 |   1.132528    .078453    14.44   0.000     .9787564      1.2863
    _Iage2_24 |   1.416855   .1008305    14.05   0.000     1.219222    1.614488
    _Iage2_25 |   1.753125   .1233811    14.21   0.000     1.511291    1.994958
    _Iage2_26 |   2.053938   .1456728    14.10   0.000     1.768412    2.339465
    _Iage2_27 |   2.308452   .1678252    13.76   0.000     1.979506    2.637398
    _Iage2_28 |    2.53074   .1900458    13.32   0.000      2.15824     2.90324
    _Iage2_29 |    2.72658   .2122633    12.85   0.000     2.310532    3.142627
    _Iage2_30 |   2.904215   .2344153    12.39   0.000     2.444749    3.363682
    _Iage2_31 |   3.072764   .2566428    11.97   0.000      2.56973    3.575797
    _Iage2_32 |   3.234178   .2788434    11.60   0.000     2.687631    3.780726
    _Iage2_33 |   3.391795   .3010631    11.27   0.000     2.801695    3.981894
    _Iage2_34 |   3.540911   .3232106    10.96   0.000     2.907402    4.174421
    _Iage2_35 |      3.691   .3454875    10.68   0.000     3.013827    4.368174
    _Iage2_36 |   3.837478     .36774    10.44   0.000     3.116688    4.558268
    _Iage2_37 |   3.982071    .390041    10.21   0.000      3.21757    4.746572
    _Iage2_38 |   4.124018   .4122582    10.00   0.000      3.31597    4.932066
    _Iage2_39 |   4.263007   .4344656     9.81   0.000     3.411431    5.114582
    _Iage2_40 |   4.400013   .4567158     9.63   0.000     3.504826    5.295201
    _Iage2_41 |   4.534176   .4789213     9.47   0.000     3.595464    5.472887
    _Iage2_42 |    4.67075   .5012142     9.32   0.000     3.688343    5.653156
    _Iage2_43 |   4.801251   .5234352     9.17   0.000      3.77529    5.827212
    _Iage2_44 |   4.929074   .5456532     9.03   0.000     3.859565    5.998583
    _Iage2_45 |   5.056703   .5679219     8.90   0.000     3.943546     6.16986
    _Iage2_46 |   5.182411   .5901925     8.78   0.000     4.025602    6.339219
    _Iage2_47 |   5.307369   .6124371     8.67   0.000      4.10696    6.507778
    _Iage2_48 |   5.429128   .6346558     8.55   0.000     4.185169    6.673087
    _Iage2_49 |   5.546385   .6569205     8.44   0.000     4.258786    6.833984
    _Iage2_50 |   5.663673   .6791476     8.34   0.000     4.332508    6.994838
    _Iage2_51 |    5.78191   .7013735     8.24   0.000     4.407181    7.156639
    _Iage2_52 |   5.901563   .7236401     8.16   0.000      4.48319    7.319936
    _Iage2_53 |   6.018565   .7458774     8.07   0.000     4.556606    7.480524
    _Iage2_54 |   6.132197   .7680539     7.98   0.000     4.626771    7.637623
    _Iage2_55 |   6.245463   .7903585     7.90   0.000     4.696319    7.794607
    _Iage2_56 |   6.359398   .8125751     7.83   0.000     4.766708    7.952088
    _Iage2_57 |   6.454407   .8348491     7.73   0.000     4.818059    8.090756
    _Iage2_58 |   6.554379   .8570962     7.65   0.000     4.874425    8.234332
    _Iage2_59 |   6.633226   .8792939     7.54   0.000     4.909764    8.356689
firm_size_new |   .0050159   .0005617     8.93   0.000     .0039149    .0061169
        _cons |   6.839716   .3380956    20.23   0.000      6.17703    7.502401
--------------+----------------------------------------------------------------
      sigma_u |  1.3391342
      sigma_e |  .34335874
          rho |  .93831272   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1827788
Group variable: shnro_real                      Number of groups   =    154484

R-sq:  within  = 0.2705                         Obs per group: min =         1
       between = 0.1495                                        avg =      11.8
       overall = 0.1076                                        max =        48

                                                F(82,26688)        =    558.23
corr(u_i, Xb)  = -0.9264                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0044484   .0005852     7.60   0.000     .0033013    .0055955
     treated_iasuorv_d |    .101943   .0298451     3.42   0.001      .043445     .160441
           treated_pre |   .0415813   .0058781     7.07   0.000       .03006    .0531027
       treated_pre_ia3 |  -.0024377      .0003    -8.13   0.000    -.0030257   -.0018497
 treated_pre_iasuorv_d |   -.067859   .0077828    -8.72   0.000    -.0831137   -.0526044
          treated_post |   .1061839   .0088497    12.00   0.000     .0888381    .1235298
      treated_post_ia3 |  -.0057914   .0004046   -14.31   0.000    -.0065845   -.0049984
treated_post_iasuorv_d |  -.2037355   .0105148   -19.38   0.000    -.2243451   -.1831258
             interact3 |  -.0090853   .0003444   -26.38   0.000    -.0097604   -.0084102
               suorv_d |  -.0418596   .0168935    -2.48   0.013    -.0749718   -.0087475
                   l_0 |  -.4753498   .1115338    -4.26   0.000    -.6939619   -.2567376
                   l_1 |  -.5516763   .1338361    -4.12   0.000    -.8140021   -.2893504
                   l_2 |  -.6757564   .1561237    -4.33   0.000    -.9817671   -.3697457
                   l_3 |  -.7898194    .178397    -4.43   0.000    -1.139487   -.4401519
                   l_4 |  -.9025908   .2007047    -4.50   0.000    -1.295983   -.5091989
                   l_5 |    -1.0145   .2230145    -4.55   0.000     -1.45162   -.5773794
                   l_6 |  -1.126081    .245298    -4.59   0.000    -1.606878   -.6452839
                   l_7 |  -1.238034   .2675962    -4.63   0.000    -1.762537   -.7135309
                   l_8 |  -1.342677   .2898598    -4.63   0.000    -1.910817   -.7745364
                   l_9 |  -1.447592   .3122478    -4.64   0.000    -2.059614   -.8355695
                  l_10 |   -1.55445   .3345384    -4.65   0.000    -2.210163   -.8987365
                   f_1 |  -.3772251   .0892419    -4.23   0.000     -.552144   -.2023063
                   f_2 |  -.2864089   .0669179    -4.28   0.000    -.4175714   -.1552463
                   f_3 |  -.1951957   .0445949    -4.38   0.000     -.282604   -.1077873
                   f_4 |  -.1010533   .0223551    -4.52   0.000    -.1448705   -.0572362
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0101318   .0034449     2.94   0.003     .0033795     .016884
          _Ivuosi_1996 |   .0378184   .0036127    10.47   0.000     .0307373    .0448994
          _Ivuosi_1997 |   .0286841    .003814     7.52   0.000     .0212083    .0361598
          _Ivuosi_1998 |   .0375096   .0039755     9.44   0.000     .0297174    .0453018
          _Ivuosi_1999 |   .0418711   .0038396    10.91   0.000     .0343454    .0493969
          _Ivuosi_2000 |    .043416   .0038826    11.18   0.000     .0358058    .0510262
          _Ivuosi_2001 |   .0569411   .0037867    15.04   0.000     .0495191    .0643632
          _Ivuosi_2002 |   .0391528   .0033687    11.62   0.000       .03255    .0457557
          _Ivuosi_2003 |   .0322189   .0031094    10.36   0.000     .0261243    .0383135
          _Ivuosi_2004 |    .041137   .0030101    13.67   0.000      .035237    .0470371
          _Ivuosi_2005 |   .0510148   .0027985    18.23   0.000     .0455296    .0564999
          _Ivuosi_2006 |   .0446701   .0026855    16.63   0.000     .0394063    .0499338
          _Ivuosi_2007 |   .0478224   .0026528    18.03   0.000     .0426228    .0530221
          _Ivuosi_2008 |   .0444244   .0024598    18.06   0.000     .0396031    .0492457
          _Ivuosi_2009 |   .0228163   .0022556    10.12   0.000     .0183953    .0272373
          _Ivuosi_2010 |   .0143502   .0022044     6.51   0.000     .0100294     .018671
          _Ivuosi_2011 |   .0075708   .0016534     4.58   0.000       .00433    .0108117
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6016996   .0348826    17.25   0.000     .5333278    .6700714
             _Iage2_22 |   .8797434   .0565554    15.56   0.000     .7688917     .990595
             _Iage2_23 |   1.142658   .0784542    14.56   0.000     .9888831    1.296432
             _Iage2_24 |   1.427017    .100867    14.15   0.000     1.229312    1.624722
             _Iage2_25 |   1.761299    .123433    14.27   0.000     1.519363    2.003234
             _Iage2_26 |   2.060846   .1457561    14.14   0.000     1.775157    2.346536
             _Iage2_27 |    2.31577   .1679445    13.79   0.000      1.98659     2.64495
             _Iage2_28 |   2.539784   .1902029    13.35   0.000     2.166977    2.912592
             _Iage2_29 |   2.738255    .212458    12.89   0.000     2.321826    3.154684
             _Iage2_30 |   2.919379   .2346542    12.44   0.000     2.459444    3.379313
             _Iage2_31 |   3.091728   .2569209    12.03   0.000     2.588149    3.595306
             _Iage2_32 |    3.25766   .2791688    11.67   0.000     2.710475    3.804846
             _Iage2_33 |    3.41996   .3014399    11.35   0.000     2.829122    4.010798
             _Iage2_34 |   3.574058   .3236393    11.04   0.000     2.939707    4.208408
             _Iage2_35 |   3.729528   .3459636    10.78   0.000     3.051421    4.407635
             _Iage2_36 |   3.881493   .3682693    10.54   0.000     3.159666    4.603321
             _Iage2_37 |   4.031589   .3906192    10.32   0.000     3.265955    4.797223
             _Iage2_38 |   4.179552   .4128844    10.12   0.000     3.370277    4.988827
             _Iage2_39 |   4.324565    .435145     9.94   0.000     3.471658    5.177473
             _Iage2_40 |   4.467736   .4574425     9.77   0.000     3.571125    5.364347
             _Iage2_41 |   4.608266   .4797031     9.61   0.000     3.668023     5.54851
             _Iage2_42 |   4.751623   .5020505     9.46   0.000     3.767577    5.735668
             _Iage2_43 |   4.888894   .5243233     9.32   0.000     3.861192    5.916595
             _Iage2_44 |   5.023566   .5465949     9.19   0.000     3.952211    6.094921
             _Iage2_45 |   5.158519   .5689152     9.07   0.000     4.043415    6.273623
             _Iage2_46 |   5.291691   .5912361     8.95   0.000     4.132837    6.450544
             _Iage2_47 |   5.423985   .6135343     8.84   0.000     4.221425    6.626544
             _Iage2_48 |   5.553101   .6358037     8.73   0.000     4.306892     6.79931
             _Iage2_49 |    5.67802   .6581202     8.63   0.000     4.388069     6.96797
             _Iage2_50 |   5.802869   .6804032     8.53   0.000     4.469243    7.136496
             _Iage2_51 |   5.929111   .7026861     8.44   0.000     4.551809    7.306413
             _Iage2_52 |    6.05642   .7250076     8.35   0.000     4.635367    7.477473
             _Iage2_53 |   6.181344   .7472961     8.27   0.000     4.716604    7.646084
             _Iage2_54 |   6.302881   .7695281     8.19   0.000     4.794565    7.811197
             _Iage2_55 |   6.424678   .7918813     8.11   0.000     4.872549    7.976807
             _Iage2_56 |    6.54624   .8141524     8.04   0.000     4.950459    8.142022
             _Iage2_57 |   6.649267   .8364815     7.95   0.000     5.009719    8.288815
             _Iage2_58 |   6.757541   .8587844     7.87   0.000     5.074278    8.440804
             _Iage2_59 |   6.845434   .8810341     7.77   0.000     5.118561    8.572307
         firm_size_new |   .0051793   .0005588     9.27   0.000     .0040841    .0062745
                 _cons |   6.845196   .3384132    20.23   0.000     6.181888    7.508504
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3513672
               sigma_e |  .34247181
                   rho |  .93965107   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =  138.10
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26688) =   48.13
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1827788
Group variable: shnro_real                      Number of groups   =    154484

R-sq:  within  = 0.2671                         Obs per group: min =         1
       between = 0.1526                                        avg =      11.8
       overall = 0.1087                                        max =        48

                                                F(79,26688)        =    586.40
corr(u_i, Xb)  = -0.9283                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,689 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0216538   .0071009     3.05   0.002     .0077356    .0355721
          treated_pre |   .0209211   .0050496     4.14   0.000     .0110237    .0308185
 treated_pre_iasenior |   -.023277   .0059162    -3.93   0.000    -.0348732   -.0116809
         treated_post |   .0474604    .007447     6.37   0.000     .0328638    .0620571
treated_post_iasenior |  -.0509528   .0080701    -6.31   0.000    -.0667707   -.0351349
               senior |          0  (omitted)
         pre_iasenior |  -.0035258   .0038604    -0.91   0.361    -.0110925    .0040408
        post_iasenior |  -.0279869   .0053291    -5.25   0.000    -.0384321   -.0175416
                  l_0 |  -.4805285   .1112524    -4.32   0.000    -.6985891   -.2624679
                  l_1 |  -.5594436   .1334746    -4.19   0.000    -.8210609   -.2978263
                  l_2 |  -.6865439   .1556883    -4.41   0.000    -.9917013   -.3813866
                  l_3 |  -.8038465   .1778917    -4.52   0.000    -1.152524   -.4551693
                  l_4 |  -.9199481   .2001322    -4.60   0.000    -1.312218   -.5276785
                  l_5 |  -1.035056   .2223753    -4.65   0.000    -1.470923   -.5991882
                  l_6 |  -1.149836   .2445908    -4.70   0.000    -1.629247   -.6704254
                  l_7 |  -1.265395    .266816    -4.74   0.000    -1.788368   -.7424211
                  l_8 |  -1.373187   .2890032    -4.75   0.000    -1.939649   -.8067255
                  l_9 |  -1.481328   .3113184    -4.76   0.000    -2.091529   -.8711276
                 l_10 |  -1.591558   .3335338    -4.77   0.000    -2.245302   -.9378141
                  f_1 |  -.3886026   .0889909    -4.37   0.000    -.5630294   -.2141758
                  f_2 |  -.2950598   .0667482    -4.42   0.000    -.4258898   -.1642297
                  f_3 |  -.2010021    .044512    -4.52   0.000    -.2882481   -.1137561
                  f_4 |  -.1040375   .0223915    -4.65   0.000     -.147926   -.0601489
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0101139   .0034496     2.93   0.003     .0033525    .0168754
         _Ivuosi_1996 |   .0383237   .0035817    10.70   0.000     .0313034     .045344
         _Ivuosi_1997 |    .029191   .0037939     7.69   0.000     .0217547    .0366273
         _Ivuosi_1998 |   .0382435   .0039568     9.67   0.000     .0304879    .0459991
         _Ivuosi_1999 |   .0427349   .0037887    11.28   0.000     .0353088    .0501609
         _Ivuosi_2000 |   .0437562   .0038302    11.42   0.000     .0362489    .0512635
         _Ivuosi_2001 |   .0569752   .0037249    15.30   0.000     .0496741    .0642762
         _Ivuosi_2002 |   .0393117   .0033097    11.88   0.000     .0328245    .0457989
         _Ivuosi_2003 |   .0322625   .0030447    10.60   0.000     .0262946    .0382303
         _Ivuosi_2004 |   .0409436   .0029673    13.80   0.000     .0351277    .0467596
         _Ivuosi_2005 |   .0508567   .0027514    18.48   0.000     .0454638    .0562496
         _Ivuosi_2006 |   .0444121   .0026572    16.71   0.000     .0392038    .0496203
         _Ivuosi_2007 |   .0473399   .0026461    17.89   0.000     .0421535    .0525264
         _Ivuosi_2008 |   .0444058   .0024494    18.13   0.000     .0396049    .0492067
         _Ivuosi_2009 |   .0225992   .0022553    10.02   0.000     .0181787    .0270197
         _Ivuosi_2010 |    .014769   .0022035     6.70   0.000     .0104501    .0190879
         _Ivuosi_2011 |   .0077827   .0016498     4.72   0.000     .0045491    .0110163
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5981286   .0348838    17.15   0.000     .5297546    .6665027
            _Iage2_22 |   .8728801   .0565278    15.44   0.000     .7620825    .9836776
            _Iage2_23 |   1.132927   .0783683    14.46   0.000      .979321    1.286533
            _Iage2_24 |   1.417414   .1007222    14.07   0.000     1.219993    1.614835
            _Iage2_25 |   1.753667   .1232444    14.23   0.000     1.512101    1.995232
            _Iage2_26 |   2.054364   .1455085    14.12   0.000     1.769159    2.339568
            _Iage2_27 |   2.308861   .1676367    13.77   0.000     1.980285    2.637438
            _Iage2_28 |   2.531162    .189831    13.33   0.000     2.159083     2.90324
            _Iage2_29 |   2.727015   .2120232    12.86   0.000     2.311438    3.142592
            _Iage2_30 |   2.904845   .2341522    12.41   0.000     2.445894    3.363795
            _Iage2_31 |   3.073685   .2563554    11.99   0.000     2.571215    3.576155
            _Iage2_32 |   3.235501   .2785319    11.62   0.000     2.689563    3.781438
            _Iage2_33 |   3.393561   .3007276    11.28   0.000     2.804119    3.983003
            _Iage2_34 |   3.543231   .3228518    10.97   0.000     2.910424    4.176037
            _Iage2_35 |   3.693896   .3451058    10.70   0.000      3.01747    4.370322
            _Iage2_36 |   3.840989   .3673346    10.46   0.000     3.120993    4.560984
            _Iage2_37 |   3.986428   .3896133    10.23   0.000     3.222766    4.750091
            _Iage2_38 |   4.129539   .4118079    10.03   0.000     3.322374    4.936704
            _Iage2_39 |   4.270033   .4339921     9.84   0.000     3.419385     5.12068
            _Iage2_40 |   4.408876   .4562199     9.66   0.000     3.514661    5.303091
            _Iage2_41 |    4.57417    .478433     9.56   0.000     3.636416    5.511924
            _Iage2_42 |   4.713498   .5007039     9.41   0.000     3.732092    5.694904
            _Iage2_43 |   4.847038   .5229048     9.27   0.000     3.822117    5.871959
            _Iage2_44 |   4.978207    .545101     9.13   0.000      3.90978    6.046634
            _Iage2_45 |   5.109495   .5673489     9.01   0.000     3.997461    6.221529
            _Iage2_46 |   5.239114   .5895988     8.89   0.000     4.083469    6.394759
            _Iage2_47 |   5.368105   .6118236     8.77   0.000     4.168898    6.567311
            _Iage2_48 |   5.494089   .6340229     8.67   0.000     4.251371    6.736807
            _Iage2_49 |   5.615682   .6562689     8.56   0.000      4.32936    6.902003
            _Iage2_50 |   5.737303   .6784765     8.46   0.000     4.407454    7.067153
            _Iage2_51 |   5.859995   .7006821     8.36   0.000     4.486621    7.233369
            _Iage2_52 |   5.984067   .7229297     8.28   0.000     4.567086    7.401047
            _Iage2_53 |   6.105585   .7451475     8.19   0.000     4.645057    7.566114
            _Iage2_54 |   6.223745   .7673054     8.11   0.000     4.719785    7.727704
            _Iage2_55 |   6.341885   .7895927     8.03   0.000     4.794241    7.889528
            _Iage2_56 |   6.460263   .8117884     7.96   0.000     4.869115    8.051411
            _Iage2_57 |   6.559961   .8340394     7.87   0.000     4.925199    8.194722
            _Iage2_58 |   6.664823   .8562665     7.78   0.000     4.986496    8.343151
            _Iage2_59 |   6.748936   .8784434     7.68   0.000     5.027141    8.470732
        firm_size_new |   .0051515    .000564     9.13   0.000      .004046    .0062571
                _cons |   6.816166    .337739    20.18   0.000      6.15418    7.478152
----------------------+----------------------------------------------------------------
              sigma_u |  1.3627258
              sigma_e |  .34326729
                  rho |   .9403336   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26688) =    0.43
            Prob > F =    0.5106

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26688) =    0.37
            Prob > F =    0.5411
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1827788
Group variable: shnro_real                      Number of groups   =    154484

R-sq:  within  = 0.2799                         Obs per group: min =         1
       between = 0.1731                                        avg =      11.8
       overall = 0.1267                                        max =        48

                                                F(86,26688)        =    640.84
corr(u_i, Xb)  = -0.9256                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1712077   .0166706   -10.27   0.000    -.2038829   -.1385325
           treated_ia3 |   .0046545   .0005955     7.82   0.000     .0034873    .0058217
     treated_iasuorv_d |    .092566   .0288006     3.21   0.001     .0361153    .1490167
           treated_pre |   .0416266    .006059     6.87   0.000     .0297506    .0535026
       treated_pre_ia2 |   .0086813   .0057536     1.51   0.131    -.0025961    .0199587
       treated_pre_ia3 |  -.0025133   .0002992    -8.40   0.000    -.0030997    -.001927
 treated_pre_iasuorv_d |  -.0518591   .0078322    -6.62   0.000    -.0672105   -.0365076
          treated_post |   .0973373   .0086185    11.29   0.000     .0804447      .11423
      treated_post_ia2 |     .03469   .0076491     4.54   0.000     .0196974    .0496826
      treated_post_ia3 |  -.0057887   .0003981   -14.54   0.000    -.0065689   -.0050084
treated_post_iasuorv_d |   -.146826   .0103677   -14.16   0.000    -.1671472   -.1265047
             interact2 |   .4743366   .0113003    41.98   0.000     .4521874    .4964858
             interact3 |  -.0019975   .0003219    -6.20   0.000    -.0026285   -.0013665
               suorv_d |  -.0452434   .0164476    -2.75   0.006    -.0774816   -.0130052
                   l_0 |  -.4830791   .1114902    -4.33   0.000    -.7016057   -.2645525
                   l_1 |  -.5610288   .1338073    -4.19   0.000    -.8232982   -.2987594
                   l_2 |  -.6861985   .1560981    -4.40   0.000    -.9921591   -.3802378
                   l_3 |  -.8010017   .1783683    -4.49   0.000    -1.150613   -.4513904
                   l_4 |  -.9146764   .2006726    -4.56   0.000    -1.308005   -.5213475
                   l_5 |  -1.027418   .2229901    -4.61   0.000     -1.46449   -.5903453
                   l_6 |  -1.139929   .2452713    -4.65   0.000    -1.620674   -.6591842
                   l_7 |  -1.252768   .2675638    -4.68   0.000    -1.777208   -.7283292
                   l_8 |  -1.357671   .2898279    -4.68   0.000    -1.925749    -.789593
                   l_9 |  -1.463769   .3122128    -4.69   0.000    -2.075723   -.8518153
                  l_10 |  -1.571613    .334496    -4.70   0.000    -2.227243   -.9159827
                   f_1 |  -.3828412   .0892276    -4.29   0.000    -.5577321   -.2079504
                   f_2 |  -.2909346   .0669075    -4.35   0.000    -.4220768   -.1597924
                   f_3 |  -.1986269   .0445889    -4.45   0.000    -.2860234   -.1112303
                   f_4 |  -.1032074   .0223498    -4.62   0.000    -.1470141   -.0594006
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0115833   .0033338     3.47   0.001     .0050488    .0181178
          _Ivuosi_1996 |   .0399179   .0034886    11.44   0.000     .0330801    .0467557
          _Ivuosi_1997 |   .0317367    .003681     8.62   0.000     .0245218    .0389517
          _Ivuosi_1998 |   .0412759   .0038347    10.76   0.000     .0337596    .0487922
          _Ivuosi_1999 |   .0453068   .0036785    12.32   0.000     .0380967    .0525168
          _Ivuosi_2000 |   .0482235    .003717    12.97   0.000      .040938     .055509
          _Ivuosi_2001 |   .0622405   .0036221    17.18   0.000      .055141      .06934
          _Ivuosi_2002 |   .0446486   .0032087    13.92   0.000     .0383594    .0509377
          _Ivuosi_2003 |   .0377685    .002944    12.83   0.000     .0319982    .0435389
          _Ivuosi_2004 |    .046798   .0028536    16.40   0.000     .0412047    .0523912
          _Ivuosi_2005 |   .0567406   .0026557    21.37   0.000     .0515353    .0619459
          _Ivuosi_2006 |   .0503513   .0025473    19.77   0.000     .0453584    .0553442
          _Ivuosi_2007 |   .0534089    .002525    21.15   0.000     .0484598    .0583579
          _Ivuosi_2008 |    .048249   .0023457    20.57   0.000     .0436513    .0528467
          _Ivuosi_2009 |   .0259385   .0021823    11.89   0.000     .0216611    .0302159
          _Ivuosi_2010 |   .0161628   .0021362     7.57   0.000     .0119757    .0203498
          _Ivuosi_2011 |   .0084482    .001635     5.17   0.000     .0052436    .0116529
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5999462   .0348583    17.21   0.000      .531622    .6682704
             _Iage2_22 |   .8767949   .0565477    15.51   0.000     .7659584    .9876315
             _Iage2_23 |   1.138582   .0784273    14.52   0.000       .98486    1.292303
             _Iage2_24 |   1.418633   .1008017    14.07   0.000     1.221056    1.616209
             _Iage2_25 |   1.740573    .123254    14.12   0.000     1.498989    1.982158
             _Iage2_26 |   2.023926   .1455301    13.91   0.000      1.73868    2.309173
             _Iage2_27 |   2.263623   .1676921    13.50   0.000     1.934938    2.592308
             _Iage2_28 |   2.474921   .1899148    13.03   0.000     2.102678    2.847164
             _Iage2_29 |   2.662732    .212169    12.55   0.000     2.246869    3.078594
             _Iage2_30 |   2.834781   .2343595    12.10   0.000     2.375424    3.294138
             _Iage2_31 |   2.998551   .2566154    11.69   0.000     2.495571    3.501531
             _Iage2_32 |    3.15729   .2788678    11.32   0.000     2.610695    3.703886
             _Iage2_33 |   3.312482   .3011414    11.00   0.000     2.722229    3.902735
             _Iage2_34 |   3.460269   .3233391    10.70   0.000     2.826507     4.09403
             _Iage2_35 |   3.609606   .3456601    10.44   0.000     2.932094    4.287118
             _Iage2_36 |   3.755707   .3679609    10.21   0.000     3.034485     4.47693
             _Iage2_37 |   3.899948   .3903082     9.99   0.000     3.134923    4.664973
             _Iage2_38 |   4.042162   .4125625     9.80   0.000     3.233518    4.850806
             _Iage2_39 |     4.1816    .434815     9.62   0.000      3.32934    5.033861
             _Iage2_40 |    4.31947   .4571054     9.45   0.000     3.423519     5.21542
             _Iage2_41 |   4.454452   .4793546     9.29   0.000     3.514892    5.394012
             _Iage2_42 |   4.592391   .5016958     9.15   0.000     3.609041    5.575742
             _Iage2_43 |   4.724552    .523961     9.02   0.000     3.697561    5.751544
             _Iage2_44 |   4.853956   .5462268     8.89   0.000     3.783322    5.924589
             _Iage2_45 |   4.983692   .5685396     8.77   0.000     3.869324     6.09806
             _Iage2_46 |   5.111461   .5908532     8.65   0.000     3.953358    6.269565
             _Iage2_47 |   5.238662    .613144     8.54   0.000     4.036867    6.440457
             _Iage2_48 |   5.362777   .6354051     8.44   0.000     4.117349    6.608205
             _Iage2_49 |   5.482558   .6577133     8.34   0.000     4.193405    6.771711
             _Iage2_50 |   5.602238   .6799851     8.24   0.000     4.269432    6.935045
             _Iage2_51 |   5.723618   .7022544     8.15   0.000     4.347162    7.100073
             _Iage2_52 |   5.846162   .7245667     8.07   0.000     4.425973    7.266351
             _Iage2_53 |   5.966468   .7468464     7.99   0.000      4.50261    7.430327
             _Iage2_54 |   6.083468   .7690724     7.91   0.000     4.576045    7.590891
             _Iage2_55 |   6.200981   .7914171     7.84   0.000     4.649762    7.752201
             _Iage2_56 |   6.318428   .8136782     7.77   0.000     4.723575     7.91328
             _Iage2_57 |   6.417468   .8359971     7.68   0.000     4.778869    8.056066
             _Iage2_58 |   6.521794   .8582913     7.60   0.000     4.839498     8.20409
             _Iage2_59 |   6.605775   .8805303     7.50   0.000     4.879889    8.331661
         firm_size_new |   .0051788   .0005447     9.51   0.000     .0041111    .0062465
                 _cons |   6.823808   .3382526    20.17   0.000     6.160815    7.486801
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3243421
               sigma_e |  .34025033
                   rho |  .93807924   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26688) =  207.86
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =  121.14
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26688) =  198.63
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26688) =   54.35
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26688) =   45.07
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26688) =   51.49
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1827788
Group variable: shnro_real                      Number of groups   =    154484

R-sq:  within  = 0.2705                         Obs per group: min =         1
       between = 0.1496                                        avg =      11.8
       overall = 0.1077                                        max =        48

                                                F(85,26688)        =    547.49
corr(u_i, Xb)  = -0.9261                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0338183   .0069646    -4.86   0.000    -.0474693   -.0201672
           treated_ia3 |   .0054332   .0006286     8.64   0.000      .004201    .0066653
     treated_iasuorv_d |   .1118824   .0302226     3.70   0.000     .0526444    .1711204
           treated_pre |   .0436224   .0058502     7.46   0.000     .0321558     .055089
  treated_pre_iasenior |    .009594   .0058662     1.64   0.102     -.001904    .0210921
       treated_pre_ia3 |  -.0028201   .0003647    -7.73   0.000    -.0035348   -.0021053
 treated_pre_iasuorv_d |  -.0755111   .0099157    -7.62   0.000    -.0949463   -.0560758
          treated_post |   .1105389   .0088935    12.43   0.000     .0931072    .1279705
 treated_post_iasenior |   .0166066   .0070804     2.35   0.019     .0027287    .0304845
      treated_post_ia3 |  -.0064187   .0004539   -14.14   0.000    -.0073084   -.0055291
treated_post_iasuorv_d |  -.2167395   .0121663   -17.81   0.000    -.2405861   -.1928928
                senior |   6.844912    .881359     7.77   0.000     5.117402    8.572422
             interact3 |  -.0092879   .0003473   -26.74   0.000    -.0099686   -.0086072
               suorv_d |    -.04196   .0168951    -2.48   0.013    -.0750752   -.0088448
                   l_0 |   -.475572   .1115768    -4.26   0.000    -.6942685   -.2568756
                   l_1 |  -.5516517   .1338859    -4.12   0.000    -.8140751   -.2892282
                   l_2 |  -.6754861   .1561807    -4.33   0.000    -.9816085   -.3693638
                   l_3 |  -.7893034   .1784605    -4.42   0.000    -1.139095   -.4395113
                   l_4 |  -.9018312   .2007755    -4.49   0.000    -1.295362   -.5083006
                   l_5 |  -1.013499   .2230925    -4.54   0.000    -1.450773   -.5762263
                   l_6 |  -1.124831   .2453826    -4.58   0.000    -1.605793   -.6438676
                   l_7 |  -1.236538   .2676878    -4.62   0.000    -1.761221    -.711856
                   l_8 |  -1.340916   .2899586    -4.62   0.000    -1.909251   -.7725823
                   l_9 |  -1.445544   .3123529    -4.63   0.000    -2.057772   -.8333156
                  l_10 |  -1.552112   .3346497    -4.64   0.000    -2.208043   -.8961808
                   f_1 |    -.37665   .0892714    -4.22   0.000    -.5516266   -.2016734
                   f_2 |  -.2860941   .0669406    -4.27   0.000    -.4173013   -.1548869
                   f_3 |  -.1951408   .0446114    -4.37   0.000    -.2825814   -.1077002
                   f_4 |  -.1012687   .0223648    -4.53   0.000    -.1451049   -.0574326
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0100874   .0034441     2.93   0.003     .0033367    .0168381
          _Ivuosi_1996 |   .0377885    .003611    10.46   0.000     .0307108    .0448663
          _Ivuosi_1997 |   .0286644   .0038158     7.51   0.000     .0211852    .0361436
          _Ivuosi_1998 |   .0374642    .003977     9.42   0.000      .029669    .0452594
          _Ivuosi_1999 |   .0418149   .0038412    10.89   0.000      .034286    .0493438
          _Ivuosi_2000 |   .0434024   .0038854    11.17   0.000     .0357868     .051018
          _Ivuosi_2001 |   .0569188   .0037898    15.02   0.000     .0494906    .0643469
          _Ivuosi_2002 |   .0391015    .003372    11.60   0.000     .0324922    .0457108
          _Ivuosi_2003 |   .0321638   .0031126    10.33   0.000     .0260629    .0382646
          _Ivuosi_2004 |   .0410994   .0030125    13.64   0.000     .0351948    .0470039
          _Ivuosi_2005 |   .0509837   .0028013    18.20   0.000      .045493    .0564745
          _Ivuosi_2006 |   .0446335   .0026874    16.61   0.000     .0393661    .0499009
          _Ivuosi_2007 |   .0477947   .0026536    18.01   0.000     .0425936    .0529959
          _Ivuosi_2008 |   .0444155   .0024605    18.05   0.000     .0395927    .0492382
          _Ivuosi_2009 |   .0227902   .0022566    10.10   0.000     .0183672    .0272131
          _Ivuosi_2010 |   .0143361   .0022046     6.50   0.000     .0100151    .0186572
          _Ivuosi_2011 |   .0075657   .0016536     4.58   0.000     .0043246    .0108069
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |     .60152    .034887    17.24   0.000     .5331396    .6699004
             _Iage2_22 |   .8793656   .0565667    15.55   0.000     .7684918    .9902394
             _Iage2_23 |   1.142058   .0784722    14.55   0.000     .9882485    1.295868
             _Iage2_24 |   1.426298   .1008915    14.14   0.000     1.228546    1.624051
             _Iage2_25 |   1.760434   .1234638    14.26   0.000     1.518438    2.002429
             _Iage2_26 |   2.059795   .1457931    14.13   0.000     1.774033    2.345557
             _Iage2_27 |   2.314533   .1679877    13.78   0.000     1.985268    2.643797
             _Iage2_28 |   2.538348   .1902517    13.34   0.000     2.165445    2.911252
             _Iage2_29 |   2.736614   .2125123    12.88   0.000     2.320078    3.153149
             _Iage2_30 |   2.917543   .2347141    12.43   0.000     2.457491    3.377595
             _Iage2_31 |   3.089697   .2569863    12.02   0.000      2.58599    3.593403
             _Iage2_32 |    3.25545   .2792394    11.66   0.000     2.708126    3.802774
             _Iage2_33 |   3.417583    .301516    11.33   0.000     2.826596    4.008571
             _Iage2_34 |   3.571514   .3237206    11.03   0.000     2.937005    4.206024
             _Iage2_35 |   3.726824     .34605    10.77   0.000     3.048547      4.4051
             _Iage2_36 |   3.878639   .3683612    10.53   0.000     3.156632    4.600647
             _Iage2_37 |   4.028567   .3907164    10.31   0.000     3.262742    4.794391
             _Iage2_38 |    4.17635   .4129864    10.11   0.000     3.366875    4.985825
             _Iage2_39 |   4.321146    .435253     9.93   0.000     3.468027    5.174265
             _Iage2_40 |   4.464075   .4575567     9.76   0.000      3.56724     5.36091
             _Iage2_41 |  -2.230589   .4016228    -5.55   0.000    -3.017791   -1.443387
             _Iage2_42 |  -2.087575   .3792583    -5.50   0.000    -2.830941   -1.344208
             _Iage2_43 |   -1.95066    .356969    -5.46   0.000    -2.650338   -1.250982
             _Iage2_44 |  -1.816359   .3346813    -5.43   0.000    -2.472352   -1.160366
             _Iage2_45 |  -1.681783   .3123461    -5.38   0.000    -2.293998   -1.069568
             _Iage2_46 |  -1.549007   .2900088    -5.34   0.000     -2.11744   -.9805748
             _Iage2_47 |  -1.417089   .2676965    -5.29   0.000    -1.941788   -.8923893
             _Iage2_48 |  -1.288377   .2454129    -5.25   0.000    -1.769399   -.8073545
             _Iage2_49 |  -1.163859   .2230809    -5.22   0.000    -1.601109   -.7266081
             _Iage2_50 |  -1.039388   .2007871    -5.18   0.000    -1.432941   -.6458346
             _Iage2_51 |  -.9135269   .1784966    -5.12   0.000     -1.26339   -.5636641
             _Iage2_52 |   -.786597   .1561668    -5.04   0.000    -1.092692   -.4805019
             _Iage2_53 |  -.6620368   .1338689    -4.95   0.000    -.9244268   -.3996467
             _Iage2_54 |  -.5408529   .1116329    -4.84   0.000    -.7596592   -.3220466
             _Iage2_55 |  -.4194373   .0892795    -4.70   0.000    -.5944299   -.2444448
             _Iage2_56 |  -.2982104   .0670159    -4.45   0.000    -.4295652   -.1668556
             _Iage2_57 |  -.1955084   .0447027    -4.37   0.000     -.283128   -.1078887
             _Iage2_58 |  -.0875703    .022448    -3.90   0.000    -.1315696   -.0435709
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0051716   .0005589     9.25   0.000     .0040761    .0062671
                 _cons |   6.847346   .3384892    20.23   0.000     6.183889    7.510803
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3487203
               sigma_e |  .34246154
                   rho |  .93943175   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26688) =   80.66
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26688) =  120.93
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26688) =   59.80
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26688) =  200.00
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26688) =  142.35
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =  145.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26688) =  137.77
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1827788
Group variable: shnro_real                      Number of groups   =    154484

R-sq:  within  = 0.2800                         Obs per group: min =         1
       between = 0.1731                                        avg =      11.8
       overall = 0.1268                                        max =        48

                                                F(89,26688)        =    627.86
corr(u_i, Xb)  = -0.9255                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0246015   .0069219    -3.55   0.000    -.0381688   -.0110342
           treated_ia2 |  -.1684829   .0167257   -10.07   0.000    -.2012661   -.1356997
           treated_ia3 |   .0053196   .0006401     8.31   0.000      .004065    .0065742
     treated_iasuorv_d |   .0969339   .0291846     3.32   0.001     .0397306    .1541372
           treated_pre |   .0434478   .0060483     7.18   0.000     .0315928    .0553029
  treated_pre_iasenior |   .0059951   .0058606     1.02   0.306    -.0054919    .0174821
       treated_pre_ia2 |    .008168   .0057745     1.41   0.157    -.0031503    .0194864
       treated_pre_ia3 |  -.0027669   .0003687    -7.50   0.000    -.0034897   -.0020441
 treated_pre_iasuorv_d |  -.0571753   .0100503    -5.69   0.000    -.0768744   -.0374762
          treated_post |   .1010068   .0086353    11.70   0.000     .0840812    .1179324
 treated_post_iasenior |   .0030846   .0069742     0.44   0.658    -.0105851    .0167543
      treated_post_ia2 |   .0345672   .0076418     4.52   0.000     .0195888    .0495457
      treated_post_ia3 |  -.0059424   .0004534   -13.11   0.000    -.0068312   -.0050537
treated_post_iasuorv_d |  -.1497612   .0121362   -12.34   0.000    -.1735488   -.1259735
                senior |   6.614536   .8806765     7.51   0.000     4.888364    8.340709
             interact2 |    .473211   .0113149    41.82   0.000     .4510332    .4953889
             interact3 |  -.0022281   .0003237    -6.88   0.000    -.0028626   -.0015936
               suorv_d |  -.0455798   .0164446    -2.77   0.006     -.077812   -.0133476
                   l_0 |   -.484349   .1115098    -4.34   0.000     -.702914    -.265784
                   l_1 |  -.5622669    .133829    -4.20   0.000    -.8245788    -.299955
                   l_2 |  -.6874073   .1561223    -4.40   0.000    -.9934153   -.3813994
                   l_3 |  -.8021829   .1783943    -4.50   0.000    -1.151845   -.4525205
                   l_4 |   -.915834    .200701    -4.56   0.000    -1.309219   -.5224494
                   l_5 |  -1.028554   .2230207    -4.61   0.000    -1.465687   -.5914218
                   l_6 |  -1.141028   .2453038    -4.65   0.000    -1.621836   -.6602191
                   l_7 |   -1.25385   .2675985    -4.69   0.000    -1.778357   -.7293424
                   l_8 |  -1.358713   .2898652    -4.69   0.000    -1.926864   -.7905616
                   l_9 |  -1.464747   .3122514    -4.69   0.000    -2.076776   -.8527172
                  l_10 |  -1.572514    .334536    -4.70   0.000    -2.228223    -.916806
                   f_1 |  -.3831341   .0892382    -4.29   0.000    -.5580457   -.2082224
                   f_2 |  -.2912589   .0669162    -4.35   0.000    -.4224182   -.1600997
                   f_3 |  -.1989803   .0445959    -4.46   0.000    -.2863905     -.11157
                   f_4 |  -.1036011   .0223547    -4.63   0.000    -.1474176   -.0597847
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0115712   .0033342     3.47   0.001     .0050361    .0181064
          _Ivuosi_1996 |   .0399256   .0034866    11.45   0.000     .0330916    .0467596
          _Ivuosi_1997 |   .0317421   .0036815     8.62   0.000     .0245261     .038958
          _Ivuosi_1998 |   .0412801   .0038343    10.77   0.000     .0337648    .0487955
          _Ivuosi_1999 |   .0453098   .0036782    12.32   0.000     .0381003    .0525192
          _Ivuosi_2000 |   .0482284   .0037177    12.97   0.000     .0409414    .0555153
          _Ivuosi_2001 |    .062223   .0036236    17.17   0.000     .0551206    .0693253
          _Ivuosi_2002 |   .0446084    .003211    13.89   0.000     .0383145    .0509022
          _Ivuosi_2003 |   .0377204   .0029464    12.80   0.000     .0319454    .0434955
          _Ivuosi_2004 |   .0467583   .0028557    16.37   0.000     .0411608    .0523557
          _Ivuosi_2005 |    .056721   .0026577    21.34   0.000     .0515117    .0619303
          _Ivuosi_2006 |   .0503285   .0025492    19.74   0.000     .0453319    .0553251
          _Ivuosi_2007 |     .05338   .0025254    21.14   0.000       .04843      .05833
          _Ivuosi_2008 |   .0482272   .0023457    20.56   0.000     .0436294     .052825
          _Ivuosi_2009 |   .0259094   .0021824    11.87   0.000     .0216318     .030187
          _Ivuosi_2010 |   .0161557   .0021362     7.56   0.000     .0119686    .0203428
          _Ivuosi_2011 |   .0084441   .0016351     5.16   0.000     .0052392     .011649
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5999473   .0348573    17.21   0.000      .531625    .6682695
             _Iage2_22 |   .8768047   .0565483    15.51   0.000     .7659671    .9876423
             _Iage2_23 |   1.138572   .0784299    14.52   0.000      .984845    1.292299
             _Iage2_24 |   1.418637   .1008066    14.07   0.000      1.22105    1.616223
             _Iage2_25 |   1.740551   .1232605    14.12   0.000     1.498954    1.982148
             _Iage2_26 |   2.023848   .1455376    13.91   0.000     1.738587    2.309109
             _Iage2_27 |   2.263494    .167701    13.50   0.000     1.934791    2.592197
             _Iage2_28 |    2.47473   .1899244    13.03   0.000     2.102468    2.846992
             _Iage2_29 |   2.662471   .2121792    12.55   0.000     2.246588    3.078353
             _Iage2_30 |   2.834451   .2343705    12.09   0.000     2.375072    3.293829
             _Iage2_31 |   2.998139   .2566268    11.68   0.000     2.495137    3.501141
             _Iage2_32 |   3.156805   .2788795    11.32   0.000     2.610186    3.703423
             _Iage2_33 |   3.311927   .3011533    11.00   0.000     2.721651    3.902203
             _Iage2_34 |   3.459643   .3233511    10.70   0.000     2.825858    4.093428
             _Iage2_35 |   3.608902   .3456723    10.44   0.000     2.931366    4.286438
             _Iage2_36 |   3.754938   .3679733    10.20   0.000     3.033691    4.476185
             _Iage2_37 |   3.899116   .3903209     9.99   0.000     3.134067    4.664166
             _Iage2_38 |    4.04128   .4125752     9.80   0.000     3.232611    4.849949
             _Iage2_39 |   4.180662   .4348287     9.61   0.000     3.328374    5.032949
             _Iage2_40 |   4.318482   .4571205     9.45   0.000     3.422502    5.214462
             _Iage2_41 |  -2.150755   .4013768    -5.36   0.000    -2.937475   -1.364036
             _Iage2_42 |  -2.012884   .3790238    -5.31   0.000    -2.755791   -1.269977
             _Iage2_43 |  -1.880783   .3567473    -5.27   0.000    -2.580026   -1.181539
             _Iage2_44 |  -1.751429   .3344706    -5.24   0.000    -2.407009   -1.095849
             _Iage2_45 |  -1.621722   .3121478    -5.20   0.000    -2.233549   -1.009896
             _Iage2_46 |  -1.493985   .2898227    -5.15   0.000    -2.062052   -.9259166
             _Iage2_47 |  -1.366798   .2675228    -5.11   0.000    -1.891157   -.8424387
             _Iage2_48 |  -1.242709   .2452523    -5.07   0.000    -1.723417   -.7620015
             _Iage2_49 |  -1.122952   .2229336    -5.04   0.000    -1.559914   -.6859907
             _Iage2_50 |  -1.003287   .2006558    -5.00   0.000    -1.396583   -.6099905
             _Iage2_51 |  -.8819316   .1783837    -4.94   0.000    -1.231573     -.53229
             _Iage2_52 |  -.7594135   .1560679    -4.87   0.000    -1.065315   -.4535123
             _Iage2_53 |  -.6391381   .1337841    -4.78   0.000    -.9013619   -.3769142
             _Iage2_54 |  -.5221638   .1115589    -4.68   0.000    -.7408252   -.3035024
             _Iage2_55 |  -.4046945   .0892194    -4.54   0.000    -.5795692   -.2298198
             _Iage2_56 |  -.2872699   .0669709    -4.29   0.000    -.4185365   -.1560033
             _Iage2_57 |  -.1882487   .0446737    -4.21   0.000    -.2758116   -.1006859
             _Iage2_58 |  -.0839568   .0224331    -3.74   0.000    -.1279268   -.0399868
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0051791   .0005452     9.50   0.000     .0041106    .0062476
                 _cons |   6.823954   .3382515    20.17   0.000     6.160963    7.486945
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3239857
               sigma_e |  .34024067
                   rho |  .93805126   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26688) =   66.11
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26688) =   73.14
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26688) =   32.26
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26688) =  115.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26688) =   94.38
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26688) =  216.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =  129.47
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26688) =  160.40
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26688) =   90.06
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26688) =  155.02
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1829071
Group variable: shnro_real                      Number of groups   =    154607

R-sq:  within  = 0.2798                         Obs per group: min =         1
       between = 0.1732                                        avg =      11.8
       overall = 0.1268                                        max =        48

                                                F(86,26696)        =    641.74
corr(u_i, Xb)  = -0.9252                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1703376   .0166545   -10.23   0.000    -.2029813   -.1376939
           treated_ia3 |   .0046491   .0005957     7.80   0.000     .0034815    .0058167
     treated_iasuorv_d |   .0928018   .0287846     3.22   0.001     .0363824    .1492211
           treated_pre |   .0415979   .0060586     6.87   0.000     .0297228    .0534731
       treated_pre_ia2 |   .0084507    .005756     1.47   0.142    -.0028313    .0197327
       treated_pre_ia3 |  -.0025125   .0002992    -8.40   0.000    -.0030989   -.0019261
 treated_pre_iasuorv_d |  -.0520107   .0078346    -6.64   0.000    -.0673669   -.0366544
          treated_post |   .0970952   .0086164    11.27   0.000     .0802066    .1139838
      treated_post_ia2 |   .0349706   .0076483     4.57   0.000     .0199794    .0499618
      treated_post_ia3 |  -.0057735    .000398   -14.51   0.000    -.0065536   -.0049933
treated_post_iasuorv_d |  -.1467479    .010368   -14.15   0.000    -.1670698    -.126426
             interact2 |   .4742759   .0112996    41.97   0.000     .4521281    .4964237
             interact3 |  -.0020027   .0003219    -6.22   0.000    -.0026337   -.0013717
               suorv_d |  -.0452323   .0164478    -2.75   0.006    -.0774707   -.0129938
                   l_0 |  -.4815989    .111441    -4.32   0.000    -.7000292   -.2631686
                   l_1 |  -.5591362   .1337486    -4.18   0.000    -.8212905   -.2969819
                   l_2 |  -.6839983   .1560296    -4.38   0.000    -.9898246    -.378172
                   l_3 |  -.7984699   .1782902    -4.48   0.000    -1.147928   -.4490117
                   l_4 |   -.911706   .2005851    -4.55   0.000    -1.304863   -.5185486
                   l_5 |  -1.024193    .222893    -4.60   0.000    -1.461075   -.5873113
                   l_6 |  -1.136377   .2451647    -4.64   0.000    -1.616913   -.6558417
                   l_7 |  -1.248981   .2674478    -4.67   0.000    -1.773193   -.7247691
                   l_8 |  -1.353515   .2897021    -4.67   0.000    -1.921346   -.7856837
                   l_9 |  -1.459411   .3120768    -4.68   0.000    -2.071098   -.8477242
                  l_10 |  -1.567056   .3343503    -4.69   0.000      -2.2224   -.9117116
                   f_1 |  -.3815582   .0891883    -4.28   0.000     -.556372   -.2067444
                   f_2 |  -.2899789   .0668781    -4.34   0.000    -.4210635   -.1588943
                   f_3 |  -.1979636   .0445694    -4.44   0.000     -.285322   -.1106053
                   f_4 |  -.1028419   .0223401    -4.60   0.000    -.1466297   -.0590542
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0118844    .003346     3.55   0.000     .0053261    .0184426
          _Ivuosi_1996 |    .040471   .0034961    11.58   0.000     .0336185    .0473235
          _Ivuosi_1997 |   .0323754   .0036966     8.76   0.000     .0251299     .039621
          _Ivuosi_1998 |   .0420294   .0038581    10.89   0.000     .0344673    .0495916
          _Ivuosi_1999 |    .046435   .0037312    12.45   0.000     .0391216    .0537484
          _Ivuosi_2000 |   .0491897   .0037578    13.09   0.000     .0418243    .0565552
          _Ivuosi_2001 |   .0628553   .0036397    17.27   0.000     .0557213    .0699893
          _Ivuosi_2002 |   .0453489   .0032302    14.04   0.000     .0390176    .0516803
          _Ivuosi_2003 |   .0382981   .0029554    12.96   0.000     .0325053    .0440908
          _Ivuosi_2004 |   .0472274     .00286    16.51   0.000     .0416217    .0528331
          _Ivuosi_2005 |   .0571304   .0026643    21.44   0.000     .0519083    .0623526
          _Ivuosi_2006 |   .0506639   .0025535    19.84   0.000      .045659    .0556688
          _Ivuosi_2007 |   .0537197   .0025304    21.23   0.000       .04876    .0586794
          _Ivuosi_2008 |   .0484892   .0023495    20.64   0.000     .0438841    .0530942
          _Ivuosi_2009 |   .0261268   .0021847    11.96   0.000     .0218446     .030409
          _Ivuosi_2010 |   .0163085   .0021375     7.63   0.000     .0121189    .0204981
          _Ivuosi_2011 |   .0085104   .0016353     5.20   0.000     .0053052    .0117157
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5994154   .0348323    17.21   0.000     .5311423    .6676886
             _Iage2_22 |   .8760181   .0565118    15.50   0.000     .7652521    .9867842
             _Iage2_23 |   1.137497   .0783814    14.51   0.000     .9838657    1.291129
             _Iage2_24 |   1.417177   .1007462    14.07   0.000     1.219709    1.614645
             _Iage2_25 |   1.739184   .1231855    14.12   0.000     1.497734    1.980634
             _Iage2_26 |   2.022135   .1454511    13.90   0.000     1.737043    2.307226
             _Iage2_27 |   2.261482   .1676039    13.49   0.000     1.932969    2.589994
             _Iage2_28 |   2.472778   .1898157    13.03   0.000     2.100729    2.844827
             _Iage2_29 |     2.6603     .21206    12.55   0.000     2.244651    3.075948
             _Iage2_30 |   2.832041   .2342405    12.09   0.000     2.372917    3.291164
             _Iage2_31 |   2.995365   .2564865    11.68   0.000     2.492638    3.498092
             _Iage2_32 |   3.154018   .2787295    11.32   0.000     2.607693    3.700343
             _Iage2_33 |    3.30896   .3009933    10.99   0.000     2.718997    3.898922
             _Iage2_34 |   3.456447   .3231814    10.70   0.000     2.822994      4.0899
             _Iage2_35 |   3.605486    .345493    10.44   0.000     2.928302    4.282671
             _Iage2_36 |   3.751425   .3677836    10.20   0.000     3.030549      4.4723
             _Iage2_37 |   3.895374   .3901213     9.99   0.000     3.130715    4.660032
             _Iage2_38 |   4.037258   .4123659     9.79   0.000        3.229    4.845517
             _Iage2_39 |   4.176439    .434609     9.61   0.000     3.324582    5.028296
             _Iage2_40 |     4.3141   .4568894     9.44   0.000     3.418573    5.209628
             _Iage2_41 |   4.448843   .4791287     9.29   0.000     3.509725    5.387961
             _Iage2_42 |    4.58663   .5014609     9.15   0.000      3.60374    5.569519
             _Iage2_43 |   4.718471   .5237159     9.01   0.000      3.69196    5.744982
             _Iage2_44 |   4.847485   .5459719     8.88   0.000     3.777352    5.917619
             _Iage2_45 |   4.977092    .568275     8.76   0.000     3.863243    6.090941
             _Iage2_46 |   5.104399   .5905785     8.64   0.000     3.946834    6.261964
             _Iage2_47 |   5.231388   .6128593     8.54   0.000     4.030152    6.432625
             _Iage2_48 |   5.355234   .6351104     8.43   0.000     4.110384    6.600084
             _Iage2_49 |   5.474628   .6574095     8.33   0.000     4.186071    6.763186
             _Iage2_50 |   5.594272   .6796714     8.23   0.000      4.26208    6.926464
             _Iage2_51 |   5.715096   .7019309     8.14   0.000     4.339275    7.090918
             _Iage2_52 |   5.837594    .724234     8.06   0.000     4.418057    7.257131
             _Iage2_53 |   5.957455   .7465039     7.98   0.000     4.494267    7.420642
             _Iage2_54 |   6.074273     .76872     7.90   0.000     4.567541    7.581005
             _Iage2_55 |   6.191403    .791055     7.83   0.000     4.640893    7.741912
             _Iage2_56 |    6.30878   .8133061     7.76   0.000     4.714657    7.902903
             _Iage2_57 |   6.407465   .8356157     7.67   0.000     4.769614    8.045316
             _Iage2_58 |   6.511598   .8578995     7.59   0.000      4.83007    8.193126
             _Iage2_59 |   6.595361   .8801286     7.49   0.000     4.870262    8.320459
         firm_size_new |   .0052716   .0005401     9.76   0.000      .004213    .0063302
                 _cons |   6.827638   .3380013    20.20   0.000     6.165138    7.490139
-----------------------+----------------------------------------------------------------
               sigma_u |  1.3218217
               sigma_e |  .34058552
                   rho |   .9377427   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =  207.95
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =  120.60
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =  198.75
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26696) =   53.77
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26696) =   45.01
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26696) =   50.92
            Prob > F =    0.0000
O:\returns
lnwage_whitec_age_short_noIQ_noPhD_G.xls
dir : seeout
lnwage_whitec_age_top3_noIQ_noPhD_G.xls
dir : seeout
(1,944,085 real changes made, 1,943,023 to missing)
(50,398 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,844,354       98.08       98.08
         12 |     11,672        0.62       98.70
         22 |     17,160        0.91       99.61
         24 |      2,121        0.11       99.72
         25 |      2,089        0.11       99.83
         99 |      3,135        0.17      100.00
------------+-----------------------------------
      Total |  1,880,531      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,810,140
                                                F(87, 154565)     =     320.63
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1607
                                                Root MSE          =     .12625

                                     (Std. Err. adjusted for 154,566 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0236327   .0019532    12.10   0.000     .0198045    .0274609
     treated_ia1_4145 |  -.0640742   .0022338   -28.68   0.000    -.0684524    -.059696
     treated_ia1_4650 |  -.0673981   .0022798   -29.56   0.000    -.0718666   -.0629297
     treated_ia1_5160 |  -.0718978   .0024631   -29.19   0.000    -.0767255   -.0670702
          treated_pre |  -.0171794   .0018073    -9.51   0.000    -.0207217    -.013637
 treated_pre_ia1_4145 |   .0565905    .002145    26.38   0.000     .0523864    .0607946
 treated_pre_ia1_4650 |   .0565852   .0021556    26.25   0.000     .0523602    .0608102
 treated_pre_ia1_5155 |   .0585069   .0023216    25.20   0.000     .0539565    .0630573
 treated_pre_ia1_5660 |   .0545677   .0025475    21.42   0.000     .0495746    .0595608
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0262431   .0019313   -13.59   0.000    -.0300284   -.0224579
treated_post_ia1_4145 |   .0705057   .0021993    32.06   0.000     .0661951    .0748162
treated_post_ia1_4650 |   .0727112   .0022467    32.36   0.000     .0683078    .0771146
treated_post_ia1_5155 |   .0769255   .0024382    31.55   0.000     .0721467    .0817043
treated_post_ia1_5660 |   .0723912   .0026407    27.41   0.000     .0672155     .077567
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0604482   .0010682   -56.59   0.000    -.0625419   -.0583545
                  l_1 |  -.0443056   .0011013   -40.23   0.000    -.0464641    -.042147
                  l_2 |  -.0395756   .0011099   -35.66   0.000    -.0417509   -.0374002
                  l_3 |  -.0355107   .0011118   -31.94   0.000    -.0376898   -.0333315
                  l_4 |  -.0317853   .0011144   -28.52   0.000    -.0339696   -.0296011
                  l_5 |  -.0297085   .0011133   -26.68   0.000    -.0318906   -.0275264
                  l_6 |  -.0298073   .0010931   -27.27   0.000    -.0319497   -.0276649
                  l_7 |  -.0310688   .0010351   -30.02   0.000    -.0330976   -.0290401
                  l_8 |   -.031436   .0010351   -30.37   0.000    -.0334648   -.0294073
                  l_9 |  -.0319081   .0010347   -30.84   0.000    -.0339361     -.02988
                 l_10 |   -.032439   .0010387   -31.23   0.000    -.0344749   -.0304031
                  f_1 |  -.0471166   .0010753   -43.82   0.000    -.0492242   -.0450089
                  f_2 |  -.0458563   .0010702   -42.85   0.000    -.0479539   -.0437587
                  f_3 |  -.0389084   .0010603   -36.70   0.000    -.0409865   -.0368303
                  f_4 |  -.0247719   .0010427   -23.76   0.000    -.0268156   -.0227283
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0193962   .0016624   -11.67   0.000    -.0226544    -.016138
         _Ivuosi_1996 |     .02017   .0016949    11.90   0.000      .016848    .0234919
         _Ivuosi_1997 |   .0108443   .0016635     6.52   0.000      .007584    .0141046
         _Ivuosi_1998 |  -.0052725   .0016083    -3.28   0.001    -.0084247   -.0021204
         _Ivuosi_1999 |   -.011263   .0015778    -7.14   0.000    -.0143555   -.0081706
         _Ivuosi_2000 |  -.0249742   .0014876   -16.79   0.000    -.0278899   -.0220584
         _Ivuosi_2001 |  -.0804308   .0013571   -59.27   0.000    -.0830906   -.0777709
         _Ivuosi_2002 |  -.0788678   .0013608   -57.96   0.000    -.0815349   -.0762006
         _Ivuosi_2003 |  -.0790285   .0013656   -57.87   0.000     -.081705   -.0763519
         _Ivuosi_2004 |  -.0769586    .001359   -56.63   0.000    -.0796222   -.0742951
         _Ivuosi_2005 |  -.0779577   .0013559   -57.50   0.000    -.0806152   -.0753003
         _Ivuosi_2006 |  -.0755057    .001368   -55.19   0.000    -.0781871   -.0728244
         _Ivuosi_2007 |  -.0721365    .001374   -52.50   0.000    -.0748294   -.0694435
         _Ivuosi_2008 |  -.0707222   .0013745   -51.45   0.000    -.0734161   -.0680282
         _Ivuosi_2009 |   -.070612   .0013847   -50.99   0.000     -.073326    -.067898
         _Ivuosi_2010 |  -.0701973   .0013729   -51.13   0.000    -.0728881   -.0675065
         _Ivuosi_2011 |  -.0728033    .001393   -52.26   0.000    -.0755335   -.0700731
         _Ivuosi_2012 |   -.073642   .0013906   -52.96   0.000    -.0763676   -.0709164
            _Iage2_21 |  -.1295542    .005564   -23.28   0.000    -.1404595   -.1186489
            _Iage2_22 |  -.1760526   .0056705   -31.05   0.000    -.1871666   -.1649387
            _Iage2_23 |  -.2164773   .0055802   -38.79   0.000    -.2274145   -.2055402
            _Iage2_24 |  -.2682947    .005394   -49.74   0.000    -.2788668   -.2577225
            _Iage2_25 |  -.3014789   .0052379   -57.56   0.000    -.3117451   -.2912126
            _Iage2_26 |  -.3199259   .0051554   -62.06   0.000    -.3300304   -.3098215
            _Iage2_27 |  -.3335858   .0051083   -65.30   0.000    -.3435979   -.3235737
            _Iage2_28 |   -.341736   .0050835   -67.22   0.000    -.3516996   -.3317724
            _Iage2_29 |  -.3460434   .0050698   -68.26   0.000      -.35598   -.3361067
            _Iage2_30 |  -.3496816   .0050604   -69.10   0.000    -.3595999   -.3397633
            _Iage2_31 |  -.3521261   .0050537   -69.68   0.000    -.3620313    -.342221
            _Iage2_32 |  -.3531442   .0050507   -69.92   0.000    -.3630435   -.3432448
            _Iage2_33 |   -.353126   .0050504   -69.92   0.000    -.3630247   -.3432273
            _Iage2_34 |  -.3544641   .0050466   -70.24   0.000    -.3643553   -.3445729
            _Iage2_35 |  -.3559529   .0050435   -70.58   0.000     -.365838   -.3460678
            _Iage2_36 |   -.355498   .0050442   -70.48   0.000    -.3653846   -.3456114
            _Iage2_37 |  -.3565096   .0050414   -70.72   0.000    -.3663906   -.3466286
            _Iage2_38 |   -.356314   .0050414   -70.68   0.000    -.3661951   -.3464329
            _Iage2_39 |  -.3565204   .0050404   -70.73   0.000    -.3663994   -.3466414
            _Iage2_40 |  -.3571972   .0050388   -70.89   0.000    -.3670731   -.3473212
            _Iage2_41 |   -.356112   .0050455   -70.58   0.000    -.3660011   -.3462228
            _Iage2_42 |   -.356906    .005045   -70.74   0.000    -.3667941    -.347018
            _Iage2_43 |  -.3564593   .0050461   -70.64   0.000    -.3663496    -.346569
            _Iage2_44 |  -.3571969   .0050457   -70.79   0.000    -.3670863   -.3473074
            _Iage2_45 |  -.3575163   .0050443   -70.88   0.000     -.367403   -.3476295
            _Iage2_46 |  -.3568518   .0050468   -70.71   0.000    -.3667434   -.3469602
            _Iage2_47 |  -.3568765   .0050473   -70.71   0.000    -.3667691   -.3469839
            _Iage2_48 |  -.3567871   .0050493   -70.66   0.000    -.3666836   -.3468906
            _Iage2_49 |   -.356883    .005051   -70.66   0.000    -.3667828   -.3469831
            _Iage2_50 |  -.3560774   .0050538   -70.46   0.000    -.3659828   -.3461721
            _Iage2_51 |  -.3549969   .0050586   -70.18   0.000    -.3649117   -.3450822
            _Iage2_52 |  -.3552577    .005056   -70.26   0.000    -.3651674    -.345348
            _Iage2_53 |  -.3541087   .0050553   -70.05   0.000    -.3640169   -.3442005
            _Iage2_54 |  -.3533468    .005052   -69.94   0.000    -.3632487   -.3434449
            _Iage2_55 |  -.3498898   .0050557   -69.21   0.000    -.3597988   -.3399807
            _Iage2_56 |  -.3439521   .0050799   -67.71   0.000    -.3539087   -.3339956
            _Iage2_57 |  -.3416257   .0050886   -67.14   0.000    -.3515992   -.3316522
            _Iage2_58 |  -.3344155   .0051237   -65.27   0.000    -.3444579   -.3243731
            _Iage2_59 |  -.3301519   .0051574   -64.02   0.000    -.3402603   -.3200435
        firm_size_new |   .0000916   .0001009     0.91   0.364    -.0001062    .0002894
                _cons |   .4584229    .005219    87.84   0.000     .4481938     .468652
---------------------------------------------------------------------------------------
(1,963,016 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.59164  .0198678  40.82373   .629758    .21938  14.21668
      sd |  .6584482   .139546  9.798259  .4828697  .4138268  9.270876
     p50 |  10.65444         0        41         1         0        13
       N |    896305    901559    901559    901559    901559    804748
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.67203  .0188646  40.85454  .6785284   .208305   14.3691
      sd |  .6764012  .1360468  9.779127  .4670416  .4060963  9.293321
     p50 |  10.72884         0        41         1         0        13
       N |    903123    908581    908581    908581    908581    810271
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.59164  .0198678  40.82373   .629758    .21938  14.21668
         |  .6584482   .139546  9.798259  .4828697  .4138268  9.270876
         |  10.65444         0        41         1         0        13
         |    896305    901559    901559    901559    901559    804748
---------+------------------------------------------------------------
       1 |  10.67203  .0188646  40.85454  .6785284   .208305   14.3691
         |  .6764012  .1360468  9.779127  .4670416  .4060963  9.293321
         |  10.72884         0        41         1         0        13
         |    903123    908581    908581    908581    908581    810271
---------+------------------------------------------------------------
   Total |  10.63199  .0193642   40.8392  .6542378   .213821  14.29315
         |  .6687281  .1378016   9.78867  .4756163  .4100021  9.282454
         |  10.69105         0        41         1         0        13
         |   1799428   1810140   1810140   1810140   1810140   1615019
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ_noPhD.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
Linear regression                               Number of obs     =  1,615,019
                                                F(1, 1615017)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6632
                                                Root MSE          =     5.3872

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7996018   .0004651  1719.30   0.000     .7986903    .8005133
       _cons |  -17.68724   .0168146 -1051.90   0.000    -17.72019   -17.65428
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7205   1.0000 
             |   0.0000
             |
(3,773,156 missing values generated)
(173,071 real changes made)
(3600085 missing values generated)
(610810 missing values generated)
(0 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1776                         Obs per group: min =         1
       between = 0.0064                                        avg =      11.7
       overall = 0.0029                                        max =        48

                                                F(74,26696)        =    141.14
corr(u_i, Xb)  = -0.8872                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,697 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |    .001974   .0026581     0.74   0.458    -.0032361    .0071841
 treated_post |   .0003581   .0033064     0.11   0.914    -.0061225    .0068388
          l_0 |  -.1549743   .0439773    -3.52   0.000    -.2411722   -.0687764
          l_1 |  -.1588829   .0527033    -3.01   0.003    -.2621842   -.0555816
          l_2 |  -.1750154   .0614593    -2.85   0.004    -.2954788    -.054552
          l_3 |  -.1925484    .070239    -2.74   0.006    -.3302206   -.0548762
          l_4 |  -.2101645   .0790136    -2.66   0.008    -.3650354   -.0552936
          l_5 |  -.2301151   .0877637    -2.62   0.009    -.4021365   -.0580937
          l_6 |  -.2516669   .0965274    -2.61   0.009    -.4408658    -.062468
          l_7 |  -.2760596   .1052782    -2.62   0.009    -.4824105   -.0697087
          l_8 |  -.2979857   .1140373    -2.61   0.009     -.521505   -.0744665
          l_9 |  -.3187601   .1228221    -2.60   0.009    -.5594979   -.0780224
         l_10 |  -.3428103   .1315745    -2.61   0.009    -.6007032   -.0849173
          f_1 |  -.1226254   .0351914    -3.48   0.000    -.1916024   -.0536483
          f_2 |  -.1004928   .0264165    -3.80   0.000    -.1522705   -.0487151
          f_3 |  -.0741043   .0176403    -4.20   0.000    -.1086803   -.0395284
          f_4 |  -.0413872   .0089201    -4.64   0.000    -.0588711   -.0239034
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0232457    .003662    -6.35   0.000    -.0304235   -.0160679
 _Ivuosi_1996 |   .0168618   .0027578     6.11   0.000     .0114564    .0222672
 _Ivuosi_1997 |   .0116291   .0026499     4.39   0.000     .0064352     .016823
 _Ivuosi_1998 |   .0001784   .0025086     0.07   0.943    -.0047384    .0050953
 _Ivuosi_1999 |  -.0018053   .0025244    -0.72   0.475    -.0067532    .0031426
 _Ivuosi_2000 |   -.011912   .0026263    -4.54   0.000    -.0170597   -.0067644
 _Ivuosi_2001 |  -.0546136   .0022062   -24.75   0.000    -.0589378   -.0502894
 _Ivuosi_2002 |  -.0498945    .002001   -24.93   0.000    -.0538166   -.0459724
 _Ivuosi_2003 |  -.0465413   .0018448   -25.23   0.000    -.0501572   -.0429253
 _Ivuosi_2004 |  -.0410001   .0016356   -25.07   0.000    -.0442061   -.0377942
 _Ivuosi_2005 |  -.0391323   .0014647   -26.72   0.000    -.0420032   -.0362613
 _Ivuosi_2006 |   -.031997   .0012323   -25.97   0.000    -.0344123   -.0295817
 _Ivuosi_2007 |  -.0247079   .0010494   -23.54   0.000    -.0267648   -.0226509
 _Ivuosi_2008 |   -.018719   .0008488   -22.05   0.000    -.0203827   -.0170552
 _Ivuosi_2009 |  -.0139829   .0006827   -20.48   0.000    -.0153211   -.0126448
 _Ivuosi_2010 |  -.0087995   .0004804   -18.32   0.000    -.0097412   -.0078579
 _Ivuosi_2011 |  -.0051001   .0002621   -19.46   0.000    -.0056139   -.0045864
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1287683    .012146   -10.60   0.000    -.1525751   -.1049615
    _Iage2_22 |  -.1740612   .0198123    -8.79   0.000    -.2128944    -.135228
    _Iage2_23 |  -.2122722   .0281989    -7.53   0.000    -.2675436   -.1570009
    _Iage2_24 |  -.2595927   .0368404    -7.05   0.000    -.3318019   -.1873835
    _Iage2_25 |  -.2870118    .045524    -6.30   0.000    -.3762413   -.1977823
    _Iage2_26 |  -.2967242   .0541578    -5.48   0.000    -.4028763    -.190572
    _Iage2_27 |  -.3009528   .0628616    -4.79   0.000     -.424165   -.1777407
    _Iage2_28 |   -.298577   .0715661    -4.17   0.000    -.4388503   -.1583037
    _Iage2_29 |  -.2919675   .0802737    -3.64   0.000    -.4493081   -.1346268
    _Iage2_30 |  -.2838202    .088997    -3.19   0.001    -.4582591   -.1093813
    _Iage2_31 |  -.2737418   .0977441    -2.80   0.005    -.4653253   -.0821582
    _Iage2_32 |  -.2610634   .1064686    -2.45   0.014    -.4697475   -.0523793
    _Iage2_33 |  -.2468234   .1151849    -2.14   0.032    -.4725919   -.0210549
    _Iage2_34 |  -.2326988   .1239319    -1.88   0.060    -.4756119    .0102144
    _Iage2_35 |  -.2180528   .1326679    -1.64   0.100    -.4780889    .0419833
    _Iage2_36 |  -.2008407   .1414273    -1.42   0.156    -.4780457    .0763644
    _Iage2_37 |  -.1842764   .1501682    -1.23   0.220    -.4786139    .1100612
    _Iage2_38 |  -.1663151   .1589078    -1.05   0.295    -.4777827    .1451525
    _Iage2_39 |  -.1481925   .1676535    -0.88   0.377    -.4768023    .1804172
    _Iage2_40 |  -.1305078   .1763984    -0.74   0.459    -.4762579    .2152423
    _Iage2_41 |   -.111592   .1851617    -0.60   0.547    -.4745188    .2513348
    _Iage2_42 |  -.0937608   .1939164    -0.48   0.629    -.4738473    .2863256
    _Iage2_43 |  -.0747032   .2026762    -0.37   0.712    -.4719593     .322553
    _Iage2_44 |  -.0565399   .2114309    -0.27   0.789    -.4709557    .3578758
    _Iage2_45 |   -.037917   .2201866    -0.17   0.863    -.4694943    .3936604
    _Iage2_46 |  -.0191397    .228949    -0.08   0.933    -.4678918    .4296125
    _Iage2_47 |  -.0000803    .237703    -0.00   1.000    -.4659906    .4658301
    _Iage2_48 |   .0195205   .2464539     0.08   0.937    -.4635423    .5025832
    _Iage2_49 |   .0390125   .2552182     0.15   0.879    -.4612288    .5392537
    _Iage2_50 |   .0590783   .2639775     0.22   0.823    -.4583316    .5764881
    _Iage2_51 |   .0789552   .2727349     0.29   0.772    -.4556195      .61353
    _Iage2_52 |   .0976647   .2814935     0.35   0.729    -.4540775    .6494068
    _Iage2_53 |    .117815   .2902563     0.41   0.685    -.4511027    .6867328
    _Iage2_54 |   .1379603   .2990129     0.46   0.645    -.4481209    .7240414
    _Iage2_55 |   .1602292   .3077787     0.52   0.603    -.4430334    .7634918
    _Iage2_56 |   .1824338   .3165372     0.58   0.564    -.4379958    .8028634
    _Iage2_57 |   .2041973   .3252946     0.63   0.530    -.4333972    .8417919
    _Iage2_58 |    .230852   .3340501     0.69   0.490    -.4239039    .8856079
    _Iage2_59 |   .2551712   .3428221     0.74   0.457    -.4167782    .9271205
firm_size_new |   .0000439   .0002154     0.20   0.838    -.0003784    .0004662
        _cons |   .2914046   .1285174     2.27   0.023     .0395037    .5433054
--------------+----------------------------------------------------------------
      sigma_u |  .18546962
      sigma_e |  .11612258
          rho |  .71838999   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1790                         Obs per group: min =         1
       between = 0.0062                                        avg =      11.7
       overall = 0.0038                                        max =        48

                                                F(79,26696)        =    135.29
corr(u_i, Xb)  = -0.8756                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,697 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0012455   .0041835    -0.30   0.766    -.0094453    .0069543
          treated_pre |   .0020027   .0038179     0.52   0.600    -.0054806    .0094859
 treated_pre_iasenior |   .0000572   .0040978     0.01   0.989    -.0079748    .0080891
         treated_post |   -.001527   .0053115    -0.29   0.774    -.0119378    .0088839
treated_post_iasenior |   .0037805   .0054948     0.69   0.491    -.0069896    .0145505
               senior |          0  (omitted)
         pre_iasenior |   .0422673   .0023931    17.66   0.000     .0375766     .046958
        post_iasenior |   .0351987   .0029697    11.85   0.000      .029378    .0410194
                  l_0 |  -.1635386   .0438862    -3.73   0.000    -.2495579   -.0775193
                  l_1 |  -.1665715   .0525667    -3.17   0.002    -.2696051   -.0635379
                  l_2 |  -.1818778   .0612798    -2.97   0.003    -.3019895   -.0617661
                  l_3 |  -.1985554   .0700167    -2.84   0.005    -.3357918   -.0613191
                  l_4 |  -.2153203   .0787497    -2.73   0.006    -.3696739   -.0609667
                  l_5 |  -.2343716   .0874591    -2.68   0.007     -.405796   -.0629471
                  l_6 |  -.2550209   .0961815    -2.65   0.008    -.4435417   -.0665001
                  l_7 |  -.2784911   .1048926    -2.66   0.008    -.4840861   -.0728962
                  l_8 |  -.2995699   .1136118    -2.64   0.008     -.522255   -.0768848
                  l_9 |  -.3194886   .1223551    -2.61   0.009     -.559311   -.0796662
                 l_10 |  -.3426964   .1310677    -2.61   0.009    -.5995961   -.0857967
                  f_1 |  -.1353316   .0350809    -3.86   0.000    -.2040919   -.0665712
                  f_2 |  -.1138886    .026358    -4.32   0.000    -.1655517   -.0622254
                  f_3 |  -.0881723   .0176464    -5.00   0.000    -.1227602   -.0535843
                  f_4 |  -.0560831   .0090298    -6.21   0.000     -.073782   -.0383842
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0238783   .0036392    -6.56   0.000    -.0310113   -.0167453
         _Ivuosi_1996 |   .0167002     .00276     6.05   0.000     .0112904      .02211
         _Ivuosi_1997 |   .0116902   .0026589     4.40   0.000     .0064787    .0169018
         _Ivuosi_1998 |   .0003954   .0025157     0.16   0.875    -.0045355    .0053262
         _Ivuosi_1999 |  -.0017907   .0025286    -0.71   0.479    -.0067468    .0031654
         _Ivuosi_2000 |  -.0116605   .0026271    -4.44   0.000    -.0168097   -.0065113
         _Ivuosi_2001 |  -.0547077   .0022086   -24.77   0.000    -.0590367   -.0503787
         _Ivuosi_2002 |  -.0499794   .0020028   -24.96   0.000    -.0539049   -.0460539
         _Ivuosi_2003 |  -.0466041   .0018468   -25.24   0.000    -.0502239   -.0429844
         _Ivuosi_2004 |  -.0409373   .0016361   -25.02   0.000    -.0441443   -.0377304
         _Ivuosi_2005 |  -.0388969   .0014635   -26.58   0.000    -.0417655   -.0360284
         _Ivuosi_2006 |   -.031836   .0012337   -25.81   0.000     -.034254    -.029418
         _Ivuosi_2007 |   -.024667   .0010496   -23.50   0.000    -.0267243   -.0226096
         _Ivuosi_2008 |  -.0187095    .000848   -22.06   0.000    -.0203717   -.0170474
         _Ivuosi_2009 |  -.0139961   .0006817   -20.53   0.000    -.0153322   -.0126599
         _Ivuosi_2010 |  -.0088188   .0004796   -18.39   0.000    -.0097588   -.0078787
         _Ivuosi_2011 |  -.0051076   .0002614   -19.54   0.000      -.00562   -.0045951
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1287541   .0121155   -10.63   0.000    -.1525012   -.1050071
            _Iage2_22 |  -.1739877   .0197379    -8.81   0.000    -.2126749   -.1353004
            _Iage2_23 |  -.2123899   .0280897    -7.56   0.000    -.2674471   -.1573327
            _Iage2_24 |  -.2599634   .0366948    -7.08   0.000    -.3318871   -.1880396
            _Iage2_25 |  -.2875873   .0453433    -6.34   0.000    -.3764625   -.1987121
            _Iage2_26 |  -.2977217   .0539449    -5.52   0.000    -.4034565    -.191987
            _Iage2_27 |  -.3024749   .0626154    -4.83   0.000    -.4252045   -.1797454
            _Iage2_28 |  -.3006692   .0712873    -4.22   0.000    -.4403961   -.1609424
            _Iage2_29 |  -.2946827   .0799625    -3.69   0.000    -.4514134    -.137952
            _Iage2_30 |  -.2871429   .0886518    -3.24   0.001    -.4609052   -.1133807
            _Iage2_31 |  -.2777379   .0973674    -2.85   0.004    -.4685832   -.0868926
            _Iage2_32 |  -.2656895   .1060586    -2.51   0.012    -.4735699    -.057809
            _Iage2_33 |  -.2520879   .1147422    -2.20   0.028    -.4769888   -.0271871
            _Iage2_34 |  -.2385912   .1234568    -1.93   0.053     -.480573    .0033906
            _Iage2_35 |  -.2246058   .1321592    -1.70   0.089    -.4836447    .0344331
            _Iage2_36 |  -.2080664   .1408858    -1.48   0.140    -.4842099    .0680772
            _Iage2_37 |  -.1921645   .1495925    -1.28   0.199    -.4853737    .1010446
            _Iage2_38 |  -.1748378   .1582978    -1.10   0.269    -.4851098    .1354343
            _Iage2_39 |    -.15737   .1670082    -0.94   0.346    -.4847148    .1699748
            _Iage2_40 |  -.1403334   .1757168    -0.80   0.425    -.4847475    .2040807
            _Iage2_41 |  -.1579188   .1843052    -0.86   0.392    -.5191668    .2033292
            _Iage2_42 |  -.1409962   .1930207    -0.73   0.465     -.519327    .2373345
            _Iage2_43 |   -.122878   .2017401    -0.61   0.542    -.5182992    .2725432
            _Iage2_44 |  -.1057018   .2104527    -0.50   0.615    -.5182001    .3067965
            _Iage2_45 |    -.08807   .2191669    -0.40   0.688    -.5176487    .3415087
            _Iage2_46 |  -.0704406   .2278849    -0.31   0.757     -.517107    .3762258
            _Iage2_47 |  -.0524412   .2365956    -0.22   0.825     -.516181    .4112987
            _Iage2_48 |  -.0339642   .2453026    -0.14   0.890    -.5147702    .4468418
            _Iage2_49 |  -.0156752   .2540221    -0.06   0.951    -.5135719    .4822215
            _Iage2_50 |    .003296   .2627355     0.01   0.990    -.5116794    .5182714
            _Iage2_51 |   .0218663   .2714481     0.08   0.936    -.5101864     .553919
            _Iage2_52 |   .0394877   .2801611     0.14   0.888    -.5096429    .5886183
            _Iage2_53 |   .0583508    .288879     0.20   0.840    -.5078674    .6245689
            _Iage2_54 |   .0772597   .2975903     0.26   0.795     -.506033    .6605524
            _Iage2_55 |   .0972813   .3063083     0.32   0.751    -.5030992    .6976618
            _Iage2_56 |   .1185772   .3150219     0.38   0.707    -.4988824    .7360369
            _Iage2_57 |   .1395323   .3237338     0.43   0.666     -.495003    .7740677
            _Iage2_58 |    .165382   .3324435     0.50   0.619    -.4862248    .8169888
            _Iage2_59 |   .1889532   .3411688     0.55   0.580    -.4797557    .8576621
        firm_size_new |   6.14e-08    .000215     0.00   1.000    -.0004213    .0004214
                _cons |   .3116184   .1279816     2.43   0.015     .0607678     .562469
----------------------+----------------------------------------------------------------
              sigma_u |  .17721798
              sigma_e |  .11602333
                  rho |  .69997493   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =    1.31
            Prob > F =    0.2519

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26696) =    1.24
            Prob > F =    0.2654
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1800                         Obs per group: min =         1
       between = 0.0075                                        avg =      11.7
       overall = 0.0026                                        max =        48

                                                F(82,26696)        =    130.87
corr(u_i, Xb)  = -0.8892                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0025896   .0002602    -9.95   0.000    -.0030997   -.0020795
     treated_iasuorv_d |  -.0308132   .0123185    -2.50   0.012     -.054958   -.0066684
           treated_pre |   -.035719   .0047296    -7.55   0.000    -.0449892   -.0264487
       treated_pre_ia3 |   .0032093   .0002311    13.89   0.000     .0027564    .0036623
 treated_pre_iasuorv_d |   .0517507   .0046386    11.16   0.000     .0426589    .0608425
          treated_post |  -.0344355   .0062584    -5.50   0.000    -.0467024   -.0221687
      treated_post_ia3 |   .0027541   .0002743    10.04   0.000     .0022164    .0032918
treated_post_iasuorv_d |   .0698188   .0058092    12.02   0.000     .0584324    .0812051
             interact3 |   .0016355   .0001068    15.31   0.000     .0014261    .0018449
               suorv_d |   .0008208   .0077802     0.11   0.916    -.0144289    .0160704
                   l_0 |  -.1567532   .0438586    -3.57   0.000    -.2427184    -.070788
                   l_1 |  -.1609328   .0525571    -3.06   0.002    -.2639474   -.0579182
                   l_2 |  -.1774107   .0612839    -2.89   0.004    -.2975303   -.0572911
                   l_3 |   -.195341   .0700334    -2.79   0.005    -.3326102   -.0580718
                   l_4 |  -.2133457   .0787793    -2.71   0.007    -.3677573   -.0589341
                   l_5 |   -.233638   .0875004    -2.67   0.008    -.4051434   -.0621327
                   l_6 |  -.2555236   .0962341    -2.66   0.008    -.4441476   -.0668997
                   l_7 |  -.2803375   .1049551    -2.67   0.008    -.4860551   -.0746199
                   l_8 |  -.3026624   .1136857    -2.66   0.008    -.5254924   -.0798323
                   l_9 |  -.3238089   .1224392    -2.64   0.008    -.5637961   -.0838217
                  l_10 |  -.3483138    .131161    -2.66   0.008    -.6053963   -.0912313
                   f_1 |  -.1241351   .0350784    -3.54   0.000    -.1928906   -.0553795
                   f_2 |  -.1016091   .0263353    -3.86   0.000    -.1532276   -.0499905
                   f_3 |  -.0747768   .0175898    -4.25   0.000    -.1092538   -.0402999
                   f_4 |  -.0415804   .0089012    -4.67   0.000    -.0590274   -.0241335
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.023829   .0036491    -6.53   0.000    -.0309815   -.0166765
          _Ivuosi_1996 |    .016581   .0027699     5.99   0.000     .0111519    .0220102
          _Ivuosi_1997 |   .0114682   .0026671     4.30   0.000     .0062405    .0166958
          _Ivuosi_1998 |   .0001924   .0025172     0.08   0.939    -.0047415    .0051262
          _Ivuosi_1999 |  -.0020077   .0025331    -0.79   0.428    -.0069728    .0029573
          _Ivuosi_2000 |  -.0121452   .0026278    -4.62   0.000    -.0172958   -.0069946
          _Ivuosi_2001 |  -.0549681   .0022184   -24.78   0.000    -.0593164   -.0506199
          _Ivuosi_2002 |   -.050141   .0020121   -24.92   0.000    -.0540849   -.0461972
          _Ivuosi_2003 |  -.0467412   .0018553   -25.19   0.000    -.0503777   -.0431047
          _Ivuosi_2004 |  -.0412073   .0016466   -25.03   0.000    -.0444347     -.03798
          _Ivuosi_2005 |   -.039197   .0014765   -26.55   0.000     -.042091   -.0363029
          _Ivuosi_2006 |  -.0322653   .0012431   -25.96   0.000    -.0347018   -.0298288
          _Ivuosi_2007 |  -.0249354   .0010584   -23.56   0.000    -.0270099    -.022861
          _Ivuosi_2008 |  -.0188102   .0008555   -21.99   0.000     -.020487   -.0171333
          _Ivuosi_2009 |  -.0141141   .0006861   -20.57   0.000    -.0154589   -.0127693
          _Ivuosi_2010 |  -.0087535   .0004821   -18.16   0.000    -.0096984   -.0078087
          _Ivuosi_2011 |  -.0050717    .000263   -19.28   0.000    -.0055872   -.0045562
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.128829    .012096   -10.65   0.000    -.1525377   -.1051203
             _Iage2_22 |  -.1739477   .0197316    -8.82   0.000    -.2126228   -.1352726
             _Iage2_23 |  -.2123782    .028088    -7.56   0.000    -.2674322   -.1573243
             _Iage2_24 |  -.2594008   .0367052    -7.07   0.000     -.331345   -.1874567
             _Iage2_25 |  -.2859513   .0453596    -6.30   0.000    -.3748585   -.1970441
             _Iage2_26 |  -.2953487   .0539775    -5.47   0.000    -.4011474     -.18955
             _Iage2_27 |  -.2994896   .0626554    -4.78   0.000    -.4222975   -.1766818
             _Iage2_28 |  -.2973287   .0713381    -4.17   0.000    -.4371551   -.1575022
             _Iage2_29 |  -.2911437   .0800173    -3.64   0.000    -.4479818   -.1343056
             _Iage2_30 |  -.2835604   .0887127    -3.20   0.001     -.457442   -.1096789
             _Iage2_31 |  -.2741226   .0974328    -2.81   0.005     -.465096   -.0831493
             _Iage2_32 |  -.2621715   .1061303    -2.47   0.014    -.4701924   -.0541506
             _Iage2_33 |  -.2486918   .1148174    -2.17   0.030      -.47374   -.0236435
             _Iage2_34 |  -.2353293   .1235366    -1.90   0.057    -.4774675     .006809
             _Iage2_35 |  -.2214979   .1322427    -1.67   0.094    -.4807007    .0377048
             _Iage2_36 |  -.2051195   .1409725    -1.46   0.146    -.4814331     .071194
             _Iage2_37 |  -.1894034   .1496833    -1.27   0.206    -.4827905    .1039837
             _Iage2_38 |  -.1723914   .1583929    -1.09   0.276    -.4828497     .138067
             _Iage2_39 |   -.155195   .1671057    -0.93   0.353     -.482731    .1723411
             _Iage2_40 |  -.1384518   .1758195    -0.79   0.431    -.4830673    .2061637
             _Iage2_41 |  -.1204599   .1845499    -0.65   0.514    -.4821874    .2412677
             _Iage2_42 |  -.1037088   .1932728    -0.54   0.592    -.4825337    .2751162
             _Iage2_43 |  -.0856467   .2019985    -0.42   0.672    -.4815744    .3102811
             _Iage2_44 |  -.0685008   .2107202    -0.33   0.745    -.4815235    .3445219
             _Iage2_45 |  -.0509564   .2194416    -0.23   0.816    -.4810736    .3791607
             _Iage2_46 |  -.0332844     .22817    -0.15   0.884    -.4805097    .4139409
             _Iage2_47 |   -.015305     .23689    -0.06   0.948    -.4796219     .449012
             _Iage2_48 |   .0032481   .2456056     0.01   0.989    -.4781519    .4846481
             _Iage2_49 |   .0216175   .2543354     0.08   0.932    -.4768934    .5201283
             _Iage2_50 |   .0406644   .2630588     0.15   0.877    -.4749449    .5562736
             _Iage2_51 |   .0592209   .2717797     0.22   0.828    -.4734816    .5919234
             _Iage2_52 |   .0769191   .2805024     0.27   0.784    -.4728805    .6267187
             _Iage2_53 |   .0958665   .2892292     0.33   0.740     -.471038    .6627711
             _Iage2_54 |   .1148566    .297951     0.39   0.700    -.4691431    .6988563
             _Iage2_55 |   .1352731   .3066794     0.44   0.659    -.4658347    .7363809
             _Iage2_56 |   .1564766    .315401     0.50   0.620    -.4617261    .7746793
             _Iage2_57 |   .1772225   .3241212     0.55   0.585    -.4580723    .8125172
             _Iage2_58 |   .2028723   .3328371     0.61   0.542    -.4495059    .8552506
             _Iage2_59 |   .2261448   .3415694     0.66   0.508    -.4433493    .8956389
         firm_size_new |   .0000184   .0002144     0.09   0.932    -.0004017    .0004385
                 _cons |   .2972264    .128086     2.32   0.020      .046171    .5482817
-----------------------+----------------------------------------------------------------
               sigma_u |  .18712923
               sigma_e |  .11595701
                   rho |   .7225528   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =   27.83
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26696) =   51.72
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1800                         Obs per group: min =         1
       between = 0.0075                                        avg =      11.7
       overall = 0.0026                                        max =        48

                                                F(85,26696)        =    127.40
corr(u_i, Xb)  = -0.8896                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0031925   .0028757    -1.11   0.267    -.0088289     .002444
           treated_ia3 |   -.002422   .0002675    -9.06   0.000    -.0029463   -.0018978
     treated_iasuorv_d |  -.0267167   .0128778    -2.07   0.038    -.0519579   -.0014756
           treated_pre |   -.034739   .0046967    -7.40   0.000    -.0439449   -.0255332
  treated_pre_iasenior |   .0080248   .0028671     2.80   0.005     .0024051    .0136445
       treated_pre_ia3 |   .0028782   .0002412    11.93   0.000     .0024053     .003351
 treated_pre_iasuorv_d |   .0449283   .0054426     8.25   0.000     .0342605    .0555961
          treated_post |  -.0339102   .0062749    -5.40   0.000    -.0462092   -.0216111
 treated_post_iasenior |   .0036154   .0033394     1.08   0.279      -.00293    .0101607
      treated_post_ia3 |   .0025878   .0002653     9.75   0.000     .0020678    .0031078
treated_post_iasuorv_d |   .0665821   .0062378    10.67   0.000     .0543557    .0788085
                senior |   .2267363   .3416081     0.66   0.507    -.4428336    .8963061
             interact3 |   .0016466   .0001066    15.45   0.000     .0014378    .0018555
               suorv_d |   .0007944   .0077712     0.10   0.919    -.0144376    .0160264
                   l_0 |   -.156805    .043864    -3.57   0.000    -.2427808   -.0708291
                   l_1 |    -.16101   .0525639    -3.06   0.002     -.264038   -.0579819
                   l_2 |  -.1775161   .0612919    -2.90   0.004    -.2976515   -.0573808
                   l_3 |  -.1954747   .0700425    -2.79   0.005    -.3327617   -.0581877
                   l_4 |  -.2135104   .0787894    -2.71   0.007    -.3679417    -.059079
                   l_5 |  -.2338327   .0875116    -2.67   0.008    -.4053601   -.0623053
                   l_6 |  -.2557463   .0962464    -2.66   0.008    -.4443943   -.0670984
                   l_7 |  -.2805886   .1049684    -2.67   0.008    -.4863322   -.0748451
                   l_8 |  -.3029467   .1136999    -2.66   0.008    -.5258046   -.0800888
                   l_9 |  -.3241293   .1224545    -2.65   0.008    -.5641466    -.084112
                  l_10 |  -.3486697   .1311774    -2.66   0.008    -.6057843   -.0915551
                   f_1 |  -.1242317   .0350834    -3.54   0.000     -.192997   -.0554664
                   f_2 |  -.1016663   .0263392    -3.86   0.000    -.1532926     -.05004
                   f_3 |  -.0747976   .0175929    -4.25   0.000    -.1092806   -.0403146
                   f_4 |  -.0415658   .0089035    -4.67   0.000    -.0590172   -.0241144
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0238624   .0036473    -6.54   0.000    -.0310113   -.0167134
          _Ivuosi_1996 |   .0165692   .0027698     5.98   0.000     .0111402    .0219981
          _Ivuosi_1997 |   .0114614   .0026673     4.30   0.000     .0062334    .0166893
          _Ivuosi_1998 |   .0001946    .002517     0.08   0.938    -.0047389    .0051281
          _Ivuosi_1999 |  -.0020025    .002533    -0.79   0.429    -.0069673    .0029623
          _Ivuosi_2000 |  -.0121294   .0026277    -4.62   0.000    -.0172797   -.0069791
          _Ivuosi_2001 |  -.0549767   .0022176   -24.79   0.000    -.0593234     -.05063
          _Ivuosi_2002 |  -.0501599   .0020112   -24.94   0.000     -.054102   -.0462179
          _Ivuosi_2003 |  -.0467573   .0018545   -25.21   0.000    -.0503923   -.0431224
          _Ivuosi_2004 |   -.041218   .0016458   -25.04   0.000    -.0444438   -.0379921
          _Ivuosi_2005 |  -.0391889   .0014761   -26.55   0.000    -.0420821   -.0362957
          _Ivuosi_2006 |  -.0322603   .0012426   -25.96   0.000    -.0346958   -.0298247
          _Ivuosi_2007 |  -.0249388   .0010579   -23.57   0.000    -.0270124   -.0228652
          _Ivuosi_2008 |  -.0188195   .0008555   -22.00   0.000    -.0204962   -.0171427
          _Ivuosi_2009 |  -.0141169   .0006861   -20.58   0.000    -.0154616   -.0127722
          _Ivuosi_2010 |  -.0087533    .000482   -18.16   0.000    -.0096981   -.0078085
          _Ivuosi_2011 |  -.0050724    .000263   -19.28   0.000     -.005588   -.0045569
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1288219   .0121002   -10.65   0.000    -.1525389    -.105105
             _Iage2_22 |  -.1739251   .0197388    -8.81   0.000    -.2126142   -.1352359
             _Iage2_23 |  -.2123376   .0280974    -7.56   0.000      -.26741   -.1572652
             _Iage2_24 |   -.259345   .0367166    -7.06   0.000    -.3313114   -.1873786
             _Iage2_25 |  -.2858869   .0453724    -6.30   0.000    -.3748192   -.1969545
             _Iage2_26 |  -.2952761   .0539915    -5.47   0.000    -.4011024   -.1894499
             _Iage2_27 |  -.2994006   .0626707    -4.78   0.000    -.4222384   -.1765628
             _Iage2_28 |  -.2972243   .0713544    -4.17   0.000    -.4370827   -.1573659
             _Iage2_29 |  -.2910297   .0800349    -3.64   0.000    -.4479023   -.1341571
             _Iage2_30 |  -.2834343   .0887314    -3.19   0.001    -.4573526   -.1095161
             _Iage2_31 |  -.2739938   .0974528    -2.81   0.005    -.4650064   -.0829812
             _Iage2_32 |  -.2620382   .1061515    -2.47   0.014    -.4701007   -.0539757
             _Iage2_33 |  -.2485537   .1148398    -2.16   0.030    -.4736457   -.0234617
             _Iage2_34 |  -.2351899   .1235603    -1.90   0.057    -.4773745    .0069948
             _Iage2_35 |  -.2213601   .1322675    -1.67   0.094    -.4806115    .0378912
             _Iage2_36 |  -.2049853   .1409986    -1.45   0.146    -.4813501    .0713795
             _Iage2_37 |  -.1892581   .1497107    -1.26   0.206    -.4826989    .1041828
             _Iage2_38 |  -.1722214   .1584215    -1.09   0.277    -.4827359    .1382931
             _Iage2_39 |   -.154994   .1671358    -0.93   0.354    -.4825891    .1726011
             _Iage2_40 |  -.1382033    .175851    -0.79   0.432    -.4828806     .206474
             _Iage2_41 |   -.347625    .157153    -2.21   0.027    -.6556531   -.0395968
             _Iage2_42 |  -.3308224   .1484188    -2.23   0.026    -.6217311   -.0399138
             _Iage2_43 |  -.3127023   .1396827    -2.24   0.025    -.5864878   -.0389169
             _Iage2_44 |  -.2954973    .130951    -2.26   0.024     -.552168   -.0388265
             _Iage2_45 |  -.2778903   .1222209    -2.27   0.023    -.5174498   -.0383309
             _Iage2_46 |  -.2601599   .1134849    -2.29   0.022    -.4825964   -.0377235
             _Iage2_47 |  -.2421099   .1047579    -2.31   0.021     -.447441   -.0367789
             _Iage2_48 |  -.2234935   .0960352    -2.33   0.020    -.4117276   -.0352593
             _Iage2_49 |   -.205058   .0873001    -2.35   0.019    -.3761707   -.0339453
             _Iage2_50 |  -.1859424    .078572    -2.37   0.018    -.3399477    -.031937
             _Iage2_51 |  -.1673286   .0698466    -2.40   0.017    -.3042317   -.0304255
             _Iage2_52 |  -.1495725   .0611203    -2.45   0.014    -.2693716   -.0297734
             _Iage2_53 |  -.1305787   .0523918    -2.49   0.013    -.2332694    -.027888
             _Iage2_54 |  -.1115382   .0436681    -2.55   0.011      -.19713   -.0259465
             _Iage2_55 |  -.0910947   .0349388    -2.61   0.009    -.1595765   -.0226128
             _Iage2_56 |  -.0698335   .0262208    -2.66   0.008    -.1212278   -.0184393
             _Iage2_57 |  -.0490294   .0175102    -2.80   0.005    -.0833504   -.0147085
             _Iage2_58 |  -.0233249    .008771    -2.66   0.008    -.0405164   -.0061334
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0000198   .0002144     0.09   0.926    -.0004004    .0004399
                 _cons |   .2966685   .1281093     2.32   0.021     .0455675    .5477694
-----------------------+----------------------------------------------------------------
               sigma_u |  .18744203
               sigma_e |  .11595561
                   rho |  .72322679   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26696) =   51.00
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26696) =   76.50
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26696) =  142.35
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26696) =   95.14
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =   24.55
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =   26.71
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26696) =   22.27
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1826                         Obs per group: min =         1
       between = 0.0057                                        avg =      11.7
       overall = 0.0032                                        max =        48

                                                F(89,26696)        =    126.29
corr(u_i, Xb)  = -0.8883                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0014351   .0029239    -0.49   0.624    -.0071662    .0042959
           treated_ia2 |   .0162646   .0075879     2.14   0.032     .0013919    .0311373
           treated_ia3 |  -.0024301   .0002898    -8.39   0.000    -.0029982   -.0018621
     treated_iasuorv_d |  -.0349496   .0129093    -2.71   0.007    -.0602525   -.0096466
           treated_pre |  -.0419791   .0049409    -8.50   0.000    -.0516635   -.0322947
  treated_pre_iasenior |   .0049804   .0028966     1.72   0.086    -.0006971     .010658
       treated_pre_ia2 |   .0286759     .00295     9.72   0.000     .0228937    .0344581
       treated_pre_ia3 |   .0030592   .0002484    12.32   0.000     .0025723    .0035461
 treated_pre_iasuorv_d |   .0509249   .0057321     8.88   0.000     .0396898    .0621601
          treated_post |  -.0450853   .0064543    -6.99   0.000     -.057736   -.0324345
 treated_post_iasenior |   .0012567   .0033273     0.38   0.706    -.0052651    .0077785
      treated_post_ia2 |   .0330803   .0032463    10.19   0.000     .0267174    .0394432
      treated_post_ia3 |   .0028499   .0002771    10.29   0.000     .0023068    .0033929
treated_post_iasuorv_d |   .0703172   .0065873    10.67   0.000     .0574057    .0832286
                senior |   .2470428   .3412778     0.72   0.469    -.4218797    .9159652
             interact2 |  -.0827782   .0052109   -15.89   0.000    -.0929918   -.0725646
             interact3 |   .0004557   .0001085     4.20   0.000      .000243    .0006684
               suorv_d |   .0025288   .0077842     0.32   0.745    -.0127286    .0177861
                   l_0 |  -.1515017   .0438316    -3.46   0.001    -.2374139   -.0655896
                   l_1 |  -.1551094   .0525229    -2.95   0.003     -.258057   -.0521618
                   l_2 |  -.1710503   .0612426    -2.79   0.005    -.2910891   -.0510116
                   l_3 |  -.1884825   .0699835    -2.69   0.007    -.3256538   -.0513111
                   l_4 |  -.2059537    .078722    -2.62   0.009    -.3602529   -.0516545
                   l_5 |  -.2256952   .0874379    -2.58   0.010    -.3970781   -.0543123
                   l_6 |  -.2470196   .0961631    -2.57   0.010    -.4355044   -.0585348
                   l_7 |  -.2712346   .1048792    -2.59   0.010    -.4768035   -.0656658
                   l_8 |  -.2930863   .1136049    -2.58   0.010    -.5157579   -.0704147
                   l_9 |  -.3136425   .1223503    -2.56   0.010    -.5534556   -.0738294
                  l_10 |  -.3375329   .1310654    -2.58   0.010     -.594428   -.0806378
                   f_1 |  -.1206967   .0350481    -3.44   0.001    -.1893928   -.0520006
                   f_2 |  -.0987895   .0263129    -3.75   0.000    -.1503642   -.0472148
                   f_3 |  -.0726002    .017575    -4.13   0.000    -.1070481   -.0381523
                   f_4 |  -.0400707   .0088913    -4.51   0.000     -.057498   -.0226433
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.024238   .0036396    -6.66   0.000    -.0313718   -.0171042
          _Ivuosi_1996 |   .0161394   .0027571     5.85   0.000     .0107354    .0215435
          _Ivuosi_1997 |   .0109511   .0026552     4.12   0.000     .0057468    .0161554
          _Ivuosi_1998 |  -.0003266   .0025032    -0.13   0.896    -.0052329    .0045797
          _Ivuosi_1999 |  -.0025878   .0025197    -1.03   0.304    -.0075266     .002351
          _Ivuosi_2000 |  -.0127104   .0026135    -4.86   0.000     -.017833   -.0075878
          _Ivuosi_2001 |  -.0555145   .0022043   -25.18   0.000     -.059835    -.051194
          _Ivuosi_2002 |  -.0507711   .0019968   -25.43   0.000     -.054685   -.0468573
          _Ivuosi_2003 |  -.0473529   .0018402   -25.73   0.000    -.0509598    -.043746
          _Ivuosi_2004 |  -.0418204   .0016305   -25.65   0.000    -.0450163   -.0386245
          _Ivuosi_2005 |  -.0398408    .001465   -27.20   0.000    -.0427122   -.0369694
          _Ivuosi_2006 |  -.0329214   .0012341   -26.68   0.000    -.0353404   -.0305025
          _Ivuosi_2007 |  -.0256019   .0010512   -24.35   0.000    -.0276624   -.0235415
          _Ivuosi_2008 |  -.0192477   .0008481   -22.69   0.000    -.0209101   -.0175853
          _Ivuosi_2009 |  -.0144802   .0006814   -21.25   0.000    -.0158157   -.0131447
          _Ivuosi_2010 |   -.008966   .0004792   -18.71   0.000    -.0099053   -.0080266
          _Ivuosi_2011 |  -.0051767   .0002613   -19.81   0.000    -.0056889   -.0046646
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1286725   .0120796   -10.65   0.000    -.1523492   -.1049958
             _Iage2_22 |  -.1734958   .0197058    -8.80   0.000    -.2121202   -.1348713
             _Iage2_23 |  -.2117765   .0280498    -7.55   0.000    -.2667556   -.1567975
             _Iage2_24 |   -.258418   .0366608    -7.05   0.000    -.3302752   -.1865609
             _Iage2_25 |   -.283248   .0453051    -6.25   0.000    -.3720484   -.1944475
             _Iage2_26 |   -.290345   .0539163    -5.39   0.000    -.3960238   -.1846663
             _Iage2_27 |  -.2923071   .0625871    -4.67   0.000    -.4149812    -.169633
             _Iage2_28 |  -.2884362     .07126    -4.05   0.000    -.4281095   -.1487628
             _Iage2_29 |  -.2809812   .0799321    -3.52   0.000    -.4376524     -.12431
             _Iage2_30 |  -.2723676   .0886197    -3.07   0.002     -.446067   -.0986683
             _Iage2_31 |  -.2620383   .0973325    -2.69   0.007    -.4528152   -.0712614
             _Iage2_32 |  -.2493916   .1060216    -2.35   0.019    -.4571995   -.0415837
             _Iage2_33 |  -.2352322   .1147011    -2.05   0.040    -.4600524    -.010412
             _Iage2_34 |  -.2213494   .1234133    -1.79   0.073     -.463246    .0205471
             _Iage2_35 |   -.207036   .1321122    -1.57   0.117    -.4659829    .0519108
             _Iage2_36 |  -.1902242   .1408352    -1.35   0.177    -.4662687    .0858202
             _Iage2_37 |  -.1740803   .1495387    -1.16   0.244     -.467184    .1190235
             _Iage2_38 |  -.1566597   .1582414    -0.99   0.322    -.4668211    .1535018
             _Iage2_39 |  -.1390601   .1669477    -0.83   0.405    -.4662863    .1881661
             _Iage2_40 |  -.1219676   .1756553    -0.69   0.487    -.4662613    .2223261
             _Iage2_41 |  -.3510622   .1570263    -2.24   0.025     -.658842   -.0432824
             _Iage2_42 |  -.3338888   .1483006    -2.25   0.024    -.6245658   -.0432117
             _Iage2_43 |  -.3154808   .1395712    -2.26   0.024    -.5890478   -.0419139
             _Iage2_44 |  -.2979828   .1308468    -2.28   0.023    -.5544495   -.0415161
             _Iage2_45 |  -.2800562   .1221236    -2.29   0.022     -.519425   -.0406874
             _Iage2_46 |  -.2620327   .1133954    -2.31   0.021    -.4842936   -.0397717
             _Iage2_47 |  -.2436671   .1046751    -2.33   0.020    -.4488359   -.0384983
             _Iage2_48 |  -.2247989   .0959594    -2.34   0.019    -.4128844   -.0367133
             _Iage2_49 |  -.2061016   .0872317    -2.36   0.018    -.3770803   -.0351229
             _Iage2_50 |   -.186745   .0785102    -2.38   0.017    -.3406291    -.032861
             _Iage2_51 |  -.1678866   .0697918    -2.41   0.016    -.3046821    -.031091
             _Iage2_52 |   -.149946   .0610725    -2.46   0.014    -.2696515   -.0302406
             _Iage2_53 |  -.1308054   .0523505    -2.50   0.012    -.2334151   -.0281956
             _Iage2_54 |  -.1116224   .0436337    -2.56   0.011    -.1971468   -.0260981
             _Iage2_55 |  -.0911424   .0349112    -2.61   0.009    -.1595702   -.0227146
             _Iage2_56 |   -.069823   .0262004    -2.66   0.008    -.1211772   -.0184688
             _Iage2_57 |  -.0489959   .0174966    -2.80   0.005      -.08329   -.0147017
             _Iage2_58 |  -.0232935    .008764    -2.66   0.008    -.0404714   -.0061155
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0000319   .0002134     0.15   0.881    -.0003864    .0004501
                 _cons |   .3069342   .1279737     2.40   0.016      .056099    .5577694
-----------------------+----------------------------------------------------------------
               sigma_u |  .18692097
               sigma_e |  .11577073
                   rho |  .72275092   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26696) =   43.31
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26696) =   50.30
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26696) =   83.96
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26696) =   65.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =   43.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =    6.14
            Prob > F =    0.0132

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =   46.02
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26696) =    4.22
            Prob > F =    0.0400

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26696) =   41.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =    2.49
            Prob > F =    0.1149

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    888,929    .1982903    .3987122          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    921,211    .2022219     .401657          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    848,172    8.107993    5.238977          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    766,847    21.13425    7.873634          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    672,101    8.612259    5.394337          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    580,996    21.68283    7.932867          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    176,071    6.183102    4.057725          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    185,851    19.41931     7.42871          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] * 
>   8.11
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] * 
>  21.13

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0153569   .0043587    -3.52   0.000    -.0238997   -.0068141
       _nl_2 |   .0230048   .0023749     9.69   0.000     .0183501    .0276596
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.6
> 1
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.6
> 8
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.1
> 8
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.4
> 2

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0205481   .0046634    -4.41   0.000    -.0296881    -.011408
       _nl_2 |   .0179562   .0024706     7.27   0.000     .0131138    .0227986
       _nl_3 |   .0056071   .0038235     1.47   0.143    -.0018868     .013101
       _nl_4 |   .0445958     .00326    13.68   0.000     .0382064    .0509852
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.1
> 8
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.4
> 2
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.6
> 1
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.6
> 8

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0450853   .0064543    -6.99   0.000    -.0577354   -.0324351
       _nl_2 |  -.0438286   .0066421    -6.60   0.000    -.0568468   -.0308104
       _nl_3 |   -.012005    .004846    -2.48   0.013     -.021503   -.0025069
       _nl_4 |  -.0107483   .0052319    -2.05   0.040    -.0210027   -.0004939
       _nl_5 |   .0056071   .0038235     1.47   0.143    -.0018868     .013101
       _nl_6 |   .0445958     .00326    13.68   0.000     .0382064    .0509852
       _nl_7 |  -.0205481   .0046634    -4.41   0.000    -.0296881    -.011408
       _nl_8 |   .0179562   .0024706     7.27   0.000     .0131138    .0227986
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_whitec_noIQ_noPhD_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1826                         Obs per group: min =         1
       between = 0.0057                                        avg =      11.7
       overall = 0.0032                                        max =        48

                                                F(86,26696)        =    129.50
corr(u_i, Xb)  = -0.8879                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0162195   .0076148     2.13   0.033      .001294     .031145
           treated_ia3 |   -.002512   .0002753    -9.13   0.000    -.0030515   -.0019724
     treated_iasuorv_d |  -.0372759   .0123042    -3.03   0.002    -.0613927   -.0131591
           treated_pre |  -.0427195   .0049491    -8.63   0.000      -.05242    -.033019
       treated_pre_ia2 |   .0292044   .0029656     9.85   0.000     .0233916    .0350172
       treated_pre_ia3 |   .0032671   .0002288    14.28   0.000     .0028186    .0037156
 treated_pre_iasuorv_d |   .0553379   .0048125    11.50   0.000     .0459051    .0647707
          treated_post |  -.0454578   .0064351    -7.06   0.000     -.058071   -.0328447
      treated_post_ia2 |   .0332479   .0032947    10.09   0.000     .0267901    .0397057
      treated_post_ia3 |   .0029202   .0002739    10.66   0.000     .0023834     .003457
treated_post_iasuorv_d |   .0716817     .00599    11.97   0.000      .059941    .0834223
             interact2 |  -.0829024   .0052113   -15.91   0.000    -.0931168    -.072688
             interact3 |   .0004501   .0001086     4.14   0.000     .0002372    .0006629
               suorv_d |   .0025623   .0077921     0.33   0.742    -.0127105    .0178352
                   l_0 |  -.1513696   .0438285    -3.45   0.001    -.2372758   -.0654633
                   l_1 |  -.1549456   .0525189    -2.95   0.003    -.2578853   -.0520058
                   l_2 |  -.1708536   .0612379    -2.79   0.005    -.2908831   -.0508242
                   l_3 |  -.1882526   .0699782    -2.69   0.007    -.3254135   -.0510917
                   l_4 |  -.2056885    .078716    -2.61   0.009    -.3599761   -.0514009
                   l_5 |  -.2253956   .0874313    -2.58   0.010    -.3967656   -.0540257
                   l_6 |  -.2466873   .0961559    -2.57   0.010    -.4351581   -.0582166
                   l_7 |  -.2708682   .1048715    -2.58   0.010    -.4764219   -.0653145
                   l_8 |  -.2926833   .1135966    -2.58   0.010    -.5153386   -.0700279
                   l_9 |  -.3132006   .1223413    -2.56   0.010     -.552996   -.0734053
                  l_10 |  -.3370536   .1310557    -2.57   0.010    -.5939297   -.0801775
                   f_1 |  -.1205681   .0350449    -3.44   0.001    -.1892579   -.0518782
                   f_2 |  -.0987015   .0263104    -3.75   0.000    -.1502713   -.0471317
                   f_3 |  -.0725513   .0175729    -4.13   0.000    -.1069952   -.0381074
                   f_4 |  -.0400602   .0088896    -4.51   0.000    -.0574843   -.0226362
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0242217   .0036407    -6.65   0.000    -.0313575   -.0170858
          _Ivuosi_1996 |    .016143   .0027571     5.85   0.000     .0107389    .0215472
          _Ivuosi_1997 |   .0109515    .002655     4.12   0.000     .0057476    .0161555
          _Ivuosi_1998 |  -.0003339   .0025033    -0.13   0.894    -.0052405    .0045726
          _Ivuosi_1999 |  -.0025995   .0025198    -1.03   0.302    -.0075384    .0023394
          _Ivuosi_2000 |  -.0127231   .0026135    -4.87   0.000    -.0178457   -.0076006
          _Ivuosi_2001 |  -.0555114   .0022047   -25.18   0.000    -.0598328   -.0511901
          _Ivuosi_2002 |  -.0507626   .0019975   -25.41   0.000    -.0546777   -.0468474
          _Ivuosi_2003 |  -.0473449   .0018409   -25.72   0.000    -.0509531   -.0437367
          _Ivuosi_2004 |  -.0418165   .0016311   -25.64   0.000    -.0450135   -.0386195
          _Ivuosi_2005 |  -.0398488   .0014652   -27.20   0.000    -.0427207   -.0369769
          _Ivuosi_2006 |   -.032926   .0012344   -26.67   0.000    -.0353454   -.0305066
          _Ivuosi_2007 |  -.0256011   .0010514   -24.35   0.000     -.027662   -.0235402
          _Ivuosi_2008 |  -.0192416   .0008481   -22.69   0.000    -.0209039   -.0175793
          _Ivuosi_2009 |  -.0144788   .0006814   -21.25   0.000    -.0158143   -.0131432
          _Ivuosi_2010 |  -.0089671   .0004793   -18.71   0.000    -.0099065   -.0080277
          _Ivuosi_2011 |  -.0051766   .0002613   -19.81   0.000    -.0056887   -.0046645
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1286933   .0120758   -10.66   0.000    -.1523625   -.1050241
             _Iage2_22 |  -.1735421   .0196999    -8.81   0.000    -.2121549   -.1349293
             _Iage2_23 |  -.2118501   .0280421    -7.55   0.000     -.266814   -.1568862
             _Iage2_24 |  -.2585127   .0366518    -7.05   0.000    -.3303521   -.1866733
             _Iage2_25 |  -.2833583   .0452951    -6.26   0.000     -.372139   -.1945776
             _Iage2_26 |  -.2904721   .0539055    -5.39   0.000    -.3961297   -.1848145
             _Iage2_27 |  -.2924556   .0625757    -4.67   0.000    -.4151072    -.169804
             _Iage2_28 |  -.2886041    .071248    -4.05   0.000     -.428254   -.1489542
             _Iage2_29 |  -.2811643   .0799195    -3.52   0.000    -.4378107   -.1245179
             _Iage2_30 |  -.2725665   .0886065    -3.08   0.002      -.44624   -.0988931
             _Iage2_31 |  -.2622458   .0973187    -2.69   0.007    -.4529956    -.071496
             _Iage2_32 |  -.2496075   .1060072    -2.35   0.019    -.4573872   -.0418278
             _Iage2_33 |  -.2354555   .1146862    -2.05   0.040    -.4602464   -.0106645
             _Iage2_34 |  -.2215782   .1233977    -1.80   0.073    -.4634442    .0202878
             _Iage2_35 |   -.207268   .1320961    -1.57   0.117    -.4661832    .0516473
             _Iage2_36 |  -.1904582   .1408184    -1.35   0.176    -.4664697    .0855534
             _Iage2_37 |  -.1743272   .1495213    -1.17   0.244    -.4673968    .1187424
             _Iage2_38 |  -.1569302   .1582233    -0.99   0.321    -.4670561    .1531958
             _Iage2_39 |  -.1393604   .1669287    -0.83   0.404    -.4665494    .1878286
             _Iage2_40 |  -.1223119   .1756354    -0.70   0.486    -.4665665    .2219428
             _Iage2_41 |  -.1040143   .1843587    -0.56   0.573    -.4653672    .2573386
             _Iage2_42 |  -.0868939   .1930734    -0.45   0.653     -.465328    .2915402
             _Iage2_43 |  -.0685458   .2017927    -0.34   0.734    -.4640701    .3269785
             _Iage2_44 |  -.0511101   .2105073    -0.24   0.808    -.4637155    .3614952
             _Iage2_45 |    -.03325    .219222    -0.15   0.879    -.4629367    .3964368
             _Iage2_46 |  -.0152926   .2279428    -0.07   0.947    -.4620724    .4314873
             _Iage2_47 |   .0030002   .2366562     0.01   0.990    -.4608585    .4668589
             _Iage2_48 |   .0217979   .2453649     0.09   0.929    -.4591302    .5027259
             _Iage2_49 |   .0404231   .2540874     0.16   0.874    -.4576016    .5384479
             _Iage2_50 |   .0597069   .2628045     0.23   0.820    -.4554038    .5748177
             _Iage2_51 |    .078501   .2715185     0.29   0.772    -.4536896    .6106917
             _Iage2_52 |   .0963773   .2802344     0.34   0.731    -.4528969    .6456515
             _Iage2_53 |   .1154626   .2889549     0.40   0.689    -.4509044    .6818295
             _Iage2_54 |   .1345879     .29767     0.45   0.651    -.4488612    .7180369
             _Iage2_55 |   .1550239   .3063918     0.51   0.613    -.4455202    .7555681
             _Iage2_56 |    .176283   .3151067     0.56   0.576    -.4413428    .7939088
             _Iage2_57 |   .1970499   .3238204     0.61   0.543    -.4376553     .831755
             _Iage2_58 |   .2226953   .3325298     0.67   0.503    -.4290808    .8744713
             _Iage2_59 |   .2459335   .3412556     0.72   0.471    -.4229456    .9148125
         firm_size_new |   .0000301   .0002134     0.14   0.888    -.0003882    .0004483
                 _cons |   .3074656   .1279589     2.40   0.016     .0566593    .5582719
-----------------------+----------------------------------------------------------------
               sigma_u |  .18655382
               sigma_e |  .11577141
                   rho |  .72195989   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =    6.62
            Prob > F =    0.0101

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =   47.35
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =    4.21
            Prob > F =    0.0402

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26696) =   12.31
            Prob > F =    0.0005

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26696) =   69.22
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26696) =    7.74
            Prob > F =    0.0054
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1826                         Obs per group: min =         1
       between = 0.0057                                        avg =      11.7
       overall = 0.0032                                        max =        48

                                                F(89,26696)        =    126.29
corr(u_i, Xb)  = -0.8883                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0014351   .0029239    -0.49   0.624    -.0071662    .0042959
           treated_ia2 |   .0162646   .0075879     2.14   0.032     .0013919    .0311373
           treated_ia3 |  -.0024301   .0002898    -8.39   0.000    -.0029982   -.0018621
     treated_iasuorv_d |  -.0349496   .0129093    -2.71   0.007    -.0602525   -.0096466
           treated_pre |  -.0419791   .0049409    -8.50   0.000    -.0516635   -.0322947
  treated_pre_iasenior |   .0049804   .0028966     1.72   0.086    -.0006971     .010658
       treated_pre_ia2 |   .0286759     .00295     9.72   0.000     .0228937    .0344581
       treated_pre_ia3 |   .0030592   .0002484    12.32   0.000     .0025723    .0035461
 treated_pre_iasuorv_d |   .0509249   .0057321     8.88   0.000     .0396898    .0621601
          treated_post |  -.0450853   .0064543    -6.99   0.000     -.057736   -.0324345
 treated_post_iasenior |   .0012567   .0033273     0.38   0.706    -.0052651    .0077785
      treated_post_ia2 |   .0330803   .0032463    10.19   0.000     .0267174    .0394432
      treated_post_ia3 |   .0028499   .0002771    10.29   0.000     .0023068    .0033929
treated_post_iasuorv_d |   .0703172   .0065873    10.67   0.000     .0574057    .0832286
                senior |   .2470428   .3412778     0.72   0.469    -.4218797    .9159652
             interact2 |  -.0827782   .0052109   -15.89   0.000    -.0929918   -.0725646
             interact3 |   .0004557   .0001085     4.20   0.000      .000243    .0006684
               suorv_d |   .0025288   .0077842     0.32   0.745    -.0127286    .0177861
                   l_0 |  -.1515017   .0438316    -3.46   0.001    -.2374139   -.0655896
                   l_1 |  -.1551094   .0525229    -2.95   0.003     -.258057   -.0521618
                   l_2 |  -.1710503   .0612426    -2.79   0.005    -.2910891   -.0510116
                   l_3 |  -.1884825   .0699835    -2.69   0.007    -.3256538   -.0513111
                   l_4 |  -.2059537    .078722    -2.62   0.009    -.3602529   -.0516545
                   l_5 |  -.2256952   .0874379    -2.58   0.010    -.3970781   -.0543123
                   l_6 |  -.2470196   .0961631    -2.57   0.010    -.4355044   -.0585348
                   l_7 |  -.2712346   .1048792    -2.59   0.010    -.4768035   -.0656658
                   l_8 |  -.2930863   .1136049    -2.58   0.010    -.5157579   -.0704147
                   l_9 |  -.3136425   .1223503    -2.56   0.010    -.5534556   -.0738294
                  l_10 |  -.3375329   .1310654    -2.58   0.010     -.594428   -.0806378
                   f_1 |  -.1206967   .0350481    -3.44   0.001    -.1893928   -.0520006
                   f_2 |  -.0987895   .0263129    -3.75   0.000    -.1503642   -.0472148
                   f_3 |  -.0726002    .017575    -4.13   0.000    -.1070481   -.0381523
                   f_4 |  -.0400707   .0088913    -4.51   0.000     -.057498   -.0226433
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.024238   .0036396    -6.66   0.000    -.0313718   -.0171042
          _Ivuosi_1996 |   .0161394   .0027571     5.85   0.000     .0107354    .0215435
          _Ivuosi_1997 |   .0109511   .0026552     4.12   0.000     .0057468    .0161554
          _Ivuosi_1998 |  -.0003266   .0025032    -0.13   0.896    -.0052329    .0045797
          _Ivuosi_1999 |  -.0025878   .0025197    -1.03   0.304    -.0075266     .002351
          _Ivuosi_2000 |  -.0127104   .0026135    -4.86   0.000     -.017833   -.0075878
          _Ivuosi_2001 |  -.0555145   .0022043   -25.18   0.000     -.059835    -.051194
          _Ivuosi_2002 |  -.0507711   .0019968   -25.43   0.000     -.054685   -.0468573
          _Ivuosi_2003 |  -.0473529   .0018402   -25.73   0.000    -.0509598    -.043746
          _Ivuosi_2004 |  -.0418204   .0016305   -25.65   0.000    -.0450163   -.0386245
          _Ivuosi_2005 |  -.0398408    .001465   -27.20   0.000    -.0427122   -.0369694
          _Ivuosi_2006 |  -.0329214   .0012341   -26.68   0.000    -.0353404   -.0305025
          _Ivuosi_2007 |  -.0256019   .0010512   -24.35   0.000    -.0276624   -.0235415
          _Ivuosi_2008 |  -.0192477   .0008481   -22.69   0.000    -.0209101   -.0175853
          _Ivuosi_2009 |  -.0144802   .0006814   -21.25   0.000    -.0158157   -.0131447
          _Ivuosi_2010 |   -.008966   .0004792   -18.71   0.000    -.0099053   -.0080266
          _Ivuosi_2011 |  -.0051767   .0002613   -19.81   0.000    -.0056889   -.0046646
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1286725   .0120796   -10.65   0.000    -.1523492   -.1049958
             _Iage2_22 |  -.1734958   .0197058    -8.80   0.000    -.2121202   -.1348713
             _Iage2_23 |  -.2117765   .0280498    -7.55   0.000    -.2667556   -.1567975
             _Iage2_24 |   -.258418   .0366608    -7.05   0.000    -.3302752   -.1865609
             _Iage2_25 |   -.283248   .0453051    -6.25   0.000    -.3720484   -.1944475
             _Iage2_26 |   -.290345   .0539163    -5.39   0.000    -.3960238   -.1846663
             _Iage2_27 |  -.2923071   .0625871    -4.67   0.000    -.4149812    -.169633
             _Iage2_28 |  -.2884362     .07126    -4.05   0.000    -.4281095   -.1487628
             _Iage2_29 |  -.2809812   .0799321    -3.52   0.000    -.4376524     -.12431
             _Iage2_30 |  -.2723676   .0886197    -3.07   0.002     -.446067   -.0986683
             _Iage2_31 |  -.2620383   .0973325    -2.69   0.007    -.4528152   -.0712614
             _Iage2_32 |  -.2493916   .1060216    -2.35   0.019    -.4571995   -.0415837
             _Iage2_33 |  -.2352322   .1147011    -2.05   0.040    -.4600524    -.010412
             _Iage2_34 |  -.2213494   .1234133    -1.79   0.073     -.463246    .0205471
             _Iage2_35 |   -.207036   .1321122    -1.57   0.117    -.4659829    .0519108
             _Iage2_36 |  -.1902242   .1408352    -1.35   0.177    -.4662687    .0858202
             _Iage2_37 |  -.1740803   .1495387    -1.16   0.244     -.467184    .1190235
             _Iage2_38 |  -.1566597   .1582414    -0.99   0.322    -.4668211    .1535018
             _Iage2_39 |  -.1390601   .1669477    -0.83   0.405    -.4662863    .1881661
             _Iage2_40 |  -.1219676   .1756553    -0.69   0.487    -.4662613    .2223261
             _Iage2_41 |  -.3510622   .1570263    -2.24   0.025     -.658842   -.0432824
             _Iage2_42 |  -.3338888   .1483006    -2.25   0.024    -.6245658   -.0432117
             _Iage2_43 |  -.3154808   .1395712    -2.26   0.024    -.5890478   -.0419139
             _Iage2_44 |  -.2979828   .1308468    -2.28   0.023    -.5544495   -.0415161
             _Iage2_45 |  -.2800562   .1221236    -2.29   0.022     -.519425   -.0406874
             _Iage2_46 |  -.2620327   .1133954    -2.31   0.021    -.4842936   -.0397717
             _Iage2_47 |  -.2436671   .1046751    -2.33   0.020    -.4488359   -.0384983
             _Iage2_48 |  -.2247989   .0959594    -2.34   0.019    -.4128844   -.0367133
             _Iage2_49 |  -.2061016   .0872317    -2.36   0.018    -.3770803   -.0351229
             _Iage2_50 |   -.186745   .0785102    -2.38   0.017    -.3406291    -.032861
             _Iage2_51 |  -.1678866   .0697918    -2.41   0.016    -.3046821    -.031091
             _Iage2_52 |   -.149946   .0610725    -2.46   0.014    -.2696515   -.0302406
             _Iage2_53 |  -.1308054   .0523505    -2.50   0.012    -.2334151   -.0281956
             _Iage2_54 |  -.1116224   .0436337    -2.56   0.011    -.1971468   -.0260981
             _Iage2_55 |  -.0911424   .0349112    -2.61   0.009    -.1595702   -.0227146
             _Iage2_56 |   -.069823   .0262004    -2.66   0.008    -.1211772   -.0184688
             _Iage2_57 |  -.0489959   .0174966    -2.80   0.005      -.08329   -.0147017
             _Iage2_58 |  -.0232935    .008764    -2.66   0.008    -.0404714   -.0061155
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0000319   .0002134     0.15   0.881    -.0003864    .0004501
                 _cons |   .3069342   .1279737     2.40   0.016      .056099    .5577694
-----------------------+----------------------------------------------------------------
               sigma_u |  .18692097
               sigma_e |  .11577073
                   rho |  .72275092   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26696) =   43.31
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26696) =   50.30
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26696) =   83.96
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26696) =   65.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26696) =   43.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =    6.14
            Prob > F =    0.0132

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =   46.02
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26696) =    4.22
            Prob > F =    0.0400

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26696) =   41.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =    2.49
            Prob > F =    0.1149
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1808820
Group variable: shnro_real                      Number of groups   =    154443

R-sq:  within  = 0.1778                         Obs per group: min =         1
       between = 0.0062                                        avg =      11.7
       overall = 0.0033                                        max =        48

                                                F(74,26688)        =    140.83
corr(u_i, Xb)  = -0.8820                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,689 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0019286    .002657     0.73   0.468    -.0032791    .0071364
 treated_post |   .0003824   .0033054     0.12   0.908    -.0060963    .0068611
          l_0 |  -.1526977   .0439601    -3.47   0.001    -.2388618   -.0665336
          l_1 |  -.1562047   .0526831    -2.96   0.003    -.2594664   -.0529431
          l_2 |  -.1718893   .0614355    -2.80   0.005     -.292306   -.0514725
          l_3 |  -.1889826    .070212    -2.69   0.007    -.3266018   -.0513634
          l_4 |  -.2061796   .0789835    -2.61   0.009    -.3609915   -.0513677
          l_5 |  -.2256689   .0877299    -2.57   0.010     -.397624   -.0537137
          l_6 |  -.2467946   .0964901    -2.56   0.011    -.4359203   -.0576688
          l_7 |  -.2707299   .1052374    -2.57   0.010    -.4770008    -.064459
          l_8 |  -.2922121    .113993    -2.56   0.010    -.5156445   -.0687797
          l_9 |  -.3125328   .1227742    -2.55   0.011    -.5531767   -.0718889
         l_10 |  -.3361445   .1315232    -2.56   0.011    -.5939369   -.0783521
          f_1 |  -.1208895    .035179    -3.44   0.001    -.1898423   -.0519367
          f_2 |  -.0991374   .0264063    -3.75   0.000    -.1508952   -.0473795
          f_3 |  -.0731848   .0176328    -4.15   0.000    -.1077459   -.0386236
          f_4 |  -.0409044   .0089158    -4.59   0.000    -.0583798    -.023429
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0227484   .0036524    -6.23   0.000    -.0299074   -.0155895
 _Ivuosi_1996 |   .0172189   .0027493     6.26   0.000     .0118301    .0226077
 _Ivuosi_1997 |    .011932   .0026402     4.52   0.000     .0067571    .0171068
 _Ivuosi_1998 |   .0004923   .0024961     0.20   0.844    -.0044001    .0053847
 _Ivuosi_1999 |   -.001599   .0025178    -0.64   0.525    -.0065341     .003336
 _Ivuosi_2000 |  -.0117303     .00262    -4.48   0.000    -.0168656   -.0065951
 _Ivuosi_2001 |  -.0544254    .002199   -24.75   0.000    -.0587355   -.0501154
 _Ivuosi_2002 |   -.049718   .0019944   -24.93   0.000    -.0536272   -.0458087
 _Ivuosi_2003 |  -.0463778   .0018387   -25.22   0.000    -.0499816   -.0427739
 _Ivuosi_2004 |  -.0408548     .00163   -25.07   0.000    -.0440496     -.03766
 _Ivuosi_2005 |  -.0390092     .00146   -26.72   0.000    -.0418709   -.0361475
 _Ivuosi_2006 |  -.0318959   .0012284   -25.97   0.000    -.0343037   -.0294882
 _Ivuosi_2007 |   -.024621   .0010462   -23.53   0.000    -.0266716   -.0225705
 _Ivuosi_2008 |  -.0186495   .0008463   -22.04   0.000    -.0203083   -.0169907
 _Ivuosi_2009 |  -.0139261   .0006804   -20.47   0.000    -.0152597   -.0125926
 _Ivuosi_2010 |   -.008775   .0004795   -18.30   0.000    -.0097148   -.0078352
 _Ivuosi_2011 |  -.0050838   .0002617   -19.43   0.000    -.0055966   -.0045709
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1294046   .0121414   -10.66   0.000    -.1532025   -.1056068
    _Iage2_22 |  -.1751582   .0198007    -8.85   0.000    -.2139686   -.1363477
    _Iage2_23 |  -.2140155   .0281827    -7.59   0.000     -.269255    -.158776
    _Iage2_24 |  -.2615933    .036825    -7.10   0.000    -.3337722   -.1894143
    _Iage2_25 |  -.2894477   .0455059    -6.36   0.000    -.3786417   -.2002537
    _Iage2_26 |   -.299629   .0541376    -5.53   0.000    -.4057416   -.1935164
    _Iage2_27 |  -.3041952   .0628391    -4.84   0.000    -.4273631   -.1810273
    _Iage2_28 |  -.3022386   .0715411    -4.22   0.000    -.4424629   -.1620143
    _Iage2_29 |  -.2960836   .0802447    -3.69   0.000    -.4533676   -.1387997
    _Iage2_30 |  -.2883693   .0889647    -3.24   0.001    -.4627448   -.1139938
    _Iage2_31 |  -.2787177   .0977081    -2.85   0.004    -.4702308   -.0872046
    _Iage2_32 |  -.2665082   .1064292    -2.50   0.012     -.475115   -.0579014
    _Iage2_33 |  -.2527093   .1151418    -2.19   0.028    -.4783933   -.0270253
    _Iage2_34 |  -.2389894   .1238862    -1.93   0.054    -.4818129    .0038341
    _Iage2_35 |   -.224739   .1326192    -1.69   0.090    -.4846797    .0352017
    _Iage2_36 |  -.2079629   .1413751    -1.47   0.141    -.4850656    .0691399
    _Iage2_37 |  -.1918256   .1501125    -1.28   0.201     -.486054    .1024029
    _Iage2_38 |  -.1742777   .1588496    -1.10   0.273    -.4856314    .1370759
    _Iage2_39 |  -.1566054   .1675916    -0.93   0.350    -.4850938    .1718829
    _Iage2_40 |  -.1393493   .1763335    -0.79   0.429    -.4849723    .2062738
    _Iage2_41 |  -.1208713   .1850938    -0.65   0.514     -.483665    .2419225
    _Iage2_42 |  -.1034413   .1938455    -0.53   0.594    -.4833888    .2765061
    _Iage2_43 |  -.0848118   .2026021    -0.42   0.676    -.4819226    .3122991
    _Iage2_44 |  -.0670737   .2113536    -0.32   0.751    -.4813379    .3471905
    _Iage2_45 |  -.0488806    .220106    -0.22   0.824       -.4803    .3825388
    _Iage2_46 |  -.0305304   .2288652    -0.13   0.894    -.4791183    .4180575
    _Iage2_47 |  -.0118968    .237616    -0.05   0.960    -.4776367     .453843
    _Iage2_48 |   .0072786   .2463637     0.03   0.976    -.4756073    .4901645
    _Iage2_49 |   .0263396   .2551247     0.10   0.918    -.4737184    .5263976
    _Iage2_50 |   .0459765   .2638808     0.17   0.862    -.4712437    .5631968
    _Iage2_51 |    .065389   .2726347     0.24   0.810    -.4689894    .5997674
    _Iage2_52 |   .0836858   .2813903     0.30   0.766    -.4678541    .6352258
    _Iage2_53 |   .1034292     .29015     0.36   0.721    -.4652801    .6721385
    _Iage2_54 |    .123145   .2989034     0.41   0.680    -.4627214    .7090114
    _Iage2_55 |   .1449901    .307666     0.47   0.637    -.4580516    .7480317
    _Iage2_56 |   .1667698   .3164212     0.53   0.598    -.4534325    .7869722
    _Iage2_57 |    .188109   .3251755     0.58   0.563    -.4492521    .8254701
    _Iage2_58 |   .2143364   .3339277     0.64   0.521    -.4401796    .8688525
    _Iage2_59 |   .2382112   .3426963     0.70   0.487    -.4334916     .909914
firm_size_new |   .0000193   .0002176     0.09   0.929    -.0004073    .0004458
        _cons |   .2975635   .1285092     2.32   0.021     .0456787    .5494484
--------------+----------------------------------------------------------------
      sigma_u |  .18146516
      sigma_e |  .11603941
          rho |  .70977008   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1808820
Group variable: shnro_real                      Number of groups   =    154443

R-sq:  within  = 0.1802                         Obs per group: min =         1
       between = 0.0072                                        avg =      11.7
       overall = 0.0030                                        max =        48

                                                F(82,26688)        =    130.62
corr(u_i, Xb)  = -0.8843                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0025968   .0002602    -9.98   0.000    -.0031067   -.0020868
     treated_iasuorv_d |   -.030664   .0123222    -2.49   0.013    -.0548161   -.0065119
           treated_pre |  -.0357935   .0047273    -7.57   0.000    -.0450593   -.0265278
       treated_pre_ia3 |   .0032124    .000231    13.91   0.000     .0027596    .0036652
 treated_pre_iasuorv_d |   .0518253   .0046374    11.18   0.000     .0427358    .0609147
          treated_post |  -.0342735   .0062568    -5.48   0.000    -.0465373   -.0220098
      treated_post_ia3 |   .0027487   .0002743    10.02   0.000     .0022111    .0032863
treated_post_iasuorv_d |     .06965   .0058098    11.99   0.000     .0582625    .0810374
             interact3 |   .0016388   .0001069    15.33   0.000     .0014293    .0018483
               suorv_d |   .0007957   .0077799     0.10   0.919    -.0144533    .0160447
                   l_0 |  -.1545108   .0438419    -3.52   0.000    -.2404432   -.0685783
                   l_1 |  -.1582901   .0525374    -3.01   0.003    -.2612661   -.0553141
                   l_2 |  -.1743222   .0612606    -2.85   0.004    -.2943963   -.0542481
                   l_3 |  -.1918144    .070007    -2.74   0.006    -.3290318   -.0545971
                   l_4 |  -.2094008   .0787498    -2.66   0.008    -.3637546    -.055047
                   l_5 |  -.2292332   .0874672    -2.62   0.009    -.4006736   -.0577928
                   l_6 |  -.2506943   .0961975    -2.61   0.009    -.4392464   -.0621421
                   l_7 |   -.275052    .104915    -2.62   0.009     -.480691   -.0694129
                   l_8 |  -.2969344   .1136422    -2.61   0.009    -.5196791   -.0741898
                   l_9 |  -.3176277    .122392    -2.60   0.009    -.5575226   -.0777328
                  l_10 |  -.3416947   .1311105    -2.61   0.009    -.5986783   -.0847112
                   f_1 |  -.1224137   .0350663    -3.49   0.000    -.1911454   -.0536819
                   f_2 |  -.1002652   .0263254    -3.81   0.000    -.1518643   -.0486662
                   f_3 |  -.0738663   .0175824    -4.20   0.000    -.1083287   -.0394039
                   f_4 |  -.0411037   .0088971    -4.62   0.000    -.0585424   -.0236651
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0233286   .0036392    -6.41   0.000    -.0304616   -.0161956
          _Ivuosi_1996 |   .0169392   .0027614     6.13   0.000     .0115268    .0223517
          _Ivuosi_1997 |   .0117726   .0026575     4.43   0.000     .0065637    .0169815
          _Ivuosi_1998 |   .0005078   .0025049     0.20   0.839    -.0044018    .0054175
          _Ivuosi_1999 |  -.0018001   .0025267    -0.71   0.476    -.0067526    .0031523
          _Ivuosi_2000 |  -.0119623   .0026216    -4.56   0.000    -.0171008   -.0068239
          _Ivuosi_2001 |  -.0547802   .0022114   -24.77   0.000    -.0591146   -.0504458
          _Ivuosi_2002 |  -.0499641   .0020056   -24.91   0.000    -.0538952    -.046033
          _Ivuosi_2003 |  -.0465767   .0018492   -25.19   0.000    -.0502012   -.0429522
          _Ivuosi_2004 |   -.041061   .0016409   -25.02   0.000    -.0442773   -.0378448
          _Ivuosi_2005 |   -.039073   .0014718   -26.55   0.000    -.0419578   -.0361882
          _Ivuosi_2006 |  -.0321631   .0012392   -25.95   0.000     -.034592   -.0297341
          _Ivuosi_2007 |   -.024848   .0010551   -23.55   0.000    -.0269161   -.0227799
          _Ivuosi_2008 |  -.0187407    .000853   -21.97   0.000    -.0204127   -.0170688
          _Ivuosi_2009 |  -.0140575   .0006838   -20.56   0.000    -.0153977   -.0127173
          _Ivuosi_2010 |  -.0087295   .0004811   -18.14   0.000    -.0096725   -.0077865
          _Ivuosi_2011 |  -.0050557   .0002626   -19.26   0.000    -.0055703   -.0045411
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1294611   .0120915   -10.71   0.000    -.1531611   -.1057611
             _Iage2_22 |  -.1750398   .0197202    -8.88   0.000    -.2136924   -.1363871
             _Iage2_23 |  -.2141163   .0280719    -7.63   0.000    -.2691388   -.1590938
             _Iage2_24 |  -.2613969     .03669    -7.12   0.000    -.3333113   -.1894826
             _Iage2_25 |  -.2883842   .0453417    -6.36   0.000    -.3772563   -.1995122
             _Iage2_26 |   -.298253   .0539575    -5.53   0.000    -.4040126   -.1924935
             _Iage2_27 |  -.3027349    .062633    -4.83   0.000    -.4254988    -.179971
             _Iage2_28 |  -.3009945   .0713133    -4.22   0.000    -.4407724   -.1612166
             _Iage2_29 |  -.2952683   .0799886    -3.69   0.000    -.4520502   -.1384865
             _Iage2_30 |  -.2881182   .0886806    -3.25   0.001    -.4619369   -.1142995
             _Iage2_31 |   -.279107   .0973971    -2.87   0.004    -.4700105   -.0882035
             _Iage2_32 |  -.2676243   .1060912    -2.52   0.012    -.4755686     -.05968
             _Iage2_33 |  -.2545849   .1147747    -2.22   0.027    -.4795493   -.0296204
             _Iage2_34 |  -.2416264   .1234913    -1.96   0.050    -.4836758     .000423
             _Iage2_35 |  -.2281896   .1321945    -1.73   0.084    -.4872978    .0309187
             _Iage2_36 |  -.2122459   .1409208    -1.51   0.132    -.4884581    .0639663
             _Iage2_37 |  -.1969555   .1496281    -1.32   0.188    -.4902345    .0963236
             _Iage2_38 |  -.1803549   .1583353    -1.14   0.255    -.4907005    .1299907
             _Iage2_39 |  -.1636063   .1670444    -0.98   0.327    -.4910222    .1638095
             _Iage2_40 |  -.1472887   .1757554    -0.84   0.402    -.4917786    .1972011
             _Iage2_41 |  -.1297323   .1844828    -0.70   0.482    -.4913283    .2318637
             _Iage2_42 |  -.1133794   .1932028    -0.59   0.557    -.4920671    .2653082
             _Iage2_43 |   -.095742   .2019253    -0.47   0.635    -.4915262    .3000423
             _Iage2_44 |  -.0790174   .2106438    -0.38   0.708    -.4918904    .3338557
             _Iage2_45 |  -.0618984   .2193621    -0.28   0.778    -.4918596    .3680629
             _Iage2_46 |  -.0446491   .2280874    -0.20   0.845    -.4917124    .4024143
             _Iage2_47 |  -.0270908   .2368042    -0.11   0.909    -.4912396    .4370581
             _Iage2_48 |  -.0089589   .2455167    -0.04   0.971    -.4901846    .4722668
             _Iage2_49 |   .0089857   .2542433     0.04   0.972    -.4893446     .507316
             _Iage2_50 |    .027609   .2629636     0.10   0.916    -.4878134    .5430315
             _Iage2_51 |   .0457068    .271681     0.17   0.866    -.4868022    .5782159
             _Iage2_52 |   .0629986   .2804008     0.22   0.822    -.4866018    .6125991
             _Iage2_53 |   .0815452   .2891246     0.28   0.778    -.4851543    .6482446
             _Iage2_54 |   .1001122   .2978432     0.34   0.737    -.4836762    .6839006
             _Iage2_55 |   .1201106   .3065685     0.39   0.695    -.4807798     .721001
             _Iage2_56 |   .1408965    .315287     0.45   0.655    -.4770828    .7588758
             _Iage2_57 |   .1612259   .3240042     0.50   0.619    -.4738394    .7962912
             _Iage2_58 |   .1864582   .3327168     0.56   0.575    -.4656844    .8386008
             _Iage2_59 |   .2092971   .3414459     0.61   0.540     -.459955    .8785492
         firm_size_new |  -6.26e-06   .0002164    -0.03   0.977    -.0004304    .0004179
                 _cons |    .303363   .1280776     2.37   0.018      .052324    .5544019
-----------------------+----------------------------------------------------------------
               sigma_u |   .1831521
               sigma_e |   .1158738
                   rho |  .71415095   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =   27.57
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26688) =   52.00
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1808820
Group variable: shnro_real                      Number of groups   =    154443

R-sq:  within  = 0.1792                         Obs per group: min =         1
       between = 0.0060                                        avg =      11.7
       overall = 0.0043                                        max =        48

                                                F(79,26688)        =    135.02
corr(u_i, Xb)  = -0.8698                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,689 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   -.001265   .0041824    -0.30   0.762    -.0094627    .0069326
          treated_pre |   .0019275   .0038163     0.51   0.614    -.0055526    .0094076
 treated_pre_iasenior |   .0001286   .0040965     0.03   0.975    -.0079008     .008158
         treated_post |  -.0014623   .0053108    -0.28   0.783    -.0118717    .0089472
treated_post_iasenior |   .0037176   .0054946     0.68   0.499    -.0070522    .0144874
               senior |          0  (omitted)
         pre_iasenior |   .0422409    .002393    17.65   0.000     .0375505    .0469314
        post_iasenior |   .0351234   .0029698    11.83   0.000     .0293025    .0409443
                  l_0 |  -.1612747   .0438688    -3.68   0.000    -.2472598   -.0752895
                  l_1 |  -.1639132   .0525463    -3.12   0.002    -.2669067   -.0609197
                  l_2 |  -.1787782   .0612557    -2.92   0.004    -.2988427   -.0587138
                  l_3 |  -.1950235   .0699893    -2.79   0.005    -.3322062   -.0578408
                  l_4 |  -.2113765   .0787193    -2.69   0.007    -.3656704   -.0570826
                  l_5 |  -.2299737   .0874249    -2.63   0.009    -.4013311   -.0586162
                  l_6 |   -.250204   .0961438    -2.60   0.009    -.4386508   -.0617571
                  l_7 |  -.2732242   .1048513    -2.61   0.009    -.4787383   -.0677102
                  l_8 |  -.2938664   .1135669    -2.59   0.010    -.5164637   -.0712692
                  l_9 |  -.3133385   .1223066    -2.56   0.010    -.5530659    -.073611
                 l_10 |  -.3361147   .1310158    -2.57   0.010    -.5929126   -.0793168
                  f_1 |  -.1336202   .0350685    -3.81   0.000    -.2023562   -.0648841
                  f_2 |  -.1125482   .0263479    -4.27   0.000    -.1641915   -.0609049
                  f_3 |  -.0872588   .0176389    -4.95   0.000     -.121832   -.0526856
                  f_4 |  -.0555973   .0090256    -6.16   0.000     -.073288   -.0379066
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0233813   .0036294    -6.44   0.000    -.0304952   -.0162674
         _Ivuosi_1996 |    .017059   .0027516     6.20   0.000     .0116656    .0224523
         _Ivuosi_1997 |    .011996   .0026493     4.53   0.000     .0068032    .0171888
         _Ivuosi_1998 |   .0007139   .0025032     0.29   0.776    -.0041925    .0056203
         _Ivuosi_1999 |  -.0015799    .002522    -0.63   0.531    -.0065233    .0033634
         _Ivuosi_2000 |  -.0114753   .0026208    -4.38   0.000    -.0166123   -.0063383
         _Ivuosi_2001 |  -.0545178   .0022014   -24.76   0.000    -.0588328   -.0502029
         _Ivuosi_2002 |  -.0498014   .0019962   -24.95   0.000     -.053714   -.0458887
         _Ivuosi_2003 |  -.0464389   .0018406   -25.23   0.000    -.0500466   -.0428313
         _Ivuosi_2004 |  -.0407905   .0016305   -25.02   0.000    -.0439862   -.0375947
         _Ivuosi_2005 |  -.0387715   .0014588   -26.58   0.000    -.0416308   -.0359123
         _Ivuosi_2006 |  -.0317332   .0012298   -25.80   0.000    -.0341437   -.0293228
         _Ivuosi_2007 |  -.0245789   .0010464   -23.49   0.000    -.0266299    -.022528
         _Ivuosi_2008 |  -.0186397   .0008455   -22.05   0.000     -.020297   -.0169824
         _Ivuosi_2009 |  -.0139389   .0006793   -20.52   0.000    -.0152704   -.0126073
         _Ivuosi_2010 |  -.0087937   .0004786   -18.37   0.000    -.0097318   -.0078555
         _Ivuosi_2011 |   -.005091    .000261   -19.51   0.000    -.0056025   -.0045794
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1293876    .012111   -10.68   0.000    -.1531258   -.1056493
            _Iage2_22 |  -.1750779   .0197263    -8.88   0.000    -.2137424   -.1364133
            _Iage2_23 |  -.2141233   .0280734    -7.63   0.000    -.2691487    -.159098
            _Iage2_24 |   -.261951   .0366793    -7.14   0.000    -.3338444   -.1900576
            _Iage2_25 |  -.2900067   .0453251    -6.40   0.000    -.3788462   -.2011672
            _Iage2_26 |  -.3006085   .0539245    -5.57   0.000    -.4063034   -.1949136
            _Iage2_27 |  -.3056971   .0625926    -4.88   0.000    -.4283819   -.1830123
            _Iage2_28 |  -.3043086    .071262    -4.27   0.000    -.4439858   -.1646314
            _Iage2_29 |  -.2987748   .0799332    -3.74   0.000     -.455448   -.1421015
            _Iage2_30 |  -.2916653    .088619    -3.29   0.001    -.4653632   -.1179674
            _Iage2_31 |  -.2826846    .097331    -2.90   0.004    -.4734584   -.0919108
            _Iage2_32 |  -.2711025   .1060185    -2.56   0.011    -.4789045   -.0633006
            _Iage2_33 |  -.2579392   .1146984    -2.25   0.025    -.4827541   -.0331242
            _Iage2_34 |   -.244844   .1234103    -1.98   0.047    -.4867346   -.0029533
            _Iage2_35 |   -.231251   .1321096    -1.75   0.080    -.4901928    .0276909
            _Iage2_36 |  -.2151442   .1408326    -1.53   0.127    -.4911836    .0608952
            _Iage2_37 |  -.1996656   .1495358    -1.34   0.182    -.4927636    .0934325
            _Iage2_38 |  -.1827474   .1582386    -1.15   0.248    -.4929034    .1274086
            _Iage2_39 |  -.1657241   .1669451    -0.99   0.321    -.4929453    .1614972
            _Iage2_40 |  -.1491092   .1756508    -0.85   0.396    -.4933941    .1951756
            _Iage2_41 |  -.1670454   .1842359    -0.91   0.365    -.5281574    .1940667
            _Iage2_42 |  -.1505153   .1929483    -0.78   0.435    -.5287042    .2276735
            _Iage2_43 |  -.1328155   .2016645    -0.66   0.510    -.5280886    .2624575
            _Iage2_44 |  -.1160542   .2103738    -0.55   0.581     -.528398    .2962897
            _Iage2_45 |   -.098841   .2190848    -0.45   0.652    -.5282589    .3305768
            _Iage2_46 |   -.081627   .2277996    -0.36   0.720    -.5281262    .3648723
            _Iage2_47 |   -.064041   .2365071    -0.27   0.787    -.5276075    .3995254
            _Iage2_48 |  -.0459769   .2452109    -0.19   0.851    -.5266031    .4346494
            _Iage2_49 |  -.0281055   .2539271    -0.11   0.912    -.5258161     .469605
            _Iage2_50 |  -.0095501   .2626373    -0.04   0.971     -.524333    .5052329
            _Iage2_51 |   .0085688   .2713465     0.03   0.975    -.5232847    .5404222
            _Iage2_52 |   .0257909   .2800565     0.09   0.927    -.5231347    .5747164
            _Iage2_53 |   .0442602   .2887712     0.15   0.878    -.5217467     .610267
            _Iage2_54 |    .062753   .2974793     0.21   0.833    -.5203221    .6458282
            _Iage2_55 |   .0823634   .3061942     0.27   0.788    -.5177933    .6825202
            _Iage2_56 |   .1032483   .3149046     0.33   0.743    -.5139813     .720478
            _Iage2_57 |   .1237934   .3236133     0.38   0.702    -.5105058    .7580926
            _Iage2_58 |   .1492313   .3323198     0.45   0.653     -.502133    .8005957
            _Iage2_59 |   .1723744   .3410417     0.51   0.613    -.4960855    .8408342
        firm_size_new |   -.000024   .0002171    -0.11   0.912    -.0004496    .0004015
                _cons |   .3176978   .1279725     2.48   0.013     .0668649    .5685307
----------------------+----------------------------------------------------------------
              sigma_u |   .1733281
              sigma_e |  .11593996
                  rho |  .69087813   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26688) =    1.32
            Prob > F =    0.2514

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26688) =    1.24
            Prob > F =    0.2661
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1808820
Group variable: shnro_real                      Number of groups   =    154443

R-sq:  within  = 0.1828                         Obs per group: min =         1
       between = 0.0055                                        avg =      11.7
       overall = 0.0037                                        max =        48

                                                F(86,26688)        =    129.24
corr(u_i, Xb)  = -0.8829                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0162004   .0076234     2.13   0.034     .0012581    .0311426
           treated_ia3 |   -.002518   .0002752    -9.15   0.000    -.0030574   -.0019785
     treated_iasuorv_d |  -.0370942   .0123073    -3.01   0.003    -.0612171   -.0129713
           treated_pre |  -.0427978   .0049462    -8.65   0.000    -.0524927    -.033103
       treated_pre_ia2 |    .029241   .0029648     9.86   0.000     .0234299    .0350521
       treated_pre_ia3 |   .0032699   .0002287    14.30   0.000     .0028216    .0037182
 treated_pre_iasuorv_d |    .055421   .0048107    11.52   0.000     .0459917    .0648503
          treated_post |  -.0452822   .0064317    -7.04   0.000    -.0578886   -.0326758
      treated_post_ia2 |   .0331969   .0032933    10.08   0.000     .0267419    .0396519
      treated_post_ia3 |   .0029142   .0002738    10.64   0.000     .0023775    .0034508
treated_post_iasuorv_d |   .0715124    .005989    11.94   0.000     .0597737    .0832511
             interact2 |  -.0828303   .0052108   -15.90   0.000    -.0930438   -.0726168
             interact3 |   .0004546   .0001086     4.18   0.000     .0002417    .0006675
               suorv_d |   .0025326   .0077917     0.33   0.745    -.0127395    .0178047
                   l_0 |  -.1491489   .0438122    -3.40   0.001    -.2350231   -.0632748
                   l_1 |  -.1523289   .0524996    -2.90   0.004    -.2552309   -.0494269
                   l_2 |  -.1677971   .0612151    -2.74   0.006     -.287782   -.0478122
                   l_3 |  -.1847631   .0699523    -2.64   0.008    -.3218732    -.047653
                   l_4 |  -.2017851   .0786872    -2.56   0.010    -.3560161    -.047554
                   l_5 |  -.2210372   .0873988    -2.53   0.011    -.3923436   -.0497309
                   l_6 |  -.2419087   .0961201    -2.52   0.012    -.4303091   -.0535083
                   l_7 |  -.2656382   .1048322    -2.53   0.011     -.471115   -.0601615
                   l_8 |   -.287016   .1135539    -2.53   0.011    -.5095877   -.0644442
                   l_9 |   -.307085   .1222951    -2.51   0.012    -.5467899   -.0673801
                  l_10 |  -.3305046   .1310062    -2.52   0.012    -.5872838   -.0737255
                   f_1 |  -.1188647    .035033    -3.39   0.001    -.1875312   -.0501981
                   f_2 |  -.0973715   .0263007    -3.70   0.000    -.1489222   -.0458208
                   f_3 |  -.0716499   .0175657    -4.08   0.000    -.1060795   -.0372202
                   f_4 |  -.0395879   .0088854    -4.46   0.000    -.0570038    -.022172
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0237247   .0036308    -6.53   0.000    -.0308414   -.0166081
          _Ivuosi_1996 |   .0164929   .0027489     6.00   0.000      .011105    .0218808
          _Ivuosi_1997 |   .0112451    .002646     4.25   0.000     .0060588    .0164314
          _Ivuosi_1998 |  -.0000287   .0024916    -0.01   0.991    -.0049122    .0048549
          _Ivuosi_1999 |  -.0024017   .0025138    -0.96   0.339    -.0073289    .0025256
          _Ivuosi_2000 |  -.0125485   .0026077    -4.81   0.000    -.0176599   -.0074372
          _Ivuosi_2001 |  -.0553311   .0021981   -25.17   0.000    -.0596394   -.0510227
          _Ivuosi_2002 |  -.0505921   .0019913   -25.41   0.000    -.0544952    -.046689
          _Ivuosi_2003 |  -.0471864   .0018351   -25.71   0.000    -.0507832   -.0435896
          _Ivuosi_2004 |  -.0416759   .0016257   -25.64   0.000    -.0448624   -.0384894
          _Ivuosi_2005 |  -.0397294   .0014607   -27.20   0.000    -.0425926   -.0368663
          _Ivuosi_2006 |  -.0328275   .0012307   -26.67   0.000    -.0352398   -.0304152
          _Ivuosi_2007 |  -.0255169   .0010484   -24.34   0.000    -.0275718   -.0234621
          _Ivuosi_2008 |  -.0191748   .0008457   -22.67   0.000    -.0208325   -.0175172
          _Ivuosi_2009 |  -.0144243   .0006791   -21.24   0.000    -.0157555   -.0130931
          _Ivuosi_2010 |  -.0089444   .0004784   -18.70   0.000    -.0098821   -.0080067
          _Ivuosi_2011 |  -.0051613   .0002609   -19.79   0.000    -.0056727     -.00465
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1293182   .0120716   -10.71   0.000    -.1529791   -.1056573
             _Iage2_22 |  -.1746255   .0196887    -8.87   0.000    -.2132164   -.1360346
             _Iage2_23 |  -.2135728   .0280264    -7.62   0.000     -.268506   -.1586395
             _Iage2_24 |  -.2604956   .0366369    -7.11   0.000    -.3323058   -.1886854
             _Iage2_25 |    -.28578   .0452774    -6.31   0.000     -.374526   -.1970339
             _Iage2_26 |  -.2933661   .0538857    -5.44   0.000     -.398985   -.1877473
             _Iage2_27 |  -.2956912   .0625535    -4.73   0.000    -.4182994   -.1730831
             _Iage2_28 |  -.2922574   .0712236    -4.10   0.000    -.4318594   -.1526555
             _Iage2_29 |  -.2852777   .0798911    -3.57   0.000    -.4418685   -.1286869
             _Iage2_30 |  -.2771112   .0885748    -3.13   0.002    -.4507225   -.1034999
             _Iage2_31 |  -.2672136   .0972835    -2.75   0.006    -.4578945   -.0765328
             _Iage2_32 |  -.2550403   .1059686    -2.41   0.016    -.4627444   -.0473362
             _Iage2_33 |  -.2413255   .1146441    -2.10   0.035    -.4660339   -.0166171
             _Iage2_34 |  -.2278499    .123353    -1.85   0.065    -.4696284    .0139286
             _Iage2_35 |  -.2139315   .1320486    -1.62   0.105    -.4727538    .0448908
             _Iage2_36 |  -.1975532   .1407676    -1.40   0.161     -.473465    .0783587
             _Iage2_37 |   -.181845   .1494671    -1.22   0.224    -.4748083    .1111183
             _Iage2_38 |   -.164856   .1581667    -1.04   0.297    -.4748711    .1451591
             _Iage2_39 |  -.1477306   .1668684    -0.89   0.376    -.4748015    .1793403
             _Iage2_40 |  -.1311044   .1755724    -0.75   0.455    -.4752357    .2130268
             _Iage2_41 |  -.1132393   .1842928    -0.61   0.539    -.4744629    .2479844
             _Iage2_42 |  -.0965138   .1930046    -0.50   0.617     -.474813    .2817854
             _Iage2_43 |  -.0785873   .2017208    -0.39   0.697    -.4739707    .3167961
             _Iage2_44 |  -.0615697   .2104323    -0.29   0.770    -.4740281    .3508887
             _Iage2_45 |   -.044132   .2191439    -0.20   0.840    -.4736657    .3854017
             _Iage2_46 |  -.0265942   .2278616    -0.12   0.907    -.4732151    .4200266
             _Iage2_47 |  -.0087194    .236572    -0.04   0.971     -.472413    .4549743
             _Iage2_48 |   .0096604   .2452776     0.04   0.969    -.4710966    .4904174
             _Iage2_49 |   .0278642    .253997     0.11   0.913    -.4699833    .5257116
             _Iage2_50 |   .0467279    .262711     0.18   0.859    -.4681995    .5616554
             _Iage2_51 |   .0650665   .2714217     0.24   0.811    -.4669343    .5970673
             _Iage2_52 |   .0825399   .2801347     0.29   0.768     -.466539    .6316187
             _Iage2_53 |   .1012276   .2888523     0.35   0.726    -.4649381    .6673934
             _Iage2_54 |   .1199335   .2975643     0.40   0.687    -.4633083    .7031753
             _Iage2_55 |   .1399549    .306283     0.46   0.648    -.4603761    .7402858
             _Iage2_56 |      .1608   .3149949     0.51   0.610    -.4566066    .7782067
             _Iage2_57 |   .1811542   .3237056     0.56   0.576    -.4533259    .8156343
             _Iage2_58 |   .2063859   .3324119     0.62   0.535    -.4451591    .8579309
             _Iage2_59 |   .2291945   .3411345     0.67   0.502    -.4394472    .8978362
         firm_size_new |   4.85e-06   .0002154     0.02   0.982    -.0004174    .0004271
                 _cons |   .3135515    .127951     2.45   0.014     .0627608    .5643423
-----------------------+----------------------------------------------------------------
               sigma_u |  .18264067
               sigma_e |  .11568834
                   rho |  .71366304   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26688) =    6.49
            Prob > F =    0.0109

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =   47.02
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26688) =    4.11
            Prob > F =    0.0427

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26688) =   12.39
            Prob > F =    0.0004

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26688) =   69.57
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26688) =    7.80
            Prob > F =    0.0052
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1808820
Group variable: shnro_real                      Number of groups   =    154443

R-sq:  within  = 0.1802                         Obs per group: min =         1
       between = 0.0072                                        avg =      11.7
       overall = 0.0030                                        max =        48

                                                F(85,26688)        =    127.15
corr(u_i, Xb)  = -0.8847                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0031731   .0028747    -1.10   0.270    -.0088076    .0024615
           treated_ia3 |  -.0024299   .0002674    -9.09   0.000     -.002954   -.0019058
     treated_iasuorv_d |  -.0265711   .0128812    -2.06   0.039     -.051819   -.0013232
           treated_pre |  -.0348088   .0046944    -7.41   0.000    -.0440101   -.0256076
  treated_pre_iasenior |   .0080516   .0028664     2.81   0.005     .0024333      .01367
       treated_pre_ia3 |     .00288   .0002412    11.94   0.000     .0024073    .0033527
 treated_pre_iasuorv_d |   .0449738    .005442     8.26   0.000     .0343072    .0556403
          treated_post |  -.0337447   .0062734    -5.38   0.000    -.0460409   -.0214486
 treated_post_iasenior |    .003551   .0033387     1.06   0.288    -.0029929    .0100949
      treated_post_ia3 |   .0025843   .0002652     9.74   0.000     .0020645    .0031042
treated_post_iasuorv_d |   .0664546   .0062379    10.65   0.000      .054228    .0786813
                senior |   .2099655    .341485     0.61   0.539    -.4593633    .8792942
             interact3 |   .0016497   .0001066    15.47   0.000     .0014407    .0018587
               suorv_d |   .0007672   .0077709     0.10   0.921    -.0144641    .0159986
                   l_0 |  -.1545716   .0438474    -3.53   0.000    -.2405147   -.0686285
                   l_1 |   -.158378   .0525443    -3.01   0.003    -.2613675   -.0553885
                   l_2 |  -.1744398   .0612688    -2.85   0.004    -.2945298   -.0543498
                   l_3 |   -.191962   .0700161    -2.74   0.006    -.3291973   -.0547267
                   l_4 |   -.209581     .07876    -2.66   0.008    -.3639547   -.0552072
                   l_5 |   -.229445   .0874786    -2.62   0.009    -.4009077   -.0579823
                   l_6 |  -.2509356   .0962099    -2.61   0.009    -.4395121   -.0623591
                   l_7 |  -.2753233   .1049284    -2.62   0.009    -.4809886   -.0696581
                   l_8 |  -.2972407   .1136565    -2.62   0.009    -.5200135   -.0744679
                   l_9 |  -.3179717   .1224076    -2.60   0.009     -.557897   -.0780464
                  l_10 |  -.3420758   .1311271    -2.61   0.009    -.5990918   -.0850597
                   f_1 |  -.1225171   .0350713    -3.49   0.000    -.1912587   -.0537754
                   f_2 |  -.1003274   .0263294    -3.81   0.000    -.1519343   -.0487205
                   f_3 |  -.0738902   .0175855    -4.20   0.000    -.1083587   -.0394217
                   f_4 |  -.0410905   .0088994    -4.62   0.000    -.0585337   -.0236473
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0233618   .0036374    -6.42   0.000    -.0304913   -.0162324
          _Ivuosi_1996 |   .0169277   .0027613     6.13   0.000     .0115155      .02234
          _Ivuosi_1997 |   .0117662   .0026577     4.43   0.000      .006557    .0169755
          _Ivuosi_1998 |   .0005108   .0025047     0.20   0.838    -.0043985    .0054201
          _Ivuosi_1999 |  -.0017941   .0025266    -0.71   0.478    -.0067463    .0031581
          _Ivuosi_2000 |   -.011946   .0026215    -4.56   0.000    -.0170842   -.0068078
          _Ivuosi_2001 |  -.0547885   .0022106   -24.78   0.000    -.0591213   -.0504557
          _Ivuosi_2002 |  -.0499828   .0020047   -24.93   0.000    -.0539121   -.0460534
          _Ivuosi_2003 |  -.0465927   .0018484   -25.21   0.000    -.0502156   -.0429697
          _Ivuosi_2004 |  -.0410716   .0016401   -25.04   0.000    -.0442863   -.0378568
          _Ivuosi_2005 |  -.0390646   .0014713   -26.55   0.000    -.0419485   -.0361807
          _Ivuosi_2006 |  -.0321578   .0012387   -25.96   0.000    -.0345858   -.0297298
          _Ivuosi_2007 |  -.0248513   .0010547   -23.56   0.000    -.0269186   -.0227841
          _Ivuosi_2008 |  -.0187501    .000853   -21.98   0.000     -.020422   -.0170783
          _Ivuosi_2009 |  -.0140603   .0006837   -20.56   0.000    -.0154004   -.0127202
          _Ivuosi_2010 |  -.0087292   .0004811   -18.15   0.000    -.0096721   -.0077863
          _Ivuosi_2011 |  -.0050564   .0002626   -19.26   0.000    -.0055711   -.0045417
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.129452   .0120958   -10.70   0.000    -.1531604   -.1057436
             _Iage2_22 |  -.1750137   .0197275    -8.87   0.000    -.2136806   -.1363467
             _Iage2_23 |  -.2140708   .0280815    -7.62   0.000     -.269112   -.1590295
             _Iage2_24 |  -.2613351   .0367015    -7.12   0.000    -.3332719   -.1893982
             _Iage2_25 |  -.2883127   .0453547    -6.36   0.000    -.3772102   -.1994152
             _Iage2_26 |  -.2981724   .0539717    -5.52   0.000    -.4039599    -.192385
             _Iage2_27 |  -.3026367   .0626485    -4.83   0.000     -.425431   -.1798424
             _Iage2_28 |  -.3008799   .0713298    -4.22   0.000    -.4406901   -.1610697
             _Iage2_29 |  -.2951432   .0800064    -3.69   0.000      -.45196   -.1383264
             _Iage2_30 |  -.2879799   .0886995    -3.25   0.001    -.4618357   -.1141241
             _Iage2_31 |  -.2789652   .0974173    -2.86   0.004    -.4699083    -.088022
             _Iage2_32 |  -.2674773   .1061126    -2.52   0.012    -.4754636   -.0594911
             _Iage2_33 |  -.2544324   .1147972    -2.22   0.027    -.4794411   -.0294237
             _Iage2_34 |  -.2414718   .1235152    -1.95   0.051    -.4835681    .0006244
             _Iage2_35 |   -.228036   .1322196    -1.72   0.085    -.4871933    .0311213
             _Iage2_36 |  -.2120954   .1409472    -1.50   0.132    -.4883593    .0641685
             _Iage2_37 |  -.1967931   .1496557    -1.31   0.189    -.4901263    .0965401
             _Iage2_38 |  -.1801668   .1583642    -1.14   0.255     -.490569    .1302354
             _Iage2_39 |   -.163386   .1670748    -0.98   0.328    -.4908614    .1640895
             _Iage2_40 |  -.1470191   .1757872    -0.84   0.403    -.4915712     .197533
             _Iage2_41 |  -.3400959   .1570973    -2.16   0.030    -.6480149   -.0321769
             _Iage2_42 |  -.3236895    .148366    -2.18   0.029    -.6144947   -.0328843
             _Iage2_43 |  -.3059917    .139633    -2.19   0.028    -.5796798   -.0323036
             _Iage2_44 |  -.2892054   .1309044    -2.21   0.027    -.5457849   -.0326259
             _Iage2_45 |  -.2720212   .1221775    -2.23   0.026    -.5114955   -.0325468
             _Iage2_46 |  -.2547108   .1134445    -2.25   0.025    -.4770681   -.0323535
             _Iage2_47 |  -.2370791   .1047207    -2.26   0.024    -.4423371   -.0318211
             _Iage2_48 |  -.2188809   .0960011    -2.28   0.023    -.4070481   -.0307138
             _Iage2_49 |  -.2008673   .0872691    -2.30   0.021    -.3719193   -.0298153
             _Iage2_50 |  -.1821724   .0785441    -2.32   0.020    -.3361231   -.0282217
             _Iage2_51 |  -.1640146   .0698221    -2.35   0.019    -.3008696   -.0271596
             _Iage2_52 |  -.1466623   .0610987    -2.40   0.016    -.2664189   -.0269057
             _Iage2_53 |  -.1280669   .0523732    -2.45   0.014    -.2307211   -.0254127
             _Iage2_54 |  -.1094469   .0436526    -2.51   0.012    -.1950082   -.0238855
             _Iage2_55 |   -.089419   .0349264    -2.56   0.010    -.1578766   -.0209615
             _Iage2_56 |   -.068573   .0262115    -2.62   0.009    -.1199489   -.0171971
             _Iage2_57 |   -.048183   .0175039    -2.75   0.006    -.0824916   -.0138744
             _Iage2_58 |  -.0228937   .0087678    -2.61   0.009     -.040079   -.0057084
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -4.77e-06   .0002164    -0.02   0.982    -.0004289    .0004194
                 _cons |   .3027869   .1281012     2.36   0.018     .0517018     .553872
-----------------------+----------------------------------------------------------------
               sigma_u |  .18348039
               sigma_e |  .11587237
                   rho |   .7148866   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26688) =   51.23
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26688) =   76.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26688) =  142.63
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 26688) =   94.94
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26688) =   24.41
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =   26.45
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26688) =   22.13
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1808820
Group variable: shnro_real                      Number of groups   =    154443

R-sq:  within  = 0.1828                         Obs per group: min =         1
       between = 0.0055                                        avg =      11.7
       overall = 0.0037                                        max =        48

                                                F(89,26688)        =    126.04
corr(u_i, Xb)  = -0.8834                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,689 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0014142   .0029227    -0.48   0.628    -.0071428    .0043145
           treated_ia2 |   .0162386   .0075964     2.14   0.033     .0013492     .031128
           treated_ia3 |  -.0024369   .0002898    -8.41   0.000    -.0030049    -.001869
     treated_iasuorv_d |  -.0347751   .0129123    -2.69   0.007    -.0600839   -.0094664
           treated_pre |  -.0420529   .0049379    -8.52   0.000    -.0517316   -.0323743
  treated_pre_iasenior |   .0050003   .0028958     1.73   0.084    -.0006756    .0106762
       treated_pre_ia2 |    .028711   .0029491     9.74   0.000     .0229305    .0344915
       treated_pre_ia3 |    .003061   .0002483    12.33   0.000     .0025743    .0035477
 treated_pre_iasuorv_d |    .050985   .0057309     8.90   0.000     .0397522    .0622179
          treated_post |  -.0449081   .0064509    -6.96   0.000    -.0575523   -.0322639
 treated_post_iasenior |   .0011942   .0033262     0.36   0.720    -.0053253    .0077137
      treated_post_ia2 |   .0330357   .0032448    10.18   0.000     .0266757    .0393957
      treated_post_ia3 |   .0028458    .000277    10.28   0.000      .002303    .0033886
treated_post_iasuorv_d |   .0701903   .0065859    10.66   0.000     .0572815     .083099
                senior |   .2303737    .341157     0.68   0.500    -.4383121    .8990596
             interact2 |  -.0827039   .0052104   -15.87   0.000    -.0929165   -.0724913
             interact3 |     .00046   .0001085     4.24   0.000     .0002473    .0006727
               suorv_d |   .0024973   .0077837     0.32   0.748    -.0127592    .0177538
                   l_0 |  -.1492896   .0438152    -3.41   0.001    -.2351698   -.0634094
                   l_1 |  -.1525027   .0525036    -2.90   0.004    -.2554126   -.0495928
                   l_2 |  -.1680051   .0612199    -2.74   0.006    -.2879994   -.0480108
                   l_3 |  -.1850058   .0699577    -2.64   0.008    -.3221265   -.0478851
                   l_4 |  -.2020646   .0786932    -2.57   0.010    -.3563074   -.0478217
                   l_5 |  -.2213526   .0874056    -2.53   0.011    -.3926721   -.0500331
                   l_6 |  -.2422581   .0961274    -2.52   0.012    -.4306728   -.0538434
                   l_7 |  -.2660233   .1048401    -2.54   0.011    -.4715155   -.0605312
                   l_8 |  -.2874391   .1135624    -2.53   0.011    -.5100274   -.0648509
                   l_9 |  -.3075485   .1223043    -2.51   0.012    -.5472715   -.0678256
                  l_10 |   -.331007   .1310161    -2.53   0.012    -.5878055   -.0742086
                   f_1 |  -.1189995   .0350362    -3.40   0.001    -.1876724   -.0503266
                   f_2 |   -.097464   .0263032    -3.71   0.000    -.1490198   -.0459083
                   f_3 |  -.0717018   .0175677    -4.08   0.000    -.1061354   -.0372681
                   f_4 |  -.0395997   .0088871    -4.46   0.000     -.057019   -.0221805
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0237409   .0036297    -6.54   0.000    -.0308554   -.0166264
          _Ivuosi_1996 |   .0164897   .0027488     6.00   0.000     .0111019    .0218775
          _Ivuosi_1997 |   .0112451   .0026461     4.25   0.000     .0060585    .0164317
          _Ivuosi_1998 |  -.0000206   .0024914    -0.01   0.993    -.0049039    .0048627
          _Ivuosi_1999 |  -.0023892   .0025138    -0.95   0.342    -.0073164     .002538
          _Ivuosi_2000 |  -.0125353   .0026078    -4.81   0.000    -.0176467   -.0074239
          _Ivuosi_2001 |  -.0553338   .0021976   -25.18   0.000    -.0596412   -.0510264
          _Ivuosi_2002 |  -.0506004   .0019906   -25.42   0.000    -.0545021   -.0466986
          _Ivuosi_2003 |  -.0471942   .0018344   -25.73   0.000    -.0507897   -.0435987
          _Ivuosi_2004 |  -.0416797   .0016251   -25.65   0.000     -.044865   -.0384943
          _Ivuosi_2005 |  -.0397212   .0014605   -27.20   0.000    -.0425837   -.0368586
          _Ivuosi_2006 |  -.0328228   .0012305   -26.67   0.000    -.0352346    -.030411
          _Ivuosi_2007 |  -.0255177   .0010482   -24.35   0.000    -.0275721   -.0234632
          _Ivuosi_2008 |   -.019181   .0008458   -22.68   0.000    -.0208388   -.0175232
          _Ivuosi_2009 |  -.0144258   .0006791   -21.24   0.000    -.0157569   -.0130947
          _Ivuosi_2010 |  -.0089432   .0004783   -18.70   0.000    -.0098808   -.0080056
          _Ivuosi_2011 |  -.0051615   .0002609   -19.79   0.000    -.0056728   -.0046501
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1292955   .0120755   -10.71   0.000    -.1529641    -.105627
             _Iage2_22 |  -.1745759   .0196948    -8.86   0.000    -.2131787    -.135973
             _Iage2_23 |  -.2134946   .0280343    -7.62   0.000    -.2684433   -.1585458
             _Iage2_24 |  -.2603952    .036646    -7.11   0.000    -.3322233    -.188567
             _Iage2_25 |  -.2856628   .0452876    -6.31   0.000    -.3744289   -.1968968
             _Iage2_26 |  -.2932313   .0538967    -5.44   0.000    -.3988716   -.1875909
             _Iage2_27 |   -.295534   .0625651    -4.72   0.000    -.4181649    -.172903
             _Iage2_28 |  -.2920797   .0712357    -4.10   0.000    -.4317055    -.152454
             _Iage2_29 |   -.285084    .079904    -3.57   0.000       -.4417    -.128468
             _Iage2_30 |  -.2769007   .0885882    -3.13   0.002    -.4505384   -.1032631
             _Iage2_31 |  -.2669939   .0972976    -2.74   0.006    -.4577023   -.0762855
             _Iage2_32 |  -.2548114   .1059832    -2.40   0.016    -.4625442   -.0470787
             _Iage2_33 |  -.2410886   .1146592    -2.10   0.036    -.4658266   -.0163505
             _Iage2_34 |   -.227607   .1233689    -1.84   0.065    -.4694165    .0142025
             _Iage2_35 |  -.2136849    .132065    -1.62   0.106    -.4725392    .0451694
             _Iage2_36 |   -.197304   .1407845    -1.40   0.161    -.4732492    .0786411
             _Iage2_37 |  -.1815822   .1494847    -1.21   0.224    -.4745801    .1114157
             _Iage2_38 |  -.1645687    .158185    -1.04   0.298    -.4746197    .1454823
             _Iage2_39 |  -.1474124   .1668876    -0.88   0.377     -.474521    .1796962
             _Iage2_40 |  -.1307408   .1755926    -0.74   0.457    -.4749115      .21343
             _Iage2_41 |  -.3435899   .1569718    -2.19   0.029    -.6512629    -.035917
             _Iage2_42 |  -.3268095   .1482489    -2.20   0.028    -.6173853   -.0362338
             _Iage2_43 |  -.3088211   .1395226    -2.21   0.027    -.5822927   -.0353495
             _Iage2_44 |  -.2917389   .1308012    -2.23   0.026    -.5481163   -.0353616
             _Iage2_45 |  -.2742324   .1220811    -2.25   0.025    -.5135178   -.0349469
             _Iage2_46 |  -.2566259   .1133559    -2.26   0.024    -.4788094   -.0344424
             _Iage2_47 |  -.2386757   .1046386    -2.28   0.023     -.443773   -.0335784
             _Iage2_48 |  -.2202227    .095926    -2.30   0.022    -.4082427   -.0322027
             _Iage2_49 |  -.2019444   .0872013    -2.32   0.021    -.3728636   -.0310251
             _Iage2_50 |  -.1830052   .0784829    -2.33   0.020    -.3368358   -.0291746
             _Iage2_51 |  -.1645998   .0697677    -2.36   0.018    -.3013483   -.0278513
             _Iage2_52 |  -.1470597   .0610513    -2.41   0.016    -.2667236   -.0273959
             _Iage2_53 |  -.1283143   .0523323    -2.45   0.014    -.2308883   -.0257403
             _Iage2_54 |  -.1095485   .0436185    -2.51   0.012    -.1950431   -.0240539
             _Iage2_55 |   -.089481    .034899    -2.56   0.010     -.157885   -.0210771
             _Iage2_56 |  -.0685733   .0261913    -2.62   0.009    -.1199095    -.017237
             _Iage2_57 |  -.0481566   .0174904    -2.75   0.006    -.0824387   -.0138745
             _Iage2_58 |  -.0228659   .0087609    -2.61   0.009    -.0400377   -.0056941
             _Iage2_59 |          0  (omitted)
         firm_size_new |   6.75e-06   .0002154     0.03   0.975    -.0004155     .000429
                 _cons |   .3130036    .127966     2.45   0.014     .0621834    .5638238
-----------------------+----------------------------------------------------------------
               sigma_u |  .18302164
               sigma_e |  .11568763
                   rho |  .71451641   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26688) =   43.38
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26688) =   50.44
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26688) =   84.16
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26688) =   65.74
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26688) =   43.37
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26688) =    6.01
            Prob > F =    0.0143

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26688) =   45.69
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26688) =    4.17
            Prob > F =    0.0412

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26688) =   41.02
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26688) =    2.45
            Prob > F =    0.1178
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1810140
Group variable: shnro_real                      Number of groups   =    154566

R-sq:  within  = 0.1826                         Obs per group: min =         1
       between = 0.0057                                        avg =      11.7
       overall = 0.0032                                        max =        48

                                                F(86,26696)        =    129.50
corr(u_i, Xb)  = -0.8879                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,697 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0162195   .0076148     2.13   0.033      .001294     .031145
           treated_ia3 |   -.002512   .0002753    -9.13   0.000    -.0030515   -.0019724
     treated_iasuorv_d |  -.0372759   .0123042    -3.03   0.002    -.0613927   -.0131591
           treated_pre |  -.0427195   .0049491    -8.63   0.000      -.05242    -.033019
       treated_pre_ia2 |   .0292044   .0029656     9.85   0.000     .0233916    .0350172
       treated_pre_ia3 |   .0032671   .0002288    14.28   0.000     .0028186    .0037156
 treated_pre_iasuorv_d |   .0553379   .0048125    11.50   0.000     .0459051    .0647707
          treated_post |  -.0454578   .0064351    -7.06   0.000     -.058071   -.0328447
      treated_post_ia2 |   .0332479   .0032947    10.09   0.000     .0267901    .0397057
      treated_post_ia3 |   .0029202   .0002739    10.66   0.000     .0023834     .003457
treated_post_iasuorv_d |   .0716817     .00599    11.97   0.000      .059941    .0834223
             interact2 |  -.0829024   .0052113   -15.91   0.000    -.0931168    -.072688
             interact3 |   .0004501   .0001086     4.14   0.000     .0002372    .0006629
               suorv_d |   .0025623   .0077921     0.33   0.742    -.0127105    .0178352
                   l_0 |  -.1513696   .0438285    -3.45   0.001    -.2372758   -.0654633
                   l_1 |  -.1549456   .0525189    -2.95   0.003    -.2578853   -.0520058
                   l_2 |  -.1708536   .0612379    -2.79   0.005    -.2908831   -.0508242
                   l_3 |  -.1882526   .0699782    -2.69   0.007    -.3254135   -.0510917
                   l_4 |  -.2056885    .078716    -2.61   0.009    -.3599761   -.0514009
                   l_5 |  -.2253956   .0874313    -2.58   0.010    -.3967656   -.0540257
                   l_6 |  -.2466873   .0961559    -2.57   0.010    -.4351581   -.0582166
                   l_7 |  -.2708682   .1048715    -2.58   0.010    -.4764219   -.0653145
                   l_8 |  -.2926833   .1135966    -2.58   0.010    -.5153386   -.0700279
                   l_9 |  -.3132006   .1223413    -2.56   0.010     -.552996   -.0734053
                  l_10 |  -.3370536   .1310557    -2.57   0.010    -.5939297   -.0801775
                   f_1 |  -.1205681   .0350449    -3.44   0.001    -.1892579   -.0518782
                   f_2 |  -.0987015   .0263104    -3.75   0.000    -.1502713   -.0471317
                   f_3 |  -.0725513   .0175729    -4.13   0.000    -.1069952   -.0381074
                   f_4 |  -.0400602   .0088896    -4.51   0.000    -.0574843   -.0226362
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0242217   .0036407    -6.65   0.000    -.0313575   -.0170858
          _Ivuosi_1996 |    .016143   .0027571     5.85   0.000     .0107389    .0215472
          _Ivuosi_1997 |   .0109515    .002655     4.12   0.000     .0057476    .0161555
          _Ivuosi_1998 |  -.0003339   .0025033    -0.13   0.894    -.0052405    .0045726
          _Ivuosi_1999 |  -.0025995   .0025198    -1.03   0.302    -.0075384    .0023394
          _Ivuosi_2000 |  -.0127231   .0026135    -4.87   0.000    -.0178457   -.0076006
          _Ivuosi_2001 |  -.0555114   .0022047   -25.18   0.000    -.0598328   -.0511901
          _Ivuosi_2002 |  -.0507626   .0019975   -25.41   0.000    -.0546777   -.0468474
          _Ivuosi_2003 |  -.0473449   .0018409   -25.72   0.000    -.0509531   -.0437367
          _Ivuosi_2004 |  -.0418165   .0016311   -25.64   0.000    -.0450135   -.0386195
          _Ivuosi_2005 |  -.0398488   .0014652   -27.20   0.000    -.0427207   -.0369769
          _Ivuosi_2006 |   -.032926   .0012344   -26.67   0.000    -.0353454   -.0305066
          _Ivuosi_2007 |  -.0256011   .0010514   -24.35   0.000     -.027662   -.0235402
          _Ivuosi_2008 |  -.0192416   .0008481   -22.69   0.000    -.0209039   -.0175793
          _Ivuosi_2009 |  -.0144788   .0006814   -21.25   0.000    -.0158143   -.0131432
          _Ivuosi_2010 |  -.0089671   .0004793   -18.71   0.000    -.0099065   -.0080277
          _Ivuosi_2011 |  -.0051766   .0002613   -19.81   0.000    -.0056887   -.0046645
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1286933   .0120758   -10.66   0.000    -.1523625   -.1050241
             _Iage2_22 |  -.1735421   .0196999    -8.81   0.000    -.2121549   -.1349293
             _Iage2_23 |  -.2118501   .0280421    -7.55   0.000     -.266814   -.1568862
             _Iage2_24 |  -.2585127   .0366518    -7.05   0.000    -.3303521   -.1866733
             _Iage2_25 |  -.2833583   .0452951    -6.26   0.000     -.372139   -.1945776
             _Iage2_26 |  -.2904721   .0539055    -5.39   0.000    -.3961297   -.1848145
             _Iage2_27 |  -.2924556   .0625757    -4.67   0.000    -.4151072    -.169804
             _Iage2_28 |  -.2886041    .071248    -4.05   0.000     -.428254   -.1489542
             _Iage2_29 |  -.2811643   .0799195    -3.52   0.000    -.4378107   -.1245179
             _Iage2_30 |  -.2725665   .0886065    -3.08   0.002      -.44624   -.0988931
             _Iage2_31 |  -.2622458   .0973187    -2.69   0.007    -.4529956    -.071496
             _Iage2_32 |  -.2496075   .1060072    -2.35   0.019    -.4573872   -.0418278
             _Iage2_33 |  -.2354555   .1146862    -2.05   0.040    -.4602464   -.0106645
             _Iage2_34 |  -.2215782   .1233977    -1.80   0.073    -.4634442    .0202878
             _Iage2_35 |   -.207268   .1320961    -1.57   0.117    -.4661832    .0516473
             _Iage2_36 |  -.1904582   .1408184    -1.35   0.176    -.4664697    .0855534
             _Iage2_37 |  -.1743272   .1495213    -1.17   0.244    -.4673968    .1187424
             _Iage2_38 |  -.1569302   .1582233    -0.99   0.321    -.4670561    .1531958
             _Iage2_39 |  -.1393604   .1669287    -0.83   0.404    -.4665494    .1878286
             _Iage2_40 |  -.1223119   .1756354    -0.70   0.486    -.4665665    .2219428
             _Iage2_41 |  -.1040143   .1843587    -0.56   0.573    -.4653672    .2573386
             _Iage2_42 |  -.0868939   .1930734    -0.45   0.653     -.465328    .2915402
             _Iage2_43 |  -.0685458   .2017927    -0.34   0.734    -.4640701    .3269785
             _Iage2_44 |  -.0511101   .2105073    -0.24   0.808    -.4637155    .3614952
             _Iage2_45 |    -.03325    .219222    -0.15   0.879    -.4629367    .3964368
             _Iage2_46 |  -.0152926   .2279428    -0.07   0.947    -.4620724    .4314873
             _Iage2_47 |   .0030002   .2366562     0.01   0.990    -.4608585    .4668589
             _Iage2_48 |   .0217979   .2453649     0.09   0.929    -.4591302    .5027259
             _Iage2_49 |   .0404231   .2540874     0.16   0.874    -.4576016    .5384479
             _Iage2_50 |   .0597069   .2628045     0.23   0.820    -.4554038    .5748177
             _Iage2_51 |    .078501   .2715185     0.29   0.772    -.4536896    .6106917
             _Iage2_52 |   .0963773   .2802344     0.34   0.731    -.4528969    .6456515
             _Iage2_53 |   .1154626   .2889549     0.40   0.689    -.4509044    .6818295
             _Iage2_54 |   .1345879     .29767     0.45   0.651    -.4488612    .7180369
             _Iage2_55 |   .1550239   .3063918     0.51   0.613    -.4455202    .7555681
             _Iage2_56 |    .176283   .3151067     0.56   0.576    -.4413428    .7939088
             _Iage2_57 |   .1970499   .3238204     0.61   0.543    -.4376553     .831755
             _Iage2_58 |   .2226953   .3325298     0.67   0.503    -.4290808    .8744713
             _Iage2_59 |   .2459335   .3412556     0.72   0.471    -.4229456    .9148125
         firm_size_new |   .0000301   .0002134     0.14   0.888    -.0003882    .0004483
                 _cons |   .3074656   .1279589     2.40   0.016     .0566593    .5582719
-----------------------+----------------------------------------------------------------
               sigma_u |  .18655382
               sigma_e |  .11577141
                   rho |  .72195989   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26696) =    6.62
            Prob > F =    0.0101

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26696) =   47.35
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26696) =    4.21
            Prob > F =    0.0402

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26696) =   12.31
            Prob > F =    0.0005

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26696) =   69.22
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26696) =    7.74
            Prob > F =    0.0054
O:\returns
ue_d_whitec_age_short_noIQ_noPhD_G.xls
dir : seeout
ue_d_whitec_age_top3_noIQ_noPhD_G.xls
dir : seeout
(158,781 observations deleted)
(2,226,633 real changes made)
(125,863 missing values generated)
(109,634 missing values generated)
(2,359,420 missing values generated)
(132,787 real changes made)
(31352 missing values generated)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(132,787 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(131,256 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,482 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(120,577 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(112,699 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(101,528 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(91,521 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(83,326 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(73,920 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,735 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(58,518 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,590 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(64,666 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(60,269 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,329 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,729 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,730 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,612 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(36,899 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(32,832 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(29,257 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,816 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,068 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(127,171 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(63,858 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(111,821 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,234 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(99,849 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,232 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(90,150 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,354 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(81,749 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,121 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(70,990 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(35,747 real changes made)
(31,352 missing values generated)
(586,163 real changes made, 586,163 to missing)
(39,835 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,101,349 real changes made)
       panel variable:  shnro_real (unbalanced)
(1,990,724 real changes made)
(368,696 missing values generated)
(368,696 missing values generated)
(2,359,420 missing values generated)
(1,949,094 real changes made)
(348,275 real changes made)
(368,696 missing values generated)
(340,975 real changes made)
(2359420 missing values generated)
(2,359,420 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------
(2,298,270 real changes made, 759,409 to missing)
(17,890 real changes made)
(759,409 missing values generated)
(759,409 missing values generated)
(759,409 missing values generated)
(2,359,420 missing values generated)
(1,507,269 real changes made)
(263,250 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                       924,865
        from master                   368,696  (_merge==1)
        from using                    556,169  (_merge==2)

    matched                         1,990,724  (_merge==3)
    -----------------------------------------
(368,696 real changes made)
(2,915,589 missing values generated)
(0 real changes made)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,394,643 real changes made)
(2,915,589 missing values generated)
(1,449,732 real changes made)
(2,915,589 missing values generated)
(1,450,739 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    938,921       89.06       89.06
          4 |      8,738        0.83       89.89
          5 |     59,983        5.69       95.58
          6 |     34,259        3.25       98.83
          7 |     12,018        1.14       99.97
          8 |        302        0.03      100.00
------------+-----------------------------------
      Total |  1,054,221      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    606,555       43.41       43.41
          1 |    790,710       56.59      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
(556,169 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.31655         0
      sd |  .5138305         0
     p50 |   10.3931         0
       N |   1396204   1370791
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.13271         0
    1995 |  10.15073         0
    1996 |  10.23919         0
    1997 |  10.24643         0
    1998 |  10.26955         0
    1999 |  10.26382         0
    2000 |  10.25705         0
    2001 |  10.31154         0
    2002 |  10.30962         0
    2003 |  10.32062         0
    2004 |  10.33804         0
    2005 |  10.34308         0
    2006 |  10.35423         0
    2007 |  10.37464         0
    2008 |  10.38888         0
    2009 |   10.3658         0
    2010 |   10.3691         0
    2011 |   10.4054         0
    2012 |   10.4114         0
---------+--------------------
   Total |  10.31655         0
------------------------------
(2,915,589 missing values generated)
(1,258,071 real changes made)
(641,640 real changes made)
(551,053 real changes made)
(616,431 real changes made)
(550,296 real changes made)
(1,101,349 real changes made)
(166,195 real changes made)
(2,915,589 missing values generated)
(556,169 missing values generated)
(556169 missing values generated)
(1,712,953 real changes made)
(1,712,953 real changes made)
(1,047,003 real changes made)
(328,997 real changes made)
(336,953 real changes made)
(338,486 real changes made)
(1,047,003 real changes made)
(311,952 real changes made)
(250,307 real changes made)
(146,258 real changes made)
(0 real changes made)
(665,950 real changes made)
(1,047,003 real changes made)
(17,890 real changes made)
(148,305 real changes made)
(1,315,578 missing values generated)
(1,315,578 real changes made)
(39 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(698,282 real changes made)
(2,915,589 missing values generated)
(380,201 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,397,265 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,397,265      100.00      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,396,204
                                                F(87, 132786)     =    1013.03
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1748
                                                Root MSE          =     .46677

                                     (Std. Err. adjusted for 132,787 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0423798   .0050172     8.45   0.000     .0325461    .0522135
     treated_ia1_4145 |   .0535652   .0077676     6.90   0.000     .0383409    .0687895
     treated_ia1_4650 |   .0691297   .0073993     9.34   0.000     .0546272    .0836322
     treated_ia1_5160 |   .0775772   .0096085     8.07   0.000     .0587447    .0964097
          treated_pre |  -.0186429   .0047216    -3.95   0.000    -.0278971   -.0093887
 treated_pre_ia1_4145 |   .0019518    .007421     0.26   0.793    -.0125932    .0164968
 treated_pre_ia1_4650 |  -.0121899   .0069279    -1.76   0.078    -.0257684    .0013886
 treated_pre_ia1_5155 |  -.0129322   .0085555    -1.51   0.131    -.0297009    .0038365
 treated_pre_ia1_5660 |  -.0117491   .0113409    -1.04   0.300    -.0339769    .0104788
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0233092   .0051601     4.52   0.000     .0131956    .0334228
treated_post_ia1_4145 |  -.0544743   .0080068    -6.80   0.000    -.0701674   -.0387812
treated_post_ia1_4650 |  -.0794655     .00759   -10.47   0.000    -.0943418   -.0645892
treated_post_ia1_5155 |  -.0901185   .0096864    -9.30   0.000    -.1091038   -.0711333
treated_post_ia1_5660 |  -.0880004   .0099809    -8.82   0.000    -.1075629    -.068438
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |   .0146798   .0032632     4.50   0.000     .0082839    .0210757
                  l_1 |   .1001061   .0032457    30.84   0.000     .0937446    .1064677
                  l_2 |   .0854588   .0033384    25.60   0.000     .0789157    .0920019
                  l_3 |   .0845706    .003444    24.56   0.000     .0778204    .0913207
                  l_4 |   .0877166   .0035426    24.76   0.000     .0807731    .0946601
                  l_5 |   .0940054   .0036512    25.75   0.000     .0868492    .1011617
                  l_6 |   .0952305   .0037719    25.25   0.000     .0878378    .1026233
                  l_7 |   .1026044     .00389    26.38   0.000     .0949801    .1102287
                  l_8 |   .1121028   .0040301    27.82   0.000     .1042039    .1200017
                  l_9 |   .1181731   .0041893    28.21   0.000     .1099623     .126384
                 l_10 |   .1189629   .0043916    27.09   0.000     .1103554    .1275704
                  f_1 |   .0476632   .0030982    15.38   0.000     .0415908    .0537356
                  f_2 |   .0375225   .0030743    12.21   0.000     .0314969     .043548
                  f_3 |   .0223809   .0030929     7.24   0.000     .0163187     .028443
                  f_4 |   .0139307   .0030697     4.54   0.000     .0079141    .0199472
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0152067   .0025885     5.87   0.000     .0101333    .0202801
         _Ivuosi_1996 |   .0799775   .0025082    31.89   0.000     .0750616    .0848935
         _Ivuosi_1997 |   .0855693   .0025674    33.33   0.000     .0805372    .0906014
         _Ivuosi_1998 |   .1099254   .0025935    42.38   0.000     .1048421    .1150086
         _Ivuosi_1999 |    .098334   .0026673    36.87   0.000     .0931061    .1035619
         _Ivuosi_2000 |   .1019564   .0027179    37.51   0.000     .0966294    .1072834
         _Ivuosi_2001 |   .1345142   .0027115    49.61   0.000     .1291998    .1398286
         _Ivuosi_2002 |   .1272244   .0027802    45.76   0.000     .1217753    .1326735
         _Ivuosi_2003 |   .1334055   .0028579    46.68   0.000     .1278041    .1390069
         _Ivuosi_2004 |   .1539817   .0029489    52.22   0.000     .1482019    .1597615
         _Ivuosi_2005 |   .1680824   .0030376    55.33   0.000     .1621286    .1740361
         _Ivuosi_2006 |   .1772794   .0031486    56.31   0.000     .1711083    .1834505
         _Ivuosi_2007 |   .1951604   .0032216    60.58   0.000     .1888461    .2014747
         _Ivuosi_2008 |   .1961996   .0033234    59.04   0.000     .1896858    .2027134
         _Ivuosi_2009 |    .155373   .0035718    43.50   0.000     .1483723    .1623737
         _Ivuosi_2010 |    .153004   .0037362    40.95   0.000     .1456812    .1603268
         _Ivuosi_2011 |   .1695838   .0038005    44.62   0.000     .1621349    .1770327
         _Ivuosi_2012 |   .1680421   .0040004    42.01   0.000     .1602014    .1758827
            _Iage2_21 |   .5278657   .0070544    74.83   0.000     .5140393    .5416922
            _Iage2_22 |   .6980411   .0068516   101.88   0.000     .6846119    .7114702
            _Iage2_23 |   .7869773     .00681   115.56   0.000     .7736299    .8003248
            _Iage2_24 |   .8622638   .0067653   127.45   0.000      .849004    .8755237
            _Iage2_25 |   .9355434   .0066895   139.85   0.000     .9224321    .9486547
            _Iage2_26 |   1.003832   .0066232   151.56   0.000     .9908507    1.016813
            _Iage2_27 |   1.044906    .006639   157.39   0.000     1.031894    1.057918
            _Iage2_28 |   1.084032   .0066424   163.20   0.000     1.071013    1.097051
            _Iage2_29 |   1.116063   .0066171   168.66   0.000     1.103094    1.129033
            _Iage2_30 |    1.13679   .0066231   171.64   0.000     1.123809    1.149772
            _Iage2_31 |   1.154466   .0066254   174.25   0.000      1.14148    1.167451
            _Iage2_32 |   1.164926   .0066429   175.36   0.000     1.151906    1.177946
            _Iage2_33 |   1.172164   .0066579   176.06   0.000     1.159115    1.185213
            _Iage2_34 |   1.178716    .006664   176.88   0.000     1.165654    1.191777
            _Iage2_35 |   1.186563   .0066361   178.80   0.000     1.173556     1.19957
            _Iage2_36 |   1.189788   .0066482   178.96   0.000     1.176758    1.202819
            _Iage2_37 |   1.191631   .0066658   178.77   0.000     1.178566    1.204696
            _Iage2_38 |   1.196214   .0066478   179.94   0.000     1.183185    1.209244
            _Iage2_39 |   1.202655   .0066471   180.93   0.000     1.189627    1.215683
            _Iage2_40 |   1.205746   .0066483   181.36   0.000     1.192715    1.218776
            _Iage2_41 |   1.199533   .0068455   175.23   0.000     1.186116     1.21295
            _Iage2_42 |   1.203218     .00685   175.65   0.000     1.189792    1.216644
            _Iage2_43 |   1.209309   .0068386   176.84   0.000     1.195905    1.222712
            _Iage2_44 |    1.21035   .0068393   176.97   0.000     1.196945    1.223755
            _Iage2_45 |   1.211449   .0068418   177.07   0.000      1.19804    1.224859
            _Iage2_46 |    1.21782   .0068622   177.47   0.000      1.20437     1.23127
            _Iage2_47 |   1.215343   .0068841   176.54   0.000     1.201851    1.228836
            _Iage2_48 |   1.219029    .006868   177.50   0.000     1.205568    1.232491
            _Iage2_49 |   1.218189   .0068695   177.33   0.000     1.204725    1.231653
            _Iage2_50 |   1.213794   .0068844   176.31   0.000     1.200301    1.227287
            _Iage2_51 |   1.213634   .0069621   174.32   0.000     1.199988    1.227279
            _Iage2_52 |   1.207627   .0070073   172.34   0.000     1.193893    1.221361
            _Iage2_53 |   1.202942   .0070291   171.14   0.000     1.189165    1.216719
            _Iage2_54 |   1.198956   .0070542   169.96   0.000     1.185129    1.212782
            _Iage2_55 |   1.191262   .0071603   166.37   0.000     1.177228    1.205296
            _Iage2_56 |   1.178245   .0075626   155.80   0.000     1.163422    1.193067
            _Iage2_57 |    1.15562   .0076777   150.52   0.000     1.140571    1.170668
            _Iage2_58 |   1.126937   .0079394   141.94   0.000     1.111376    1.142498
            _Iage2_59 |   1.085135   .0083766   129.54   0.000     1.068717    1.101553
        firm_size_new |   -.002125   .0004912    -4.33   0.000    -.0030878   -.0011623
                _cons |   8.961746   .0070724  1267.15   0.000     8.947884    8.975607
---------------------------------------------------------------------------------------
(1,519,385 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.28636         0  39.10183  .0711265  .0445782  14.81516
      sd |  .5064421         0  10.38652  .2570362   .206376  9.606239
     p50 |  10.36592         0        39         0         0        14
       N |    691571    678071    691571    691571    691571    479247
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.34618         0   39.1707  .0812948  .0516709  14.89104
      sd |  .5192764         0  10.35922  .2732875  .2213618  9.711563
     p50 |  10.42197         0        39         0         0        14
       N |    704633    691719    704633    704633    704633    487581
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.28636         0  39.10183  .0711265  .0445782  14.81516
         |  .5064421         0  10.38652  .2570362   .206376  9.606239
         |  10.36592         0        39         0         0        14
         |    691571    678071    691571    691571    691571    479247
---------+------------------------------------------------------------
       1 |  10.34618         0   39.1707  .0812948  .0516709  14.89104
         |  .5192764         0  10.35922  .2732875  .2213618  9.711563
         |  10.42197         0        39         0         0        14
         |    704633    691719    704633    704633    704633    487581
---------+------------------------------------------------------------
   Total |  10.31655         0  39.13658  .0762582  .0481577  14.85342
         |  .5138305         0  10.37281  .2654109  .2140995  9.659568
         |   10.3931         0        39         0         0        14
         |   1396204   1369790   1396204   1396204   1396204    966828
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ_noPhD.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    966,828
                                                F(1, 966826)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6436
                                                Root MSE          =     5.7664

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8220703   .0007411  1109.27   0.000     .8206178    .8235229
       _cons |  -15.33007   .0235315  -651.47   0.000    -15.37619   -15.28395
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7539   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
(1,341 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2025                         Obs per group: min =         1
       between = 0.1125                                        avg =      10.5
       overall = 0.0883                                        max =        16

                                                F(74,18258)        =    489.72
corr(u_i, Xb)  = -0.7533                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,259 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0174352   .0051672    -3.37   0.001    -.0275634   -.0073069
 treated_post |   .0005535   .0072277     0.08   0.939    -.0136135    .0147204
          l_0 |  -.0825907   .0566128    -1.46   0.145    -.1935571    .0283756
          l_1 |  -.0705897   .0677184    -1.04   0.297    -.2033241    .0621447
          l_2 |  -.1219577    .078952    -1.54   0.122    -.2767109    .0327956
          l_3 |  -.1599297   .0901608    -1.77   0.076    -.3366534    .0167939
          l_4 |  -.1909967   .1014553    -1.88   0.060    -.3898586    .0078653
          l_5 |  -.2220609   .1126935    -1.97   0.049    -.4429508   -.0011711
          l_6 |  -.2520952   .1240336    -2.03   0.042    -.4952126   -.0089778
          l_7 |  -.2779825   .1352217    -2.06   0.040    -.5430298   -.0129352
          l_8 |  -.3019596   .1464493    -2.06   0.039     -.589014   -.0149053
          l_9 |  -.3272851   .1577201    -2.08   0.038    -.6364313   -.0181388
         l_10 |  -.3530287   .1690261    -2.09   0.037    -.6843357   -.0217217
          f_1 |  -.0572547   .0453028    -1.26   0.206    -.1460524     .031543
          f_2 |  -.0422748   .0341332    -1.24   0.216     -.109179    .0246294
          f_3 |  -.0336182   .0228959    -1.47   0.142    -.0784964    .0112599
          f_4 |  -.0161098    .011827    -1.36   0.173    -.0392918    .0070721
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0316332   .0038534     8.21   0.000     .0240801    .0391863
 _Ivuosi_1996 |   .0651763   .0042732    15.25   0.000     .0568005    .0735521
 _Ivuosi_1997 |   .0639614   .0044089    14.51   0.000     .0553195    .0726033
 _Ivuosi_1998 |   .0743775   .0044994    16.53   0.000     .0655582    .0831967
 _Ivuosi_1999 |   .0561614   .0040684    13.80   0.000     .0481869    .0641359
 _Ivuosi_2000 |   .0577518   .0044085    13.10   0.000     .0491107    .0663929
 _Ivuosi_2001 |   .0701159   .0042498    16.50   0.000     .0617859     .078446
 _Ivuosi_2002 |   .0468319   .0037833    12.38   0.000     .0394162    .0542476
 _Ivuosi_2003 |   .0440731   .0036433    12.10   0.000     .0369319    .0512142
 _Ivuosi_2004 |    .057041   .0035317    16.15   0.000     .0501186    .0639634
 _Ivuosi_2005 |   .0637158   .0034523    18.46   0.000      .056949    .0704825
 _Ivuosi_2006 |     .06656   .0035191    18.91   0.000     .0596622    .0734578
 _Ivuosi_2007 |   .0782977   .0034503    22.69   0.000     .0715349    .0850605
 _Ivuosi_2008 |   .0669331   .0032476    20.61   0.000     .0605676    .0732987
 _Ivuosi_2009 |    .007821   .0036564     2.14   0.032      .000654     .014988
 _Ivuosi_2010 |   .0023102   .0031372     0.74   0.462    -.0038391    .0084595
 _Ivuosi_2011 |   .0083941   .0023425     3.58   0.000     .0038026    .0129855
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5915217   .0177442    33.34   0.000     .5567415     .626302
    _Iage2_22 |   .8148922   .0288167    28.28   0.000     .7584087    .8713756
    _Iage2_23 |   .9513615   .0397861    23.91   0.000     .8733769    1.029346
    _Iage2_24 |   1.075086   .0510803    21.05   0.000     .9749637    1.175208
    _Iage2_25 |   1.197445   .0624986    19.16   0.000     1.074942    1.319948
    _Iage2_26 |   1.312581   .0738096    17.78   0.000     1.167908    1.457255
    _Iage2_27 |   1.405086   .0851216    16.51   0.000      1.23824    1.571932
    _Iage2_28 |   1.490094   .0964563    15.45   0.000     1.301031    1.679158
    _Iage2_29 |   1.568699   .1078333    14.55   0.000     1.357336    1.780063
    _Iage2_30 |   1.635648   .1190637    13.74   0.000     1.402272    1.869024
    _Iage2_31 |   1.700999   .1302334    13.06   0.000      1.44573    1.956269
    _Iage2_32 |   1.757712   .1414616    12.43   0.000     1.480434     2.03499
    _Iage2_33 |   1.810915   .1527604    11.85   0.000      1.51149     2.11034
    _Iage2_34 |     1.8631   .1640357    11.36   0.000     1.541575    2.184626
    _Iage2_35 |   1.917949   .1753475    10.94   0.000     1.574251    2.261646
    _Iage2_36 |   1.966474   .1865768    10.54   0.000     1.600766    2.332183
    _Iage2_37 |   2.013345    .197802    10.18   0.000     1.625635    2.401056
    _Iage2_38 |   2.061676   .2090121     9.86   0.000     1.651992    2.471359
    _Iage2_39 |   2.110041   .2203004     9.58   0.000     1.678232    2.541851
    _Iage2_40 |   2.156326   .2315771     9.31   0.000     1.702414    2.610239
    _Iage2_41 |   2.199566   .2428193     9.06   0.000     1.723618    2.675515
    _Iage2_42 |   2.242915   .2541021     8.83   0.000     1.744851    2.740979
    _Iage2_43 |   2.286887   .2653745     8.62   0.000     1.766728    2.807046
    _Iage2_44 |   2.328683   .2766231     8.42   0.000     1.786476     2.87089
    _Iage2_45 |   2.369687   .2878445     8.23   0.000     1.805485     2.93389
    _Iage2_46 |   2.411326   .2991432     8.06   0.000     1.824977    2.997675
    _Iage2_47 |   2.446914   .3104129     7.88   0.000     1.838476    3.055353
    _Iage2_48 |   2.488615   .3217012     7.74   0.000     1.858051     3.11918
    _Iage2_49 |   2.525069   .3329588     7.58   0.000     1.872438    3.177699
    _Iage2_50 |   2.557908   .3442439     7.43   0.000     1.883157    3.232658
    _Iage2_51 |   2.595259   .3555126     7.30   0.000     1.898421    3.292097
    _Iage2_52 |   2.625591   .3667752     7.16   0.000     1.906677    3.344504
    _Iage2_53 |    2.65642   .3780393     7.03   0.000     1.915428    3.397413
    _Iage2_54 |   2.687997   .3893039     6.90   0.000     1.924925    3.451069
    _Iage2_55 |   2.716898   .4005573     6.78   0.000     1.931768    3.502028
    _Iage2_56 |   2.740103    .411867     6.65   0.000     1.932805      3.5474
    _Iage2_57 |   2.751966   .4230787     6.50   0.000     1.922692     3.58124
    _Iage2_58 |   2.762143    .434299     6.36   0.000     1.910876    3.613409
    _Iage2_59 |   2.759632   .4455385     6.19   0.000     1.886335     3.63293
firm_size_new |   .0075987   .0009496     8.00   0.000     .0057373      .00946
        _cons |   8.397657   .1423804    58.98   0.000     8.118578    8.676736
--------------+----------------------------------------------------------------
      sigma_u |  .61395054
      sigma_e |  .35146439
          rho |  .75317387   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2027                         Obs per group: min =         1
       between = 0.1102                                        avg =      10.5
       overall = 0.0861                                        max =        16

                                                F(79,18258)        =    461.61
corr(u_i, Xb)  = -0.7648                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,259 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0128007   .0090154     1.42   0.156    -.0048703    .0304718
          treated_pre |  -.0204025   .0065097    -3.13   0.002    -.0331622   -.0076428
 treated_pre_iasenior |   .0066585   .0076028     0.88   0.381    -.0082438    .0215607
         treated_post |   .0081892   .0087756     0.93   0.351    -.0090117    .0253902
treated_post_iasenior |  -.0199954   .0096053    -2.08   0.037    -.0388226   -.0011681
               senior |          0  (omitted)
         pre_iasenior |  -.0100356   .0056205    -1.79   0.074    -.0210523    .0009812
        post_iasenior |  -.0275227   .0071105    -3.87   0.000    -.0414599   -.0135854
                  l_0 |  -.0806999   .0567288    -1.42   0.155    -.1918938    .0304939
                  l_1 |  -.0699411   .0678206    -1.03   0.302    -.2028758    .0629937
                  l_2 |  -.1227325   .0790467    -1.55   0.121    -.2776714    .0322065
                  l_3 |  -.1621142   .0902509    -1.80   0.072    -.3390144     .014786
                  l_4 |  -.1946227   .1015453    -1.92   0.055    -.3936611    .0044157
                  l_5 |  -.2271303   .1127808    -2.01   0.044    -.4481912   -.0060694
                  l_6 |  -.2586023   .1241193    -2.08   0.037    -.5018879   -.0153168
                  l_7 |  -.2860193   .1353122    -2.11   0.035     -.551244   -.0207946
                  l_8 |  -.3115194   .1465451    -2.13   0.034    -.5987616   -.0242772
                  l_9 |  -.3384858   .1578191    -2.14   0.032    -.6478261   -.0291455
                 l_10 |  -.3657413   .1691277    -2.16   0.031    -.6972475   -.0342351
                  f_1 |  -.0608134   .0454627    -1.34   0.181    -.1499246    .0282978
                  f_2 |  -.0440439   .0343236    -1.28   0.199    -.1113214    .0232335
                  f_3 |  -.0335562   .0231348    -1.45   0.147    -.0789026    .0117903
                  f_4 |    -.01417   .0122106    -1.16   0.246    -.0381039     .009764
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0315921   .0038501     8.21   0.000     .0240454    .0391387
         _Ivuosi_1996 |   .0652304    .004269    15.28   0.000     .0568627    .0735981
         _Ivuosi_1997 |   .0639936   .0044028    14.53   0.000     .0553637    .0726235
         _Ivuosi_1998 |   .0746494   .0045005    16.59   0.000     .0658279    .0834709
         _Ivuosi_1999 |   .0564915    .004052    13.94   0.000     .0485492    .0644338
         _Ivuosi_2000 |   .0578182    .004401    13.14   0.000     .0491918    .0664446
         _Ivuosi_2001 |   .0700375   .0042467    16.49   0.000     .0617135    .0783614
         _Ivuosi_2002 |   .0467536   .0037795    12.37   0.000     .0393455    .0541618
         _Ivuosi_2003 |   .0440521    .003641    12.10   0.000     .0369154    .0511888
         _Ivuosi_2004 |    .056838   .0035286    16.11   0.000     .0499217    .0637543
         _Ivuosi_2005 |   .0636428   .0034471    18.46   0.000     .0568862    .0703994
         _Ivuosi_2006 |   .0663033   .0035252    18.81   0.000     .0593936    .0732131
         _Ivuosi_2007 |   .0780864   .0034532    22.61   0.000     .0713178     .084855
         _Ivuosi_2008 |   .0667405   .0032546    20.51   0.000     .0603613    .0731198
         _Ivuosi_2009 |    .007678   .0036718     2.09   0.037      .000481     .014875
         _Ivuosi_2010 |   .0022841   .0031439     0.73   0.468    -.0038783    .0084464
         _Ivuosi_2011 |   .0083532   .0023449     3.56   0.000     .0037569    .0129495
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5913604    .017741    33.33   0.000     .5565865    .6261344
            _Iage2_22 |   .8145095   .0288094    28.27   0.000     .7580403    .8709787
            _Iage2_23 |   .9508667   .0397785    23.90   0.000     .8728972    1.028836
            _Iage2_24 |   1.074646   .0510754    21.04   0.000      .974533    1.174758
            _Iage2_25 |   1.197176   .0624938    19.16   0.000     1.074682    1.319669
            _Iage2_26 |   1.312637   .0738052    17.79   0.000     1.167972    1.457302
            _Iage2_27 |   1.405583    .085118    16.51   0.000     1.238743    1.572422
            _Iage2_28 |   1.491027   .0964551    15.46   0.000     1.301965    1.680088
            _Iage2_29 |   1.570136   .1078339    14.56   0.000     1.358771      1.7815
            _Iage2_30 |   1.637564   .1190661    13.75   0.000     1.404183    1.870944
            _Iage2_31 |   1.703477   .1302392    13.08   0.000     1.448196    1.958758
            _Iage2_32 |    1.76072   .1414692    12.45   0.000     1.483427    2.038013
            _Iage2_33 |    1.81441   .1527704    11.88   0.000     1.514965    2.113854
            _Iage2_34 |   1.867136   .1640484    11.38   0.000     1.545586    2.188687
            _Iage2_35 |   1.922517   .1753627    10.96   0.000     1.578789    2.266244
            _Iage2_36 |   1.971568   .1865939    10.57   0.000     1.605826    2.337309
            _Iage2_37 |   2.019144   .1978231    10.21   0.000     1.631392    2.406895
            _Iage2_38 |   2.068397   .2090373     9.89   0.000     1.658664     2.47813
            _Iage2_39 |   2.117865   .2203306     9.61   0.000     1.685997    2.549734
            _Iage2_40 |   2.165534   .2316143     9.35   0.000     1.711548    2.619519
            _Iage2_41 |   2.232543   .2430477     9.19   0.000     1.756147    2.708939
            _Iage2_42 |   2.277776   .2543404     8.96   0.000     1.779245    2.776307
            _Iage2_43 |   2.323958   .2656222     8.75   0.000     1.803314    2.844603
            _Iage2_44 |   2.368094   .2768823     8.55   0.000     1.825378    2.910809
            _Iage2_45 |   2.411628   .2881173     8.37   0.000     1.846891    2.976365
            _Iage2_46 |   2.455943   .2994294     8.20   0.000     1.869033    3.042853
            _Iage2_47 |   2.494342   .3107112     8.03   0.000     1.885319    3.103365
            _Iage2_48 |   2.538924   .3220153     7.88   0.000     1.907744    3.170105
            _Iage2_49 |   2.578399   .3332866     7.74   0.000     1.925126    3.231672
            _Iage2_50 |   2.614366   .3445897     7.59   0.000     1.938938    3.289794
            _Iage2_51 |    2.65479   .3558738     7.46   0.000     1.957244    3.352336
            _Iage2_52 |   2.688389   .3671517     7.32   0.000     1.968737    3.408041
            _Iage2_53 |   2.722475   .3784331     7.19   0.000      1.98071    3.464239
            _Iage2_54 |   2.757389   .3897109     7.08   0.000     1.993519    3.521259
            _Iage2_55 |   2.789669    .400983     6.96   0.000     2.003704    3.575633
            _Iage2_56 |   2.816145   .4123123     6.83   0.000     2.007974    3.624315
            _Iage2_57 |   2.831293   .4235436     6.68   0.000     2.001108    3.661478
            _Iage2_58 |   2.844888   .4347763     6.54   0.000     1.992686     3.69709
            _Iage2_59 |   2.846058   .4460465     6.38   0.000     1.971765    3.720351
        firm_size_new |   .0075744   .0009399     8.06   0.000      .005732    .0094167
                _cons |   8.382793   .1424299    58.86   0.000     8.103617    8.661969
----------------------+----------------------------------------------------------------
              sigma_u |  .62717738
              sigma_e |  .35141907
                  rho |  .76106004   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18258) =    2.16
            Prob > F =    0.1420

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18258) =    5.14
            Prob > F =    0.0234
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2042                         Obs per group: min =         1
       between = 0.1085                                        avg =      10.5
       overall = 0.0833                                        max =        16

                                                F(82,18258)        =    463.90
corr(u_i, Xb)  = -0.7932                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,259 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0040045   .0006664     6.01   0.000     .0026983    .0053107
     treated_iasuorv_d |   .0658313   .0205713     3.20   0.001     .0255096    .1061529
           treated_pre |  -.0107737   .0085598    -1.26   0.208    -.0275517    .0060043
       treated_pre_ia3 |    -.00068   .0004264    -1.60   0.111    -.0015157    .0001557
 treated_pre_iasuorv_d |  -.0045848   .0090896    -0.50   0.614    -.0224012    .0132317
          treated_post |    .088494   .0113393     7.80   0.000     .0662678    .1107201
      treated_post_ia3 |  -.0052823   .0005246   -10.07   0.000    -.0063106   -.0042539
treated_post_iasuorv_d |  -.1282544   .0112078   -11.44   0.000    -.1502227   -.1062861
             interact3 |  -.0030764   .0003138    -9.81   0.000    -.0036914   -.0024614
               suorv_d |  -.0683245   .0105512    -6.48   0.000    -.0890059   -.0476431
                   l_0 |  -.1131469   .0568265    -1.99   0.046    -.2245322   -.0017617
                   l_1 |  -.1067552   .0679459    -1.57   0.116    -.2399356    .0264251
                   l_2 |  -.1638972    .079212    -2.07   0.039    -.3191601   -.0086343
                   l_3 |  -.2076852   .0904526    -2.30   0.022    -.3849808   -.0303895
                   l_4 |   -.244682   .1017692    -2.40   0.016    -.4441592   -.0452049
                   l_5 |  -.2816785   .1130303    -2.49   0.013    -.5032285   -.0601284
                   l_6 |  -.3177852   .1243978    -2.55   0.011    -.5616166   -.0739537
                   l_7 |  -.3496691   .1356023    -2.58   0.010    -.6154624   -.0838757
                   l_8 |  -.3797779   .1468676    -2.59   0.010    -.6676522   -.0919036
                   l_9 |  -.4114095   .1581662    -2.60   0.009      -.72143   -.1013889
                  l_10 |  -.4431977   .1694879    -2.61   0.009      -.77541   -.1109854
                   f_1 |  -.0817977   .0454258    -1.80   0.072    -.1708365    .0072412
                   f_2 |  -.0606121   .0342416    -1.77   0.077    -.1277289    .0065047
                   f_3 |  -.0458594    .022973    -2.00   0.046    -.0908885   -.0008302
                   f_4 |  -.0221444   .0118842    -1.86   0.062    -.0454385    .0011497
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0319862   .0038491     8.31   0.000     .0244415    .0395308
          _Ivuosi_1996 |   .0653172   .0042588    15.34   0.000     .0569697    .0736648
          _Ivuosi_1997 |   .0639984   .0043836    14.60   0.000     .0554062    .0725906
          _Ivuosi_1998 |    .074692   .0044727    16.70   0.000      .065925     .083459
          _Ivuosi_1999 |   .0565337   .0039979    14.14   0.000     .0486975    .0643699
          _Ivuosi_2000 |   .0577948   .0043387    13.32   0.000     .0492906     .066299
          _Ivuosi_2001 |   .0697877   .0041994    16.62   0.000     .0615565    .0780188
          _Ivuosi_2002 |   .0463845   .0037483    12.37   0.000     .0390374    .0537316
          _Ivuosi_2003 |   .0437726   .0036157    12.11   0.000     .0366854    .0508597
          _Ivuosi_2004 |   .0565525    .003512    16.10   0.000     .0496685    .0634364
          _Ivuosi_2005 |   .0634382   .0034293    18.50   0.000     .0567164      .07016
          _Ivuosi_2006 |   .0660636    .003517    18.78   0.000       .05917    .0729572
          _Ivuosi_2007 |   .0779196   .0034441    22.62   0.000     .0711688    .0846704
          _Ivuosi_2008 |   .0667016   .0032542    20.50   0.000      .060323    .0730802
          _Ivuosi_2009 |   .0074514   .0036466     2.04   0.041     .0003036    .0145992
          _Ivuosi_2010 |   .0019738   .0031319     0.63   0.529     -.004165    .0081126
          _Ivuosi_2011 |    .008093    .002343     3.45   0.001     .0035006    .0126855
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5948149   .0177575    33.50   0.000     .5600086    .6296213
             _Iage2_22 |   .8216585   .0288295    28.50   0.000       .76515    .8781669
             _Iage2_23 |   .9622846   .0398281    24.16   0.000     .8842178    1.040351
             _Iage2_24 |   1.090649    .051163    21.32   0.000     .9903653    1.190934
             _Iage2_25 |   1.217816   .0626077    19.45   0.000     1.095099    1.340533
             _Iage2_26 |   1.338171    .073934    18.10   0.000     1.193253    1.483088
             _Iage2_27 |   1.436416   .0852748    16.84   0.000      1.26927    1.603563
             _Iage2_28 |     1.5275   .0966417    15.81   0.000     1.338073    1.716926
             _Iage2_29 |    1.61251   .1080533    14.92   0.000     1.400715    1.824304
             _Iage2_30 |   1.686024   .1193104    14.13   0.000     1.452165    1.919884
             _Iage2_31 |   1.758226    .130513    13.47   0.000     1.502408    2.014044
             _Iage2_32 |   1.821888   .1417703    12.85   0.000     1.544005    2.099771
             _Iage2_33 |   1.882076   .1530957    12.29   0.000     1.581994    2.182158
             _Iage2_34 |   1.941455   .1644161    11.81   0.000     1.619184    2.263726
             _Iage2_35 |   2.003638   .1757632    11.40   0.000     1.659126     2.34815
             _Iage2_36 |    2.05956   .1870278    11.01   0.000     1.692968    2.426152
             _Iage2_37 |   2.114058   .1982923    10.66   0.000     1.725386    2.502729
             _Iage2_38 |    2.17024   .2095474    10.36   0.000     1.759508    2.580973
             _Iage2_39 |   2.226524   .2208616    10.08   0.000     1.793615    2.659434
             _Iage2_40 |   2.281011   .2321713     9.82   0.000     1.825934    2.736089
             _Iage2_41 |    2.33247   .2434516     9.58   0.000     1.855282    2.809658
             _Iage2_42 |   2.384221   .2547747     9.36   0.000     1.884839    2.883604
             _Iage2_43 |   2.436903    .266082     9.16   0.000     1.915357    2.958448
             _Iage2_44 |   2.487276    .277368     8.97   0.000     1.943608    3.030943
             _Iage2_45 |   2.537182   .2886246     8.79   0.000     1.971451    3.102913
             _Iage2_46 |   2.587647   .2999561     8.63   0.000     1.999705    3.175589
             _Iage2_47 |   2.632094   .3112654     8.46   0.000     2.021984    3.242203
             _Iage2_48 |   2.682688   .3225914     8.32   0.000     2.050379    3.314998
             _Iage2_49 |   2.728091   .3338858     8.17   0.000     2.073643    3.382538
             _Iage2_50 |   2.769742   .3452137     8.02   0.000     2.093091    3.446393
             _Iage2_51 |   2.815726   .3565088     7.90   0.000     2.116935    3.514517
             _Iage2_52 |   2.854761   .3678065     7.76   0.000     2.133826    3.575697
             _Iage2_53 |   2.894342   .3791089     7.63   0.000     2.151253    3.637431
             _Iage2_54 |   2.934641   .3904072     7.52   0.000     2.169406    3.699875
             _Iage2_55 |    2.97222   .4016954     7.40   0.000     2.184859    3.759581
             _Iage2_56 |   3.003959   .4130491     7.27   0.000     2.194344    3.813574
             _Iage2_57 |   3.024282   .4242986     7.13   0.000     2.192617    3.855948
             _Iage2_58 |   3.043068   .4355417     6.99   0.000     2.189365     3.89677
             _Iage2_59 |   3.049268   .4468312     6.82   0.000     2.173437    3.925099
         firm_size_new |   .0074383   .0008516     8.74   0.000     .0057692    .0091074
                 _cons |   8.340362   .1423366    58.60   0.000     8.061369    8.619355
-----------------------+----------------------------------------------------------------
               sigma_u |  .66295103
               sigma_e |   .3510844
                   rho |  .78097358   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18258) =   57.73
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18258) =    1.94
            Prob > F =    0.1638
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2043                         Obs per group: min =         1
       between = 0.1090                                        avg =      10.5
       overall = 0.0837                                        max =        16

                                                F(85,18258)        =    447.71
corr(u_i, Xb)  = -0.7915                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,259 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0067956   .0077733    -0.87   0.382     -.022032    .0084408
           treated_ia3 |   .0043635   .0007007     6.23   0.000       .00299     .005737
     treated_iasuorv_d |   .0729117   .0219147     3.33   0.001     .0299568    .1158666
           treated_pre |  -.0124542   .0086007    -1.45   0.148    -.0293123    .0044039
  treated_pre_iasenior |  -.0026238   .0063886    -0.41   0.681     -.015146    .0098984
       treated_pre_ia3 |  -.0005412    .000476    -1.14   0.256    -.0014741    .0003917
 treated_pre_iasuorv_d |  -.0008405   .0112474    -0.07   0.940    -.0228865    .0212055
          treated_post |   .0880053   .0112836     7.80   0.000     .0658884    .1101221
 treated_post_iasenior |   .0205178   .0074524     2.75   0.006     .0059104    .0351252
      treated_post_ia3 |  -.0058587   .0005519   -10.62   0.000    -.0069404    -.004777
treated_post_iasuorv_d |  -.1407062   .0127858   -11.00   0.000    -.1657676   -.1156449
                senior |   3.032643   .4468705     6.79   0.000     2.156735    3.908552
             interact3 |  -.0030506   .0003147    -9.69   0.000    -.0036674   -.0024337
               suorv_d |  -.0681836   .0105452    -6.47   0.000    -.0888532    -.047514
                   l_0 |  -.1106941   .0568323    -1.95   0.051    -.2220907    .0007025
                   l_1 |  -.1040453   .0679525    -1.53   0.126    -.2372386    .0291479
                   l_2 |  -.1609035   .0792198    -2.03   0.042    -.3161818   -.0056251
                   l_3 |  -.2044247   .0904623    -2.26   0.024    -.3817394   -.0271101
                   l_4 |  -.2411538   .1017804    -2.37   0.018    -.4406529   -.0416547
                   l_5 |  -.2778913   .1130427    -2.46   0.014    -.4994655    -.056317
                   l_6 |  -.3137473   .1244105    -2.52   0.012    -.5576036    -.069891
                   l_7 |  -.3453608    .135616    -2.55   0.011    -.6111809   -.0795407
                   l_8 |  -.3752027   .1468814    -2.55   0.011    -.6631039   -.0873014
                   l_9 |  -.4065539    .158181    -2.57   0.010    -.7166034   -.0965043
                  l_10 |  -.4380885   .1695025    -2.58   0.010    -.7703293   -.1058478
                   f_1 |  -.0802245   .0454304    -1.77   0.077    -.1692724    .0088234
                   f_2 |  -.0593771   .0342461    -1.73   0.083    -.1265027    .0077485
                   f_3 |  -.0449941    .022977    -1.96   0.050    -.0900311    .0000429
                   f_4 |  -.0216613   .0118877    -1.82   0.068    -.0449623    .0016397
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0320111   .0038487     8.32   0.000     .0244672    .0395549
          _Ivuosi_1996 |   .0653077   .0042558    15.35   0.000     .0569659    .0736495
          _Ivuosi_1997 |   .0639735   .0043815    14.60   0.000     .0553853    .0725617
          _Ivuosi_1998 |   .0746456   .0044722    16.69   0.000     .0658796    .0834116
          _Ivuosi_1999 |   .0564865   .0039961    14.14   0.000     .0486538    .0643192
          _Ivuosi_2000 |   .0577797   .0043318    13.34   0.000     .0492889    .0662705
          _Ivuosi_2001 |   .0698018   .0041908    16.66   0.000     .0615875    .0780161
          _Ivuosi_2002 |   .0463701   .0037424    12.39   0.000     .0390347    .0537056
          _Ivuosi_2003 |   .0437523   .0036108    12.12   0.000     .0366747    .0508298
          _Ivuosi_2004 |   .0565555   .0035079    16.12   0.000     .0496796    .0634314
          _Ivuosi_2005 |   .0634131   .0034275    18.50   0.000     .0566949    .0701312
          _Ivuosi_2006 |   .0660736   .0035127    18.81   0.000     .0591883    .0729589
          _Ivuosi_2007 |   .0779309   .0034409    22.65   0.000     .0711865    .0846754
          _Ivuosi_2008 |   .0667177   .0032516    20.52   0.000     .0603443     .073091
          _Ivuosi_2009 |   .0074584   .0036409     2.05   0.041     .0003219    .0145949
          _Ivuosi_2010 |   .0019579   .0031299     0.63   0.532    -.0041769    .0080928
          _Ivuosi_2011 |   .0080866    .002342     3.45   0.001     .0034962    .0126771
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5946357   .0177566    33.49   0.000     .5598311    .6294403
             _Iage2_22 |   .8212458   .0288289    28.49   0.000     .7647384    .8777532
             _Iage2_23 |   .9616775   .0398278    24.15   0.000     .8836113    1.039744
             _Iage2_24 |   1.089887   .0511636    21.30   0.000     .9896018    1.190173
             _Iage2_25 |   1.216903   .0626088    19.44   0.000     1.094184    1.339622
             _Iage2_26 |   1.337108   .0739362    18.08   0.000     1.192187     1.48203
             _Iage2_27 |    1.43521   .0852779    16.83   0.000     1.268057    1.602363
             _Iage2_28 |   1.526181   .0966464    15.79   0.000     1.336745    1.715616
             _Iage2_29 |   1.611091   .1080596    14.91   0.000     1.399284    1.822898
             _Iage2_30 |   1.684519   .1193175    14.12   0.000     1.450646    1.918393
             _Iage2_31 |   1.756652   .1305211    13.46   0.000     1.500818    2.012486
             _Iage2_32 |   1.820244   .1417802    12.84   0.000     1.542342    2.098147
             _Iage2_33 |   1.880403   .1531073    12.28   0.000     1.580298    2.180508
             _Iage2_34 |    1.93975    .164429    11.80   0.000     1.617454    2.262046
             _Iage2_35 |   2.001934   .1757779    11.39   0.000     1.657393    2.346476
             _Iage2_36 |   2.057881   .1870443    11.00   0.000     1.691257    2.424506
             _Iage2_37 |    2.11237   .1983098    10.65   0.000     1.723664    2.501076
             _Iage2_38 |   2.168498   .2095659    10.35   0.000     1.757729    2.579267
             _Iage2_39 |   2.224663   .2208802    10.07   0.000     1.791717    2.657609
             _Iage2_40 |   2.278982   .2321901     9.82   0.000     1.823868    2.734096
             _Iage2_41 |  -.7061478   .2035428    -3.47   0.001    -1.105111   -.3071848
             _Iage2_42 |  -.6547063   .1922117    -3.41   0.001    -1.031459   -.2779534
             _Iage2_43 |  -.6024352      .1809    -3.33   0.001    -.9570161   -.2478542
             _Iage2_44 |  -.5524958    .169609    -3.26   0.001    -.8849454   -.2200462
             _Iage2_45 |  -.5030676   .1583515    -3.18   0.001    -.8134514   -.1926839
             _Iage2_46 |  -.4531183   .1470177    -3.08   0.002    -.7412868   -.1649499
             _Iage2_47 |  -.4092267   .1357121    -3.02   0.003     -.675235   -.1432183
             _Iage2_48 |  -.3591879   .1243924    -2.89   0.004    -.6030087   -.1153671
             _Iage2_49 |  -.3143816   .1130976    -2.78   0.005    -.5360635   -.0926996
             _Iage2_50 |  -.2733591   .1017726    -2.69   0.007     -.472843   -.0738752
             _Iage2_51 |  -.2279886   .0904811    -2.52   0.012      -.40534   -.0506372
             _Iage2_52 |  -.1896259   .0792016    -2.39   0.017    -.3448686   -.0343833
             _Iage2_53 |  -.1507057   .0679135    -2.22   0.026    -.2838226   -.0175889
             _Iage2_54 |  -.1110837   .0566341    -1.96   0.050    -.2220919   -.0000756
             _Iage2_55 |  -.0741772   .0453894    -1.63   0.102    -.1631446    .0147903
             _Iage2_56 |  -.0431128   .0340838    -1.26   0.206    -.1099203    .0236946
             _Iage2_57 |  -.0234641   .0228806    -1.03   0.305    -.0683123    .0213841
             _Iage2_58 |  -.0053977   .0118796    -0.45   0.650    -.0286828    .0178873
             _Iage2_59 |          0  (omitted)
         firm_size_new |    .007435   .0008459     8.79   0.000     .0057769    .0090931
                 _cons |   8.341418   .1423176    58.61   0.000     8.062462    8.620374
-----------------------+----------------------------------------------------------------
               sigma_u |  .66038782
               sigma_e |  .35107502
                   rho |  .77965459   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18258) =   91.35
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18258) =  133.64
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18258) =    1.29
            Prob > F =    0.2555

 ( 1)  treated_post_ia3 = 0

       F(  1, 18258) =  112.70
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18258) =   67.09
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18258) =   56.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18258) =   64.06
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2205                         Obs per group: min =         1
       between = 0.1063                                        avg =      10.5
       overall = 0.0816                                        max =        16

                                                F(89,18258)        =    505.45
corr(u_i, Xb)  = -0.8378                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,259 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0097231   .0077735     1.25   0.211    -.0055136    .0249598
           treated_ia2 |   .0296912   .0211719     1.40   0.161    -.0118077    .0711901
           treated_ia3 |   .0061747   .0006992     8.83   0.000     .0048041    .0075452
     treated_iasuorv_d |   .0311602   .0215007     1.45   0.147    -.0109832    .0733037
           treated_pre |   -.009438   .0087184    -1.08   0.279    -.0265269    .0076509
  treated_pre_iasenior |  -.0088555   .0064373    -1.38   0.169    -.0214732    .0037622
       treated_pre_ia2 |  -.0033058   .0108403    -0.30   0.760    -.0245539    .0179423
       treated_pre_ia3 |  -.0009243   .0004754    -1.94   0.052    -.0018562    7.58e-06
 treated_pre_iasuorv_d |   .0041879   .0114284     0.37   0.714    -.0182129    .0265887
          treated_post |   .0440783   .0109648     4.02   0.000     .0225862    .0655704
 treated_post_iasenior |  -.0074343   .0075335    -0.99   0.324    -.0222007    .0073321
      treated_post_ia2 |   .0713996    .013096     5.45   0.000     .0457302     .097069
      treated_post_ia3 |  -.0047594   .0005403    -8.81   0.000    -.0058184   -.0037004
treated_post_iasuorv_d |   -.061455   .0130017    -4.73   0.000    -.0869396   -.0359705
                senior |   3.293291    .448883     7.34   0.000     2.413438    4.173144
             interact2 |   .5149118   .0129171    39.86   0.000     .4895931    .5402304
             interact3 |   .0010405      .0003     3.47   0.001     .0004526    .0016285
               suorv_d |  -.0652505   .0104955    -6.22   0.000    -.0858226   -.0446784
                   l_0 |  -.1548581   .0570827    -2.71   0.007    -.2667455   -.0429707
                   l_1 |  -.1625984   .0682885    -2.38   0.017    -.2964503   -.0287466
                   l_2 |   -.231312   .0796112    -2.91   0.004    -.3873575   -.0752665
                   l_3 |  -.2865202   .0909235    -3.15   0.002    -.4647388   -.1083015
                   l_4 |  -.3354525   .1023037    -3.28   0.001    -.5359773   -.1349277
                   l_5 |    -.38417    .113631    -3.38   0.001    -.6068974   -.1614426
                   l_6 |  -.4324905   .1250759    -3.46   0.001     -.677651   -.1873301
                   l_7 |  -.4756305    .136342    -3.49   0.000    -.7428737   -.2083873
                   l_8 |  -.5174789   .1476638    -3.50   0.000    -.8069139   -.2280439
                   l_9 |  -.5605208   .1590201    -3.52   0.000    -.8722152   -.2488263
                  l_10 |  -.6045252   .1704037    -3.55   0.000    -.9385325   -.2705179
                   f_1 |  -.1215544   .0456626    -2.66   0.008    -.2110573   -.0320515
                   f_2 |  -.0900049   .0344122    -2.62   0.009     -.157456   -.0225537
                   f_3 |  -.0648441   .0230796    -2.81   0.005    -.1100822    -.019606
                   f_4 |  -.0309543   .0119266    -2.60   0.009    -.0543315   -.0075771
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .034842   .0038507     9.05   0.000     .0272944    .0423897
          _Ivuosi_1996 |   .0666818   .0042389    15.73   0.000     .0583731    .0749904
          _Ivuosi_1997 |   .0652448    .004363    14.95   0.000      .056693    .0737966
          _Ivuosi_1998 |   .0770586   .0044368    17.37   0.000      .068362    .0857552
          _Ivuosi_1999 |   .0601325   .0039614    15.18   0.000     .0523677    .0678972
          _Ivuosi_2000 |   .0635244    .004275    14.86   0.000      .055145    .0719039
          _Ivuosi_2001 |   .0742996    .004111    18.07   0.000     .0662417    .0823575
          _Ivuosi_2002 |   .0503992   .0036394    13.85   0.000     .0432657    .0575327
          _Ivuosi_2003 |   .0478269   .0034814    13.74   0.000      .041003    .0546507
          _Ivuosi_2004 |   .0610119   .0033559    18.18   0.000     .0544341    .0675897
          _Ivuosi_2005 |   .0677164   .0032595    20.77   0.000     .0613274    .0741054
          _Ivuosi_2006 |   .0704997   .0033218    21.22   0.000     .0639887    .0770108
          _Ivuosi_2007 |   .0822582   .0032492    25.32   0.000     .0758895    .0886268
          _Ivuosi_2008 |   .0704006   .0030559    23.04   0.000     .0644108    .0763904
          _Ivuosi_2009 |   .0107332   .0035014     3.07   0.002     .0038702    .0175963
          _Ivuosi_2010 |   .0043492   .0030197     1.44   0.150    -.0015698    .0102682
          _Ivuosi_2011 |   .0101061   .0022952     4.40   0.000     .0056072    .0146049
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6008074   .0177855    33.78   0.000     .5659461    .6356686
             _Iage2_22 |   .8349389   .0288707    28.92   0.000     .7783497    .8915281
             _Iage2_23 |    .981236   .0398934    24.60   0.000     .9030412    1.059431
             _Iage2_24 |    1.10709   .0512177    21.62   0.000     1.006698    1.207482
             _Iage2_25 |   1.227906   .0626912    19.59   0.000     1.105025    1.350786
             _Iage2_26 |   1.342873   .0740473    18.14   0.000     1.197733    1.488012
             _Iage2_27 |    1.43996   .0854205    16.86   0.000     1.272528    1.607393
             _Iage2_28 |   1.532553   .0968213    15.83   0.000     1.342774    1.722332
             _Iage2_29 |    1.62088     .10829    14.97   0.000     1.408621    1.833138
             _Iage2_30 |   1.699616   .1196112    14.21   0.000     1.465167    1.934066
             _Iage2_31 |   1.777402   .1308721    13.58   0.000      1.52088    2.033924
             _Iage2_32 |   1.847519   .1421854    12.99   0.000     1.568822    2.126216
             _Iage2_33 |    1.91442   .1535678    12.47   0.000     1.613412    2.215427
             _Iage2_34 |   1.980847   .1649511    12.01   0.000     1.657528    2.304167
             _Iage2_35 |   2.050063   .1763499    11.62   0.000       1.7044    2.395725
             _Iage2_36 |   2.113481   .1876805    11.26   0.000     1.745609    2.481352
             _Iage2_37 |   2.175395   .1990015    10.93   0.000     1.785333    2.565456
             _Iage2_38 |   2.238995   .2103258    10.65   0.000     1.826737    2.651253
             _Iage2_39 |   2.302708   .2216971    10.39   0.000     1.868161    2.737255
             _Iage2_40 |   2.364877   .2330574    10.15   0.000     1.908062    2.821691
             _Iage2_41 |  -.8703836   .2046088    -4.25   0.000    -1.271436   -.4693312
             _Iage2_42 |  -.8109735   .1932203    -4.20   0.000    -1.189703   -.4322436
             _Iage2_43 |  -.7506145   .1818488    -4.13   0.000    -1.107055   -.3941737
             _Iage2_44 |  -.6923087   .1704939    -4.06   0.000    -1.026493   -.3581246
             _Iage2_45 |  -.6345745   .1591724    -3.99   0.000    -.9465674   -.3225815
             _Iage2_46 |  -.5760506   .1477769    -3.90   0.000    -.8657073    -.286394
             _Iage2_47 |  -.5235327   .1364157    -3.84   0.000    -.7909202   -.2561452
             _Iage2_48 |  -.4647031   .1250471    -3.72   0.000    -.7098071   -.2195991
             _Iage2_49 |  -.4109709   .1136895    -3.61   0.000    -.6338129   -.1881288
             _Iage2_50 |  -.3608783   .1023052    -3.53   0.000     -.561406   -.1603506
             _Iage2_51 |  -.3062235   .0909541    -3.37   0.001     -.484502    -.127945
             _Iage2_52 |  -.2584139   .0796172    -3.25   0.001    -.4144711   -.1023566
             _Iage2_53 |  -.2099117   .0682729    -3.07   0.002    -.3437331   -.0760904
             _Iage2_54 |  -.1606498   .0569205    -2.82   0.005    -.2722192   -.0490803
             _Iage2_55 |    -.11405   .0456284    -2.50   0.012     -.203486   -.0246139
             _Iage2_56 |  -.0732094    .034259    -2.14   0.033    -.1403602   -.0060586
             _Iage2_57 |  -.0436491   .0230024    -1.90   0.058     -.088736    .0014379
             _Iage2_58 |  -.0155785   .0119291    -1.31   0.192    -.0389606    .0078036
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0068904   .0008538     8.07   0.000     .0052168     .008564
                 _cons |   8.234755   .1428509    57.65   0.000     7.954754    8.514757
-----------------------+----------------------------------------------------------------
               sigma_u |  .73903534
               sigma_e |  .34747577
                   rho |  .81895769   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18258) =   57.09
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18258) =   77.04
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18258) =    1.89
            Prob > F =    0.1505

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18258) =   59.07
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18258) =    7.68
            Prob > F =    0.0056

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18258) =   55.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18258) =   13.75
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18258) =   40.64
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18258) =    6.19
            Prob > F =    0.0129

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18258) =   38.35
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    756,943    .0931378    .2906256          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    638,439     .055371    .2287031          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    623,760    10.06206    6.259986          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    342,275    23.61112    8.561098          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    553,670    10.51986    6.259498          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    309,377    24.00811    8.516143          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     70,090     6.44567    4.949974          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     32,898     19.8778    8.068107          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.09 + _b[treated_post_ia3] * 
>  10.06
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.06 + _b[treated_post_ia3] * 
>  23.61

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0026242   .0081765     0.32   0.748    -.0134013    .0186498
       _nl_2 |  -.0714425   .0090025    -7.94   0.000    -.0890871   -.0537979
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.5
> 2
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.0
> 1
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.4
> 5
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 8

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0059911   .0082268    -0.73   0.466    -.0221153    .0101332
       _nl_2 |  -.0776303    .009121    -8.51   0.000    -.0955071   -.0597535
       _nl_3 |   .0847795   .0145466     5.83   0.000     .0562687    .1132902
       _nl_4 |   .0134258   .0146845     0.91   0.361    -.0153552    .0422069
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.4
> 5
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 8
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.5
> 2
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.0
> 1

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0440783   .0109648     4.02   0.000     .0225876     .065569
       _nl_2 |    .036644   .0132205     2.77   0.006     .0107324    .0625556
       _nl_3 |   .1154779   .0155672     7.42   0.000     .0849667    .1459891
       _nl_4 |   .1080436   .0169484     6.37   0.000     .0748252    .1412619
       _nl_5 |   .0847795   .0145466     5.83   0.000     .0562687    .1132902
       _nl_6 |   .0134258   .0146845     0.91   0.361    -.0153552    .0422069
       _nl_7 |  -.0059911   .0082268    -0.73   0.466    -.0221153    .0101332
       _nl_8 |  -.0776303    .009121    -8.51   0.000    -.0955071   -.0597535
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_bluec_noIQ_noPhD_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2205                         Obs per group: min =         1
       between = 0.1063                                        avg =      10.5
       overall = 0.0816                                        max =        16

                                                F(86,18258)        =    522.86
corr(u_i, Xb)  = -0.8378                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,259 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0308231   .0211529     1.46   0.145    -.0106386    .0722848
           treated_ia3 |   .0064464    .000668     9.65   0.000      .005137    .0077557
     treated_iasuorv_d |   .0366182   .0200824     1.82   0.068    -.0027452    .0759815
           treated_pre |   -.007684   .0086534    -0.89   0.375    -.0246455    .0092775
       treated_pre_ia2 |  -.0045397   .0108663    -0.42   0.676    -.0258386    .0167592
       treated_pre_ia3 |  -.0012138   .0004212    -2.88   0.004    -.0020395   -.0003882
 treated_pre_iasuorv_d |  -.0026315   .0091415    -0.29   0.773    -.0205497    .0152866
          treated_post |   .0456817   .0110202     4.15   0.000      .024081    .0672824
      treated_post_ia2 |    .070389   .0130879     5.38   0.000     .0447355    .0960424
      treated_post_ia3 |  -.0049887   .0005084    -9.81   0.000    -.0059853   -.0039921
treated_post_iasuorv_d |  -.0669118   .0112015    -5.97   0.000    -.0888679   -.0449558
             interact2 |   .5148506   .0129195    39.85   0.000     .4895273     .540174
             interact3 |   .0010204   .0002998     3.40   0.001     .0004328     .001608
               suorv_d |   -.065206   .0104999    -6.21   0.000    -.0857867   -.0446252
                   l_0 |  -.1550037   .0570868    -2.72   0.007    -.2668992   -.0431083
                   l_1 |  -.1627309    .068294    -2.38   0.017    -.2965935   -.0288683
                   l_2 |  -.2314329   .0796177    -2.91   0.004     -.387491   -.0753748
                   l_3 |  -.2866292   .0909309    -3.15   0.002    -.4648623    -.108396
                   l_4 |  -.3355479   .1023126    -3.28   0.001    -.5360901   -.1350057
                   l_5 |  -.3842523   .1136415    -3.38   0.001    -.6070003   -.1615042
                   l_6 |  -.4325595   .1250886    -3.46   0.001    -.6777449   -.1873741
                   l_7 |  -.4756856   .1363561    -3.49   0.000    -.7429564   -.2084147
                   l_8 |  -.5175226   .1476797    -3.50   0.000    -.8069887   -.2280564
                   l_9 |  -.5605518   .1590377    -3.52   0.000    -.8722806   -.2488229
                  l_10 |   -.604544   .1704234    -3.55   0.000    -.9385898   -.2704982
                   f_1 |  -.1215776   .0456669    -2.66   0.008    -.2110889   -.0320662
                   f_2 |  -.0900382   .0344146    -2.62   0.009    -.1574941   -.0225823
                   f_3 |  -.0648867   .0230797    -2.81   0.005    -.1101252   -.0196483
                   f_4 |  -.0310031   .0119256    -2.60   0.009    -.0543783   -.0076278
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348427   .0038483     9.05   0.000     .0272997    .0423856
          _Ivuosi_1996 |    .066681    .004239    15.73   0.000     .0583723    .0749898
          _Ivuosi_1997 |   .0652635   .0043606    14.97   0.000     .0567163    .0738106
          _Ivuosi_1998 |   .0770684   .0044329    17.39   0.000     .0683796    .0857573
          _Ivuosi_1999 |   .0601355   .0039595    15.19   0.000     .0523745    .0678964
          _Ivuosi_2000 |   .0635372   .0042723    14.87   0.000     .0551631    .0719114
          _Ivuosi_2001 |   .0742944   .0041082    18.08   0.000     .0662419    .0823468
          _Ivuosi_2002 |   .0504036   .0036375    13.86   0.000     .0432737    .0575334
          _Ivuosi_2003 |   .0478244   .0034797    13.74   0.000     .0410038    .0546451
          _Ivuosi_2004 |   .0610147   .0033555    18.18   0.000     .0544375    .0675919
          _Ivuosi_2005 |   .0677216   .0032589    20.78   0.000     .0613339    .0741093
          _Ivuosi_2006 |   .0705009   .0033218    21.22   0.000     .0639899    .0770119
          _Ivuosi_2007 |    .082259   .0032485    25.32   0.000     .0758916    .0886264
          _Ivuosi_2008 |    .070402   .0030556    23.04   0.000     .0644128    .0763912
          _Ivuosi_2009 |   .0107339   .0035014     3.07   0.002     .0038709    .0175969
          _Ivuosi_2010 |   .0043499   .0030196     1.44   0.150    -.0015688    .0102687
          _Ivuosi_2011 |   .0101069   .0022952     4.40   0.000     .0056081    .0146058
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6008125   .0177872    33.78   0.000     .5659479    .6356771
             _Iage2_22 |    .834942   .0288742    28.92   0.000     .7783458    .8915381
             _Iage2_23 |   .9812369   .0398977    24.59   0.000     .9030337     1.05944
             _Iage2_24 |   1.107085   .0512231    21.61   0.000     1.006683    1.207487
             _Iage2_25 |     1.2279   .0626977    19.58   0.000     1.105006    1.350793
             _Iage2_26 |   1.342859   .0740547    18.13   0.000     1.197705    1.488013
             _Iage2_27 |   1.439942   .0854291    16.86   0.000     1.272493    1.607391
             _Iage2_28 |   1.532521   .0968303    15.83   0.000     1.342725    1.722318
             _Iage2_29 |    1.62084   .1082999    14.97   0.000     1.408562    1.833118
             _Iage2_30 |   1.699568   .1196221    14.21   0.000     1.465098    1.934039
             _Iage2_31 |   1.777346    .130884    13.58   0.000     1.520801    2.033891
             _Iage2_32 |   1.847454   .1421981    12.99   0.000     1.568732    2.126176
             _Iage2_33 |   1.914348   .1535814    12.46   0.000     1.613314    2.215382
             _Iage2_34 |   1.980768   .1649655    12.01   0.000      1.65742    2.304116
             _Iage2_35 |   2.049976   .1763649    11.62   0.000     1.704284    2.395668
             _Iage2_36 |   2.113386   .1876963    11.26   0.000     1.745484    2.481289
             _Iage2_37 |     2.1753   .1990186    10.93   0.000     1.785205    2.565395
             _Iage2_38 |   2.238893   .2103441    10.64   0.000     1.826599    2.651187
             _Iage2_39 |   2.302609   .2217173    10.39   0.000     1.868023    2.737196
             _Iage2_40 |   2.364776   .2330796    10.15   0.000     1.907918    2.821634
             _Iage2_41 |   2.423951   .2444322     9.92   0.000     1.944841    2.903061
             _Iage2_42 |   2.483348   .2558151     9.71   0.000     1.981926    2.984769
             _Iage2_43 |   2.543691   .2671854     9.52   0.000     2.019983      3.0674
             _Iage2_44 |   2.601981   .2785379     9.34   0.000      2.05602    3.147941
             _Iage2_45 |   2.659702   .2898618     9.18   0.000     2.091546    3.227858
             _Iage2_46 |   2.718201   .3012575     9.02   0.000     2.127708    3.308694
             _Iage2_47 |   2.770703    .312625     8.86   0.000     2.157929    3.383477
             _Iage2_48 |   2.829511   .3240015     8.73   0.000     2.194438    3.464585
             _Iage2_49 |   2.883224   .3353604     8.60   0.000     2.225887    3.540562
             _Iage2_50 |   2.933287   .3467507     8.46   0.000     2.253623    3.612951
             _Iage2_51 |   2.987914   .3581092     8.34   0.000     2.285987    3.689842
             _Iage2_52 |   3.035692   .3694663     8.22   0.000     2.311503    3.759881
             _Iage2_53 |    3.08417   .3808288     8.10   0.000      2.33771     3.83063
             _Iage2_54 |   3.133407   .3922035     7.99   0.000     2.364651    3.902163
             _Iage2_55 |   3.179936    .403541     7.88   0.000     2.388958    3.970915
             _Iage2_56 |    3.22076   .4149612     7.76   0.000     2.407397    4.034123
             _Iage2_57 |   3.250311   .4262664     7.63   0.000     2.414789    4.085833
             _Iage2_58 |   3.278373   .4375812     7.49   0.000     2.420673    4.136073
             _Iage2_59 |   3.293948    .448926     7.34   0.000     2.414011    4.173885
         firm_size_new |   .0068882   .0008537     8.07   0.000     .0052149    .0085615
                 _cons |   8.234192   .1428991    57.62   0.000     7.954096    8.514287
-----------------------+----------------------------------------------------------------
               sigma_u |  .73893996
               sigma_e |  .34747581
                   rho |  .81891937   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18258) =   55.73
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18258) =   14.58
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18258) =   52.48
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18258) =    1.02
            Prob > F =    0.3119

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18258) =    1.14
            Prob > F =    0.2853

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18258) =    1.27
            Prob > F =    0.2589
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2205                         Obs per group: min =         1
       between = 0.1063                                        avg =      10.5
       overall = 0.0816                                        max =        16

                                                F(89,18258)        =    505.45
corr(u_i, Xb)  = -0.8378                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,259 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0097231   .0077735     1.25   0.211    -.0055136    .0249598
           treated_ia2 |   .0296912   .0211719     1.40   0.161    -.0118077    .0711901
           treated_ia3 |   .0061747   .0006992     8.83   0.000     .0048041    .0075452
     treated_iasuorv_d |   .0311602   .0215007     1.45   0.147    -.0109832    .0733037
           treated_pre |   -.009438   .0087184    -1.08   0.279    -.0265269    .0076509
  treated_pre_iasenior |  -.0088555   .0064373    -1.38   0.169    -.0214732    .0037622
       treated_pre_ia2 |  -.0033058   .0108403    -0.30   0.760    -.0245539    .0179423
       treated_pre_ia3 |  -.0009243   .0004754    -1.94   0.052    -.0018562    7.58e-06
 treated_pre_iasuorv_d |   .0041879   .0114284     0.37   0.714    -.0182129    .0265887
          treated_post |   .0440783   .0109648     4.02   0.000     .0225862    .0655704
 treated_post_iasenior |  -.0074343   .0075335    -0.99   0.324    -.0222007    .0073321
      treated_post_ia2 |   .0713996    .013096     5.45   0.000     .0457302     .097069
      treated_post_ia3 |  -.0047594   .0005403    -8.81   0.000    -.0058184   -.0037004
treated_post_iasuorv_d |   -.061455   .0130017    -4.73   0.000    -.0869396   -.0359705
                senior |   3.293291    .448883     7.34   0.000     2.413438    4.173144
             interact2 |   .5149118   .0129171    39.86   0.000     .4895931    .5402304
             interact3 |   .0010405      .0003     3.47   0.001     .0004526    .0016285
               suorv_d |  -.0652505   .0104955    -6.22   0.000    -.0858226   -.0446784
                   l_0 |  -.1548581   .0570827    -2.71   0.007    -.2667455   -.0429707
                   l_1 |  -.1625984   .0682885    -2.38   0.017    -.2964503   -.0287466
                   l_2 |   -.231312   .0796112    -2.91   0.004    -.3873575   -.0752665
                   l_3 |  -.2865202   .0909235    -3.15   0.002    -.4647388   -.1083015
                   l_4 |  -.3354525   .1023037    -3.28   0.001    -.5359773   -.1349277
                   l_5 |    -.38417    .113631    -3.38   0.001    -.6068974   -.1614426
                   l_6 |  -.4324905   .1250759    -3.46   0.001     -.677651   -.1873301
                   l_7 |  -.4756305    .136342    -3.49   0.000    -.7428737   -.2083873
                   l_8 |  -.5174789   .1476638    -3.50   0.000    -.8069139   -.2280439
                   l_9 |  -.5605208   .1590201    -3.52   0.000    -.8722152   -.2488263
                  l_10 |  -.6045252   .1704037    -3.55   0.000    -.9385325   -.2705179
                   f_1 |  -.1215544   .0456626    -2.66   0.008    -.2110573   -.0320515
                   f_2 |  -.0900049   .0344122    -2.62   0.009     -.157456   -.0225537
                   f_3 |  -.0648441   .0230796    -2.81   0.005    -.1100822    -.019606
                   f_4 |  -.0309543   .0119266    -2.60   0.009    -.0543315   -.0075771
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .034842   .0038507     9.05   0.000     .0272944    .0423897
          _Ivuosi_1996 |   .0666818   .0042389    15.73   0.000     .0583731    .0749904
          _Ivuosi_1997 |   .0652448    .004363    14.95   0.000      .056693    .0737966
          _Ivuosi_1998 |   .0770586   .0044368    17.37   0.000      .068362    .0857552
          _Ivuosi_1999 |   .0601325   .0039614    15.18   0.000     .0523677    .0678972
          _Ivuosi_2000 |   .0635244    .004275    14.86   0.000      .055145    .0719039
          _Ivuosi_2001 |   .0742996    .004111    18.07   0.000     .0662417    .0823575
          _Ivuosi_2002 |   .0503992   .0036394    13.85   0.000     .0432657    .0575327
          _Ivuosi_2003 |   .0478269   .0034814    13.74   0.000      .041003    .0546507
          _Ivuosi_2004 |   .0610119   .0033559    18.18   0.000     .0544341    .0675897
          _Ivuosi_2005 |   .0677164   .0032595    20.77   0.000     .0613274    .0741054
          _Ivuosi_2006 |   .0704997   .0033218    21.22   0.000     .0639887    .0770108
          _Ivuosi_2007 |   .0822582   .0032492    25.32   0.000     .0758895    .0886268
          _Ivuosi_2008 |   .0704006   .0030559    23.04   0.000     .0644108    .0763904
          _Ivuosi_2009 |   .0107332   .0035014     3.07   0.002     .0038702    .0175963
          _Ivuosi_2010 |   .0043492   .0030197     1.44   0.150    -.0015698    .0102682
          _Ivuosi_2011 |   .0101061   .0022952     4.40   0.000     .0056072    .0146049
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6008074   .0177855    33.78   0.000     .5659461    .6356686
             _Iage2_22 |   .8349389   .0288707    28.92   0.000     .7783497    .8915281
             _Iage2_23 |    .981236   .0398934    24.60   0.000     .9030412    1.059431
             _Iage2_24 |    1.10709   .0512177    21.62   0.000     1.006698    1.207482
             _Iage2_25 |   1.227906   .0626912    19.59   0.000     1.105025    1.350786
             _Iage2_26 |   1.342873   .0740473    18.14   0.000     1.197733    1.488012
             _Iage2_27 |    1.43996   .0854205    16.86   0.000     1.272528    1.607393
             _Iage2_28 |   1.532553   .0968213    15.83   0.000     1.342774    1.722332
             _Iage2_29 |    1.62088     .10829    14.97   0.000     1.408621    1.833138
             _Iage2_30 |   1.699616   .1196112    14.21   0.000     1.465167    1.934066
             _Iage2_31 |   1.777402   .1308721    13.58   0.000      1.52088    2.033924
             _Iage2_32 |   1.847519   .1421854    12.99   0.000     1.568822    2.126216
             _Iage2_33 |    1.91442   .1535678    12.47   0.000     1.613412    2.215427
             _Iage2_34 |   1.980847   .1649511    12.01   0.000     1.657528    2.304167
             _Iage2_35 |   2.050063   .1763499    11.62   0.000       1.7044    2.395725
             _Iage2_36 |   2.113481   .1876805    11.26   0.000     1.745609    2.481352
             _Iage2_37 |   2.175395   .1990015    10.93   0.000     1.785333    2.565456
             _Iage2_38 |   2.238995   .2103258    10.65   0.000     1.826737    2.651253
             _Iage2_39 |   2.302708   .2216971    10.39   0.000     1.868161    2.737255
             _Iage2_40 |   2.364877   .2330574    10.15   0.000     1.908062    2.821691
             _Iage2_41 |  -.8703836   .2046088    -4.25   0.000    -1.271436   -.4693312
             _Iage2_42 |  -.8109735   .1932203    -4.20   0.000    -1.189703   -.4322436
             _Iage2_43 |  -.7506145   .1818488    -4.13   0.000    -1.107055   -.3941737
             _Iage2_44 |  -.6923087   .1704939    -4.06   0.000    -1.026493   -.3581246
             _Iage2_45 |  -.6345745   .1591724    -3.99   0.000    -.9465674   -.3225815
             _Iage2_46 |  -.5760506   .1477769    -3.90   0.000    -.8657073    -.286394
             _Iage2_47 |  -.5235327   .1364157    -3.84   0.000    -.7909202   -.2561452
             _Iage2_48 |  -.4647031   .1250471    -3.72   0.000    -.7098071   -.2195991
             _Iage2_49 |  -.4109709   .1136895    -3.61   0.000    -.6338129   -.1881288
             _Iage2_50 |  -.3608783   .1023052    -3.53   0.000     -.561406   -.1603506
             _Iage2_51 |  -.3062235   .0909541    -3.37   0.001     -.484502    -.127945
             _Iage2_52 |  -.2584139   .0796172    -3.25   0.001    -.4144711   -.1023566
             _Iage2_53 |  -.2099117   .0682729    -3.07   0.002    -.3437331   -.0760904
             _Iage2_54 |  -.1606498   .0569205    -2.82   0.005    -.2722192   -.0490803
             _Iage2_55 |    -.11405   .0456284    -2.50   0.012     -.203486   -.0246139
             _Iage2_56 |  -.0732094    .034259    -2.14   0.033    -.1403602   -.0060586
             _Iage2_57 |  -.0436491   .0230024    -1.90   0.058     -.088736    .0014379
             _Iage2_58 |  -.0155785   .0119291    -1.31   0.192    -.0389606    .0078036
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0068904   .0008538     8.07   0.000     .0052168     .008564
                 _cons |   8.234755   .1428509    57.65   0.000     7.954754    8.514757
-----------------------+----------------------------------------------------------------
               sigma_u |  .73903534
               sigma_e |  .34747577
                   rho |  .81895769   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18258) =   57.09
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18258) =   77.04
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18258) =    1.89
            Prob > F =    0.1505

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18258) =   59.07
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18258) =    7.68
            Prob > F =    0.0056

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18258) =   55.03
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18258) =   13.75
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18258) =   40.64
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18258) =    6.19
            Prob > F =    0.0129

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18258) =   38.35
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395118
Group variable: shnro_real                      Number of groups   =    132685

R-sq:  within  = 0.2024                         Obs per group: min =         1
       between = 0.1125                                        avg =      10.5
       overall = 0.0883                                        max =        16

                                                F(74,18253)        =    489.77
corr(u_i, Xb)  = -0.7536                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,254 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0173456   .0051683    -3.36   0.001    -.0274761   -.0072152
 treated_post |   .0004977   .0072326     0.07   0.945    -.0136789    .0146742
          l_0 |  -.0827564   .0566204    -1.46   0.144    -.1937377    .0282248
          l_1 |  -.0708206   .0677274    -1.05   0.296    -.2035728    .0619316
          l_2 |   -.122243   .0789625    -1.55   0.122    -.2770169    .0325309
          l_3 |  -.1602583   .0901726    -1.78   0.076    -.3370052    .0164885
          l_4 |  -.1913796   .1014685    -1.89   0.059    -.3902674    .0075082
          l_5 |  -.2224674    .112708    -1.97   0.048    -.4433856   -.0015492
          l_6 |   -.252561   .1240495    -2.04   0.042    -.4957097   -.0094123
          l_7 |  -.2784947   .1352391    -2.06   0.039    -.5435761   -.0134133
          l_8 |  -.3025503   .1464679    -2.07   0.039    -.5896411   -.0154596
          l_9 |  -.3279616   .1577404    -2.08   0.038    -.6371477   -.0187756
         l_10 |  -.3537968   .1690477    -2.09   0.036    -.6851462   -.0224474
          f_1 |  -.0574519   .0453088    -1.27   0.205    -.1462614    .0313576
          f_2 |  -.0424183   .0341376    -1.24   0.214    -.1093312    .0244947
          f_3 |   -.033642   .0228987    -1.47   0.142    -.0785257    .0112416
          f_4 |  -.0161921   .0118286    -1.37   0.171    -.0393773    .0069931
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0317216   .0038531     8.23   0.000     .0241693     .039274
 _Ivuosi_1996 |   .0651429   .0042747    15.24   0.000      .056764    .0735217
 _Ivuosi_1997 |   .0639026   .0044104    14.49   0.000     .0552578    .0725474
 _Ivuosi_1998 |    .074335      .0045    16.52   0.000     .0655145    .0831555
 _Ivuosi_1999 |   .0560516   .0040706    13.77   0.000     .0480728    .0640304
 _Ivuosi_2000 |   .0575892   .0044108    13.06   0.000     .0489437    .0662346
 _Ivuosi_2001 |   .0699667   .0042515    16.46   0.000     .0616333       .0783
 _Ivuosi_2002 |   .0467043   .0037853    12.34   0.000     .0392848    .0541239
 _Ivuosi_2003 |    .043957   .0036444    12.06   0.000     .0368137    .0511003
 _Ivuosi_2004 |   .0569173   .0035323    16.11   0.000     .0499937    .0638409
 _Ivuosi_2005 |   .0635952   .0034531    18.42   0.000     .0568267    .0703636
 _Ivuosi_2006 |   .0664598   .0035198    18.88   0.000     .0595607    .0733589
 _Ivuosi_2007 |   .0781778   .0034502    22.66   0.000      .071415    .0849406
 _Ivuosi_2008 |    .066843   .0032475    20.58   0.000     .0604775    .0732084
 _Ivuosi_2009 |   .0077812   .0036571     2.13   0.033      .000613    .0149493
 _Ivuosi_2010 |   .0022903   .0031377     0.73   0.465    -.0038598    .0084404
 _Ivuosi_2011 |   .0083814   .0023426     3.58   0.000     .0037897    .0129731
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5916663   .0177468    33.34   0.000     .5568809    .6264517
    _Iage2_22 |    .815126   .0288209    28.28   0.000     .7586343    .8716176
    _Iage2_23 |   .9516459   .0397917    23.92   0.000     .8736505    1.029641
    _Iage2_24 |   1.075259   .0510869    21.05   0.000     .9751235    1.175394
    _Iage2_25 |   1.197693   .0625066    19.16   0.000     1.075175    1.320212
    _Iage2_26 |   1.312876   .0738185    17.79   0.000     1.168185    1.457567
    _Iage2_27 |   1.405346    .085132    16.51   0.000     1.238479    1.572212
    _Iage2_28 |   1.490347    .096468    15.45   0.000     1.301261    1.679434
    _Iage2_29 |   1.569027   .1078468    14.55   0.000     1.357638    1.780417
    _Iage2_30 |   1.635967   .1190784    13.74   0.000     1.402562    1.869371
    _Iage2_31 |   1.701303   .1302496    13.06   0.000     1.446002    1.956605
    _Iage2_32 |   1.758043    .141479    12.43   0.000     1.480731    2.035355
    _Iage2_33 |    1.81127   .1527792    11.86   0.000     1.511808    2.110732
    _Iage2_34 |   1.863444   .1640558    11.36   0.000     1.541879    2.185009
    _Iage2_35 |   1.918333   .1753694    10.94   0.000     1.574593    2.262074
    _Iage2_36 |    1.96695   .1866004    10.54   0.000     1.601196    2.332705
    _Iage2_37 |   2.013883   .1978269    10.18   0.000     1.626123    2.401642
    _Iage2_38 |    2.06224   .2090383     9.87   0.000     1.652505    2.471974
    _Iage2_39 |   2.110656   .2203282     9.58   0.000     1.678792     2.54252
    _Iage2_40 |   2.156961   .2316062     9.31   0.000     1.702991    2.610931
    _Iage2_41 |   2.200291   .2428499     9.06   0.000     1.724282      2.6763
    _Iage2_42 |   2.243688   .2541343     8.83   0.000     1.745561    2.741815
    _Iage2_43 |   2.287713   .2654081     8.62   0.000     1.767488    2.807938
    _Iage2_44 |   2.329554   .2766582     8.42   0.000     1.787277     2.87183
    _Iage2_45 |   2.370603    .287881     8.23   0.000      1.80633    2.934877
    _Iage2_46 |   2.412301   .2991811     8.06   0.000     1.825877    2.998724
    _Iage2_47 |   2.447935   .3104523     7.89   0.000      1.83942    3.056451
    _Iage2_48 |    2.48969   .3217419     7.74   0.000     1.859045    3.120334
    _Iage2_49 |   2.526198    .333001     7.59   0.000     1.873485    3.178911
    _Iage2_50 |   2.559087   .3442876     7.43   0.000     1.884251    3.233923
    _Iage2_51 |   2.596515   .3555577     7.30   0.000     1.899589    3.293442
    _Iage2_52 |   2.626891   .3668218     7.16   0.000     1.907886    3.345896
    _Iage2_53 |   2.657773   .3780873     7.03   0.000     1.916687     3.39886
    _Iage2_54 |     2.6894   .3893533     6.91   0.000     1.926231    3.452569
    _Iage2_55 |   2.718355   .4006082     6.79   0.000     1.933125    3.503585
    _Iage2_56 |   2.741614   .4119193     6.66   0.000     1.934213    3.549014
    _Iage2_57 |   2.753526   .4231324     6.51   0.000     1.924146    3.582905
    _Iage2_58 |   2.763786   .4343543     6.36   0.000      1.91241    3.615161
    _Iage2_59 |   2.761293   .4455952     6.20   0.000     1.887884    3.634701
firm_size_new |   .0074946    .000959     7.82   0.000     .0056149    .0093743
        _cons |    8.39733   .1424102    58.97   0.000     8.118193    8.676468
--------------+----------------------------------------------------------------
      sigma_u |  .61427706
      sigma_e |   .3514327
          rho |  .75340501   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395118
Group variable: shnro_real                      Number of groups   =    132685

R-sq:  within  = 0.2041                         Obs per group: min =         1
       between = 0.1085                                        avg =      10.5
       overall = 0.0832                                        max =        16

                                                F(82,18253)        =    463.88
corr(u_i, Xb)  = -0.7936                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,254 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0040203   .0006663     6.03   0.000     .0027142    .0053264
     treated_iasuorv_d |   .0657694   .0205723     3.20   0.001     .0254457    .1060931
           treated_pre |  -.0104609   .0085577    -1.22   0.222    -.0272349    .0063131
       treated_pre_ia3 |  -.0006962   .0004262    -1.63   0.102    -.0015316    .0001392
 treated_pre_iasuorv_d |  -.0048904   .0090865    -0.54   0.590    -.0227009      .01292
          treated_post |   .0883662   .0113401     7.79   0.000     .0661386    .1105939
      treated_post_ia3 |  -.0052847   .0005246   -10.07   0.000     -.006313   -.0042563
treated_post_iasuorv_d |  -.1281105   .0112121   -11.43   0.000    -.1500873   -.1061336
             interact3 |  -.0030646   .0003137    -9.77   0.000    -.0036795   -.0024498
               suorv_d |  -.0683911   .0105509    -6.48   0.000    -.0890719   -.0477104
                   l_0 |  -.1133963   .0568339    -2.00   0.046    -.2247962   -.0019964
                   l_1 |  -.1070917   .0679548    -1.58   0.115    -.2402895    .0261061
                   l_2 |  -.1643103   .0792222    -2.07   0.038    -.3195933   -.0090273
                   l_3 |  -.2081635   .0904641    -2.30   0.021    -.3854817   -.0308453
                   l_4 |  -.2452364    .101782    -2.41   0.016    -.4447386   -.0457341
                   l_5 |  -.2822788   .1130444    -2.50   0.013    -.5038564   -.0607012
                   l_6 |  -.3184665   .1244133    -2.56   0.010    -.5623283   -.0746048
                   l_7 |  -.3504188   .1356192    -2.58   0.010    -.6162452   -.0845924
                   l_8 |  -.3806282   .1468856    -2.59   0.010    -.6685377   -.0927187
                   l_9 |  -.4123651   .1581858    -2.61   0.009    -.7224241   -.1023061
                  l_10 |  -.4442673   .1695088    -2.62   0.009    -.7765205   -.1120142
                   f_1 |  -.0820735   .0454316    -1.81   0.071    -.1711237    .0069767
                   f_2 |  -.0608128    .034246    -1.78   0.076    -.1279381    .0063125
                   f_3 |  -.0459204   .0229758    -2.00   0.046     -.090955   -.0008857
                   f_4 |  -.0222394   .0118858    -1.87   0.061    -.0455367     .001058
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0320724   .0038488     8.33   0.000     .0245282    .0396165
          _Ivuosi_1996 |   .0652845   .0042603    15.32   0.000     .0569338    .0736351
          _Ivuosi_1997 |   .0639414    .004385    14.58   0.000     .0553464    .0725364
          _Ivuosi_1998 |    .074654   .0044732    16.69   0.000      .065886     .083422
          _Ivuosi_1999 |   .0564305   .0040001    14.11   0.000     .0485899    .0642711
          _Ivuosi_2000 |   .0576392   .0043409    13.28   0.000     .0491307    .0661476
          _Ivuosi_2001 |   .0696462    .004201    16.58   0.000     .0614119    .0778806
          _Ivuosi_2002 |   .0462636   .0037502    12.34   0.000     .0389129    .0536143
          _Ivuosi_2003 |   .0436616   .0036167    12.07   0.000     .0365726    .0507507
          _Ivuosi_2004 |   .0564341   .0035126    16.07   0.000     .0495491     .063319
          _Ivuosi_2005 |   .0633215   .0034302    18.46   0.000      .056598    .0700449
          _Ivuosi_2006 |   .0659673   .0035175    18.75   0.000     .0590726     .072862
          _Ivuosi_2007 |   .0778042    .003444    22.59   0.000     .0710536    .0845549
          _Ivuosi_2008 |   .0666147   .0032541    20.47   0.000     .0602364    .0729931
          _Ivuosi_2009 |   .0074142   .0036472     2.03   0.042     .0002652    .0145631
          _Ivuosi_2010 |   .0019561   .0031323     0.62   0.532    -.0041835    .0080957
          _Ivuosi_2011 |   .0080817   .0023431     3.45   0.001     .0034891    .0126744
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5949734   .0177601    33.50   0.000     .5601621    .6297848
             _Iage2_22 |   .8219217   .0288336    28.51   0.000     .7654052    .8784382
             _Iage2_23 |    .962616   .0398335    24.17   0.000     .8845387    1.040693
             _Iage2_24 |   1.090894   .0511695    21.32   0.000     .9905967    1.191191
             _Iage2_25 |   1.218157   .0626156    19.45   0.000     1.095424    1.340889
             _Iage2_26 |   1.338576   .0739428    18.10   0.000     1.193641    1.483511
             _Iage2_27 |   1.436803   .0852851    16.85   0.000     1.269636     1.60397
             _Iage2_28 |   1.527896   .0966534    15.81   0.000     1.338446    1.717346
             _Iage2_29 |   1.612994   .1080666    14.93   0.000     1.401174    1.824815
             _Iage2_30 |   1.686518   .1193249    14.13   0.000      1.45263    1.920406
             _Iage2_31 |   1.758717    .130529    13.47   0.000     1.502868    2.014566
             _Iage2_32 |    1.82242   .1417873    12.85   0.000     1.544503    2.100336
             _Iage2_33 |   1.882647   .1531142    12.30   0.000     1.582528    2.182765
             _Iage2_34 |   1.942028    .164436    11.81   0.000     1.619718    2.264338
             _Iage2_35 |   2.004262   .1757847    11.40   0.000     1.659707    2.348816
             _Iage2_36 |   2.060286   .1870508    11.01   0.000     1.693649    2.426924
             _Iage2_37 |   2.114857   .1983166    10.66   0.000     1.726138    2.503576
             _Iage2_38 |   2.171076    .209573    10.36   0.000     1.760293    2.581859
             _Iage2_39 |   2.227422   .2208887    10.08   0.000     1.794459    2.660384
             _Iage2_40 |   2.281938   .2321996     9.83   0.000     1.826805    2.737071
             _Iage2_41 |   2.333497   .2434815     9.58   0.000      1.85625    2.810743
             _Iage2_42 |   2.385306    .254806     9.36   0.000     1.885863     2.88475
             _Iage2_43 |    2.43805   .2661147     9.16   0.000      1.91644    2.959659
             _Iage2_44 |   2.488476   .2774022     8.97   0.000     1.944742     3.03221
             _Iage2_45 |   2.538436   .2886601     8.79   0.000     1.972635    3.104237
             _Iage2_46 |    2.58897    .299993     8.63   0.000     2.000955    3.176984
             _Iage2_47 |   2.633471   .3113036     8.46   0.000     2.023286    3.243655
             _Iage2_48 |   2.684128    .322631     8.32   0.000     2.051741    3.316515
             _Iage2_49 |   2.729593   .3339267     8.17   0.000     2.075065    3.384121
             _Iage2_50 |   2.771304   .3452561     8.03   0.000      2.09457    3.448038
             _Iage2_51 |   2.817375   .3565525     7.90   0.000     2.118499    3.516252
             _Iage2_52 |   2.856466   .3678516     7.77   0.000     2.135442     3.57749
             _Iage2_53 |    2.89611   .3791554     7.64   0.000      2.15293     3.63929
             _Iage2_54 |   2.936468    .390455     7.52   0.000      2.17114    3.701797
             _Iage2_55 |   2.974114   .4017446     7.40   0.000     2.186657    3.761571
             _Iage2_56 |   3.005918   .4130996     7.28   0.000     2.196204    3.815632
             _Iage2_57 |   3.026298   .4243504     7.13   0.000     2.194532    3.858065
             _Iage2_58 |   3.045178    .435595     6.99   0.000     2.191371    3.898985
             _Iage2_59 |   3.051406   .4468858     6.83   0.000     2.175468    3.927344
         firm_size_new |   .0073366   .0008592     8.54   0.000     .0056525    .0090207
                 _cons |   8.339747    .142366    58.58   0.000     8.060696    8.618798
-----------------------+----------------------------------------------------------------
               sigma_u |  .66341443
               sigma_e |   .3510549
                   rho |  .78124126   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18253) =   57.55
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18253) =    1.84
            Prob > F =    0.1749
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395118
Group variable: shnro_real                      Number of groups   =    132685

R-sq:  within  = 0.2026                         Obs per group: min =         1
       between = 0.1102                                        avg =      10.5
       overall = 0.0860                                        max =        16

                                                F(79,18253)        =    461.69
corr(u_i, Xb)  = -0.7652                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,254 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0127701   .0090159     1.42   0.157     -.004902    .0304422
          treated_pre |  -.0202629    .006511    -3.11   0.002     -.033025   -.0075009
 treated_pre_iasenior |   .0065277    .007601     0.86   0.390    -.0083709    .0214264
         treated_post |    .008084   .0087798     0.92   0.357    -.0091253    .0252932
treated_post_iasenior |   -.019883   .0096052    -2.07   0.038      -.03871    -.001056
               senior |          0  (omitted)
         pre_iasenior |  -.0100965    .005619    -1.80   0.072    -.0211102    .0009172
        post_iasenior |  -.0277315   .0071106    -3.90   0.000    -.0416689    -.013794
                  l_0 |  -.0808071    .056736    -1.42   0.154    -.1920149    .0304008
                  l_1 |  -.0701175   .0678293    -1.03   0.301    -.2030693    .0628342
                  l_2 |  -.1229677   .0790568    -1.56   0.120    -.2779265     .031991
                  l_3 |  -.1623972   .0902623    -1.80   0.072    -.3393198    .0145253
                  l_4 |  -.1949645   .1015581    -1.92   0.055    -.3940279    .0040989
                  l_5 |  -.2275001   .1127948    -2.02   0.044    -.4485884   -.0064117
                  l_6 |  -.2590361   .1241349    -2.09   0.037    -.5023521   -.0157202
                  l_7 |   -.286504   .1353292    -2.12   0.034    -.5517619   -.0212461
                  l_8 |  -.3120868   .1465633    -2.13   0.033    -.5993646   -.0248091
                  l_9 |  -.3391438    .157839    -2.15   0.032    -.6485231   -.0297646
                 l_10 |  -.3664953   .1691489    -2.17   0.030    -.6980431   -.0349475
                  f_1 |  -.0610097   .0454687    -1.34   0.180    -.1501327    .0281132
                  f_2 |  -.0441815    .034328    -1.29   0.198    -.1114677    .0231047
                  f_3 |  -.0335695   .0231376    -1.45   0.147    -.0789214    .0117824
                  f_4 |  -.0142368   .0122121    -1.17   0.244    -.0381736    .0097001
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0316806   .0038498     8.23   0.000     .0241346    .0392266
         _Ivuosi_1996 |   .0651972   .0042706    15.27   0.000     .0568265    .0735679
         _Ivuosi_1997 |   .0639347   .0044043    14.52   0.000     .0553018    .0725677
         _Ivuosi_1998 |   .0746087   .0045012    16.58   0.000     .0657858    .0834316
         _Ivuosi_1999 |   .0563833   .0040543    13.91   0.000     .0484364    .0643301
         _Ivuosi_2000 |    .057656   .0044034    13.09   0.000     .0490249     .066287
         _Ivuosi_2001 |   .0698889   .0042484    16.45   0.000     .0615615    .0782162
         _Ivuosi_2002 |   .0466261   .0037815    12.33   0.000      .039214    .0540383
         _Ivuosi_2003 |    .043936   .0036421    12.06   0.000     .0367971     .051075
         _Ivuosi_2004 |   .0567138   .0035292    16.07   0.000     .0497963    .0636313
         _Ivuosi_2005 |   .0635215    .003448    18.42   0.000     .0567632    .0702799
         _Ivuosi_2006 |   .0662024   .0035259    18.78   0.000     .0592913    .0731136
         _Ivuosi_2007 |   .0779658   .0034532    22.58   0.000     .0711972    .0847343
         _Ivuosi_2008 |   .0666495   .0032545    20.48   0.000     .0602703    .0730287
         _Ivuosi_2009 |   .0076378   .0036724     2.08   0.038     .0004395     .014836
         _Ivuosi_2010 |    .002264   .0031444     0.72   0.472    -.0038992    .0084272
         _Ivuosi_2011 |   .0083404   .0023451     3.56   0.000     .0037439     .012937
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5915061   .0177435    33.34   0.000     .5567271    .6262851
            _Iage2_22 |   .8147453   .0288136    28.28   0.000      .758268    .8712227
            _Iage2_23 |    .951155   .0397839    23.91   0.000     .8731747    1.029135
            _Iage2_24 |   1.074826    .051082    21.04   0.000     .9747002    1.174951
            _Iage2_25 |   1.197434   .0625017    19.16   0.000     1.074925    1.319943
            _Iage2_26 |   1.312944    .073814    17.79   0.000     1.168262    1.457627
            _Iage2_27 |   1.405858   .0851283    16.51   0.000     1.238999    1.572718
            _Iage2_28 |   1.491298   .0964668    15.46   0.000     1.302214    1.680382
            _Iage2_29 |   1.570485   .1078473    14.56   0.000     1.359094    1.781876
            _Iage2_30 |   1.637908   .1190806    13.75   0.000     1.404498    1.871317
            _Iage2_31 |   1.703809   .1302553    13.08   0.000     1.448496    1.959121
            _Iage2_32 |    1.76108   .1414864    12.45   0.000     1.483754    2.038407
            _Iage2_33 |   1.814797    .152789    11.88   0.000     1.515316    2.114278
            _Iage2_34 |   1.867515   .1640684    11.38   0.000     1.545925    2.189104
            _Iage2_35 |   1.922939   .1753845    10.96   0.000     1.579169    2.266709
            _Iage2_36 |   1.972085   .1866173    10.57   0.000     1.606297    2.337872
            _Iage2_37 |   2.019725   .1978477    10.21   0.000     1.631925    2.407525
            _Iage2_38 |   2.069008   .2090633     9.90   0.000     1.659225    2.478792
            _Iage2_39 |   2.118531   .2203581     9.61   0.000     1.686608    2.550453
            _Iage2_40 |   2.166224   .2316432     9.35   0.000     1.712181    2.620266
            _Iage2_41 |    2.23348   .2430789     9.19   0.000     1.757023    2.709938
            _Iage2_42 |   2.278767   .2543731     8.96   0.000     1.780172    2.777363
            _Iage2_43 |   2.325008   .2656563     8.75   0.000     1.804297     2.84572
            _Iage2_44 |   2.369194   .2769179     8.56   0.000     1.826409    2.911979
            _Iage2_45 |    2.41278   .2881543     8.37   0.000      1.84797    2.977589
            _Iage2_46 |    2.45716   .2994679     8.21   0.000     1.870175    3.044145
            _Iage2_47 |   2.495612    .310751     8.03   0.000      1.88651    3.104713
            _Iage2_48 |   2.540254   .3220565     7.89   0.000     1.908993    3.171515
            _Iage2_49 |   2.579791   .3333293     7.74   0.000     1.926434    3.233147
            _Iage2_50 |   2.615814    .344634     7.59   0.000     1.940299    3.291329
            _Iage2_51 |   2.656322   .3559194     7.46   0.000     1.958686    3.353957
            _Iage2_52 |   2.689972   .3671988     7.33   0.000     1.970228    3.409717
            _Iage2_53 |   2.724118   .3784817     7.20   0.000     1.982259    3.465978
            _Iage2_54 |   2.759089   .3897609     7.08   0.000     1.995121    3.523057
            _Iage2_55 |   2.791433   .4010344     6.96   0.000     2.005368    3.577498
            _Iage2_56 |   2.817969   .4123652     6.83   0.000     2.009695    3.626244
            _Iage2_57 |   2.833172   .4235979     6.69   0.000      2.00288    3.663464
            _Iage2_58 |   2.846858   .4348322     6.55   0.000     1.994546    3.699169
            _Iage2_59 |   2.848053   .4461037     6.38   0.000     1.973647    3.722458
        firm_size_new |     .00747   .0009491     7.87   0.000     .0056096    .0093304
                _cons |   8.382383   .1424597    58.84   0.000     8.103148    8.661617
----------------------+----------------------------------------------------------------
              sigma_u |  .62754906
              sigma_e |  .35138746
                  rho |  .76130814   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18253) =    2.15
            Prob > F =    0.1424

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18253) =    5.14
            Prob > F =    0.0235
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395118
Group variable: shnro_real                      Number of groups   =    132685

R-sq:  within  = 0.2203                         Obs per group: min =         1
       between = 0.1063                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(86,18253)        =    523.33
corr(u_i, Xb)  = -0.8379                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,254 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0294778   .0211316     1.39   0.163    -.0119422    .0708978
           treated_ia3 |   .0064375   .0006681     9.64   0.000      .005128     .007747
     treated_iasuorv_d |   .0366026   .0200825     1.82   0.068     -.002761    .0759662
           treated_pre |  -.0074197   .0086518    -0.86   0.391     -.024378    .0095387
       treated_pre_ia2 |  -.0046261   .0108665    -0.43   0.670    -.0259255    .0166733
       treated_pre_ia3 |  -.0012248   .0004211    -2.91   0.004    -.0020502   -.0003993
 treated_pre_iasuorv_d |  -.0028983   .0091383    -0.32   0.751    -.0208101    .0150136
          treated_post |    .045772   .0110214     4.15   0.000     .0241691     .067375
      treated_post_ia2 |   .0703962   .0130889     5.38   0.000     .0447407    .0960517
      treated_post_ia3 |  -.0049901   .0005085    -9.81   0.000    -.0059867   -.0039935
treated_post_iasuorv_d |  -.0669933   .0112029    -5.98   0.000     -.088952   -.0450345
             interact2 |   .5148769   .0129192    39.85   0.000     .4895539    .5401998
             interact3 |   .0010222   .0002998     3.41   0.001     .0004346    .0016098
               suorv_d |     -.0652   .0104997    -6.21   0.000    -.0857804   -.0446196
                   l_0 |  -.1551174   .0570931    -2.72   0.007    -.2670253   -.0432095
                   l_1 |  -.1628804   .0683015    -2.38   0.017    -.2967579    -.029003
                   l_2 |  -.2316097   .0796264    -2.91   0.004    -.3876849   -.0755345
                   l_3 |  -.2868174   .0909408    -3.15   0.002      -.46507   -.1085649
                   l_4 |  -.3357592   .1023236    -3.28   0.001     -.536323   -.1351954
                   l_5 |  -.3844682   .1136535    -3.38   0.001    -.6072398   -.1616967
                   l_6 |  -.4327997   .1251019    -3.46   0.001    -.6780113   -.1875882
                   l_7 |  -.4759453   .1363707    -3.49   0.000    -.7432445    -.208646
                   l_8 |  -.5178344   .1476953    -3.51   0.000    -.8073311   -.2283378
                   l_9 |  -.5609052   .1590547    -3.53   0.000    -.8726674    -.249143
                  l_10 |  -.6049551   .1704416    -3.55   0.000    -.9390366   -.2708736
                   f_1 |  -.1216891   .0456719    -2.66   0.008    -.2112103   -.0321678
                   f_2 |  -.0901159   .0344184    -2.62   0.009    -.1575791   -.0226526
                   f_3 |  -.0648798    .023082    -2.81   0.005    -.1101227   -.0196369
                   f_4 |  -.0310545    .011927    -2.60   0.009    -.0544325   -.0076765
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348964    .003849     9.07   0.000      .027352    .0424408
          _Ivuosi_1996 |    .066639   .0042408    15.71   0.000     .0583266    .0749514
          _Ivuosi_1997 |   .0652045   .0043621    14.95   0.000     .0566543    .0737548
          _Ivuosi_1998 |   .0770359   .0044339    17.37   0.000     .0683451    .0857267
          _Ivuosi_1999 |   .0600747   .0039612    15.17   0.000     .0523104     .067839
          _Ivuosi_2000 |   .0634322   .0042735    14.84   0.000     .0550557    .0718086
          _Ivuosi_2001 |   .0742061    .004109    18.06   0.000     .0661521    .0822602
          _Ivuosi_2002 |   .0503306   .0036386    13.83   0.000     .0431986    .0574626
          _Ivuosi_2003 |   .0477578   .0034807    13.72   0.000     .0409353    .0545802
          _Ivuosi_2004 |    .060936   .0033562    18.16   0.000     .0543574    .0675146
          _Ivuosi_2005 |   .0676466   .0032597    20.75   0.000     .0612573    .0740359
          _Ivuosi_2006 |   .0704307   .0033224    21.20   0.000     .0639185    .0769428
          _Ivuosi_2007 |   .0821748   .0032486    25.30   0.000     .0758073    .0885424
          _Ivuosi_2008 |   .0703374   .0030557    23.02   0.000      .064348    .0763268
          _Ivuosi_2009 |   .0107079   .0035017     3.06   0.002     .0038443    .0175716
          _Ivuosi_2010 |   .0043364     .00302     1.44   0.151     -.001583    .0102559
          _Ivuosi_2011 |   .0100978   .0022953     4.40   0.000     .0055988    .0145968
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6009346   .0177895    33.78   0.000     .5660655    .6358037
             _Iage2_22 |   .8351372   .0288779    28.92   0.000     .7785338    .8917405
             _Iage2_23 |   .9814579   .0399025    24.60   0.000     .9032452    1.059671
             _Iage2_24 |   1.107221    .051229    21.61   0.000     1.006807    1.207634
             _Iage2_25 |   1.228132   .0627049    19.59   0.000     1.105224    1.351039
             _Iage2_26 |   1.343123   .0740629    18.13   0.000     1.197953    1.488294
             _Iage2_27 |   1.440179   .0854387    16.86   0.000     1.272711    1.607647
             _Iage2_28 |   1.532778    .096841    15.83   0.000      1.34296    1.722595
             _Iage2_29 |   1.621152   .1083123    14.97   0.000      1.40885    1.833454
             _Iage2_30 |   1.699881   .1196353    14.21   0.000     1.465385    1.934377
             _Iage2_31 |   1.777637   .1308985    13.58   0.000     1.521064    2.034211
             _Iage2_32 |   1.847773   .1422134    12.99   0.000     1.569022    2.126525
             _Iage2_33 |   1.914687   .1535979    12.47   0.000     1.613621    2.215754
             _Iage2_34 |   1.981096   .1649832    12.01   0.000     1.657713    2.304478
             _Iage2_35 |   2.050324   .1763841    11.62   0.000     1.704595    2.396054
             _Iage2_36 |   2.113797   .1877167    11.26   0.000     1.745854    2.481739
             _Iage2_37 |   2.175734     .19904    10.93   0.000     1.785597    2.565872
             _Iage2_38 |    2.23933   .2103668    10.64   0.000     1.826991    2.651668
             _Iage2_39 |   2.303076   .2217412    10.39   0.000     1.868442    2.737709
             _Iage2_40 |   2.365236   .2331046    10.15   0.000     1.908329    2.822143
             _Iage2_41 |    2.42447   .2444585     9.92   0.000     1.945309    2.903632
             _Iage2_42 |   2.483891   .2558427     9.71   0.000     1.982415    2.985366
             _Iage2_43 |   2.544262   .2672142     9.52   0.000     2.020497    3.068027
             _Iage2_44 |    2.60257   .2785679     9.34   0.000     2.056551     3.14859
             _Iage2_45 |    2.66031    .289893     9.18   0.000     2.092093    3.228528
             _Iage2_46 |    2.71884   .3012899     9.02   0.000     2.128283    3.309397
             _Iage2_47 |    2.77136   .3126587     8.86   0.000      2.15852    3.384201
             _Iage2_48 |   2.830195   .3240363     8.73   0.000     2.195053    3.465336
             _Iage2_49 |   2.883934   .3353964     8.60   0.000     2.226525    3.541342
             _Iage2_50 |   2.934017   .3467881     8.46   0.000     2.254279    3.613754
             _Iage2_51 |   2.988691   .3581476     8.34   0.000     2.286688    3.690694
             _Iage2_52 |   3.036485    .369506     8.22   0.000     2.312218    3.760751
             _Iage2_53 |   3.084985   .3808697     8.10   0.000     2.338445    3.831526
             _Iage2_54 |   3.134242   .3922456     7.99   0.000     2.365404    3.903081
             _Iage2_55 |     3.1808   .4035843     7.88   0.000     2.389736    3.971863
             _Iage2_56 |   3.221649   .4150057     7.76   0.000     2.408199      4.0351
             _Iage2_57 |   3.251219   .4263121     7.63   0.000     2.415607    4.086831
             _Iage2_58 |   3.279336   .4376282     7.49   0.000     2.421543    4.137128
             _Iage2_59 |   3.294899   .4489741     7.34   0.000     2.414868    4.174931
         firm_size_new |   .0068477   .0008595     7.97   0.000      .005163    .0085324
                 _cons |   8.233949   .1429263    57.61   0.000       7.9538    8.514098
-----------------------+----------------------------------------------------------------
               sigma_u |  .73911984
               sigma_e |  .34746385
                   rho |  .81900176   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18253) =   55.82
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18253) =   14.64
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18253) =   52.56
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18253) =    0.99
            Prob > F =    0.3190

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18253) =    1.08
            Prob > F =    0.2992

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18253) =    1.24
            Prob > F =    0.2648
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395118
Group variable: shnro_real                      Number of groups   =    132685

R-sq:  within  = 0.2042                         Obs per group: min =         1
       between = 0.1090                                        avg =      10.5
       overall = 0.0837                                        max =        16

                                                F(85,18253)        =    447.68
corr(u_i, Xb)  = -0.7919                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,254 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0067377   .0077746    -0.87   0.386    -.0219768    .0085013
           treated_ia3 |   .0043771   .0007008     6.25   0.000     .0030035    .0057507
     treated_iasuorv_d |   .0728092    .021917     3.32   0.001     .0298498    .1157687
           treated_pre |  -.0121393   .0085983    -1.41   0.158    -.0289927    .0047141
  treated_pre_iasenior |  -.0026373   .0063892    -0.41   0.680    -.0151607    .0098862
       treated_pre_ia3 |  -.0005571   .0004758    -1.17   0.242    -.0014898    .0003755
 treated_pre_iasuorv_d |  -.0011436   .0112453    -0.10   0.919    -.0231854    .0208983
          treated_post |   .0878743   .0112839     7.79   0.000     .0657569    .1099917
 treated_post_iasenior |   .0204203   .0074534     2.74   0.006     .0058108    .0350297
      treated_post_ia3 |  -.0058583   .0005519   -10.61   0.000    -.0069401   -.0047765
treated_post_iasuorv_d |  -.1405007   .0127921   -10.98   0.000    -.1655745    -.115427
                senior |   3.034844   .4469249     6.79   0.000     2.158829    3.910859
             interact3 |  -.0030388   .0003146    -9.66   0.000    -.0036555   -.0024221
               suorv_d |  -.0682508   .0105449    -6.47   0.000    -.0889198   -.0475819
                   l_0 |  -.1109523   .0568397    -1.95   0.051    -.2223636    .0004589
                   l_1 |  -.1043918   .0679614    -1.54   0.125    -.2376025    .0288189
                   l_2 |  -.1613276   .0792301    -2.04   0.042     -.316626   -.0060292
                   l_3 |  -.2049152   .0904738    -2.26   0.024    -.3822524    -.027578
                   l_4 |  -.2417214   .1017932    -2.37   0.018    -.4412455   -.0421972
                   l_5 |  -.2785059   .1130567    -2.46   0.014    -.5001076   -.0569042
                   l_6 |  -.3144438   .1244259    -2.53   0.012    -.5583303   -.0705573
                   l_7 |  -.3461269   .1356328    -2.55   0.011      -.61198   -.0802738
                   l_8 |  -.3760705   .1468993    -2.56   0.010    -.6640069   -.0881342
                   l_9 |  -.4075281   .1582005    -2.58   0.010     -.717616   -.0974403
                  l_10 |   -.439178   .1695233    -2.59   0.010    -.7714595   -.1068965
                   f_1 |  -.0805063   .0454362    -1.77   0.076    -.1695656     .008553
                   f_2 |  -.0595825   .0342505    -1.74   0.082    -.1267166    .0075516
                   f_3 |  -.0450583   .0229798    -1.96   0.050    -.0901008   -.0000158
                   f_4 |  -.0217578   .0118893    -1.83   0.067     -.045062    .0015463
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0320969   .0038484     8.34   0.000     .0245536    .0396402
          _Ivuosi_1996 |   .0652752   .0042574    15.33   0.000     .0569302    .0736202
          _Ivuosi_1997 |   .0639169    .004383    14.58   0.000     .0553259    .0725079
          _Ivuosi_1998 |   .0746078   .0044727    16.68   0.000     .0658408    .0833747
          _Ivuosi_1999 |   .0563838   .0039983    14.10   0.000     .0485468    .0642208
          _Ivuosi_2000 |   .0576244    .004334    13.30   0.000     .0491293    .0661194
          _Ivuosi_2001 |   .0696605   .0041924    16.62   0.000      .061443     .077878
          _Ivuosi_2002 |   .0462495   .0037442    12.35   0.000     .0389104    .0535885
          _Ivuosi_2003 |   .0436416   .0036118    12.08   0.000     .0365621     .050721
          _Ivuosi_2004 |   .0564373   .0035085    16.09   0.000     .0495605    .0633142
          _Ivuosi_2005 |   .0632967   .0034283    18.46   0.000     .0565769    .0700164
          _Ivuosi_2006 |   .0659774   .0035133    18.78   0.000      .059091    .0728638
          _Ivuosi_2007 |   .0778157   .0034408    22.62   0.000     .0710715      .08456
          _Ivuosi_2008 |   .0666309   .0032514    20.49   0.000     .0602578     .073004
          _Ivuosi_2009 |   .0074212   .0036415     2.04   0.042     .0002835    .0145589
          _Ivuosi_2010 |   .0019404   .0031303     0.62   0.535    -.0041953     .008076
          _Ivuosi_2011 |   .0080754   .0023421     3.45   0.001     .0034847    .0126661
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .594795   .0177592    33.49   0.000     .5599854    .6296046
             _Iage2_22 |   .8215109    .028833    28.49   0.000     .7649955    .8780263
             _Iage2_23 |   .9620117   .0398332    24.15   0.000      .883935    1.040088
             _Iage2_24 |   1.090135   .0511701    21.30   0.000     .9898368    1.190433
             _Iage2_25 |   1.217248   .0626167    19.44   0.000     1.094513    1.339982
             _Iage2_26 |   1.337518    .073945    18.09   0.000     1.192579    1.482457
             _Iage2_27 |   1.435602   .0852882    16.83   0.000     1.268429    1.602775
             _Iage2_28 |   1.526583    .096658    15.79   0.000     1.337124    1.716042
             _Iage2_29 |   1.611582    .108073    14.91   0.000     1.399749    1.823416
             _Iage2_30 |   1.685019    .119332    14.12   0.000     1.451118    1.918921
             _Iage2_31 |    1.75715   .1305371    13.46   0.000     1.501285    2.013015
             _Iage2_32 |   1.820783   .1417972    12.84   0.000     1.542848    2.098719
             _Iage2_33 |   1.880981   .1531257    12.28   0.000     1.580841    2.181122
             _Iage2_34 |   1.940331   .1644488    11.80   0.000     1.617996    2.262666
             _Iage2_35 |   2.002566   .1757994    11.39   0.000     1.657983     2.34715
             _Iage2_36 |   2.058616   .1870673    11.00   0.000     1.691946    2.425285
             _Iage2_37 |   2.113177    .198334    10.65   0.000     1.724424     2.50193
             _Iage2_38 |   2.169342   .2095915    10.35   0.000     1.758523    2.580161
             _Iage2_39 |   2.225569   .2209072    10.07   0.000      1.79257    2.658568
             _Iage2_40 |   2.279918   .2322184     9.82   0.000     1.824748    2.735088
             _Iage2_41 |  -.7073014   .2035674    -3.47   0.001    -1.106313   -.3082902
             _Iage2_42 |  -.6558009   .1922348    -3.41   0.001    -1.032599   -.2790027
             _Iage2_43 |  -.6034662   .1809217    -3.34   0.001    -.9580898   -.2488426
             _Iage2_44 |  -.5534714   .1696294    -3.26   0.001     -.885961   -.2209819
             _Iage2_45 |   -.503988   .1583705    -3.18   0.001    -.8144091   -.1935669
             _Iage2_46 |  -.4539683   .1470353    -3.09   0.002    -.7421713   -.1657653
             _Iage2_47 |  -.4100197   .1357284    -3.02   0.003    -.6760601   -.1439794
             _Iage2_48 |  -.3599163   .1244074    -2.89   0.004    -.6037665   -.1160662
             _Iage2_49 |  -.3150444   .1131112    -2.79   0.005     -.536753   -.0933359
             _Iage2_50 |  -.2739597   .1017848    -2.69   0.007    -.4734674    -.074452
             _Iage2_51 |  -.2284993   .0904919    -2.53   0.012     -.405872   -.0511267
             _Iage2_52 |  -.1900789   .0792111    -2.40   0.016    -.3453401   -.0348178
             _Iage2_53 |  -.1510931   .0679216    -2.22   0.026    -.2842259   -.0179604
             _Iage2_54 |  -.1114086   .0566408    -1.97   0.049    -.2224299   -.0003873
             _Iage2_55 |  -.0744327   .0453947    -1.64   0.101    -.1634107    .0145452
             _Iage2_56 |  -.0433013   .0340879    -1.27   0.204    -.1101167    .0235141
             _Iage2_57 |  -.0235921   .0228834    -1.03   0.303    -.0684457    .0212615
             _Iage2_58 |  -.0054289   .0118808    -0.46   0.648    -.0287163    .0178586
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0073335   .0008535     8.59   0.000     .0056607    .0090064
                 _cons |   8.340799   .1423469    58.59   0.000     8.061786    8.619812
-----------------------+----------------------------------------------------------------
               sigma_u |  .66086097
               sigma_e |   .3510456
                   rho |  .77992936   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18253) =   91.02
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18253) =  133.17
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18253) =    1.37
            Prob > F =    0.2416

 ( 1)  treated_post_ia3 = 0

       F(  1, 18253) =  112.67
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18253) =   66.82
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18253) =   56.58
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18253) =   63.79
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395118
Group variable: shnro_real                      Number of groups   =    132685

R-sq:  within  = 0.2203                         Obs per group: min =         1
       between = 0.1063                                        avg =      10.5
       overall = 0.0815                                        max =        16

                                                F(89,18253)        =    505.91
corr(u_i, Xb)  = -0.8380                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,254 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0097502   .0077739     1.25   0.210    -.0054874    .0249879
           treated_ia2 |   .0283437   .0211505     1.34   0.180    -.0131133    .0698007
           treated_ia3 |   .0061654   .0006993     8.82   0.000     .0047946    .0075361
     treated_iasuorv_d |   .0311451   .0215015     1.45   0.147    -.0109998      .07329
           treated_pre |  -.0091713   .0087165    -1.05   0.293    -.0262564    .0079138
  treated_pre_iasenior |  -.0088449   .0064374    -1.37   0.169    -.0214629    .0037731
       treated_pre_ia2 |  -.0033941   .0108405    -0.31   0.754    -.0246425    .0178543
       treated_pre_ia3 |  -.0009357   .0004753    -1.97   0.049    -.0018674   -4.02e-06
 treated_pre_iasuorv_d |   .0039103   .0114254     0.34   0.732    -.0184845    .0263051
          treated_post |   .0441675   .0109657     4.03   0.000     .0226737    .0656614
 treated_post_iasenior |  -.0074492   .0075341    -0.99   0.323    -.0222167    .0073184
      treated_post_ia2 |   .0714081    .013097     5.45   0.000     .0457367    .0970794
      treated_post_ia3 |  -.0047607   .0005403    -8.81   0.000    -.0058198   -.0037016
treated_post_iasuorv_d |  -.0615309   .0130038    -4.73   0.000    -.0870195   -.0360423
                senior |    3.29425   .4489313     7.34   0.000     2.414302    4.174197
             interact2 |   .5149396   .0129168    39.87   0.000     .4896214    .5402579
             interact3 |   .0010425      .0003     3.48   0.001     .0004545    .0016304
               suorv_d |  -.0652451   .0104953    -6.22   0.000    -.0858169   -.0446733
                   l_0 |  -.1549724   .0570891    -2.71   0.007    -.2668723   -.0430724
                   l_1 |  -.1627489   .0682961    -2.38   0.017    -.2966157   -.0288821
                   l_2 |  -.2314901     .07962    -2.91   0.004    -.3875527   -.0754274
                   l_3 |  -.2867101   .0909334    -3.15   0.002    -.4649482    -.108472
                   l_4 |  -.3356658   .1023147    -3.28   0.001    -.5362124   -.1351193
                   l_5 |  -.3843884    .113643    -3.38   0.001    -.6071394   -.1616374
                   l_6 |  -.4327335   .1250893    -3.46   0.001    -.6779202   -.1875468
                   l_7 |  -.4758933   .1363566    -3.49   0.000     -.743165   -.2086215
                   l_8 |  -.5177943   .1476795    -3.51   0.000    -.8072599   -.2283286
                   l_9 |  -.5608781   .1590372    -3.53   0.000    -.8726059   -.2491502
                  l_10 |  -.6049406    .170422    -3.55   0.000    -.9389837   -.2708975
                   f_1 |  -.1216671   .0456676    -2.66   0.008    -.2111799   -.0321543
                   f_2 |  -.0900833    .034416    -2.62   0.009    -.1575419   -.0226248
                   f_3 |  -.0648374   .0230819    -2.81   0.005      -.11008   -.0195948
                   f_4 |  -.0310054    .011928    -2.60   0.009    -.0543853   -.0076255
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348957   .0038514     9.06   0.000     .0273466    .0424447
          _Ivuosi_1996 |   .0666398   .0042407    15.71   0.000     .0583276     .074952
          _Ivuosi_1997 |   .0651859   .0043645    14.94   0.000      .056631    .0737408
          _Ivuosi_1998 |   .0770262   .0044378    17.36   0.000     .0683276    .0857247
          _Ivuosi_1999 |   .0600718   .0039631    15.16   0.000     .0523037    .0678399
          _Ivuosi_2000 |   .0634194   .0042762    14.83   0.000     .0550377    .0718011
          _Ivuosi_2001 |   .0742113   .0041118    18.05   0.000     .0661519    .0822708
          _Ivuosi_2002 |   .0503262   .0036404    13.82   0.000     .0431906    .0574618
          _Ivuosi_2003 |   .0477602   .0034823    13.72   0.000     .0409345    .0545858
          _Ivuosi_2004 |   .0609333   .0033566    18.15   0.000     .0543541    .0675124
          _Ivuosi_2005 |   .0676414   .0032603    20.75   0.000     .0612509     .074032
          _Ivuosi_2006 |   .0704295   .0033224    21.20   0.000     .0639173    .0769416
          _Ivuosi_2007 |   .0821739   .0032492    25.29   0.000     .0758051    .0885428
          _Ivuosi_2008 |    .070336    .003056    23.02   0.000     .0643459     .076326
          _Ivuosi_2009 |   .0107073   .0035017     3.06   0.002     .0038436     .017571
          _Ivuosi_2010 |   .0043357   .0030201     1.44   0.151     -.001584    .0102554
          _Ivuosi_2011 |   .0100969   .0022953     4.40   0.000     .0055979    .0145959
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6009297   .0177878    33.78   0.000     .5660639    .6357954
             _Iage2_22 |   .8351346   .0288744    28.92   0.000     .7785381     .891731
             _Iage2_23 |   .9814577   .0398983    24.60   0.000     .9032533    1.059662
             _Iage2_24 |   1.107226   .0512236    21.62   0.000     1.006823    1.207629
             _Iage2_25 |   1.228138   .0626984    19.59   0.000     1.105244    1.351033
             _Iage2_26 |   1.343138   .0740555    18.14   0.000     1.197983    1.488294
             _Iage2_27 |   1.440198   .0854302    16.86   0.000     1.272747     1.60765
             _Iage2_28 |   1.532811   .0968321    15.83   0.000     1.343011    1.722611
             _Iage2_29 |   1.621194   .1083023    14.97   0.000     1.408911    1.833477
             _Iage2_30 |   1.699931   .1196243    14.21   0.000     1.465456    1.934406
             _Iage2_31 |   1.777696   .1308866    13.58   0.000     1.521145    2.034246
             _Iage2_32 |    1.84784   .1422007    12.99   0.000     1.569114    2.126567
             _Iage2_33 |   1.914761   .1535843    12.47   0.000     1.613722    2.215801
             _Iage2_34 |   1.981178   .1649688    12.01   0.000     1.657823    2.304532
             _Iage2_35 |   2.050413   .1763691    11.63   0.000     1.704713    2.396113
             _Iage2_36 |   2.113893    .187701    11.26   0.000     1.745982    2.481805
             _Iage2_37 |   2.175832    .199023    10.93   0.000     1.785728    2.565936
             _Iage2_38 |   2.239435   .2103485    10.65   0.000     1.827132    2.651738
             _Iage2_39 |   2.303177    .221721    10.39   0.000     1.868583    2.737771
             _Iage2_40 |   2.365339   .2330825    10.15   0.000     1.908476    2.822203
             _Iage2_41 |  -.8708294   .2046306    -4.26   0.000    -1.271925   -.4697342
             _Iage2_42 |   -.811395   .1932409    -4.20   0.000    -1.190165   -.4326247
             _Iage2_43 |  -.7510073   .1818682    -4.13   0.000    -1.107486   -.3945286
             _Iage2_44 |  -.6926826   .1705121    -4.06   0.000    -1.026902   -.3584629
             _Iage2_45 |   -.634929   .1591894    -3.99   0.000    -.9469552   -.3229028
             _Iage2_46 |  -.5763732   .1477927    -3.90   0.000    -.8660607   -.2866857
             _Iage2_47 |  -.5238364   .1364302    -3.84   0.000    -.7912524   -.2564204
             _Iage2_48 |  -.4649805   .1250604    -3.72   0.000    -.7101106   -.2198504
             _Iage2_49 |  -.4112216   .1137016    -3.62   0.000    -.6340873   -.1883559
             _Iage2_50 |  -.3611073    .102316    -3.53   0.000    -.5616562   -.1605584
             _Iage2_51 |  -.3064047   .0909637    -3.37   0.001    -.4847021   -.1281073
             _Iage2_52 |  -.2585789   .0796256    -3.25   0.001    -.4146526   -.1025052
             _Iage2_53 |  -.2100531   .0682801    -3.08   0.002    -.3438885   -.0762176
             _Iage2_54 |    -.16077   .0569265    -2.82   0.005    -.2723512   -.0491888
             _Iage2_55 |  -.1141416   .0456332    -2.50   0.012     -.203587   -.0246963
             _Iage2_56 |  -.0732739   .0342626    -2.14   0.032    -.1404318   -.0061161
             _Iage2_57 |  -.0436939   .0230049    -1.90   0.058    -.0887856    .0013978
             _Iage2_58 |  -.0155682   .0119301    -1.30   0.192    -.0389524    .0078159
             _Iage2_59 |          0  (omitted)
         firm_size_new |     .00685   .0008597     7.97   0.000      .005165     .008535
                 _cons |   8.234509   .1428781    57.63   0.000     7.954454    8.514563
-----------------------+----------------------------------------------------------------
               sigma_u |  .73921886
               sigma_e |   .3474638
                   rho |  .81904151   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18253) =   56.91
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18253) =   76.94
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18253) =    1.94
            Prob > F =    0.1434

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18253) =   59.09
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18253) =    7.71
            Prob > F =    0.0055

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18253) =   55.11
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18253) =   13.81
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18253) =   40.70
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18253) =    6.22
            Prob > F =    0.0127

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18253) =   38.41
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1395382
Group variable: shnro_real                      Number of groups   =    132709

R-sq:  within  = 0.2205                         Obs per group: min =         1
       between = 0.1063                                        avg =      10.5
       overall = 0.0816                                        max =        16

                                                F(86,18258)        =    522.86
corr(u_i, Xb)  = -0.8378                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,259 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0308231   .0211529     1.46   0.145    -.0106386    .0722848
           treated_ia3 |   .0064464    .000668     9.65   0.000      .005137    .0077557
     treated_iasuorv_d |   .0366182   .0200824     1.82   0.068    -.0027452    .0759815
           treated_pre |   -.007684   .0086534    -0.89   0.375    -.0246455    .0092775
       treated_pre_ia2 |  -.0045397   .0108663    -0.42   0.676    -.0258386    .0167592
       treated_pre_ia3 |  -.0012138   .0004212    -2.88   0.004    -.0020395   -.0003882
 treated_pre_iasuorv_d |  -.0026315   .0091415    -0.29   0.773    -.0205497    .0152866
          treated_post |   .0456817   .0110202     4.15   0.000      .024081    .0672824
      treated_post_ia2 |    .070389   .0130879     5.38   0.000     .0447355    .0960424
      treated_post_ia3 |  -.0049887   .0005084    -9.81   0.000    -.0059853   -.0039921
treated_post_iasuorv_d |  -.0669118   .0112015    -5.97   0.000    -.0888679   -.0449558
             interact2 |   .5148506   .0129195    39.85   0.000     .4895273     .540174
             interact3 |   .0010204   .0002998     3.40   0.001     .0004328     .001608
               suorv_d |   -.065206   .0104999    -6.21   0.000    -.0857867   -.0446252
                   l_0 |  -.1550037   .0570868    -2.72   0.007    -.2668992   -.0431083
                   l_1 |  -.1627309    .068294    -2.38   0.017    -.2965935   -.0288683
                   l_2 |  -.2314329   .0796177    -2.91   0.004     -.387491   -.0753748
                   l_3 |  -.2866292   .0909309    -3.15   0.002    -.4648623    -.108396
                   l_4 |  -.3355479   .1023126    -3.28   0.001    -.5360901   -.1350057
                   l_5 |  -.3842523   .1136415    -3.38   0.001    -.6070003   -.1615042
                   l_6 |  -.4325595   .1250886    -3.46   0.001    -.6777449   -.1873741
                   l_7 |  -.4756856   .1363561    -3.49   0.000    -.7429564   -.2084147
                   l_8 |  -.5175226   .1476797    -3.50   0.000    -.8069887   -.2280564
                   l_9 |  -.5605518   .1590377    -3.52   0.000    -.8722806   -.2488229
                  l_10 |   -.604544   .1704234    -3.55   0.000    -.9385898   -.2704982
                   f_1 |  -.1215776   .0456669    -2.66   0.008    -.2110889   -.0320662
                   f_2 |  -.0900382   .0344146    -2.62   0.009    -.1574941   -.0225823
                   f_3 |  -.0648867   .0230797    -2.81   0.005    -.1101252   -.0196483
                   f_4 |  -.0310031   .0119256    -2.60   0.009    -.0543783   -.0076278
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0348427   .0038483     9.05   0.000     .0272997    .0423856
          _Ivuosi_1996 |    .066681    .004239    15.73   0.000     .0583723    .0749898
          _Ivuosi_1997 |   .0652635   .0043606    14.97   0.000     .0567163    .0738106
          _Ivuosi_1998 |   .0770684   .0044329    17.39   0.000     .0683796    .0857573
          _Ivuosi_1999 |   .0601355   .0039595    15.19   0.000     .0523745    .0678964
          _Ivuosi_2000 |   .0635372   .0042723    14.87   0.000     .0551631    .0719114
          _Ivuosi_2001 |   .0742944   .0041082    18.08   0.000     .0662419    .0823468
          _Ivuosi_2002 |   .0504036   .0036375    13.86   0.000     .0432737    .0575334
          _Ivuosi_2003 |   .0478244   .0034797    13.74   0.000     .0410038    .0546451
          _Ivuosi_2004 |   .0610147   .0033555    18.18   0.000     .0544375    .0675919
          _Ivuosi_2005 |   .0677216   .0032589    20.78   0.000     .0613339    .0741093
          _Ivuosi_2006 |   .0705009   .0033218    21.22   0.000     .0639899    .0770119
          _Ivuosi_2007 |    .082259   .0032485    25.32   0.000     .0758916    .0886264
          _Ivuosi_2008 |    .070402   .0030556    23.04   0.000     .0644128    .0763912
          _Ivuosi_2009 |   .0107339   .0035014     3.07   0.002     .0038709    .0175969
          _Ivuosi_2010 |   .0043499   .0030196     1.44   0.150    -.0015688    .0102687
          _Ivuosi_2011 |   .0101069   .0022952     4.40   0.000     .0056081    .0146058
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6008125   .0177872    33.78   0.000     .5659479    .6356771
             _Iage2_22 |    .834942   .0288742    28.92   0.000     .7783458    .8915381
             _Iage2_23 |   .9812369   .0398977    24.59   0.000     .9030337     1.05944
             _Iage2_24 |   1.107085   .0512231    21.61   0.000     1.006683    1.207487
             _Iage2_25 |     1.2279   .0626977    19.58   0.000     1.105006    1.350793
             _Iage2_26 |   1.342859   .0740547    18.13   0.000     1.197705    1.488013
             _Iage2_27 |   1.439942   .0854291    16.86   0.000     1.272493    1.607391
             _Iage2_28 |   1.532521   .0968303    15.83   0.000     1.342725    1.722318
             _Iage2_29 |    1.62084   .1082999    14.97   0.000     1.408562    1.833118
             _Iage2_30 |   1.699568   .1196221    14.21   0.000     1.465098    1.934039
             _Iage2_31 |   1.777346    .130884    13.58   0.000     1.520801    2.033891
             _Iage2_32 |   1.847454   .1421981    12.99   0.000     1.568732    2.126176
             _Iage2_33 |   1.914348   .1535814    12.46   0.000     1.613314    2.215382
             _Iage2_34 |   1.980768   .1649655    12.01   0.000      1.65742    2.304116
             _Iage2_35 |   2.049976   .1763649    11.62   0.000     1.704284    2.395668
             _Iage2_36 |   2.113386   .1876963    11.26   0.000     1.745484    2.481289
             _Iage2_37 |     2.1753   .1990186    10.93   0.000     1.785205    2.565395
             _Iage2_38 |   2.238893   .2103441    10.64   0.000     1.826599    2.651187
             _Iage2_39 |   2.302609   .2217173    10.39   0.000     1.868023    2.737196
             _Iage2_40 |   2.364776   .2330796    10.15   0.000     1.907918    2.821634
             _Iage2_41 |   2.423951   .2444322     9.92   0.000     1.944841    2.903061
             _Iage2_42 |   2.483348   .2558151     9.71   0.000     1.981926    2.984769
             _Iage2_43 |   2.543691   .2671854     9.52   0.000     2.019983      3.0674
             _Iage2_44 |   2.601981   .2785379     9.34   0.000      2.05602    3.147941
             _Iage2_45 |   2.659702   .2898618     9.18   0.000     2.091546    3.227858
             _Iage2_46 |   2.718201   .3012575     9.02   0.000     2.127708    3.308694
             _Iage2_47 |   2.770703    .312625     8.86   0.000     2.157929    3.383477
             _Iage2_48 |   2.829511   .3240015     8.73   0.000     2.194438    3.464585
             _Iage2_49 |   2.883224   .3353604     8.60   0.000     2.225887    3.540562
             _Iage2_50 |   2.933287   .3467507     8.46   0.000     2.253623    3.612951
             _Iage2_51 |   2.987914   .3581092     8.34   0.000     2.285987    3.689842
             _Iage2_52 |   3.035692   .3694663     8.22   0.000     2.311503    3.759881
             _Iage2_53 |    3.08417   .3808288     8.10   0.000      2.33771     3.83063
             _Iage2_54 |   3.133407   .3922035     7.99   0.000     2.364651    3.902163
             _Iage2_55 |   3.179936    .403541     7.88   0.000     2.388958    3.970915
             _Iage2_56 |    3.22076   .4149612     7.76   0.000     2.407397    4.034123
             _Iage2_57 |   3.250311   .4262664     7.63   0.000     2.414789    4.085833
             _Iage2_58 |   3.278373   .4375812     7.49   0.000     2.420673    4.136073
             _Iage2_59 |   3.293948    .448926     7.34   0.000     2.414011    4.173885
         firm_size_new |   .0068882   .0008537     8.07   0.000     .0052149    .0085615
                 _cons |   8.234192   .1428991    57.62   0.000     7.954096    8.514287
-----------------------+----------------------------------------------------------------
               sigma_u |  .73893996
               sigma_e |  .34747581
                   rho |  .81891937   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18258) =   55.73
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18258) =   14.58
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18258) =   52.48
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18258) =    1.02
            Prob > F =    0.3119

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18258) =    1.14
            Prob > F =    0.2853

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18258) =    1.27
            Prob > F =    0.2589
O:\returns
lnwage_bluec_age_short_noIQ_noPhD_G.xls
dir : seeout
lnwage_bluec_age_top3_noIQ_noPhD_G.xls
dir : seeout
(1,518,866 real changes made, 1,517,805 to missing)
(53,362 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,404,840       96.90       96.90
         12 |     25,106        1.73       98.63
         22 |     11,094        0.77       99.40
         24 |      2,654        0.18       99.58
         25 |      3,374        0.23       99.81
         99 |      2,737        0.19      100.00
------------+-----------------------------------
      Total |  1,449,805      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,413,874
                                                F(87, 132685)     =     370.02
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1378
                                                Root MSE          =     .16097

                                     (Std. Err. adjusted for 132,686 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0075114   .0028931     2.60   0.009      .001841    .0131818
     treated_ia1_4145 |  -.0699472    .004069   -17.19   0.000    -.0779224    -.061972
     treated_ia1_4650 |  -.0703758   .0041071   -17.13   0.000    -.0784257   -.0623259
     treated_ia1_5160 |  -.0896427   .0042162   -21.26   0.000    -.0979064    -.081379
          treated_pre |   -.001331   .0027085    -0.49   0.623    -.0066396    .0039777
 treated_pre_ia1_4145 |   .0481543    .003873    12.43   0.000     .0405632    .0557453
 treated_pre_ia1_4650 |   .0513238   .0039025    13.15   0.000      .043675    .0589726
 treated_pre_ia1_5155 |    .068389   .0040685    16.81   0.000     .0604149    .0763631
 treated_pre_ia1_5660 |    .051691   .0044281    11.67   0.000     .0430119    .0603701
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0133727    .002892    -4.62   0.000     -.019041   -.0077044
treated_post_ia1_4145 |   .0749152    .004033    18.58   0.000     .0670107    .0828197
treated_post_ia1_4650 |   .0776311    .004079    19.03   0.000     .0696363    .0856258
treated_post_ia1_5155 |   .0984573   .0042027    23.43   0.000     .0902201    .1066946
treated_post_ia1_5660 |   .0914907   .0045653    20.04   0.000     .0825428    .1004386
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.1168183   .0017799   -65.63   0.000    -.1203069   -.1133297
                  l_1 |  -.0847178   .0018455   -45.91   0.000     -.088335   -.0811007
                  l_2 |  -.0767852   .0018507   -41.49   0.000    -.0804124   -.0731579
                  l_3 |   -.069504   .0018518   -37.53   0.000    -.0731335   -.0658746
                  l_4 |  -.0650422   .0018535   -35.09   0.000     -.068675   -.0614094
                  l_5 |  -.0610145   .0018564   -32.87   0.000     -.064653   -.0573759
                  l_6 |  -.0602095   .0018192   -33.10   0.000    -.0637751   -.0566438
                  l_7 |  -.0641919   .0017537   -36.60   0.000    -.0676291   -.0607547
                  l_8 |  -.0640073   .0017553   -36.47   0.000    -.0674476   -.0605669
                  l_9 |  -.0640059   .0017582   -36.41   0.000    -.0674519     -.06056
                 l_10 |  -.0641553   .0017638   -36.37   0.000    -.0676122   -.0606983
                  f_1 |    -.08448   .0017948   -47.07   0.000    -.0879979   -.0809621
                  f_2 |  -.0827929   .0017847   -46.39   0.000    -.0862909   -.0792948
                  f_3 |  -.0741606   .0017694   -41.91   0.000    -.0776286   -.0706927
                  f_4 |  -.0438795   .0017377   -25.25   0.000    -.0472853   -.0404736
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0452246   .0016615   -27.22   0.000     -.048481   -.0419681
         _Ivuosi_1996 |   .0245194   .0017345    14.14   0.000     .0211198     .027919
         _Ivuosi_1997 |   .0104314   .0017171     6.07   0.000     .0070658    .0137969
         _Ivuosi_1998 |  -.0013705   .0016711    -0.82   0.412    -.0046458    .0019048
         _Ivuosi_1999 |   .0010433   .0016777     0.62   0.534    -.0022451    .0043316
         _Ivuosi_2000 |  -.0315741   .0015504   -20.36   0.000     -.034613   -.0285353
         _Ivuosi_2001 |  -.0964844   .0014223   -67.83   0.000    -.0992721   -.0936966
         _Ivuosi_2002 |  -.0971139   .0014235   -68.22   0.000     -.099904   -.0943238
         _Ivuosi_2003 |  -.0989158   .0014266   -69.34   0.000    -.1017119   -.0961197
         _Ivuosi_2004 |   -.099245   .0014294   -69.43   0.000    -.1020465   -.0964434
         _Ivuosi_2005 |   -.099561   .0014285   -69.70   0.000    -.1023607   -.0967612
         _Ivuosi_2006 |  -.0978529   .0014411   -67.90   0.000    -.1006774   -.0950284
         _Ivuosi_2007 |   -.095084   .0014473   -65.70   0.000    -.0979208   -.0922472
         _Ivuosi_2008 |  -.0933488    .001449   -64.42   0.000    -.0961889   -.0905088
         _Ivuosi_2009 |   -.093276   .0014612   -63.83   0.000      -.09614    -.090412
         _Ivuosi_2010 |  -.0936093   .0014592   -64.15   0.000    -.0964693   -.0907494
         _Ivuosi_2011 |  -.0967798   .0014824   -65.29   0.000    -.0996852   -.0938744
         _Ivuosi_2012 |  -.0977249   .0014807   -66.00   0.000     -.100627   -.0948229
            _Iage2_21 |  -.1364254   .0030179   -45.21   0.000    -.1423404   -.1305103
            _Iage2_22 |  -.1681679   .0030548   -55.05   0.000    -.1741553   -.1621805
            _Iage2_23 |  -.1870245   .0030091   -62.15   0.000    -.1929222   -.1811268
            _Iage2_24 |  -.2026775    .002941   -68.91   0.000    -.2084418   -.1969131
            _Iage2_25 |  -.2131555   .0028843   -73.90   0.000    -.2188086   -.2075023
            _Iage2_26 |  -.2206794   .0028453   -77.56   0.000    -.2262561   -.2151027
            _Iage2_27 |  -.2260112   .0028266   -79.96   0.000    -.2315513   -.2204711
            _Iage2_28 |  -.2306213   .0028118   -82.02   0.000    -.2361324   -.2251103
            _Iage2_29 |  -.2324094   .0028098   -82.71   0.000    -.2379165   -.2269023
            _Iage2_30 |  -.2344328   .0028034   -83.63   0.000    -.2399273   -.2289382
            _Iage2_31 |  -.2372378   .0027922   -84.97   0.000    -.2427104   -.2317652
            _Iage2_32 |   -.237612   .0027908   -85.14   0.000    -.2430819   -.2321421
            _Iage2_33 |  -.2387316   .0027861   -85.69   0.000    -.2441924   -.2332708
            _Iage2_34 |  -.2391619   .0027873   -85.80   0.000    -.2446249   -.2336989
            _Iage2_35 |  -.2394485   .0027868   -85.92   0.000    -.2449106   -.2339865
            _Iage2_36 |  -.2406448   .0027825   -86.49   0.000    -.2460984   -.2351912
            _Iage2_37 |  -.2419168   .0027772   -87.11   0.000      -.24736   -.2364736
            _Iage2_38 |  -.2420612   .0027771   -87.16   0.000    -.2475043   -.2366181
            _Iage2_39 |  -.2419463   .0027769   -87.13   0.000     -.247389   -.2365035
            _Iage2_40 |  -.2429359   .0027743   -87.57   0.000    -.2483735   -.2374984
            _Iage2_41 |   -.240242    .002819   -85.22   0.000    -.2457672   -.2347169
            _Iage2_42 |  -.2399168   .0028262   -84.89   0.000    -.2454561   -.2343776
            _Iage2_43 |  -.2401125    .002829   -84.88   0.000    -.2456572   -.2345678
            _Iage2_44 |   -.239808     .00283   -84.74   0.000    -.2453547   -.2342613
            _Iage2_45 |   -.240358   .0028266   -85.03   0.000    -.2458981   -.2348178
            _Iage2_46 |  -.2417248   .0028283   -85.47   0.000    -.2472682   -.2361814
            _Iage2_47 |  -.2415366   .0028333   -85.25   0.000    -.2470898   -.2359834
            _Iage2_48 |  -.2423906   .0028301   -85.65   0.000    -.2479375   -.2368437
            _Iage2_49 |   -.242047   .0028333   -85.43   0.000    -.2476001   -.2364938
            _Iage2_50 |   -.240344    .002838   -84.69   0.000    -.2459063   -.2347816
            _Iage2_51 |  -.2403185   .0028332   -84.82   0.000    -.2458714   -.2347656
            _Iage2_52 |  -.2390049   .0028321   -84.39   0.000    -.2445558    -.233454
            _Iage2_53 |  -.2357314   .0028422   -82.94   0.000     -.241302   -.2301608
            _Iage2_54 |  -.2341397    .002836   -82.56   0.000    -.2396982   -.2285813
            _Iage2_55 |  -.2287447   .0028556   -80.10   0.000    -.2343415   -.2231478
            _Iage2_56 |  -.2174136    .003022   -71.94   0.000    -.2233366   -.2114906
            _Iage2_57 |  -.2128015   .0030632   -69.47   0.000    -.2188053   -.2067977
            _Iage2_58 |  -.2047378   .0031693   -64.60   0.000    -.2109495   -.1985261
            _Iage2_59 |  -.1949978   .0033414   -58.36   0.000    -.2015469   -.1884488
        firm_size_new |  -.0008075   .0001219    -6.63   0.000    -.0010464   -.0005686
                _cons |   .3982064    .003411   116.74   0.000     .3915209    .4048919
---------------------------------------------------------------------------------------
(1,500,374 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.25428  .0330222  38.91266  .0700324   .043518  14.63908
      sd |  .5834907  .1786948  10.49247  .2552018  .2040202  9.620083
     p50 |  10.35995         0        39         0         0        14
       N |    694574    701618    701618    701618    701618    485386
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.31633  .0290345   38.9574   .079588  .0500382  14.69794
      sd |  .5922643  .1679034  10.47956  .2706544  .2180239  9.734576
     p50 |  10.41735         0        39         0         0        14
       N |    705648    712256    712256    712256    712256    492333
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.25428  .0330222  38.91266  .0700324   .043518  14.63908
         |  .5834907  .1786948  10.49247  .2552018  .2040202  9.620083
         |  10.35995         0        39         0         0        14
         |    694574    701618    701618    701618    701618    485386
---------+------------------------------------------------------------
       1 |  10.31633  .0290345   38.9574   .079588  .0500382  14.69794
         |  .5922643  .1679034  10.47956  .2706544  .2180239  9.734576
         |  10.41735         0        39         0         0        14
         |    705648    712256    712256    712256    712256    492333
---------+------------------------------------------------------------
   Total |  10.28555  .0310134   38.9352  .0748461  .0468026  14.66872
         |  .5887462  .1733539  10.48599   .263143  .2112159  9.677945
         |  10.38781         0        39         0         0        14
         |   1400222   1413874   1413874   1413874   1413874    977719
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_noPhD.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ_noPhD.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    977,719
                                                F(1, 977717)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6511
                                                Root MSE          =     5.7163

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8212537   .0007271  1129.55   0.000     .8198287    .8226787
       _cons |  -15.29753   .0228528  -669.39   0.000    -15.34232   -15.25274
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7584   1.0000 
             |   0.0000
             |
(2,914,248 missing values generated)
(132,709 real changes made)
(2781539 missing values generated)
(587514 missing values generated)
(0 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1476                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(74,18257)        =    107.61
corr(u_i, Xb)  = -0.9809                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,258 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0155994   .0056157     2.78   0.005     .0045921    .0266067
 treated_post |    .016929    .007384     2.29   0.022     .0024557    .0314023
          l_0 |  -.3849267   .0266366   -14.45   0.000    -.4371368   -.3327165
          l_1 |  -.4064011   .0315831   -12.87   0.000    -.4683068   -.3444953
          l_2 |  -.4529636   .0366276   -12.37   0.000    -.5247571   -.3811702
          l_3 |  -.5011983    .041713   -12.02   0.000    -.5829597   -.4194369
          l_4 |  -.5516914    .046798   -11.79   0.000      -.64342   -.4599629
          l_5 |  -.6026993   .0519103   -11.61   0.000    -.7044484   -.5009503
          l_6 |  -.6552473   .0570345   -11.49   0.000    -.7670402   -.5434544
          l_7 |  -.7145564   .0621857   -11.49   0.000    -.8364462   -.5926667
          l_8 |  -.7702031   .0673222   -11.44   0.000     -.902161   -.6382452
          l_9 |  -.8256326   .0724613   -11.39   0.000    -.9676636   -.6836017
         l_10 |  -.8827174   .0775791   -11.38   0.000     -1.03478   -.7306551
          f_1 |  -.2992573   .0213531   -14.01   0.000    -.3411113   -.2574033
          f_2 |  -.2408423   .0162089   -14.86   0.000    -.2726134   -.2090713
          f_3 |   -.178368   .0112701   -15.83   0.000    -.2004585   -.1562775
          f_4 |  -.0954578   .0063366   -15.06   0.000    -.1078781   -.0830375
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0478463    .004303   -11.12   0.000    -.0562806    -.039412
 _Ivuosi_1996 |   .0238285   .0031842     7.48   0.000     .0175873    .0300698
 _Ivuosi_1997 |   .0151393   .0030388     4.98   0.000     .0091829    .0210957
 _Ivuosi_1998 |   .0091641   .0028599     3.20   0.001     .0035584    .0147698
 _Ivuosi_1999 |   .0160323   .0028184     5.69   0.000      .010508    .0215565
 _Ivuosi_2000 |  -.0116239   .0031914    -3.64   0.000    -.0178794   -.0053684
 _Ivuosi_2001 |  -.0576363   .0024505   -23.52   0.000    -.0624395   -.0528331
 _Ivuosi_2002 |  -.0543253   .0022601   -24.04   0.000    -.0587552   -.0498954
 _Ivuosi_2003 |  -.0519315   .0020841   -24.92   0.000    -.0560166   -.0478463
 _Ivuosi_2004 |  -.0484931   .0018092   -26.80   0.000    -.0520393   -.0449468
 _Ivuosi_2005 |  -.0467114   .0016505   -28.30   0.000    -.0499466   -.0434763
 _Ivuosi_2006 |  -.0392946   .0014544   -27.02   0.000    -.0421454   -.0364438
 _Ivuosi_2007 |  -.0314341   .0012355   -25.44   0.000    -.0338558   -.0290125
 _Ivuosi_2008 |  -.0238932   .0010683   -22.37   0.000    -.0259871   -.0217992
 _Ivuosi_2009 |   -.018307   .0008008   -22.86   0.000    -.0198766   -.0167375
 _Ivuosi_2010 |  -.0125377   .0005976   -20.98   0.000    -.0137092   -.0113663
 _Ivuosi_2011 |  -.0068069   .0003268   -20.83   0.000    -.0074475   -.0061662
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0775817   .0075525   -10.27   0.000    -.0923853    -.062778
    _Iage2_22 |  -.0673244   .0124002    -5.43   0.000      -.09163   -.0430187
    _Iage2_23 |  -.0437199   .0173453    -2.52   0.012    -.0777184   -.0097214
    _Iage2_24 |  -.0164783   .0222757    -0.74   0.459    -.0601407    .0271841
    _Iage2_25 |   .0163345    .027349     0.60   0.550     -.037272    .0699411
    _Iage2_26 |   .0528529   .0323815     1.63   0.103     -.010618    .1163237
    _Iage2_27 |   .0915177   .0375132     2.44   0.015     .0179884    .1650471
    _Iage2_28 |   .1321429   .0426246     3.10   0.002     .0485946    .2156912
    _Iage2_29 |   .1759317   .0477128     3.69   0.000     .0824101    .2694534
    _Iage2_30 |   .2199389   .0528341     4.16   0.000     .1163791    .3234987
    _Iage2_31 |   .2640582   .0579502     4.56   0.000     .1504703    .3776461
    _Iage2_32 |   .3118145    .063114     4.94   0.000     .1881052    .4355238
    _Iage2_33 |   .3599741   .0682031     5.28   0.000     .2262897    .4936585
    _Iage2_34 |   .4096923   .0732709     5.59   0.000     .2660744    .5533102
    _Iage2_35 |   .4601437   .0783765     5.87   0.000     .3065184    .6137689
    _Iage2_36 |   .5106634   .0835065     6.12   0.000     .3469828    .6743441
    _Iage2_37 |   .5609128   .0886252     6.33   0.000      .387199    .7346265
    _Iage2_38 |   .6120723   .0937386     6.53   0.000     .4283359    .7958087
    _Iage2_39 |   .6635112   .0988821     6.71   0.000     .4696931    .8573294
    _Iage2_40 |   .7141189   .1039875     6.87   0.000     .5102937    .9179441
    _Iage2_41 |   .7662975    .109116     7.02   0.000     .5524199     .980175
    _Iage2_42 |   .8188962   .1142561     7.17   0.000     .5949434    1.042849
    _Iage2_43 |   .8711439   .1193925     7.30   0.000     .6371233    1.105164
    _Iage2_44 |   .9235782   .1245136     7.42   0.000     .6795198    1.167637
    _Iage2_45 |   .9755772   .1296495     7.52   0.000      .721452    1.229702
    _Iage2_46 |   1.028224   .1348026     7.63   0.000     .7639978    1.292449
    _Iage2_47 |   1.080692   .1399571     7.72   0.000     .8063634    1.355021
    _Iage2_48 |   1.132706   .1450819     7.81   0.000     .8483315     1.41708
    _Iage2_49 |   1.185947   .1502163     7.89   0.000     .8915086    1.480385
    _Iage2_50 |    1.23961   .1553691     7.98   0.000     .9350721    1.544148
    _Iage2_51 |   1.291647   .1604968     8.05   0.000     .9770585    1.606236
    _Iage2_52 |   1.344875   .1656665     8.12   0.000     1.020153    1.669597
    _Iage2_53 |   1.399165   .1708266     8.19   0.000     1.064329    1.734001
    _Iage2_54 |   1.452818   .1759705     8.26   0.000     1.107899    1.797737
    _Iage2_55 |   1.510497   .1811303     8.34   0.000     1.155465     1.86553
    _Iage2_56 |   1.569198   .1862948     8.42   0.000     1.204043    1.934354
    _Iage2_57 |   1.626847   .1914287     8.50   0.000     1.251629    2.002065
    _Iage2_58 |   1.688982   .1965567     8.59   0.000     1.303712    2.074251
    _Iage2_59 |   1.753261   .2017133     8.69   0.000     1.357884    2.148638
firm_size_new |  -.0007552   .0009807    -0.77   0.441    -.0026775     .001167
        _cons |  -.1953847     .06265    -3.12   0.002    -.3181847   -.0725847
--------------+----------------------------------------------------------------
      sigma_u |  .55522926
      sigma_e |  .14744562
          rho |  .93412451   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1487                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(79,18257)        =    103.18
corr(u_i, Xb)  = -0.9797                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,258 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0070054   .0067291     1.04   0.298    -.0061842    .0201951
          treated_pre |   .0188071   .0067244     2.80   0.005     .0056266    .0319876
 treated_pre_iasenior |  -.0096655    .005985    -1.61   0.106    -.0213966    .0020656
         treated_post |   .0164684    .009257     1.78   0.075    -.0016762     .034613
treated_post_iasenior |  -.0017596   .0079992    -0.22   0.826    -.0174388    .0139196
               senior |          0  (omitted)
         pre_iasenior |   .0532755   .0041835    12.73   0.000     .0450754    .0614756
        post_iasenior |   .0574696   .0051182    11.23   0.000     .0474374    .0675017
                  l_0 |  -.3971744   .0268933   -14.77   0.000    -.4498878   -.3444611
                  l_1 |  -.4174265   .0317882   -13.13   0.000    -.4797344   -.3551186
                  l_2 |  -.4627451     .03679   -12.58   0.000     -.534857   -.3906332
                  l_3 |  -.5096993   .0418364   -12.18   0.000    -.5917027    -.427696
                  l_4 |   -.558878    .046887   -11.92   0.000    -.6507809   -.4669752
                  l_5 |  -.6085632   .0519674   -11.71   0.000    -.7104242   -.5067023
                  l_6 |  -.6598042   .0570612   -11.56   0.000    -.7716494   -.5479589
                  l_7 |  -.7177448   .0621859   -11.54   0.000     -.839635   -.5958545
                  l_8 |  -.7720787   .0672955   -11.47   0.000    -.9039842   -.6401732
                  l_9 |  -.8260867   .0724077   -11.41   0.000    -.9680127   -.6841607
                 l_10 |   -.881849   .0775014   -11.38   0.000    -1.033759   -.7299389
                  f_1 |  -.3114315   .0215178   -14.47   0.000    -.3536084   -.2692546
                  f_2 |  -.2543707   .0164396   -15.47   0.000    -.2865939   -.2221475
                  f_3 |  -.1932539   .0115943   -16.67   0.000    -.2159798    -.170528
                  f_4 |  -.1116781   .0068476   -16.31   0.000       -.1251   -.0982562
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0480401   .0042763   -11.23   0.000    -.0564221   -.0396581
         _Ivuosi_1996 |   .0237702   .0031764     7.48   0.000     .0175441    .0299963
         _Ivuosi_1997 |   .0152847   .0030264     5.05   0.000     .0093527    .0212168
         _Ivuosi_1998 |   .0092287   .0028648     3.22   0.001     .0036133     .014844
         _Ivuosi_1999 |   .0159471   .0028182     5.66   0.000     .0104231     .021471
         _Ivuosi_2000 |  -.0114242   .0031877    -3.58   0.000    -.0176724   -.0051759
         _Ivuosi_2001 |  -.0575908   .0024531   -23.48   0.000    -.0623991   -.0527824
         _Ivuosi_2002 |  -.0541178   .0022533   -24.02   0.000    -.0585346    -.049701
         _Ivuosi_2003 |  -.0517581   .0020761   -24.93   0.000    -.0558275   -.0476888
         _Ivuosi_2004 |  -.0483019   .0018097   -26.69   0.000    -.0518491   -.0447547
         _Ivuosi_2005 |  -.0465209   .0016498   -28.20   0.000    -.0497548   -.0432871
         _Ivuosi_2006 |  -.0390427   .0014555   -26.82   0.000    -.0418957   -.0361897
         _Ivuosi_2007 |  -.0312527   .0012357   -25.29   0.000    -.0336747   -.0288307
         _Ivuosi_2008 |  -.0237285   .0010668   -22.24   0.000    -.0258195   -.0216375
         _Ivuosi_2009 |  -.0181877   .0008008   -22.71   0.000    -.0197574    -.016618
         _Ivuosi_2010 |  -.0125081   .0005946   -21.04   0.000    -.0136736   -.0113427
         _Ivuosi_2011 |  -.0067771   .0003228   -20.99   0.000    -.0074098   -.0061443
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0776315   .0075392   -10.30   0.000     -.092409    -.062854
            _Iage2_22 |  -.0676624   .0123753    -5.47   0.000    -.0919192   -.0434057
            _Iage2_23 |  -.0445119    .017312    -2.57   0.010    -.0784451   -.0105788
            _Iage2_24 |  -.0177334   .0222327    -0.80   0.425    -.0613116    .0258447
            _Iage2_25 |   .0144922    .027294     0.53   0.595    -.0390067     .067991
            _Iage2_26 |   .0503939   .0323161     1.56   0.119    -.0129486    .1137365
            _Iage2_27 |   .0882959   .0374349     2.36   0.018       .01492    .1616718
            _Iage2_28 |   .1281546   .0425329     3.01   0.003     .0447861    .2115231
            _Iage2_29 |   .1711996    .047608     3.60   0.000     .0778834    .2645158
            _Iage2_30 |    .214481   .0527173     4.07   0.000     .1111501    .3178119
            _Iage2_31 |   .2577949   .0578202     4.46   0.000     .1444618     .371128
            _Iage2_32 |   .3048102   .0629711     4.84   0.000      .181381    .4282394
            _Iage2_33 |   .3522557   .0680496     5.18   0.000      .218872    .4856393
            _Iage2_34 |   .4011804   .0731049     5.49   0.000     .2578879    .5444729
            _Iage2_35 |    .450894   .0781972     5.77   0.000     .2976202    .6041678
            _Iage2_36 |   .5006734   .0833137     6.01   0.000     .3373707    .6639761
            _Iage2_37 |   .5500595   .0884181     6.22   0.000     .3767518    .7233673
            _Iage2_38 |   .6002882    .093517     6.42   0.000     .4169861    .7835904
            _Iage2_39 |   .6507269   .0986442     6.60   0.000      .457375    .8440788
            _Iage2_40 |   .7002085   .1037335     6.75   0.000     .4968811    .9035359
            _Iage2_41 |   .6954383   .1085694     6.41   0.000     .4826321    .9082444
            _Iage2_42 |   .7465333   .1136879     6.57   0.000     .5236944    .9693722
            _Iage2_43 |   .7970779   .1187954     6.71   0.000     .5642278    1.029928
            _Iage2_44 |   .8477687   .1238907     6.84   0.000     .6049313    1.090606
            _Iage2_45 |   .8978525   .1289985     6.96   0.000     .6450033    1.150702
            _Iage2_46 |   .9483895   .1341222     7.07   0.000     .6854975    1.211282
            _Iage2_47 |   .9988884   .1392467     7.17   0.000     .7259518    1.271825
            _Iage2_48 |   1.048745   .1443396     7.27   0.000      .765826    1.331665
            _Iage2_49 |   1.099794   .1494442     7.36   0.000      .806869    1.392718
            _Iage2_50 |   1.151116   .1545662     7.45   0.000     .8481521    1.454081
            _Iage2_51 |   1.200809   .1596575     7.52   0.000     .8878657    1.513753
            _Iage2_52 |   1.251607   .1647944     7.59   0.000      .928594    1.574619
            _Iage2_53 |   1.303506   .1699205     7.67   0.000     .9704464    1.636567
            _Iage2_54 |   1.354736    .175031     7.74   0.000     1.011659    1.697813
            _Iage2_55 |   1.409331   .1801525     7.82   0.000     1.056215    1.762447
            _Iage2_56 |   1.465859   .1852875     7.91   0.000     1.102678     1.82904
            _Iage2_57 |   1.521417   .1903924     7.99   0.000      1.14823    1.894604
            _Iage2_58 |   1.581409   .1954942     8.09   0.000     1.198222    1.964595
            _Iage2_59 |   1.643515    .200624     8.19   0.000     1.250273    2.036757
        firm_size_new |  -.0007218   .0009777    -0.74   0.460    -.0026382    .0011947
                _cons |  -.1701673   .0624086    -2.73   0.006     -.292494   -.0478405
----------------------+----------------------------------------------------------------
              sigma_u |  .54004077
              sigma_e |  .14735663
                  rho |  .93070553   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18257) =    6.24
            Prob > F =    0.0125

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18257) =    3.63
            Prob > F =    0.0567
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1498                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(82,18257)        =    103.84
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,258 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0044183   .0004552    -9.71   0.000    -.0053105   -.0035261
     treated_iasuorv_d |  -.0820913    .009945    -8.25   0.000    -.1015845   -.0625982
           treated_pre |  -.0439378   .0080198    -5.48   0.000    -.0596573   -.0282182
       treated_pre_ia3 |   .0046392   .0003334    13.91   0.000     .0039857    .0052926
 treated_pre_iasuorv_d |   .0671448   .0066663    10.07   0.000     .0540782    .0802114
          treated_post |  -.0618159   .0108354    -5.70   0.000    -.0830543   -.0405775
      treated_post_ia3 |   .0054398   .0004348    12.51   0.000     .0045875    .0062922
treated_post_iasuorv_d |   .0981674   .0084926    11.56   0.000     .0815212    .1148137
             interact3 |   .0005548   .0001182     4.69   0.000     .0003232    .0007864
               suorv_d |    .033345   .0054062     6.17   0.000     .0227484    .0439416
                   l_0 |  -.3676195   .0266105   -13.81   0.000    -.4197785   -.3154605
                   l_1 |  -.3860247   .0315667   -12.23   0.000    -.4478984    -.324151
                   l_2 |  -.4295004   .0366132   -11.73   0.000    -.5012657   -.3577351
                   l_3 |  -.4745801   .0417006   -11.38   0.000    -.5563171    -.392843
                   l_4 |  -.5218646   .0467867   -11.15   0.000    -.6135709   -.4301584
                   l_5 |  -.5696417   .0518994   -10.98   0.000    -.6713693   -.4679141
                   l_6 |  -.6189188   .0570209   -10.85   0.000    -.7306852   -.5071525
                   l_7 |  -.6749888   .0621741   -10.86   0.000    -.7968559   -.5531217
                   l_8 |   -.727366   .0673098   -10.81   0.000    -.8592996   -.5954324
                   l_9 |  -.7794284   .0724475   -10.76   0.000    -.9214324   -.6374244
                  l_10 |  -.8332384   .0775667   -10.74   0.000    -.9852765   -.6812003
                   f_1 |  -.2861489     .02135   -13.40   0.000    -.3279968   -.2443009
                   f_2 |  -.2309239   .0162071   -14.25   0.000    -.2626913   -.1991565
                   f_3 |  -.1716305   .0112736   -15.22   0.000    -.1937278   -.1495332
                   f_4 |  -.0919058   .0063368   -14.50   0.000    -.1043265   -.0794851
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0482115   .0042852   -11.25   0.000    -.0566109   -.0398121
          _Ivuosi_1996 |    .023672   .0031839     7.43   0.000     .0174313    .0299126
          _Ivuosi_1997 |   .0151224   .0030215     5.00   0.000     .0091999    .0210449
          _Ivuosi_1998 |   .0091061   .0028466     3.20   0.001     .0035264    .0146858
          _Ivuosi_1999 |   .0158744   .0027982     5.67   0.000     .0103896    .0213592
          _Ivuosi_2000 |  -.0115234   .0031615    -3.64   0.000    -.0177203   -.0053266
          _Ivuosi_2001 |   -.057459   .0024341   -23.61   0.000      -.06223    -.052688
          _Ivuosi_2002 |  -.0539332    .002236   -24.12   0.000     -.058316   -.0495504
          _Ivuosi_2003 |  -.0515961   .0020656   -24.98   0.000    -.0556449   -.0475474
          _Ivuosi_2004 |  -.0482093   .0018001   -26.78   0.000    -.0517376    -.044681
          _Ivuosi_2005 |  -.0464555   .0016378   -28.37   0.000    -.0496657   -.0432453
          _Ivuosi_2006 |  -.0390814   .0014384   -27.17   0.000    -.0419008   -.0362621
          _Ivuosi_2007 |  -.0312423   .0012244   -25.52   0.000    -.0336422   -.0288423
          _Ivuosi_2008 |  -.0237594   .0010568   -22.48   0.000    -.0258309   -.0216878
          _Ivuosi_2009 |  -.0181395   .0007947   -22.83   0.000    -.0196972   -.0165819
          _Ivuosi_2010 |  -.0124005   .0005949   -20.85   0.000    -.0135665   -.0112345
          _Ivuosi_2011 |   -.006688   .0003276   -20.42   0.000    -.0073301   -.0060459
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0788927   .0075474   -10.45   0.000    -.0936864   -.0640991
             _Iage2_22 |  -.0703572   .0123973    -5.68   0.000    -.0946571   -.0460574
             _Iage2_23 |  -.0491208   .0173429    -2.83   0.005    -.0831144   -.0151271
             _Iage2_24 |  -.0242214   .0222762    -1.09   0.277    -.0678849    .0194421
             _Iage2_25 |   .0060094   .0273522     0.22   0.826    -.0476034    .0596222
             _Iage2_26 |    .039898   .0323919     1.23   0.218    -.0235932    .1033893
             _Iage2_27 |   .0756573   .0375279     2.02   0.044     .0020991    .1492156
             _Iage2_28 |   .1132612   .0426423     2.66   0.008     .0296782    .1968441
             _Iage2_29 |   .1539485   .0477327     3.23   0.001     .0603879    .2475091
             _Iage2_30 |   .1947283   .0528574     3.68   0.000      .091123    .2983337
             _Iage2_31 |   .2355819   .0579769     4.06   0.000     .1219416    .3492222
             _Iage2_32 |   .2799998   .0631452     4.43   0.000     .1562293    .4037704
             _Iage2_33 |   .3248221   .0682391     4.76   0.000     .1910671    .4585771
             _Iage2_34 |    .371108   .0733116     5.06   0.000     .2274104    .5148056
             _Iage2_35 |   .4180281   .0784172     5.33   0.000      .264323    .5717331
             _Iage2_36 |   .4650005   .0835523     5.57   0.000     .3012302    .6287708
             _Iage2_37 |   .5115879   .0886698     5.77   0.000     .3377866    .6853891
             _Iage2_38 |   .5590557   .0937856     5.96   0.000     .3752271    .7428843
             _Iage2_39 |   .6067069   .0989305     6.13   0.000     .4127939    .8006199
             _Iage2_40 |   .6534666   .1040394     6.28   0.000     .4495397    .8573936
             _Iage2_41 |   .7018102   .1091685     6.43   0.000     .4878297    .9157907
             _Iage2_42 |   .7504338   .1143093     6.56   0.000     .5263769    .9744908
             _Iage2_43 |     .79861   .1194456     6.69   0.000     .5644854    1.032735
             _Iage2_44 |   .8469698   .1245657     6.80   0.000     .6028093     1.09113
             _Iage2_45 |   .8948301   .1297045     6.90   0.000     .6405971    1.149063
             _Iage2_46 |   .9433501   .1348573     7.00   0.000     .6790171    1.207683
             _Iage2_47 |   .9916764   .1400134     7.08   0.000     .7172369    1.266116
             _Iage2_48 |   1.039544   .1451376     7.16   0.000     .7550605    1.324027
             _Iage2_49 |   1.088595   .1502748     7.24   0.000     .7940422    1.383147
             _Iage2_50 |   1.138024   .1554291     7.32   0.000     .8333683    1.442679
             _Iage2_51 |   1.185968   .1605574     7.39   0.000     .8712599    1.500675
             _Iage2_52 |   1.235026   .1657281     7.45   0.000     .9101836    1.559869
             _Iage2_53 |   1.285173   .1708914     7.52   0.000     .9502093    1.620136
             _Iage2_54 |    1.33472   .1760391     7.58   0.000      .989667    1.679773
             _Iage2_55 |   1.388079   .1812008     7.66   0.000     1.032908     1.74325
             _Iage2_56 |   1.442787   .1863679     7.74   0.000     1.077488    1.808085
             _Iage2_57 |   1.496426   .1915061     7.81   0.000     1.121057    1.871796
             _Iage2_58 |   1.554553   .1966401     7.91   0.000      1.16912    1.939986
             _Iage2_59 |   1.614807   .2018022     8.00   0.000     1.219256    2.010359
         firm_size_new |   -.000697   .0009433    -0.74   0.460     -.002546    .0011519
                 _cons |  -.1434389   .0626007    -2.29   0.022    -.2661422   -.0207356
-----------------------+----------------------------------------------------------------
               sigma_u |  .52349413
               sigma_e |  .14726265
                   rho |  .92666922   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18257) =   28.94
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18257) =   25.68
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1498                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(85,18257)        =    103.15
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,258 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0046422   .0052542    -0.88   0.377    -.0149411    .0056566
           treated_ia3 |  -.0042941   .0004488    -9.57   0.000    -.0051739   -.0034144
     treated_iasuorv_d |  -.0789653   .0107591    -7.34   0.000    -.1000541   -.0578764
           treated_pre |  -.0425833    .007968    -5.34   0.000    -.0582014   -.0269652
  treated_pre_iasenior |   .0078206   .0045956     1.70   0.089    -.0011871    .0168284
       treated_pre_ia3 |   .0043823   .0003489    12.56   0.000     .0036984    .0050662
 treated_pre_iasuorv_d |   .0612458   .0078161     7.84   0.000     .0459255     .076566
          treated_post |  -.0608905   .0107456    -5.67   0.000    -.0819528   -.0398281
 treated_post_iasenior |   .0024127    .005585     0.43   0.666    -.0085344    .0133599
      treated_post_ia3 |   .0053509   .0004239    12.62   0.000       .00452    .0061819
treated_post_iasuorv_d |   .0960987   .0093598    10.27   0.000     .0777525    .1144448
                senior |   1.616904   .2016801     8.02   0.000     1.221592    2.012216
             interact3 |   .0005518   .0001185     4.66   0.000     .0003195    .0007841
               suorv_d |   .0332989   .0054034     6.16   0.000     .0227078    .0438901
                   l_0 |  -.3679093   .0266047   -13.83   0.000    -.4200569   -.3157616
                   l_1 |  -.3863403   .0315567   -12.24   0.000    -.4481944   -.3244861
                   l_2 |  -.4298478   .0365994   -11.74   0.000    -.5015861   -.3581096
                   l_3 |  -.4749564   .0416819   -11.39   0.000    -.5566568    -.393256
                   l_4 |   -.522269   .0467625   -11.17   0.000    -.6139278   -.4306101
                   l_5 |  -.5700723   .0518701   -10.99   0.000    -.6717425   -.4684021
                   l_6 |  -.6193754    .056986   -10.87   0.000    -.7310733   -.5076774
                   l_7 |   -.675471   .0621347   -10.87   0.000    -.7972608   -.5536812
                   l_8 |  -.7278775   .0672654   -10.82   0.000     -.859724    -.596031
                   l_9 |  -.7799705    .072398   -10.77   0.000    -.9218774   -.6380636
                  l_10 |   -.833808   .0775123   -10.76   0.000    -.9857394   -.6818767
                   f_1 |  -.2863306   .0213388   -13.42   0.000    -.3281566   -.2445045
                   f_2 |  -.2310595   .0162017   -14.26   0.000    -.2628163   -.1993027
                   f_3 |  -.1717155   .0112726   -15.23   0.000    -.1938108   -.1496202
                   f_4 |  -.0919375   .0063403   -14.50   0.000    -.1043651   -.0795098
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0482277   .0042854   -11.25   0.000    -.0566275   -.0398279
          _Ivuosi_1996 |   .0236701   .0031843     7.43   0.000     .0174285    .0299117
          _Ivuosi_1997 |   .0151338   .0030234     5.01   0.000     .0092078    .0210599
          _Ivuosi_1998 |    .009119   .0028493     3.20   0.001      .003534    .0147039
          _Ivuosi_1999 |   .0158805   .0028001     5.67   0.000     .0103921    .0213689
          _Ivuosi_2000 |  -.0115179   .0031617    -3.64   0.000    -.0177151   -.0053206
          _Ivuosi_2001 |   -.057473   .0024356   -23.60   0.000     -.062247    -.052699
          _Ivuosi_2002 |  -.0539326   .0022368   -24.11   0.000    -.0583169   -.0495484
          _Ivuosi_2003 |  -.0515987   .0020665   -24.97   0.000    -.0556492   -.0475482
          _Ivuosi_2004 |  -.0482134   .0018007   -26.77   0.000     -.051743   -.0446837
          _Ivuosi_2005 |  -.0464508   .0016378   -28.36   0.000     -.049661   -.0432405
          _Ivuosi_2006 |  -.0390896   .0014382   -27.18   0.000    -.0419085   -.0362707
          _Ivuosi_2007 |  -.0312468   .0012244   -25.52   0.000    -.0336467   -.0288469
          _Ivuosi_2008 |  -.0237642   .0010566   -22.49   0.000    -.0258352   -.0216932
          _Ivuosi_2009 |  -.0181414   .0007944   -22.84   0.000    -.0196985   -.0165843
          _Ivuosi_2010 |  -.0123982   .0005952   -20.83   0.000    -.0135649   -.0112316
          _Ivuosi_2011 |   -.006687   .0003278   -20.40   0.000    -.0073295   -.0060446
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0788693    .007547   -10.45   0.000    -.0936622   -.0640765
             _Iage2_22 |  -.0703095   .0123933    -5.67   0.000    -.0946016   -.0460174
             _Iage2_23 |  -.0490544   .0173361    -2.83   0.005    -.0830348    -.015074
             _Iage2_24 |  -.0241479   .0222664    -1.08   0.278     -.067792    .0194963
             _Iage2_25 |   .0060978   .0273399     0.22   0.824     -.047491    .0596866
             _Iage2_26 |   .0399941   .0323765     1.24   0.217    -.0234669    .1034551
             _Iage2_27 |   .0757622   .0375095     2.02   0.043     .0022401    .1492843
             _Iage2_28 |   .1133638   .0426203     2.66   0.008      .029824    .1969035
             _Iage2_29 |   .1540496    .047708     3.23   0.001     .0605374    .2475618
             _Iage2_30 |   .1948271     .05283     3.69   0.000     .0912753    .2983789
             _Iage2_31 |   .2356756   .0579468     4.07   0.000     .1220945    .3492567
             _Iage2_32 |    .280088   .0631121     4.44   0.000     .1563823    .4037936
             _Iage2_33 |   .3248986   .0682042     4.76   0.000      .191212    .4585852
             _Iage2_34 |   .3711733   .0732747     5.07   0.000     .2275481    .5147985
             _Iage2_35 |   .4180777   .0783786     5.33   0.000     .2644484     .571707
             _Iage2_36 |   .4650317   .0835118     5.57   0.000     .3013408    .6287227
             _Iage2_37 |   .5116088   .0886276     5.77   0.000     .3378904    .6853272
             _Iage2_38 |   .5590746   .0937405     5.96   0.000     .3753343    .7428148
             _Iage2_39 |   .6067421   .0988827     6.14   0.000     .4129227    .8005614
             _Iage2_40 |   .6535223   .1039882     6.28   0.000     .4496957     .857349
             _Iage2_41 |  -.9144809   .0925954    -9.88   0.000    -1.095977   -.7329853
             _Iage2_42 |  -.8658166   .0874537    -9.90   0.000    -1.037234   -.6943991
             _Iage2_43 |  -.8175909   .0823202    -9.93   0.000    -.9789462   -.6562357
             _Iage2_44 |    -.76917   .0772036    -9.96   0.000    -.9204964   -.6178436
             _Iage2_45 |   -.721241   .0720684   -10.01   0.000    -.8625018   -.5799802
             _Iage2_46 |  -.6726593   .0669216   -10.05   0.000    -.8038319   -.5414867
             _Iage2_47 |  -.6242496   .0617748   -10.11   0.000     -.745334   -.5031652
             _Iage2_48 |  -.5763066   .0566576   -10.17   0.000    -.6873608   -.4652524
             _Iage2_49 |  -.5271697   .0515321   -10.23   0.000    -.6281774    -.426162
             _Iage2_50 |  -.4776565   .0463878   -10.30   0.000    -.5685809    -.386732
             _Iage2_51 |  -.4296323   .0412767   -10.41   0.000    -.5105385   -.3487262
             _Iage2_52 |  -.3804867   .0361212   -10.53   0.000    -.4512876   -.3096858
             _Iage2_53 |  -.3302463   .0309791   -10.66   0.000    -.3909682   -.2695244
             _Iage2_54 |  -.2806031   .0258557   -10.85   0.000    -.3312827   -.2299235
             _Iage2_55 |  -.2271886   .0207183   -10.97   0.000    -.2677984   -.1865787
             _Iage2_56 |  -.1723786   .0155799   -11.06   0.000    -.2029166   -.1418405
             _Iage2_57 |  -.1186325    .010481   -11.32   0.000    -.1391761   -.0980888
             _Iage2_58 |  -.0603887   .0053236   -11.34   0.000    -.0708235   -.0499539
             _Iage2_59 |          0  (omitted)
         firm_size_new |   -.000696   .0009425    -0.74   0.460    -.0025434    .0011513
                 _cons |  -.1439073   .0625853    -2.30   0.021    -.2665804   -.0212341
-----------------------+----------------------------------------------------------------
               sigma_u |  .52386903
               sigma_e |  .14726133
                   rho |  .92676767   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18257) =   64.48
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18257) =   84.91
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18257) =  157.74
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 18257) =  159.33
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18257) =   29.24
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18257) =   28.35
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18257) =   25.74
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1536                         Obs per group: min =         1
       between = 0.0005                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(89,18257)        =    106.47
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,258 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0070542   .0052409    -1.35   0.178    -.0173269    .0032185
           treated_ia2 |  -.0217542     .01195    -1.82   0.069    -.0451773    .0016688
           treated_ia3 |  -.0046073   .0004558   -10.11   0.000    -.0055006    -.003714
     treated_iasuorv_d |   -.072694   .0107234    -6.78   0.000    -.0937128   -.0516752
           treated_pre |  -.0445707   .0080926    -5.51   0.000    -.0604329   -.0287085
  treated_pre_iasenior |    .008076   .0045989     1.76   0.079    -.0009383    .0170903
       treated_pre_ia2 |   .0273333   .0063115     4.33   0.000     .0149623    .0397044
       treated_pre_ia3 |   .0044371   .0003519    12.61   0.000     .0037474    .0051268
 treated_pre_iasuorv_d |   .0615514   .0079572     7.74   0.000     .0459545    .0771483
          treated_post |  -.0552235   .0106638    -5.18   0.000    -.0761256   -.0343214
 treated_post_iasenior |   .0066043   .0055602     1.19   0.235    -.0042942    .0175027
      treated_post_ia2 |   .0226492   .0070704     3.20   0.001     .0087905    .0365079
      treated_post_ia3 |   .0051566   .0004218    12.22   0.000     .0043297    .0059834
treated_post_iasuorv_d |   .0830814   .0092303     9.00   0.000     .0649892    .1011735
                senior |    1.59854   .2015908     7.93   0.000     1.203403    1.993677
             interact2 |  -.1074544   .0059655   -18.01   0.000    -.1191474   -.0957613
             interact3 |  -.0003052   .0001152    -2.65   0.008    -.0005309   -.0000795
               suorv_d |   .0326071   .0054142     6.02   0.000     .0219947    .0432194
                   l_0 |  -.3623964   .0265652   -13.64   0.000    -.4144666   -.3103262
                   l_1 |  -.3789743   .0315264   -12.02   0.000     -.440769   -.3171797
                   l_2 |  -.4209671   .0365725   -11.51   0.000    -.4926527   -.3492815
                   l_3 |  -.4646121   .0416603   -11.15   0.000    -.5462703   -.3829539
                   l_4 |  -.5103501   .0467438   -10.92   0.000    -.6019724   -.4187278
                   l_5 |   -.556599   .0518551   -10.73   0.000    -.6582399   -.4549582
                   l_6 |  -.6042459   .0569742   -10.61   0.000    -.7159207   -.4925711
                   l_7 |  -.6588035    .062124   -10.60   0.000    -.7805723   -.5370347
                   l_8 |  -.7095871   .0672542   -10.55   0.000    -.8414116   -.5777625
                   l_9 |  -.7601229   .0723895   -10.50   0.000    -.9020132   -.6182326
                  l_10 |  -.8122489   .0775039   -10.48   0.000    -.9641638    -.660334
                   f_1 |  -.2809528   .0213279   -13.17   0.000    -.3227575   -.2391482
                   f_2 |  -.2270141   .0161923   -14.02   0.000    -.2587526   -.1952757
                   f_3 |  -.1690975   .0112623   -15.01   0.000    -.1911727   -.1470223
                   f_4 |  -.0907263   .0063292   -14.33   0.000    -.1031321   -.0783205
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0484606   .0042854   -11.31   0.000    -.0568604   -.0400609
          _Ivuosi_1996 |   .0232845    .003184     7.31   0.000     .0170436    .0295254
          _Ivuosi_1997 |   .0147141   .0030209     4.87   0.000     .0087928    .0206354
          _Ivuosi_1998 |   .0086359   .0028424     3.04   0.002     .0030645    .0142073
          _Ivuosi_1999 |   .0152569   .0027932     5.46   0.000     .0097819    .0207318
          _Ivuosi_2000 |  -.0122629   .0031534    -3.89   0.000    -.0184439    -.006082
          _Ivuosi_2001 |  -.0579052   .0024233   -23.90   0.000    -.0626551   -.0531553
          _Ivuosi_2002 |   -.054283   .0022229   -24.42   0.000    -.0586402   -.0499259
          _Ivuosi_2003 |  -.0519748   .0020576   -25.26   0.000     -.056008   -.0479416
          _Ivuosi_2004 |  -.0486803   .0017899   -27.20   0.000    -.0521888   -.0451719
          _Ivuosi_2005 |  -.0468934   .0016282   -28.80   0.000    -.0500849    -.043702
          _Ivuosi_2006 |  -.0396058   .0014287   -27.72   0.000    -.0424062   -.0368055
          _Ivuosi_2007 |  -.0317957   .0012183   -26.10   0.000    -.0341837   -.0294077
          _Ivuosi_2008 |  -.0242355   .0010485   -23.11   0.000    -.0262906   -.0221803
          _Ivuosi_2009 |  -.0185762   .0007924   -23.44   0.000    -.0201295    -.017023
          _Ivuosi_2010 |  -.0127359   .0005939   -21.45   0.000       -.0139   -.0115719
          _Ivuosi_2011 |  -.0070093   .0003359   -20.87   0.000    -.0076677    -.006351
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0789905   .0075506   -10.46   0.000    -.0937905   -.0641905
             _Iage2_22 |  -.0704435   .0123934    -5.68   0.000    -.0947357   -.0461513
             _Iage2_23 |  -.0489838   .0173325    -2.83   0.005    -.0829572   -.0150104
             _Iage2_24 |  -.0224165    .022243    -1.01   0.314    -.0660148    .0211817
             _Iage2_25 |   .0100777   .0272964     0.37   0.712    -.0434259    .0635812
             _Iage2_26 |    .045802   .0323213     1.42   0.156    -.0175507    .1091547
             _Iage2_27 |   .0826733   .0374449     2.21   0.027     .0092778    .1560688
             _Iage2_28 |   .1207026   .0425481     2.84   0.005     .0373044    .2041009
             _Iage2_29 |   .1615754   .0476293     3.39   0.001     .0682175    .2549332
             _Iage2_30 |   .2021112   .0527485     3.83   0.000     .0987191    .3055033
             _Iage2_31 |   .2426501   .0578608     4.19   0.000     .1292375    .3560627
             _Iage2_32 |   .2865662   .0630246     4.55   0.000     .1630321    .4101004
             _Iage2_33 |    .330848   .0681168     4.86   0.000     .1973327    .4643633
             _Iage2_34 |   .3765183    .073188     5.14   0.000     .2330629    .5199737
             _Iage2_35 |   .4227591   .0782919     5.40   0.000     .2692997    .5762185
             _Iage2_36 |   .4690044   .0834254     5.62   0.000     .3054829     .632526
             _Iage2_37 |   .5148603   .0885389     5.82   0.000     .3413158    .6884048
             _Iage2_38 |   .5616249   .0936527     6.00   0.000     .3780568    .7451931
             _Iage2_39 |   .6085816   .0987928     6.16   0.000     .4149384    .8022248
             _Iage2_40 |   .6545938   .1038973     6.30   0.000     .4509453    .8582424
             _Iage2_41 |   -.896162   .0925889    -9.68   0.000    -1.077645   -.7146791
             _Iage2_42 |  -.8482645   .0874472    -9.70   0.000    -1.019669   -.6768598
             _Iage2_43 |  -.8008625    .082315    -9.73   0.000    -.9622077   -.6395173
             _Iage2_44 |  -.7533013   .0771988    -9.76   0.000    -.9046181   -.6019844
             _Iage2_45 |  -.7062252   .0720643    -9.80   0.000     -.847478   -.5649723
             _Iage2_46 |  -.6585583   .0669185    -9.84   0.000    -.7897248   -.5273918
             _Iage2_47 |  -.6110701   .0617735    -9.89   0.000     -.732152   -.4899881
             _Iage2_48 |  -.5640652   .0566557    -9.96   0.000    -.6751156   -.4530147
             _Iage2_49 |  -.5159051   .0515305   -10.01   0.000    -.6169096   -.4149005
             _Iage2_50 |  -.4673957   .0463858   -10.08   0.000    -.5583162   -.3764752
             _Iage2_51 |  -.4204271   .0412744   -10.19   0.000    -.5013288   -.3395255
             _Iage2_52 |  -.3723611   .0361193   -10.31   0.000    -.4431583    -.301564
             _Iage2_53 |  -.3232387   .0309778   -10.43   0.000     -.383958   -.2625193
             _Iage2_54 |  -.2747361   .0258546   -10.63   0.000    -.3254135   -.2240587
             _Iage2_55 |  -.2224587   .0207176   -10.74   0.000    -.2630672   -.1818502
             _Iage2_56 |  -.1687934   .0155791   -10.83   0.000      -.19933   -.1382569
             _Iage2_57 |  -.1162255   .0104806   -11.09   0.000    -.1367686   -.0956825
             _Iage2_58 |  -.0591671   .0053232   -11.12   0.000     -.069601   -.0487332
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0005593   .0009539    -0.59   0.558     -.002429    .0013103
                 _cons |  -.1342149   .0625426    -2.15   0.032    -.2568044   -.0116255
-----------------------+----------------------------------------------------------------
               sigma_u |  .51757733
               sigma_e |    .146928
                   rho |  .92542395   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18257) =   30.31
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18257) =   43.88
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18257) =   80.56
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18257) =   74.73
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18257) =   20.32
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18257) =    9.57
            Prob > F =    0.0020

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18257) =   23.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18257) =    5.56
            Prob > F =    0.0184

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18257) =   17.31
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18257) =    3.74
            Prob > F =    0.0530

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    775,326    .0911565    .2878317          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    638,548    .0550421    .2280625          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    637,698    9.916953    6.294003          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    340,021    23.58049    8.559311          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    567,444    10.34949    6.307073          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    307,421    23.97445    8.516359          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     70,254     6.42335    4.956633          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     32,600    19.86543    8.056978          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.09 + _b[treated_post_ia3] * 
>   9.92
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.06 + _b[treated_post_ia3] * 
>  23.58

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0020317   .0078547    -0.26   0.796    -.0174266    .0133632
       _nl_2 |   .0743321   .0063397    11.72   0.000     .0619064    .0867577
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.3
> 5
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.9
> 7
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.4
> 2
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 7

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0018528   .0079515    -0.23   0.816    -.0174374    .0137318
       _nl_2 |   .0749842    .006386    11.74   0.000     .0624678    .0875005
       _nl_3 |    .000531   .0092597     0.06   0.954    -.0176177    .0186797
       _nl_4 |   .0764914   .0087768     8.72   0.000     .0592891    .0936937
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.4
> 2
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.8
> 7
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.3
> 5
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  23.9
> 7

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0552235   .0106638    -5.18   0.000    -.0761242   -.0343228
       _nl_2 |  -.0486192   .0107865    -4.51   0.000    -.0697604   -.0274781
       _nl_3 |  -.0325743   .0105324    -3.09   0.002    -.0532175   -.0119311
       _nl_4 |    -.02597   .0110138    -2.36   0.018    -.0475568   -.0043833
       _nl_5 |    .000531   .0092597     0.06   0.954    -.0176177    .0186797
       _nl_6 |   .0764914   .0087768     8.72   0.000     .0592891    .0936937
       _nl_7 |  -.0018528   .0079515    -0.23   0.816    -.0174374    .0137318
       _nl_8 |   .0749842    .006386    11.74   0.000     .0624678    .0875005
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_bluec_noIQ_noPhD_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1536                         Obs per group: min =         1
       between = 0.0005                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(86,18257)        =    106.82
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,258 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0226037   .0120348    -1.88   0.060     -.046193    .0009856
           treated_ia3 |  -.0048202   .0004611   -10.45   0.000    -.0057241   -.0039163
     treated_iasuorv_d |  -.0772364   .0098935    -7.81   0.000    -.0966285   -.0578443
           treated_pre |  -.0458863   .0081423    -5.64   0.000    -.0618459   -.0299267
       treated_pre_ia2 |   .0283874   .0063435     4.48   0.000     .0159535    .0408213
       treated_pre_ia3 |   .0046924    .000334    14.05   0.000     .0040378    .0053471
 treated_pre_iasuorv_d |   .0673618   .0067668     9.95   0.000     .0540982    .0806255
          treated_post |  -.0562928   .0107756    -5.22   0.000    -.0774141   -.0351716
      treated_post_ia2 |   .0234892   .0071745     3.27   0.001     .0094266    .0375519
      treated_post_ia3 |   .0053603   .0004306    12.45   0.000     .0045162    .0062044
treated_post_iasuorv_d |   .0876711   .0083178    10.54   0.000     .0713674    .1039748
             interact2 |  -.1074316    .005971   -17.99   0.000    -.1191354   -.0957279
             interact3 |  -.0003008   .0001152    -2.61   0.009    -.0005265    -.000075
               suorv_d |   .0325976   .0054157     6.02   0.000     .0219823    .0432129
                   l_0 |  -.3624592    .026568   -13.64   0.000    -.4145351   -.3103834
                   l_1 |  -.3790579   .0315331   -12.02   0.000    -.4408657   -.3172501
                   l_2 |  -.4210691   .0365827   -11.51   0.000    -.4927747   -.3493636
                   l_3 |  -.4647336   .0416751   -11.15   0.000    -.5464208   -.3830464
                   l_4 |  -.5104924   .0467638   -10.92   0.000    -.6021538    -.418831
                   l_5 |   -.556762   .0518798   -10.73   0.000    -.6584512   -.4550728
                   l_6 |  -.6044286   .0570041   -10.60   0.000    -.7161621   -.4926951
                   l_7 |  -.6590078    .062158   -10.60   0.000    -.7808434   -.5371722
                   l_8 |  -.7098096   .0672929   -10.55   0.000    -.8417099   -.5779093
                   l_9 |  -.7603652   .0724329   -10.50   0.000    -.9023405   -.6183899
                  l_10 |  -.8125096   .0775519   -10.48   0.000    -.9645187   -.6605006
                   f_1 |  -.2810136   .0213372   -13.17   0.000    -.3228365   -.2391908
                   f_2 |  -.2270594   .0161962   -14.02   0.000    -.2588055   -.1953133
                   f_3 |  -.1691286   .0112621   -15.02   0.000    -.1912034   -.1470538
                   f_4 |  -.0907459   .0063248   -14.35   0.000    -.1031431   -.0783488
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0484512   .0042859   -11.30   0.000     -.056852   -.0400504
          _Ivuosi_1996 |   .0232835   .0031835     7.31   0.000     .0170436    .0295234
          _Ivuosi_1997 |   .0146992   .0030195     4.87   0.000     .0087807    .0206176
          _Ivuosi_1998 |   .0086264   .0028402     3.04   0.002     .0030592    .0141935
          _Ivuosi_1999 |   .0152563   .0027914     5.47   0.000     .0097849    .0207276
          _Ivuosi_2000 |  -.0122706   .0031524    -3.89   0.000    -.0184496   -.0060916
          _Ivuosi_2001 |   -.057896   .0024212   -23.91   0.000    -.0626419   -.0531502
          _Ivuosi_2002 |  -.0542835   .0022219   -24.43   0.000    -.0586387   -.0499283
          _Ivuosi_2003 |   -.051971   .0020565   -25.27   0.000    -.0560018   -.0479401
          _Ivuosi_2004 |  -.0486793   .0017889   -27.21   0.000    -.0521856   -.0451729
          _Ivuosi_2005 |  -.0468954   .0016276   -28.81   0.000    -.0500857    -.043705
          _Ivuosi_2006 |  -.0396052   .0014279   -27.74   0.000    -.0424041   -.0368064
          _Ivuosi_2007 |  -.0317944   .0012177   -26.11   0.000    -.0341812   -.0294077
          _Ivuosi_2008 |  -.0242348   .0010481   -23.12   0.000    -.0262893   -.0221804
          _Ivuosi_2009 |  -.0185764   .0007921   -23.45   0.000     -.020129   -.0170237
          _Ivuosi_2010 |  -.0127361   .0005936   -21.46   0.000    -.0138996   -.0115725
          _Ivuosi_2011 |  -.0070096   .0003359   -20.87   0.000     -.007668   -.0063511
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0789751   .0075509   -10.46   0.000    -.0937756   -.0641745
             _Iage2_22 |  -.0704113   .0123968    -5.68   0.000    -.0947101   -.0461125
             _Iage2_23 |  -.0489378   .0173382    -2.82   0.005    -.0829223   -.0149533
             _Iage2_24 |  -.0223524   .0222514    -1.00   0.315    -.0659673    .0212624
             _Iage2_25 |   .0101527   .0273068     0.37   0.710    -.0433713    .0636766
             _Iage2_26 |    .045894   .0323344     1.42   0.156    -.0174846    .1092725
             _Iage2_27 |   .0827806   .0374608     2.21   0.027      .009354    .1562073
             _Iage2_28 |   .1208309   .0425673     2.84   0.005      .037395    .2042668
             _Iage2_29 |   .1617213   .0476509     3.39   0.001     .0683212    .2551215
             _Iage2_30 |   .2022747   .0527725     3.83   0.000     .0988357    .3057137
             _Iage2_31 |    .242831   .0578875     4.19   0.000     .1293661    .3562959
             _Iage2_32 |    .286764    .063054     4.55   0.000     .1631722    .4103558
             _Iage2_33 |   .3310623   .0681478     4.86   0.000     .1974862    .4646385
             _Iage2_34 |   .3767488    .073221     5.15   0.000     .2332288    .5202689
             _Iage2_35 |   .4230042   .0783265     5.40   0.000      .269477    .5765315
             _Iage2_36 |   .4692637   .0834618     5.62   0.000     .3056707    .6328568
             _Iage2_37 |   .5151306   .0885769     5.82   0.000     .3415115    .6887497
             _Iage2_38 |   .5619088   .0936935     6.00   0.000     .3782608    .7455568
             _Iage2_39 |   .6088698   .0988361     6.16   0.000     .4151417    .8025979
             _Iage2_40 |   .6548905   .1039438     6.30   0.000     .4511509      .85863
             _Iage2_41 |   .7024874   .1090705     6.44   0.000     .4886989    .9162759
             _Iage2_42 |   .7504022   .1142115     6.57   0.000     .5265371    .9742674
             _Iage2_43 |    .797826   .1193458     6.68   0.000      .563897    1.031755
             _Iage2_44 |   .8454041   .1244654     6.79   0.000     .6014403    1.089368
             _Iage2_45 |   .8924978   .1296029     6.89   0.000     .6384639    1.146532
             _Iage2_46 |   .9401955   .1347542     6.98   0.000     .6760647    1.204326
             _Iage2_47 |      .9877   .1399077     7.06   0.000     .7134677    1.261932
             _Iage2_48 |    1.03473   .1450319     7.13   0.000     .7504541    1.319007
             _Iage2_49 |   1.082912   .1501683     7.21   0.000     .7885683    1.377256
             _Iage2_50 |   1.131452   .1553226     7.28   0.000     .8270045    1.435898
             _Iage2_51 |   1.178451   .1604506     7.34   0.000      .863953    1.492949
             _Iage2_52 |   1.226553   .1656206     7.41   0.000     .9019212    1.551185
             _Iage2_53 |   1.275701   .1707829     7.47   0.000     .9409505    1.610452
             _Iage2_54 |   1.324231   .1759301     7.53   0.000     .9793915    1.669071
             _Iage2_55 |   1.376579   .1810912     7.60   0.000     1.021623    1.731535
             _Iage2_56 |   1.430263   .1862579     7.68   0.000      1.06518    1.795346
             _Iage2_57 |   1.482845   .1913954     7.75   0.000     1.107692    1.857998
             _Iage2_58 |   1.539914   .1965295     7.84   0.000     1.154698    1.925131
             _Iage2_59 |   1.599088   .2016911     7.93   0.000     1.203755    1.994422
         firm_size_new |  -.0005593   .0009537    -0.59   0.558    -.0024287    .0013101
                 _cons |   -.133907   .0625555    -2.14   0.032    -.2565215   -.0112924
-----------------------+----------------------------------------------------------------
               sigma_u |   .5178094
               sigma_e |  .14692856
                   rho |  .92548528   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18257) =    9.83
            Prob > F =    0.0017

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18257) =   23.87
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18257) =    7.24
            Prob > F =    0.0071

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18257) =    4.04
            Prob > F =    0.0446

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18257) =   27.36
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18257) =    2.26
            Prob > F =    0.1331
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1536                         Obs per group: min =         1
       between = 0.0005                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(89,18257)        =    106.47
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,258 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0070542   .0052409    -1.35   0.178    -.0173269    .0032185
           treated_ia2 |  -.0217542     .01195    -1.82   0.069    -.0451773    .0016688
           treated_ia3 |  -.0046073   .0004558   -10.11   0.000    -.0055006    -.003714
     treated_iasuorv_d |   -.072694   .0107234    -6.78   0.000    -.0937128   -.0516752
           treated_pre |  -.0445707   .0080926    -5.51   0.000    -.0604329   -.0287085
  treated_pre_iasenior |    .008076   .0045989     1.76   0.079    -.0009383    .0170903
       treated_pre_ia2 |   .0273333   .0063115     4.33   0.000     .0149623    .0397044
       treated_pre_ia3 |   .0044371   .0003519    12.61   0.000     .0037474    .0051268
 treated_pre_iasuorv_d |   .0615514   .0079572     7.74   0.000     .0459545    .0771483
          treated_post |  -.0552235   .0106638    -5.18   0.000    -.0761256   -.0343214
 treated_post_iasenior |   .0066043   .0055602     1.19   0.235    -.0042942    .0175027
      treated_post_ia2 |   .0226492   .0070704     3.20   0.001     .0087905    .0365079
      treated_post_ia3 |   .0051566   .0004218    12.22   0.000     .0043297    .0059834
treated_post_iasuorv_d |   .0830814   .0092303     9.00   0.000     .0649892    .1011735
                senior |    1.59854   .2015908     7.93   0.000     1.203403    1.993677
             interact2 |  -.1074544   .0059655   -18.01   0.000    -.1191474   -.0957613
             interact3 |  -.0003052   .0001152    -2.65   0.008    -.0005309   -.0000795
               suorv_d |   .0326071   .0054142     6.02   0.000     .0219947    .0432194
                   l_0 |  -.3623964   .0265652   -13.64   0.000    -.4144666   -.3103262
                   l_1 |  -.3789743   .0315264   -12.02   0.000     -.440769   -.3171797
                   l_2 |  -.4209671   .0365725   -11.51   0.000    -.4926527   -.3492815
                   l_3 |  -.4646121   .0416603   -11.15   0.000    -.5462703   -.3829539
                   l_4 |  -.5103501   .0467438   -10.92   0.000    -.6019724   -.4187278
                   l_5 |   -.556599   .0518551   -10.73   0.000    -.6582399   -.4549582
                   l_6 |  -.6042459   .0569742   -10.61   0.000    -.7159207   -.4925711
                   l_7 |  -.6588035    .062124   -10.60   0.000    -.7805723   -.5370347
                   l_8 |  -.7095871   .0672542   -10.55   0.000    -.8414116   -.5777625
                   l_9 |  -.7601229   .0723895   -10.50   0.000    -.9020132   -.6182326
                  l_10 |  -.8122489   .0775039   -10.48   0.000    -.9641638    -.660334
                   f_1 |  -.2809528   .0213279   -13.17   0.000    -.3227575   -.2391482
                   f_2 |  -.2270141   .0161923   -14.02   0.000    -.2587526   -.1952757
                   f_3 |  -.1690975   .0112623   -15.01   0.000    -.1911727   -.1470223
                   f_4 |  -.0907263   .0063292   -14.33   0.000    -.1031321   -.0783205
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0484606   .0042854   -11.31   0.000    -.0568604   -.0400609
          _Ivuosi_1996 |   .0232845    .003184     7.31   0.000     .0170436    .0295254
          _Ivuosi_1997 |   .0147141   .0030209     4.87   0.000     .0087928    .0206354
          _Ivuosi_1998 |   .0086359   .0028424     3.04   0.002     .0030645    .0142073
          _Ivuosi_1999 |   .0152569   .0027932     5.46   0.000     .0097819    .0207318
          _Ivuosi_2000 |  -.0122629   .0031534    -3.89   0.000    -.0184439    -.006082
          _Ivuosi_2001 |  -.0579052   .0024233   -23.90   0.000    -.0626551   -.0531553
          _Ivuosi_2002 |   -.054283   .0022229   -24.42   0.000    -.0586402   -.0499259
          _Ivuosi_2003 |  -.0519748   .0020576   -25.26   0.000     -.056008   -.0479416
          _Ivuosi_2004 |  -.0486803   .0017899   -27.20   0.000    -.0521888   -.0451719
          _Ivuosi_2005 |  -.0468934   .0016282   -28.80   0.000    -.0500849    -.043702
          _Ivuosi_2006 |  -.0396058   .0014287   -27.72   0.000    -.0424062   -.0368055
          _Ivuosi_2007 |  -.0317957   .0012183   -26.10   0.000    -.0341837   -.0294077
          _Ivuosi_2008 |  -.0242355   .0010485   -23.11   0.000    -.0262906   -.0221803
          _Ivuosi_2009 |  -.0185762   .0007924   -23.44   0.000    -.0201295    -.017023
          _Ivuosi_2010 |  -.0127359   .0005939   -21.45   0.000       -.0139   -.0115719
          _Ivuosi_2011 |  -.0070093   .0003359   -20.87   0.000    -.0076677    -.006351
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0789905   .0075506   -10.46   0.000    -.0937905   -.0641905
             _Iage2_22 |  -.0704435   .0123934    -5.68   0.000    -.0947357   -.0461513
             _Iage2_23 |  -.0489838   .0173325    -2.83   0.005    -.0829572   -.0150104
             _Iage2_24 |  -.0224165    .022243    -1.01   0.314    -.0660148    .0211817
             _Iage2_25 |   .0100777   .0272964     0.37   0.712    -.0434259    .0635812
             _Iage2_26 |    .045802   .0323213     1.42   0.156    -.0175507    .1091547
             _Iage2_27 |   .0826733   .0374449     2.21   0.027     .0092778    .1560688
             _Iage2_28 |   .1207026   .0425481     2.84   0.005     .0373044    .2041009
             _Iage2_29 |   .1615754   .0476293     3.39   0.001     .0682175    .2549332
             _Iage2_30 |   .2021112   .0527485     3.83   0.000     .0987191    .3055033
             _Iage2_31 |   .2426501   .0578608     4.19   0.000     .1292375    .3560627
             _Iage2_32 |   .2865662   .0630246     4.55   0.000     .1630321    .4101004
             _Iage2_33 |    .330848   .0681168     4.86   0.000     .1973327    .4643633
             _Iage2_34 |   .3765183    .073188     5.14   0.000     .2330629    .5199737
             _Iage2_35 |   .4227591   .0782919     5.40   0.000     .2692997    .5762185
             _Iage2_36 |   .4690044   .0834254     5.62   0.000     .3054829     .632526
             _Iage2_37 |   .5148603   .0885389     5.82   0.000     .3413158    .6884048
             _Iage2_38 |   .5616249   .0936527     6.00   0.000     .3780568    .7451931
             _Iage2_39 |   .6085816   .0987928     6.16   0.000     .4149384    .8022248
             _Iage2_40 |   .6545938   .1038973     6.30   0.000     .4509453    .8582424
             _Iage2_41 |   -.896162   .0925889    -9.68   0.000    -1.077645   -.7146791
             _Iage2_42 |  -.8482645   .0874472    -9.70   0.000    -1.019669   -.6768598
             _Iage2_43 |  -.8008625    .082315    -9.73   0.000    -.9622077   -.6395173
             _Iage2_44 |  -.7533013   .0771988    -9.76   0.000    -.9046181   -.6019844
             _Iage2_45 |  -.7062252   .0720643    -9.80   0.000     -.847478   -.5649723
             _Iage2_46 |  -.6585583   .0669185    -9.84   0.000    -.7897248   -.5273918
             _Iage2_47 |  -.6110701   .0617735    -9.89   0.000     -.732152   -.4899881
             _Iage2_48 |  -.5640652   .0566557    -9.96   0.000    -.6751156   -.4530147
             _Iage2_49 |  -.5159051   .0515305   -10.01   0.000    -.6169096   -.4149005
             _Iage2_50 |  -.4673957   .0463858   -10.08   0.000    -.5583162   -.3764752
             _Iage2_51 |  -.4204271   .0412744   -10.19   0.000    -.5013288   -.3395255
             _Iage2_52 |  -.3723611   .0361193   -10.31   0.000    -.4431583    -.301564
             _Iage2_53 |  -.3232387   .0309778   -10.43   0.000     -.383958   -.2625193
             _Iage2_54 |  -.2747361   .0258546   -10.63   0.000    -.3254135   -.2240587
             _Iage2_55 |  -.2224587   .0207176   -10.74   0.000    -.2630672   -.1818502
             _Iage2_56 |  -.1687934   .0155791   -10.83   0.000      -.19933   -.1382569
             _Iage2_57 |  -.1162255   .0104806   -11.09   0.000    -.1367686   -.0956825
             _Iage2_58 |  -.0591671   .0053232   -11.12   0.000     -.069601   -.0487332
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0005593   .0009539    -0.59   0.558     -.002429    .0013103
                 _cons |  -.1342149   .0625426    -2.15   0.032    -.2568044   -.0116255
-----------------------+----------------------------------------------------------------
               sigma_u |  .51757733
               sigma_e |    .146928
                   rho |  .92542395   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18257) =   30.31
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18257) =   43.88
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18257) =   80.56
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18257) =   74.73
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18257) =   20.32
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18257) =    9.57
            Prob > F =    0.0020

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18257) =   23.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18257) =    5.56
            Prob > F =    0.0184

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18257) =   17.31
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18257) =    3.74
            Prob > F =    0.0530
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413597
Group variable: shnro_real                      Number of groups   =    132662

R-sq:  within  = 0.1476                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(74,18252)        =    107.55
corr(u_i, Xb)  = -0.9809                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,253 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0155845   .0056154     2.78   0.006     .0045779    .0265912
 treated_post |    .016939   .0073831     2.29   0.022     .0024674    .0314106
          l_0 |   -.385016   .0266386   -14.45   0.000    -.4372301   -.3328018
          l_1 |  -.4065096   .0315857   -12.87   0.000    -.4684205   -.3445987
          l_2 |  -.4531136   .0366306   -12.37   0.000    -.5249131   -.3813141
          l_3 |  -.5013727   .0417166   -12.02   0.000    -.5831411   -.4196042
          l_4 |  -.5518702   .0468021   -11.79   0.000    -.6436066   -.4601338
          l_5 |  -.6028977   .0519149   -11.61   0.000    -.7046557   -.5011396
          l_6 |  -.6554638   .0570395   -11.49   0.000    -.7672667    -.543661
          l_7 |  -.7147984   .0621912   -11.49   0.000    -.8366989   -.5928978
          l_8 |  -.7704647   .0673282   -11.44   0.000    -.9024342   -.6384951
          l_9 |  -.8259144   .0724677   -11.40   0.000     -.967958   -.6838709
         l_10 |  -.8830181    .077586   -11.38   0.000    -1.035094   -.7309422
          f_1 |  -.2993463   .0213547   -14.02   0.000    -.3412035   -.2574891
          f_2 |  -.2409064   .0162101   -14.86   0.000    -.2726796   -.2091331
          f_3 |  -.1783823   .0112708   -15.83   0.000    -.2004742   -.1562904
          f_4 |  -.0954888   .0063367   -15.07   0.000    -.1079094   -.0830682
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0477604   .0043042   -11.10   0.000    -.0561971   -.0393238
 _Ivuosi_1996 |   .0238703   .0031855     7.49   0.000     .0176263    .0301142
 _Ivuosi_1997 |   .0151966   .0030396     5.00   0.000     .0092386    .0211546
 _Ivuosi_1998 |   .0092232   .0028602     3.22   0.001     .0036169    .0148295
 _Ivuosi_1999 |   .0161034   .0028181     5.71   0.000     .0105797     .021627
 _Ivuosi_2000 |  -.0116025   .0031914    -3.64   0.000     -.017858    -.005347
 _Ivuosi_2001 |  -.0575999   .0024497   -23.51   0.000    -.0624017   -.0527982
 _Ivuosi_2002 |  -.0542945   .0022593   -24.03   0.000     -.058723   -.0498659
 _Ivuosi_2003 |  -.0519028   .0020834   -24.91   0.000    -.0559865   -.0478191
 _Ivuosi_2004 |  -.0484659   .0018086   -26.80   0.000    -.0520108    -.044921
 _Ivuosi_2005 |  -.0466893     .00165   -28.30   0.000    -.0499234   -.0434551
 _Ivuosi_2006 |  -.0392731   .0014539   -27.01   0.000     -.042123   -.0364233
 _Ivuosi_2007 |  -.0314174   .0012353   -25.43   0.000    -.0338387    -.028996
 _Ivuosi_2008 |  -.0238783   .0010682   -22.35   0.000    -.0259719   -.0217846
 _Ivuosi_2009 |  -.0182975   .0008006   -22.85   0.000    -.0198667   -.0167282
 _Ivuosi_2010 |  -.0125323   .0005976   -20.97   0.000    -.0137035    -.011361
 _Ivuosi_2011 |  -.0068043   .0003268   -20.82   0.000     -.007445   -.0061637
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0776016    .007554   -10.27   0.000    -.0924081   -.0627951
    _Iage2_22 |  -.0673092   .0124021    -5.43   0.000    -.0916185   -.0429998
    _Iage2_23 |  -.0436419   .0173479    -2.52   0.012    -.0776454   -.0096384
    _Iage2_24 |  -.0164191   .0222789    -0.74   0.461    -.0600878    .0272496
    _Iage2_25 |   .0164237   .0273525     0.60   0.548    -.0371898    .0700372
    _Iage2_26 |   .0530201   .0323853     1.64   0.102    -.0104582    .1164984
    _Iage2_27 |   .0917054   .0375176     2.44   0.015     .0181675    .1652433
    _Iage2_28 |   .1323283   .0426296     3.10   0.002     .0487703    .2158862
    _Iage2_29 |   .1761606   .0477182     3.69   0.000     .0826284    .2696928
    _Iage2_30 |   .2201973     .05284     4.17   0.000      .116626    .3237686
    _Iage2_31 |   .2643468   .0579565     4.56   0.000     .1507466     .377947
    _Iage2_32 |   .3120976   .0631209     4.94   0.000     .1883748    .4358205
    _Iage2_33 |   .3602668   .0682106     5.28   0.000     .2265676     .493966
    _Iage2_34 |   .4100293   .0732788     5.60   0.000      .266396    .5536625
    _Iage2_35 |   .4605037   .0783848     5.87   0.000     .3068621    .6141452
    _Iage2_36 |   .5110445   .0835153     6.12   0.000     .3473467    .6747424
    _Iage2_37 |   .5612867   .0886347     6.33   0.000     .3875543    .7350191
    _Iage2_38 |   .6124955   .0937484     6.53   0.000     .4287398    .7962512
    _Iage2_39 |   .6639532   .0988924     6.71   0.000     .4701149    .8577916
    _Iage2_40 |   .7145794   .1039983     6.87   0.000      .510733    .9184258
    _Iage2_41 |   .7667926   .1091273     7.03   0.000     .5528929    .9806923
    _Iage2_42 |   .8194115   .1142679     7.17   0.000     .5954357    1.043387
    _Iage2_43 |   .8716738   .1194048     7.30   0.000     .6376292    1.105718
    _Iage2_44 |   .9241311   .1245264     7.42   0.000     .6800477    1.168215
    _Iage2_45 |   .9761494   .1296627     7.53   0.000     .7219983    1.230301
    _Iage2_46 |   1.028819   .1348164     7.63   0.000      .764566    1.293071
    _Iage2_47 |   1.081308   .1399714     7.73   0.000     .8069506    1.355665
    _Iage2_48 |   1.133344   .1450967     7.81   0.000     .8489413    1.417747
    _Iage2_49 |   1.186607   .1502315     7.90   0.000     .8921386    1.481074
    _Iage2_50 |   1.240294   .1553848     7.98   0.000     .9357256    1.544863
    _Iage2_51 |   1.292355    .160513     8.05   0.000     .9777343    1.606975
    _Iage2_52 |   1.345575   .1656832     8.12   0.000      1.02082    1.670329
    _Iage2_53 |   1.399917   .1708438     8.19   0.000     1.065047    1.734787
    _Iage2_54 |   1.453587   .1759882     8.26   0.000     1.108634    1.798541
    _Iage2_55 |   1.511292   .1811485     8.34   0.000     1.156224     1.86636
    _Iage2_56 |   1.570018   .1863134     8.43   0.000     1.204826    1.935209
    _Iage2_57 |   1.627688   .1914478     8.50   0.000     1.252432    2.002944
    _Iage2_58 |   1.689847   .1965763     8.60   0.000     1.304539    2.075156
    _Iage2_59 |   1.754079   .2017338     8.70   0.000     1.358662    2.149496
firm_size_new |  -.0007649    .000984    -0.78   0.437    -.0026936    .0011638
        _cons |  -.1957669   .0626631    -3.12   0.002    -.3185924   -.0729414
--------------+----------------------------------------------------------------
      sigma_u |  .55547235
      sigma_e |  .14742965
          rho |  .93419169   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413597
Group variable: shnro_real                      Number of groups   =    132662

R-sq:  within  = 0.1498                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(82,18252)        =    103.78
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,253 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0044209   .0004551    -9.71   0.000     -.005313   -.0035288
     treated_iasuorv_d |  -.0820483   .0099444    -8.25   0.000    -.1015403   -.0625563
           treated_pre |  -.0440007   .0080196    -5.49   0.000    -.0597197   -.0282816
       treated_pre_ia3 |   .0046424   .0003334    13.93   0.000     .0039889    .0052959
 treated_pre_iasuorv_d |   .0672236   .0066652    10.09   0.000     .0541592     .080288
          treated_post |   -.061746   .0108354    -5.70   0.000    -.0829844   -.0405077
      treated_post_ia3 |   .0054377   .0004348    12.51   0.000     .0045854    .0062901
treated_post_iasuorv_d |   .0980852   .0084917    11.55   0.000     .0814406    .1147297
             interact3 |   .0005553   .0001182     4.70   0.000     .0003236    .0007869
               suorv_d |   .0333371   .0054062     6.17   0.000     .0227405    .0439338
                   l_0 |  -.3677112   .0266126   -13.82   0.000    -.4198744   -.3155479
                   l_1 |   -.386134   .0315695   -12.23   0.000    -.4480132   -.3242549
                   l_2 |  -.4296499   .0366164   -11.73   0.000    -.5014215   -.3578782
                   l_3 |  -.4747527   .0417044   -11.38   0.000    -.5564972   -.3930083
                   l_4 |  -.5220406   .0467909   -11.16   0.000    -.6137553    -.430326
                   l_5 |  -.5698359   .0519042   -10.98   0.000     -.671573   -.4680988
                   l_6 |    -.61913   .0570262   -10.86   0.000    -.7309068   -.5073532
                   l_7 |  -.6752241   .0621799   -10.86   0.000    -.7971025   -.5533457
                   l_8 |  -.7276198   .0673161   -10.81   0.000    -.8595657   -.5956739
                   l_9 |  -.7797019   .0724543   -10.76   0.000    -.9217192   -.6376847
                  l_10 |  -.8335295    .077574   -10.74   0.000    -.9855819   -.6814772
                   f_1 |  -.2862353   .0213517   -13.41   0.000    -.3280867    -.244384
                   f_2 |  -.2309866   .0162083   -14.25   0.000    -.2627564   -.1992169
                   f_3 |  -.1716445   .0112744   -15.22   0.000    -.1937433   -.1495457
                   f_4 |  -.0919377   .0063369   -14.51   0.000    -.1043588   -.0795167
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0481265   .0042864   -11.23   0.000    -.0565282   -.0397249
          _Ivuosi_1996 |   .0237134   .0031853     7.44   0.000       .01747    .0299569
          _Ivuosi_1997 |   .0151799   .0030224     5.02   0.000     .0092558     .021104
          _Ivuosi_1998 |   .0091649    .002847     3.22   0.001     .0035845    .0147452
          _Ivuosi_1999 |   .0159448   .0027981     5.70   0.000     .0104603    .0214293
          _Ivuosi_2000 |  -.0115029   .0031616    -3.64   0.000       -.0177   -.0053058
          _Ivuosi_2001 |  -.0574238   .0024335   -23.60   0.000    -.0621936   -.0526539
          _Ivuosi_2002 |   -.053903   .0022354   -24.11   0.000    -.0582846   -.0495213
          _Ivuosi_2003 |  -.0515677    .002065   -24.97   0.000    -.0556153   -.0475201
          _Ivuosi_2004 |  -.0481826   .0017995   -26.78   0.000    -.0517098   -.0446554
          _Ivuosi_2005 |  -.0464333   .0016373   -28.36   0.000    -.0496427    -.043224
          _Ivuosi_2006 |  -.0390604    .001438   -27.16   0.000    -.0418789   -.0362418
          _Ivuosi_2007 |  -.0312261   .0012243   -25.51   0.000    -.0336259   -.0288264
          _Ivuosi_2008 |  -.0237448   .0010568   -22.47   0.000    -.0258162   -.0216734
          _Ivuosi_2009 |  -.0181304   .0007945   -22.82   0.000    -.0196878    -.016573
          _Ivuosi_2010 |  -.0123954   .0005948   -20.84   0.000    -.0135612   -.0112295
          _Ivuosi_2011 |  -.0066857   .0003276   -20.41   0.000    -.0073278   -.0060436
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0789154   .0075489   -10.45   0.000     -.093712   -.0641188
             _Iage2_22 |  -.0703486   .0123992    -5.67   0.000    -.0946522   -.0460449
             _Iage2_23 |   -.049053   .0173455    -2.83   0.005    -.0830517   -.0150542
             _Iage2_24 |  -.0241768   .0222795    -1.09   0.278    -.0678468    .0194932
             _Iage2_25 |   .0060804   .0273559     0.22   0.824    -.0475396    .0597005
             _Iage2_26 |   .0400433    .032396     1.24   0.216    -.0234559    .1035424
             _Iage2_27 |   .0758207   .0375325     2.02   0.043     .0022534    .1493879
             _Iage2_28 |   .1134202   .0426475     2.66   0.008     .0298271    .1970133
             _Iage2_29 |   .1541493   .0477384     3.23   0.001     .0605775     .247721
             _Iage2_30 |   .1949559   .0528636     3.69   0.000     .0913383    .2985734
             _Iage2_31 |   .2358381   .0579836     4.07   0.000     .1221848    .3494914
             _Iage2_32 |    .280249   .0631525     4.44   0.000     .1564641    .4040338
             _Iage2_33 |   .3250793    .068247     4.76   0.000     .1913087    .4588499
             _Iage2_34 |   .3714083   .0733199     5.07   0.000     .2276945    .5151221
             _Iage2_35 |   .4183505    .078426     5.33   0.000     .2646283    .5720728
             _Iage2_36 |   .4653436   .0835616     5.57   0.000     .3015551    .6291321
             _Iage2_37 |   .5119232   .0886798     5.77   0.000     .3381024     .685744
             _Iage2_38 |     .55944    .093796     5.96   0.000     .3755911    .7432889
             _Iage2_39 |   .6071097   .0989413     6.14   0.000     .4131754     .801044
             _Iage2_40 |   .6538881   .1040508     6.28   0.000     .4499388    .8578374
             _Iage2_41 |   .7022664   .1091804     6.43   0.000     .4882626    .9162702
             _Iage2_42 |   .7509106   .1143217     6.57   0.000     .5268294    .9749917
             _Iage2_43 |    .799102   .1194585     6.69   0.000     .5649521    1.033252
             _Iage2_44 |   .8474855   .1245792     6.80   0.000     .6032986    1.091672
             _Iage2_45 |    .895366   .1297184     6.90   0.000     .6411057    1.149626
             _Iage2_46 |   .9439096   .1348718     7.00   0.000     .6795481    1.208271
             _Iage2_47 |   .9922569   .1400284     7.09   0.000     .7177881    1.266726
             _Iage2_48 |   1.040149   .1451531     7.17   0.000     .7556352    1.324663
             _Iage2_49 |   1.089223   .1502908     7.25   0.000     .7946386    1.383807
             _Iage2_50 |   1.138677   .1554456     7.33   0.000     .8339893    1.443365
             _Iage2_51 |   1.186645   .1605745     7.39   0.000      .871904    1.501386
             _Iage2_52 |   1.235697   .1657456     7.46   0.000     .9108201    1.560574
             _Iage2_53 |   1.285897   .1709095     7.52   0.000     .9508986    1.620896
             _Iage2_54 |   1.335464   .1760577     7.59   0.000     .9903745    1.680554
             _Iage2_55 |   1.388849   .1812199     7.66   0.000     1.033641    1.744057
             _Iage2_56 |   1.443583   .1863874     7.75   0.000     1.078246    1.808919
             _Iage2_57 |   1.497247   .1915262     7.82   0.000     1.121838    1.872656
             _Iage2_58 |     1.5554   .1966607     7.91   0.000     1.169926    1.940873
             _Iage2_59 |   1.615609   .2018236     8.01   0.000     1.220016    2.011202
         firm_size_new |  -.0007068   .0009466    -0.75   0.455    -.0025621    .0011485
                 _cons |   -.143798   .0626143    -2.30   0.022    -.2665278   -.0210682
-----------------------+----------------------------------------------------------------
               sigma_u |  .52372626
               sigma_e |  .14724699
                   rho |  .92674388   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18252) =   28.87
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18252) =   25.76
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413597
Group variable: shnro_real                      Number of groups   =    132662

R-sq:  within  = 0.1487                         Obs per group: min =         1
       between = 0.0007                                        avg =      10.7
       overall = 0.0001                                        max =        16

                                                F(79,18252)        =    103.12
corr(u_i, Xb)  = -0.9798                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,253 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0070115   .0067289     1.04   0.297    -.0061777    .0202007
          treated_pre |   .0187744   .0067242     2.79   0.005     .0055944    .0319544
 treated_pre_iasenior |  -.0096186   .0059848    -1.61   0.108    -.0213494    .0021122
         treated_post |   .0164932   .0092566     1.78   0.075    -.0016505     .034637
treated_post_iasenior |  -.0017936   .0079995    -0.22   0.823    -.0174734    .0138863
               senior |          0  (omitted)
         pre_iasenior |   .0532717   .0041836    12.73   0.000     .0450715     .061472
        post_iasenior |   .0574666   .0051183    11.23   0.000     .0474343    .0674989
                  l_0 |  -.3972706   .0268952   -14.77   0.000    -.4499878   -.3445535
                  l_1 |  -.4175429   .0317908   -13.13   0.000    -.4798559     -.35523
                  l_2 |   -.462904    .036793   -12.58   0.000    -.5350218   -.3907862
                  l_3 |  -.5098837     .04184   -12.19   0.000     -.591894   -.4278735
                  l_4 |   -.559068    .046891   -11.92   0.000    -.6509787   -.4671573
                  l_5 |   -.608774   .0519719   -11.71   0.000    -.7106438   -.5069042
                  l_6 |  -.6600341   .0570662   -11.57   0.000    -.7718892    -.548179
                  l_7 |  -.7180013   .0621914   -11.55   0.000    -.8399022   -.5961004
                  l_8 |  -.7723563   .0673014   -11.48   0.000    -.9042733   -.6404392
                  l_9 |  -.8263858   .0724141   -11.41   0.000    -.9683242   -.6844473
                 l_10 |  -.8821682   .0775083   -11.38   0.000    -1.034092   -.7302447
                  f_1 |  -.3115248   .0215194   -14.48   0.000    -.3537048   -.2693448
                  f_2 |  -.2544376   .0164407   -15.48   0.000    -.2866629   -.2222122
                  f_3 |  -.1932694    .011595   -16.67   0.000    -.2159967   -.1705421
                  f_4 |  -.1117086   .0068477   -16.31   0.000    -.1251307   -.0982865
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0479548   .0042775   -11.21   0.000    -.0563392   -.0395705
         _Ivuosi_1996 |    .023812   .0031778     7.49   0.000     .0175832    .0300409
         _Ivuosi_1997 |   .0153424   .0030272     5.07   0.000     .0094088    .0212761
         _Ivuosi_1998 |    .009288   .0028652     3.24   0.001      .003672     .014904
         _Ivuosi_1999 |   .0160187    .002818     5.68   0.000     .0104952    .0215421
         _Ivuosi_2000 |  -.0114023   .0031877    -3.58   0.000    -.0176506   -.0051541
         _Ivuosi_2001 |  -.0575542   .0024524   -23.47   0.000    -.0623611   -.0527473
         _Ivuosi_2002 |  -.0540866   .0022526   -24.01   0.000     -.058502   -.0496712
         _Ivuosi_2003 |  -.0517291   .0020754   -24.93   0.000     -.055797   -.0476611
         _Ivuosi_2004 |  -.0482745    .001809   -26.69   0.000    -.0518203   -.0447286
         _Ivuosi_2005 |  -.0464982   .0016493   -28.19   0.000     -.049731   -.0432653
         _Ivuosi_2006 |  -.0390212   .0014551   -26.82   0.000    -.0418733   -.0361692
         _Ivuosi_2007 |  -.0312357   .0012355   -25.28   0.000    -.0336574    -.028814
         _Ivuosi_2008 |  -.0237134   .0010666   -22.23   0.000    -.0258041   -.0216226
         _Ivuosi_2009 |  -.0181781   .0008007   -22.70   0.000    -.0197475   -.0166087
         _Ivuosi_2010 |  -.0125026   .0005945   -21.03   0.000    -.0136679   -.0113373
         _Ivuosi_2011 |  -.0067745   .0003228   -20.99   0.000    -.0074072   -.0061418
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0776516   .0075407   -10.30   0.000     -.092432   -.0628712
            _Iage2_22 |  -.0676476   .0123772    -5.47   0.000    -.0919081   -.0433872
            _Iage2_23 |  -.0444347   .0173145    -2.57   0.010    -.0783728   -.0104965
            _Iage2_24 |  -.0176754   .0222359    -0.79   0.427    -.0612599    .0259091
            _Iage2_25 |   .0145799   .0272976     0.53   0.593     -.038926    .0680857
            _Iage2_26 |   .0505594   .0323199     1.56   0.118    -.0127906    .1139094
            _Iage2_27 |   .0884819   .0374393     2.36   0.018     .0150974    .1618664
            _Iage2_28 |   .1283387   .0425379     3.02   0.003     .0449605    .2117169
            _Iage2_29 |   .1714274   .0476134     3.60   0.000     .0781006    .2647542
            _Iage2_30 |   .2147384   .0527232     4.07   0.000     .1113959    .3180808
            _Iage2_31 |   .2580828   .0578265     4.46   0.000     .1447373    .3714283
            _Iage2_32 |   .3050931    .062978     4.84   0.000     .1816503    .4285358
            _Iage2_33 |   .3525487   .0680572     5.18   0.000     .2191502    .4859472
            _Iage2_34 |   .4015183   .0731128     5.49   0.000     .2582104    .5448262
            _Iage2_35 |   .4512548   .0782055     5.77   0.000     .2979647     .604545
            _Iage2_36 |   .5010555   .0833225     6.01   0.000     .3377355    .6643755
            _Iage2_37 |   .5504348   .0884276     6.22   0.000     .3771084    .7237612
            _Iage2_38 |   .6007133   .0935268     6.42   0.000     .4173919    .7840347
            _Iage2_39 |   .6511718   .0986545     6.60   0.000     .4577996    .8445439
            _Iage2_40 |   .7006729   .1037443     6.75   0.000     .4973242    .9040215
            _Iage2_41 |   .6959464   .1085807     6.41   0.000     .4831179    .9087748
            _Iage2_42 |   .7470633   .1136997     6.57   0.000     .5242012    .9699254
            _Iage2_43 |   .7976246   .1188078     6.71   0.000     .5647502    1.030499
            _Iage2_44 |   .8483405   .1239035     6.85   0.000      .605478    1.091203
            _Iage2_45 |    .898446   .1290118     6.96   0.000     .6455707    1.151321
            _Iage2_46 |   .9490082    .134136     7.07   0.000     .6860891    1.211927
            _Iage2_47 |   .9995298    .139261     7.18   0.000     .7265651    1.272495
            _Iage2_48 |   1.049413   .1443545     7.27   0.000     .7664645    1.332361
            _Iage2_49 |   1.100485   .1494595     7.36   0.000     .8075308     1.39344
            _Iage2_50 |   1.151836   .1545819     7.45   0.000     .8488404    1.454831
            _Iage2_51 |   1.201555   .1596738     7.53   0.000     .8885792     1.51453
            _Iage2_52 |   1.252347   .1648111     7.60   0.000     .9293019    1.575393
            _Iage2_53 |   1.304303   .1699377     7.68   0.000      .971209    1.637397
            _Iage2_54 |   1.355553   .1750487     7.74   0.000     1.012441    1.698665
            _Iage2_55 |   1.410176   .1801707     7.83   0.000     1.057024    1.763327
            _Iage2_56 |   1.466732   .1853062     7.92   0.000     1.103514    1.829949
            _Iage2_57 |   1.522316   .1904115     7.99   0.000     1.149091     1.89554
            _Iage2_58 |   1.582335   .1955138     8.09   0.000      1.19911    1.965561
            _Iage2_59 |   1.644398   .2006445     8.20   0.000     1.251116     2.03768
        firm_size_new |  -.0007306   .0009811    -0.74   0.456    -.0026537    .0011925
                _cons |  -.1705542   .0624217    -2.73   0.006    -.2929066   -.0482018
----------------------+----------------------------------------------------------------
              sigma_u |  .54029968
              sigma_e |  .14734069
                  rho |  .93078127   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18252) =    6.24
            Prob > F =    0.0125

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18252) =    3.64
            Prob > F =    0.0563
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413597
Group variable: shnro_real                      Number of groups   =    132662

R-sq:  within  = 0.1536                         Obs per group: min =         1
       between = 0.0005                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(86,18252)        =    106.78
corr(u_i, Xb)  = -0.9778                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,253 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0227438   .0120512    -1.89   0.059    -.0463653    .0008777
           treated_ia3 |  -.0048202   .0004611   -10.45   0.000    -.0057241   -.0039163
     treated_iasuorv_d |   -.077197   .0098925    -7.80   0.000    -.0965872   -.0578069
           treated_pre |  -.0459236   .0081422    -5.64   0.000    -.0618831    -.029964
       treated_pre_ia2 |   .0283422   .0063437     4.47   0.000      .015908    .0407765
       treated_pre_ia3 |   .0046944    .000334    14.06   0.000     .0040398     .005349
 treated_pre_iasuorv_d |   .0674162   .0067658     9.96   0.000     .0541545    .0806779
          treated_post |  -.0562251   .0107749    -5.22   0.000    -.0773449   -.0351053
      treated_post_ia2 |    .023512   .0071739     3.28   0.001     .0094504    .0375736
      treated_post_ia3 |   .0053573   .0004306    12.44   0.000     .0045133    .0062014
treated_post_iasuorv_d |   .0875917    .008315    10.53   0.000     .0712935    .1038899
             interact2 |  -.1074195    .005971   -17.99   0.000    -.1191232   -.0957159
             interact3 |  -.0002994   .0001152    -2.60   0.009    -.0005252   -.0000736
               suorv_d |   .0325862   .0054157     6.02   0.000      .021971    .0432015
                   l_0 |  -.3625535     .02657   -13.65   0.000    -.4146333   -.3104737
                   l_1 |  -.3791713   .0315357   -12.02   0.000    -.4409842   -.3173583
                   l_2 |  -.4212246   .0365858   -11.51   0.000    -.4929362   -.3495131
                   l_3 |  -.4649143   .0416787   -11.15   0.000    -.5466085   -.3832201
                   l_4 |  -.5106791   .0467678   -10.92   0.000    -.6023485   -.4190098
                   l_5 |  -.5569674   .0518844   -10.73   0.000    -.6586657   -.4552691
                   l_6 |  -.6046535   .0570093   -10.61   0.000    -.7163971     -.49291
                   l_7 |  -.6592593   .0621636   -10.61   0.000    -.7811058   -.5374128
                   l_8 |  -.7100814   .0672989   -10.55   0.000    -.8419936   -.5781693
                   l_9 |  -.7606612   .0724394   -10.50   0.000    -.9026492   -.6186732
                  l_10 |  -.8128261   .0775589   -10.48   0.000    -.9648488   -.6608035
                   f_1 |  -.2811048   .0213388   -13.17   0.000    -.3229309   -.2392788
                   f_2 |  -.2271258   .0161974   -14.02   0.000    -.2588741   -.1953775
                   f_3 |  -.1691448   .0112628   -15.02   0.000    -.1912208   -.1470687
                   f_4 |  -.0907796   .0063249   -14.35   0.000     -.103177   -.0783822
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0483675    .004287   -11.28   0.000    -.0567705   -.0399646
          _Ivuosi_1996 |   .0233221   .0031848     7.32   0.000     .0170796    .0295645
          _Ivuosi_1997 |   .0147514   .0030202     4.88   0.000     .0088316    .0206713
          _Ivuosi_1998 |   .0086789   .0028406     3.06   0.002     .0031112    .0142467
          _Ivuosi_1999 |   .0153144   .0027912     5.49   0.000     .0098434    .0207853
          _Ivuosi_2000 |  -.0122637   .0031525    -3.89   0.000     -.018443   -.0060845
          _Ivuosi_2001 |  -.0578744   .0024206   -23.91   0.000    -.0626191   -.0531297
          _Ivuosi_2002 |  -.0542652   .0022213   -24.43   0.000    -.0586191   -.0499112
          _Ivuosi_2003 |  -.0519536   .0020558   -25.27   0.000    -.0559832    -.047924
          _Ivuosi_2004 |  -.0486624   .0017883   -27.21   0.000    -.0521676   -.0451572
          _Ivuosi_2005 |  -.0468835   .0016272   -28.81   0.000    -.0500729    -.043694
          _Ivuosi_2006 |  -.0395918   .0014275   -27.74   0.000    -.0423898   -.0367939
          _Ivuosi_2007 |  -.0317862   .0012176   -26.11   0.000    -.0341728   -.0293997
          _Ivuosi_2008 |  -.0242263   .0010481   -23.11   0.000    -.0262807   -.0221719
          _Ivuosi_2009 |  -.0185706    .000792   -23.45   0.000     -.020123   -.0170181
          _Ivuosi_2010 |  -.0127324   .0005935   -21.45   0.000    -.0138958    -.011569
          _Ivuosi_2011 |  -.0070084   .0003359   -20.86   0.000    -.0076669   -.0063499
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0789946   .0075524   -10.46   0.000    -.0937981   -.0641911
             _Iage2_22 |  -.0703979   .0123987    -5.68   0.000    -.0947004   -.0460953
             _Iage2_23 |  -.0488635   .0173408    -2.82   0.005     -.082853    -.014874
             _Iage2_24 |  -.0223033   .0222547    -1.00   0.316    -.0659246    .0213179
             _Iage2_25 |   .0102298   .0273104     0.37   0.708    -.0433012    .0637608
             _Iage2_26 |   .0460464   .0323383     1.42   0.154    -.0173398    .1094326
             _Iage2_27 |   .0829507   .0374653     2.21   0.027     .0095152    .1563862
             _Iage2_28 |   .1209934   .0425724     2.84   0.004     .0375476    .2044393
             _Iage2_29 |   .1619257   .0476564     3.40   0.001     .0685146    .2553368
             _Iage2_30 |   .2025035   .0527786     3.84   0.000     .0990526    .3059544
             _Iage2_31 |   .2430863    .057894     4.20   0.000     .1296085     .356564
             _Iage2_32 |   .2870091   .0630612     4.55   0.000     .1634032    .4106151
             _Iage2_33 |   .3313137   .0681557     4.86   0.000      .197722    .4649053
             _Iage2_34 |   .3770402   .0732293     5.15   0.000     .2335039    .5205764
             _Iage2_35 |   .4233177   .0783352     5.40   0.000     .2697733    .5768622
             _Iage2_36 |   .4695995   .0834711     5.63   0.000     .3059884    .6332107
             _Iage2_37 |   .5154619   .0885868     5.82   0.000     .3418234    .6891004
             _Iage2_38 |   .5622895   .0937037     6.00   0.000     .3786214    .7459577
             _Iage2_39 |   .6092692   .0988469     6.16   0.000       .41552    .8030185
             _Iage2_40 |   .6553095   .1039551     6.30   0.000     .4515478    .8590712
             _Iage2_41 |   .7029427   .1090823     6.44   0.000     .4891311    .9167542
             _Iage2_42 |   .7508785   .1142237     6.57   0.000     .5269894    .9747677
             _Iage2_43 |   .7983182   .1193586     6.69   0.000     .5643641    1.032272
             _Iage2_44 |   .8459205   .1244787     6.80   0.000     .6019307     1.08991
             _Iage2_45 |   .8930349   .1296167     6.89   0.000      .638974    1.147096
             _Iage2_46 |   .9407573   .1347685     6.98   0.000     .6765984    1.204916
             _Iage2_47 |   .9882837   .1399226     7.06   0.000     .7140223    1.262545
             _Iage2_48 |   1.035339   .1450473     7.14   0.000     .7510332    1.319646
             _Iage2_49 |   1.083545   .1501842     7.21   0.000     .7891699     1.37792
             _Iage2_50 |   1.132111   .1553389     7.29   0.000     .8276319     1.43659
             _Iage2_51 |   1.179136   .1604674     7.35   0.000     .8646048    1.493667
             _Iage2_52 |   1.227232   .1656379     7.41   0.000     .9025665    1.551898
             _Iage2_53 |   1.276435   .1708007     7.47   0.000     .9416498    1.611221
             _Iage2_54 |   1.324985   .1759484     7.53   0.000     .9801099    1.669861
             _Iage2_55 |    1.37736     .18111     7.61   0.000     1.022368    1.732353
             _Iage2_56 |   1.431071   .1862772     7.68   0.000     1.065951    1.796192
             _Iage2_57 |   1.483678   .1914152     7.75   0.000     1.108487     1.85887
             _Iage2_58 |   1.540775   .1965498     7.84   0.000     1.155519    1.926031
             _Iage2_59 |   1.599905   .2017121     7.93   0.000      1.20453     1.99528
         firm_size_new |  -.0005797   .0009555    -0.61   0.544    -.0024525    .0012931
                 _cons |  -.1342634    .062569    -2.15   0.032    -.2569045   -.0116224
-----------------------+----------------------------------------------------------------
               sigma_u |  .51804172
               sigma_e |  .14691307
                   rho |  .92556165   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18252) =    9.78
            Prob > F =    0.0018

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18252) =   23.81
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18252) =    7.19
            Prob > F =    0.0073

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18252) =    4.07
            Prob > F =    0.0436

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18252) =   27.40
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18252) =    2.29
            Prob > F =    0.1306
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413597
Group variable: shnro_real                      Number of groups   =    132662

R-sq:  within  = 0.1498                         Obs per group: min =         1
       between = 0.0006                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(85,18252)        =    103.09
corr(u_i, Xb)  = -0.9784                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,253 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0046294   .0052538    -0.88   0.378    -.0149274    .0056687
           treated_ia3 |   -.004297   .0004488    -9.57   0.000    -.0051768   -.0034173
     treated_iasuorv_d |   -.078924   .0107584    -7.34   0.000    -.1000114   -.0578366
           treated_pre |  -.0426454   .0079678    -5.35   0.000    -.0582631   -.0270278
  treated_pre_iasenior |   .0078231   .0045955     1.70   0.089    -.0011845    .0168307
       treated_pre_ia3 |   .0043854   .0003489    12.57   0.000     .0037015    .0050693
 treated_pre_iasuorv_d |   .0613215   .0078151     7.85   0.000     .0460031    .0766398
          treated_post |  -.0608209   .0107456    -5.66   0.000    -.0818832   -.0397585
 treated_post_iasenior |   .0024015    .005585     0.43   0.667    -.0085456    .0133485
      treated_post_ia3 |   .0053491   .0004239    12.62   0.000     .0045182      .00618
treated_post_iasuorv_d |   .0960216   .0093586    10.26   0.000     .0776779    .1143653
                senior |   1.617709   .2017017     8.02   0.000     1.222355    2.013063
             interact3 |   .0005523   .0001185     4.66   0.000       .00032    .0007847
               suorv_d |   .0332908   .0054034     6.16   0.000     .0226997     .043882
                   l_0 |  -.3680012   .0266068   -13.83   0.000    -.4201531   -.3158493
                   l_1 |    -.38645   .0315595   -12.25   0.000    -.4483097   -.3245904
                   l_2 |  -.4299979   .0366026   -11.75   0.000    -.5017425   -.3582533
                   l_3 |  -.4751298   .0416857   -11.40   0.000    -.5568377   -.3934219
                   l_4 |  -.5224458   .0467668   -11.17   0.000    -.6141131   -.4307785
                   l_5 |  -.5702674   .0518749   -10.99   0.000    -.6719471   -.4685877
                   l_6 |  -.6195876   .0569914   -10.87   0.000    -.7312961   -.5078792
                   l_7 |  -.6757076   .0621405   -10.87   0.000    -.7975088   -.5539064
                   l_8 |  -.7281326   .0672717   -10.82   0.000    -.8599915   -.5962737
                   l_9 |  -.7802455   .0724048   -10.78   0.000    -.9221658   -.6383253
                  l_10 |  -.8341008   .0775196   -10.76   0.000    -.9860465   -.6821552
                   f_1 |  -.2864175   .0213406   -13.42   0.000     -.328247    -.244588
                   f_2 |  -.2311226   .0162029   -14.26   0.000    -.2628817   -.1993634
                   f_3 |  -.1717296   .0112734   -15.23   0.000    -.1938265   -.1496327
                   f_4 |  -.0919693   .0063405   -14.51   0.000    -.1043972   -.0795413
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0481427   .0042866   -11.23   0.000    -.0565448   -.0397406
          _Ivuosi_1996 |   .0237116   .0031857     7.44   0.000     .0174672    .0299559
          _Ivuosi_1997 |   .0151913   .0030242     5.02   0.000     .0092636    .0211189
          _Ivuosi_1998 |   .0091778   .0028497     3.22   0.001     .0035921    .0147634
          _Ivuosi_1999 |   .0159508   .0027999     5.70   0.000     .0104628    .0214389
          _Ivuosi_2000 |  -.0114974   .0031618    -3.64   0.000    -.0176948   -.0052999
          _Ivuosi_2001 |  -.0574377    .002435   -23.59   0.000    -.0622106   -.0526649
          _Ivuosi_2002 |  -.0539024   .0022362   -24.10   0.000    -.0582855   -.0495193
          _Ivuosi_2003 |  -.0515703   .0020659   -24.96   0.000    -.0556196   -.0475209
          _Ivuosi_2004 |  -.0481867   .0018002   -26.77   0.000    -.0517152   -.0446582
          _Ivuosi_2005 |  -.0464286   .0016374   -28.36   0.000     -.049638   -.0432193
          _Ivuosi_2006 |  -.0390686   .0014377   -27.17   0.000    -.0418867   -.0362505
          _Ivuosi_2007 |  -.0312308   .0012243   -25.51   0.000    -.0336304   -.0288311
          _Ivuosi_2008 |  -.0237497   .0010565   -22.48   0.000    -.0258206   -.0216789
          _Ivuosi_2009 |  -.0181323   .0007943   -22.83   0.000    -.0196891   -.0165754
          _Ivuosi_2010 |  -.0123931   .0005951   -20.83   0.000    -.0135595   -.0112266
          _Ivuosi_2011 |  -.0066847   .0003278   -20.39   0.000    -.0073272   -.0060423
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.078892   .0075485   -10.45   0.000    -.0936877   -.0640962
             _Iage2_22 |  -.0703007   .0123953    -5.67   0.000    -.0945966   -.0460048
             _Iage2_23 |  -.0489865   .0173387    -2.83   0.005     -.082972    -.015001
             _Iage2_24 |  -.0241031   .0222697    -1.08   0.279    -.0677538    .0195476
             _Iage2_25 |   .0061689   .0273436     0.23   0.822    -.0474272     .059765
             _Iage2_26 |   .0401395   .0323806     1.24   0.215    -.0233294    .1036085
             _Iage2_27 |   .0759258   .0375141     2.02   0.043     .0023946     .149457
             _Iage2_28 |    .113523   .0426255     2.66   0.008      .029973     .197073
             _Iage2_29 |   .1542506   .0477137     3.23   0.001     .0607273     .247774
             _Iage2_30 |   .1950549   .0528363     3.69   0.000     .0914909    .2986189
             _Iage2_31 |   .2359321   .0579534     4.07   0.000     .1223379    .3495263
             _Iage2_32 |   .2803373   .0631194     4.44   0.000     .1566173    .4040573
             _Iage2_33 |    .325156   .0682122     4.77   0.000     .1914537    .4588582
             _Iage2_34 |   .3714737    .073283     5.07   0.000     .2278322    .5151152
             _Iage2_35 |   .4184004   .0783874     5.34   0.000     .2647538     .572047
             _Iage2_36 |    .465375   .0835211     5.57   0.000     .3016658    .6290842
             _Iage2_37 |   .5119444   .0886376     5.78   0.000     .3382063    .6856824
             _Iage2_38 |   .5594591   .0937509     5.97   0.000     .3756985    .7432198
             _Iage2_39 |   .6071452   .0988936     6.14   0.000     .4133045    .8009859
             _Iage2_40 |   .6539442   .1039997     6.29   0.000     .4500951    .8577933
             _Iage2_41 |  -.9148326    .092605    -9.88   0.000    -1.096347   -.7333181
             _Iage2_42 |  -.8661476   .0874628    -9.90   0.000    -1.037583   -.6947122
             _Iage2_43 |  -.8179063   .0823287    -9.93   0.000    -.9792784   -.6565343
             _Iage2_44 |  -.7694615   .0772117    -9.97   0.000    -.9208037   -.6181194
             _Iage2_45 |   -.721512   .0720759   -10.01   0.000    -.8627876   -.5802364
             _Iage2_46 |  -.6729064   .0669286   -10.05   0.000    -.8040927   -.5417202
             _Iage2_47 |  -.6244753   .0617812   -10.11   0.000    -.7455723   -.5033783
             _Iage2_48 |  -.5765075   .0566635   -10.17   0.000    -.6875733   -.4654417
             _Iage2_49 |  -.5273476   .0515375   -10.23   0.000    -.6283659   -.4263293
             _Iage2_50 |  -.4778084   .0463927   -10.30   0.000    -.5687425   -.3868744
             _Iage2_51 |  -.4297598    .041281   -10.41   0.000    -.5106745   -.3488451
             _Iage2_52 |  -.3806204    .036125   -10.54   0.000    -.4514288    -.309812
             _Iage2_53 |  -.3303257   .0309824   -10.66   0.000    -.3910542   -.2695972
             _Iage2_54 |   -.280663   .0258585   -10.85   0.000    -.3313481   -.2299778
             _Iage2_55 |   -.227222   .0207206   -10.97   0.000    -.2678363   -.1866077
             _Iage2_56 |  -.1723855   .0155816   -11.06   0.000     -.202927   -.1418441
             _Iage2_57 |  -.1186145   .0104821   -11.32   0.000    -.1391605   -.0980686
             _Iage2_58 |  -.0603439    .005324   -11.33   0.000    -.0707795   -.0499084
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0007058   .0009457    -0.75   0.456    -.0025595     .001148
                 _cons |  -.1442668   .0625989    -2.30   0.021    -.2669665   -.0215672
-----------------------+----------------------------------------------------------------
               sigma_u |  .52410286
               sigma_e |  .14724567
                   rho |  .92684264   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18252) =   64.43
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18252) =   84.94
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18252) =  157.98
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 18252) =  159.23
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18252) =   29.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18252) =   28.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18252) =   25.69
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413597
Group variable: shnro_real                      Number of groups   =    132662

R-sq:  within  = 0.1536                         Obs per group: min =         1
       between = 0.0005                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(89,18252)        =    106.43
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,253 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0070381   .0052404    -1.34   0.179    -.0173098    .0032335
           treated_ia2 |  -.0218967   .0119665    -1.83   0.067     -.045352    .0015587
           treated_ia3 |  -.0046078   .0004558   -10.11   0.000    -.0055011   -.0037145
     treated_iasuorv_d |  -.0726589   .0107221    -6.78   0.000    -.0936752   -.0516425
           treated_pre |  -.0446065   .0080925    -5.51   0.000    -.0604685   -.0287444
  treated_pre_iasenior |   .0080797   .0045988     1.76   0.079    -.0009344    .0170937
       treated_pre_ia2 |   .0272875   .0063117     4.32   0.000     .0149159     .039659
       treated_pre_ia3 |   .0044388   .0003519    12.61   0.000     .0037491    .0051285
 treated_pre_iasuorv_d |   .0616008   .0079563     7.74   0.000     .0460057    .0771959
          treated_post |  -.0551563   .0106631    -5.17   0.000     -.076057   -.0342555
 treated_post_iasenior |    .006585   .0055601     1.18   0.236    -.0043134    .0174833
      treated_post_ia2 |    .022674   .0070699     3.21   0.001     .0088164    .0365317
      treated_post_ia3 |   .0051541   .0004218    12.22   0.000     .0043274    .0059808
treated_post_iasuorv_d |   .0830123   .0092271     9.00   0.000     .0649263    .1010982
                senior |   1.599368    .201612     7.93   0.000     1.204189    1.994546
             interact2 |   -.107441   .0059654   -18.01   0.000    -.1191338   -.0957481
             interact3 |  -.0003038   .0001152    -2.64   0.008    -.0005295   -.0000781
               suorv_d |   .0325953   .0054142     6.02   0.000      .021983    .0432076
                   l_0 |   -.362492   .0265672   -13.64   0.000    -.4145661   -.3104178
                   l_1 |  -.3790893    .031529   -12.02   0.000    -.4408891   -.3172894
                   l_2 |  -.4211245   .0365756   -11.51   0.000    -.4928161   -.3494328
                   l_3 |   -.464795    .041664   -11.16   0.000    -.5464602   -.3831297
                   l_4 |  -.5105392   .0467479   -10.92   0.000    -.6021696   -.4189089
                   l_5 |   -.556807   .0518597   -10.74   0.000     -.658457   -.4551571
                   l_6 |  -.6044737   .0569794   -10.61   0.000    -.7161587   -.4927888
                   l_7 |  -.6590582   .0621296   -10.61   0.000     -.780838   -.5372784
                   l_8 |  -.7098623   .0672603   -10.55   0.000    -.8416987   -.5780259
                   l_9 |  -.7604226    .072396   -10.50   0.000    -.9023256   -.6185195
                  l_10 |  -.8125693   .0775109   -10.48   0.000     -.964498   -.6606407
                   f_1 |  -.2810452   .0213295   -13.18   0.000    -.3228531   -.2392374
                   f_2 |  -.2270813   .0161935   -14.02   0.000     -.258822   -.1953406
                   f_3 |  -.1691141    .011263   -15.02   0.000    -.1911906   -.1470375
                   f_4 |  -.0907601   .0063293   -14.34   0.000    -.1031661   -.0783541
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.048377   .0042865   -11.29   0.000    -.0567789   -.0399752
          _Ivuosi_1996 |   .0233231   .0031853     7.32   0.000     .0170797    .0295665
          _Ivuosi_1997 |   .0147664   .0030217     4.89   0.000     .0088436    .0206891
          _Ivuosi_1998 |   .0086885   .0028428     3.06   0.002     .0031164    .0142605
          _Ivuosi_1999 |    .015315    .002793     5.48   0.000     .0098405    .0207895
          _Ivuosi_2000 |  -.0122561   .0031535    -3.89   0.000    -.0184372   -.0060749
          _Ivuosi_2001 |  -.0578836   .0024227   -23.89   0.000    -.0626323   -.0531349
          _Ivuosi_2002 |  -.0542647   .0022223   -24.42   0.000    -.0586206   -.0499088
          _Ivuosi_2003 |  -.0519574    .002057   -25.26   0.000    -.0559893   -.0479255
          _Ivuosi_2004 |  -.0486635   .0017893   -27.20   0.000    -.0521707   -.0451562
          _Ivuosi_2005 |  -.0468815   .0016277   -28.80   0.000     -.050072    -.043691
          _Ivuosi_2006 |  -.0395924   .0014282   -27.72   0.000    -.0423919    -.036793
          _Ivuosi_2007 |  -.0317875   .0012182   -26.09   0.000    -.0341753   -.0293998
          _Ivuosi_2008 |   -.024227   .0010485   -23.11   0.000     -.026282   -.0221719
          _Ivuosi_2009 |  -.0185704   .0007923   -23.44   0.000    -.0201235   -.0170174
          _Ivuosi_2010 |  -.0127323   .0005938   -21.44   0.000    -.0138962   -.0115684
          _Ivuosi_2011 |  -.0070081   .0003359   -20.86   0.000    -.0076665   -.0063497
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0790098   .0075521   -10.46   0.000    -.0938127   -.0642069
             _Iage2_22 |  -.0704297   .0123953    -5.68   0.000    -.0947256   -.0461338
             _Iage2_23 |   -.048909   .0173351    -2.82   0.005    -.0828875   -.0149306
             _Iage2_24 |  -.0223668   .0222462    -1.01   0.315    -.0659715    .0212379
             _Iage2_25 |   .0101555      .0273     0.37   0.710    -.0433551    .0636662
             _Iage2_26 |   .0459552   .0323252     1.42   0.155    -.0174052    .1093156
             _Iage2_27 |   .0828443   .0374494     2.21   0.027       .00944    .1562486
             _Iage2_28 |   .1208661   .0425532     2.84   0.005     .0374578    .2042744
             _Iage2_29 |   .1617808   .0476349     3.40   0.001     .0684119    .2551496
             _Iage2_30 |   .2023411   .0527547     3.84   0.000      .098937    .3057452
             _Iage2_31 |   .2429065   .0578674     4.20   0.000      .129481     .356332
             _Iage2_32 |   .2868126   .0630318     4.55   0.000     .1632642    .4103609
             _Iage2_33 |   .3311005   .0681247     4.86   0.000     .1975697    .4646314
             _Iage2_34 |   .3768109   .0731963     5.15   0.000     .2333392    .5202826
             _Iage2_35 |   .4230738   .0783007     5.40   0.000     .2695971    .5765505
             _Iage2_36 |   .4693414   .0834347     5.63   0.000     .3058016    .6328812
             _Iage2_37 |   .5151927   .0885488     5.82   0.000     .3416288    .6887567
             _Iage2_38 |    .562007    .093663     6.00   0.000     .3784186    .7455954
             _Iage2_39 |   .6089824   .0988036     6.16   0.000     .4153181    .8026468
             _Iage2_40 |   .6550145   .1039087     6.30   0.000     .4513437    .8586852
             _Iage2_41 |   -.896534   .0925983    -9.68   0.000    -1.078035   -.7150326
             _Iage2_42 |  -.8486151   .0874561    -9.70   0.000    -1.020037    -.677193
             _Iage2_43 |  -.8011968   .0823234    -9.73   0.000    -.9625584   -.6398352
             _Iage2_44 |  -.7536109   .0772066    -9.76   0.000    -.9049432   -.6022787
             _Iage2_45 |  -.7065136   .0720717    -9.80   0.000    -.8477809   -.5652463
             _Iage2_46 |  -.6588216   .0669253    -9.84   0.000    -.7900014   -.5276417
             _Iage2_47 |  -.6113109   .0617798    -9.89   0.000    -.7324052   -.4902167
             _Iage2_48 |    -.56428   .0566615    -9.96   0.000    -.6753418   -.4532182
             _Iage2_49 |  -.5160958   .0515357   -10.01   0.000    -.6171107   -.4150809
             _Iage2_50 |  -.4675592   .0463906   -10.08   0.000     -.558489   -.3766293
             _Iage2_51 |  -.4205645   .0412786   -10.19   0.000    -.5014745   -.3396545
             _Iage2_52 |  -.3725034    .036123   -10.31   0.000    -.4433079   -.3016989
             _Iage2_53 |  -.3233253    .030981   -10.44   0.000     -.384051   -.2625996
             _Iage2_54 |  -.2748018   .0258573   -10.63   0.000    -.3254846    -.224119
             _Iage2_55 |  -.2224968   .0207199   -10.74   0.000    -.2631097    -.181884
             _Iage2_56 |   -.168804   .0155808   -10.83   0.000    -.1993439   -.1382641
             _Iage2_57 |  -.1162101   .0104818   -11.09   0.000    -.1367555   -.0956648
             _Iage2_58 |  -.0591236   .0053235   -11.11   0.000    -.0695583    -.048689
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0005797   .0009556    -0.61   0.544    -.0024528    .0012934
                 _cons |  -.1345727   .0625561    -2.15   0.031    -.2571886   -.0119568
-----------------------+----------------------------------------------------------------
               sigma_u |  .51781291
               sigma_e |  .14691251
                   rho |  .92550128   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18252) =   30.28
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18252) =   43.83
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18252) =   80.60
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18252) =   74.68
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18252) =   20.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18252) =    9.51
            Prob > F =    0.0020

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18252) =   23.33
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18252) =    5.53
            Prob > F =    0.0187

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18252) =   17.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18252) =    3.72
            Prob > F =    0.0538
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1413874
Group variable: shnro_real                      Number of groups   =    132686

R-sq:  within  = 0.1536                         Obs per group: min =         1
       between = 0.0005                                        avg =      10.7
       overall = 0.0000                                        max =        16

                                                F(86,18257)        =    106.82
corr(u_i, Xb)  = -0.9777                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,258 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0226037   .0120348    -1.88   0.060     -.046193    .0009856
           treated_ia3 |  -.0048202   .0004611   -10.45   0.000    -.0057241   -.0039163
     treated_iasuorv_d |  -.0772364   .0098935    -7.81   0.000    -.0966285   -.0578443
           treated_pre |  -.0458863   .0081423    -5.64   0.000    -.0618459   -.0299267
       treated_pre_ia2 |   .0283874   .0063435     4.48   0.000     .0159535    .0408213
       treated_pre_ia3 |   .0046924    .000334    14.05   0.000     .0040378    .0053471
 treated_pre_iasuorv_d |   .0673618   .0067668     9.95   0.000     .0540982    .0806255
          treated_post |  -.0562928   .0107756    -5.22   0.000    -.0774141   -.0351716
      treated_post_ia2 |   .0234892   .0071745     3.27   0.001     .0094266    .0375519
      treated_post_ia3 |   .0053603   .0004306    12.45   0.000     .0045162    .0062044
treated_post_iasuorv_d |   .0876711   .0083178    10.54   0.000     .0713674    .1039748
             interact2 |  -.1074316    .005971   -17.99   0.000    -.1191354   -.0957279
             interact3 |  -.0003008   .0001152    -2.61   0.009    -.0005265    -.000075
               suorv_d |   .0325976   .0054157     6.02   0.000     .0219823    .0432129
                   l_0 |  -.3624592    .026568   -13.64   0.000    -.4145351   -.3103834
                   l_1 |  -.3790579   .0315331   -12.02   0.000    -.4408657   -.3172501
                   l_2 |  -.4210691   .0365827   -11.51   0.000    -.4927747   -.3493636
                   l_3 |  -.4647336   .0416751   -11.15   0.000    -.5464208   -.3830464
                   l_4 |  -.5104924   .0467638   -10.92   0.000    -.6021538    -.418831
                   l_5 |   -.556762   .0518798   -10.73   0.000    -.6584512   -.4550728
                   l_6 |  -.6044286   .0570041   -10.60   0.000    -.7161621   -.4926951
                   l_7 |  -.6590078    .062158   -10.60   0.000    -.7808434   -.5371722
                   l_8 |  -.7098096   .0672929   -10.55   0.000    -.8417099   -.5779093
                   l_9 |  -.7603652   .0724329   -10.50   0.000    -.9023405   -.6183899
                  l_10 |  -.8125096   .0775519   -10.48   0.000    -.9645187   -.6605006
                   f_1 |  -.2810136   .0213372   -13.17   0.000    -.3228365   -.2391908
                   f_2 |  -.2270594   .0161962   -14.02   0.000    -.2588055   -.1953133
                   f_3 |  -.1691286   .0112621   -15.02   0.000    -.1912034   -.1470538
                   f_4 |  -.0907459   .0063248   -14.35   0.000    -.1031431   -.0783488
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0484512   .0042859   -11.30   0.000     -.056852   -.0400504
          _Ivuosi_1996 |   .0232835   .0031835     7.31   0.000     .0170436    .0295234
          _Ivuosi_1997 |   .0146992   .0030195     4.87   0.000     .0087807    .0206176
          _Ivuosi_1998 |   .0086264   .0028402     3.04   0.002     .0030592    .0141935
          _Ivuosi_1999 |   .0152563   .0027914     5.47   0.000     .0097849    .0207276
          _Ivuosi_2000 |  -.0122706   .0031524    -3.89   0.000    -.0184496   -.0060916
          _Ivuosi_2001 |   -.057896   .0024212   -23.91   0.000    -.0626419   -.0531502
          _Ivuosi_2002 |  -.0542835   .0022219   -24.43   0.000    -.0586387   -.0499283
          _Ivuosi_2003 |   -.051971   .0020565   -25.27   0.000    -.0560018   -.0479401
          _Ivuosi_2004 |  -.0486793   .0017889   -27.21   0.000    -.0521856   -.0451729
          _Ivuosi_2005 |  -.0468954   .0016276   -28.81   0.000    -.0500857    -.043705
          _Ivuosi_2006 |  -.0396052   .0014279   -27.74   0.000    -.0424041   -.0368064
          _Ivuosi_2007 |  -.0317944   .0012177   -26.11   0.000    -.0341812   -.0294077
          _Ivuosi_2008 |  -.0242348   .0010481   -23.12   0.000    -.0262893   -.0221804
          _Ivuosi_2009 |  -.0185764   .0007921   -23.45   0.000     -.020129   -.0170237
          _Ivuosi_2010 |  -.0127361   .0005936   -21.46   0.000    -.0138996   -.0115725
          _Ivuosi_2011 |  -.0070096   .0003359   -20.87   0.000     -.007668   -.0063511
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0789751   .0075509   -10.46   0.000    -.0937756   -.0641745
             _Iage2_22 |  -.0704113   .0123968    -5.68   0.000    -.0947101   -.0461125
             _Iage2_23 |  -.0489378   .0173382    -2.82   0.005    -.0829223   -.0149533
             _Iage2_24 |  -.0223524   .0222514    -1.00   0.315    -.0659673    .0212624
             _Iage2_25 |   .0101527   .0273068     0.37   0.710    -.0433713    .0636766
             _Iage2_26 |    .045894   .0323344     1.42   0.156    -.0174846    .1092725
             _Iage2_27 |   .0827806   .0374608     2.21   0.027      .009354    .1562073
             _Iage2_28 |   .1208309   .0425673     2.84   0.005      .037395    .2042668
             _Iage2_29 |   .1617213   .0476509     3.39   0.001     .0683212    .2551215
             _Iage2_30 |   .2022747   .0527725     3.83   0.000     .0988357    .3057137
             _Iage2_31 |    .242831   .0578875     4.19   0.000     .1293661    .3562959
             _Iage2_32 |    .286764    .063054     4.55   0.000     .1631722    .4103558
             _Iage2_33 |   .3310623   .0681478     4.86   0.000     .1974862    .4646385
             _Iage2_34 |   .3767488    .073221     5.15   0.000     .2332288    .5202689
             _Iage2_35 |   .4230042   .0783265     5.40   0.000      .269477    .5765315
             _Iage2_36 |   .4692637   .0834618     5.62   0.000     .3056707    .6328568
             _Iage2_37 |   .5151306   .0885769     5.82   0.000     .3415115    .6887497
             _Iage2_38 |   .5619088   .0936935     6.00   0.000     .3782608    .7455568
             _Iage2_39 |   .6088698   .0988361     6.16   0.000     .4151417    .8025979
             _Iage2_40 |   .6548905   .1039438     6.30   0.000     .4511509      .85863
             _Iage2_41 |   .7024874   .1090705     6.44   0.000     .4886989    .9162759
             _Iage2_42 |   .7504022   .1142115     6.57   0.000     .5265371    .9742674
             _Iage2_43 |    .797826   .1193458     6.68   0.000      .563897    1.031755
             _Iage2_44 |   .8454041   .1244654     6.79   0.000     .6014403    1.089368
             _Iage2_45 |   .8924978   .1296029     6.89   0.000     .6384639    1.146532
             _Iage2_46 |   .9401955   .1347542     6.98   0.000     .6760647    1.204326
             _Iage2_47 |      .9877   .1399077     7.06   0.000     .7134677    1.261932
             _Iage2_48 |    1.03473   .1450319     7.13   0.000     .7504541    1.319007
             _Iage2_49 |   1.082912   .1501683     7.21   0.000     .7885683    1.377256
             _Iage2_50 |   1.131452   .1553226     7.28   0.000     .8270045    1.435898
             _Iage2_51 |   1.178451   .1604506     7.34   0.000      .863953    1.492949
             _Iage2_52 |   1.226553   .1656206     7.41   0.000     .9019212    1.551185
             _Iage2_53 |   1.275701   .1707829     7.47   0.000     .9409505    1.610452
             _Iage2_54 |   1.324231   .1759301     7.53   0.000     .9793915    1.669071
             _Iage2_55 |   1.376579   .1810912     7.60   0.000     1.021623    1.731535
             _Iage2_56 |   1.430263   .1862579     7.68   0.000      1.06518    1.795346
             _Iage2_57 |   1.482845   .1913954     7.75   0.000     1.107692    1.857998
             _Iage2_58 |   1.539914   .1965295     7.84   0.000     1.154698    1.925131
             _Iage2_59 |   1.599088   .2016911     7.93   0.000     1.203755    1.994422
         firm_size_new |  -.0005593   .0009537    -0.59   0.558    -.0024287    .0013101
                 _cons |   -.133907   .0625555    -2.14   0.032    -.2565215   -.0112924
-----------------------+----------------------------------------------------------------
               sigma_u |   .5178094
               sigma_e |  .14692856
                   rho |  .92548528   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18257) =    9.83
            Prob > F =    0.0017

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18257) =   23.87
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18257) =    7.24
            Prob > F =    0.0071

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18257) =    4.04
            Prob > F =    0.0446

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18257) =   27.36
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18257) =    2.26
            Prob > F =    0.1331
O:\returns
ue_d_bluec_age_short_noIQ_noPhD_G.xls
dir : seeout
ue_d_bluec_age_top3_noIQ_noPhD_G.xls
dir : seeout

. *log close
.         
. 
. exit

end of do-file

. do "$estimation\returns_EST_CEM_stem_2022_08_22"                // estimations with stem only educated

. clear all

. set more off

. *capture log close
. set logtype text

. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by flavor of
    Stata.  See limits for more details.

. 
. local mydate: di %tdDNCY date(c(current_date), "DMY")

. 
. global output           "O:\returns"

. global data_path        "W:\returns\REStat_estimation_data" 

. global work                     "W:\returns\REStat_estimation_data" 

. global graphs           "O:\returns"

. 
. global graphs_do        0

. * choose 0 =  no graphs; 1 = do graphs
. global horse_race       1

. global dummy            1  /* 1 if estimate constant /  interacted TE models, 0 otherwise */

. global ownfirm          0  /* 1 if only use obs where the individuals in the firm they were in at t = 0 */

. *log using "${output}\returns_EST_CEM_`mydate'_noIQ_stem.log" , replace
. 
. **************************************************************************************
. 
. * This file produces the results using STEM individuals only
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. 
. **************************************************************************************
. 
. /*  
> \
> ()
> {}
> []
> =
> `i'
>  >
>  <
>  |
>  +
> */
. 
. * set seed 
. set seed 346352014

. 
. **********************************************************************************************
. 
. * inventors
. 
. **********************************************************************************************
. 
. * NOTE on data cem - matching vector
. * A: cem on educ, STEM, IQ, manuf, sme, region
. * B: add age
. * C: add dwage over past 3 years
. * D: add avg wage over past 4 years
. * E: educ, STEM, IQ, manuf, region, age, firm size quintiles 
. * F: educ, STEM, manuf, region, age, firm size quintiles 
. * G: educ, STEM, manuf, region, age, firm size quintiles, dtf, suorv_d
. 
. capture program drop alterations

. program define alterations, eclass
  1.                 matrix A = e(b)
  2.                 matrix A[1,96] = 0
  3.                 ereturn repost b = A
  4.                 ereturn repost V = koev
  5. end

. 
. 
. 
. * choose data
. * NOTE: choose data_int == 6 if you want to use the IQ data; use data_int == 5 if you want to use the large data
. global data     G

. global data_int 5

. 
. global sose_types inventors sose_entr whitec sose_bc 

. global cow_types_oth sose_sr sose_mngt_jr sose_jr

.         
. local datacounter               = 3

. forvalues datacounter   = 3/4  {
  2. 
.         if  `datacounter' == 1 {
  3.                 use "${data_path}\cem_estim_inventors$data.dta", clear
  4.                 local sose_type         = "inv"
  5.                 }
  6.         else if `datacounter' == 2 {
  7.                 use "${data_path}\cem_estim_sose_entr$data.dta", clear
  8.                 local sose_type         = "entr"
  9.                 }
 10.         else if `datacounter' == 3 {
 11.                 use "${data_path}\returns_EST_sose_mngt_sr$data.dta", clear
 12.                 foreach k of global cow_types_oth {
 13.                         append using "${data_path}\returns_EST_`k'$data.dta"
 14.                         }
 15.                 local sose_type         = "whitec"
 16.                 }
 17.         else if `datacounter' == 4 {
 18.                 use "${data_path}\returns_EST_sose_bc$data.dta", clear
 19.                 local sose_type         = "bluec"
 20.                 }
 21. 
.         drop if ika >= 60
 22.         
.         capture:        drop if wage_l14_obs != 1
 23.         capture:        rename inventor treated
 24.         capture:        gen treated_cow = inv_1
 25.         capture:        gen     cem_weights = 1
 26.         capture:        drop treated
 27.         replace treated_cow                     = 0             if treated_cow == .  /* corresponds to inv_1 */
 28.         capture: bysort shnro: egen treated     = max(treated_cow)
 29.         * regressions
.         gen lnwage                                      = ln(wage)
 30.         gen lnearnings                          = ln(earnings)
 31.         gen lnwage_alt                          = ln(wage + 1)
 32.         gen lnearnings_alt                      = ln(earnings + 1)
 33. 
.         gen cem_year0                           = .
 34.         replace cem_year0                       = vuosi if cem_matched == 1
 35.         bysort shnro: egen cem_year     = max(cem_year0)
 36. 
.         * NOTE: if cem_year == ., the individual is an inventor who was not matched by cem
. 
.         sort shnro vuosi
 37.         forvalues i = 0/10 {
 38.                 gen l_`i'                               = .
 39.                 replace l_`i'                   = 0  
 40.                 replace l_`i'                   = 1 if vuosi == cem_year + `i' 
 41.                 }
 42.                 
.         forvalues i = 1/10 {
 43.                 gen inv_l_`i'                   = .
 44.                 replace inv_l_`i'               = 0  
 45.                 replace inv_l_`i'               = 1 if vuosi == cem_year + `i' & treated == 1 
 46.                 }
 47.                 
.         forvalues i = 1/4 {
 48.                 gen f_`i'                               = .
 49.                 replace f_`i'                   = 0 
 50.                 replace f_`i'                   = 1 if vuosi == cem_year - `i'
 51.                 gen inv_f_`i'                   = .
 52.                 replace inv_f_`i'               = 0 
 53.                 replace inv_f_`i'               = 1 if vuosi == cem_year - `i' & treated == 1 
 54.                 }
 55.         forvalues i = 5/7 {
 56.                 gen fl_`i'                              = .
 57.                 replace fl_`i'                  = 0 
 58.                 replace fl_`i'                  = 1 if vuosi == cem_year - `i' 
 59.                 gen inv_fl_`i'                  = .
 60.                 replace inv_fl_`i'              = 0 
 61.                 replace inv_fl_`i'              = 1 if vuosi == cem_year - `i' & treated == 1 
 62.                 }       
 63.                 
.                 
.         gen treatment_time                      = vuosi - cem_year      
 64.         replace treatment_time          = . if (treatment_time < -6 | treatment_time > 10) & treatment_time != .
 65. 
.         egen minage                                     = min(ika)
 66.         gen age2                                        = ika
 67.         replace age2                            = minage + 1 if age2 <= minage + 1
 68.         local minage_plus                       = minage + 1
 69.         display "`minage_plus'"
 70.                                                         
.         char vuosi[omit] 1994
 71.         char age2[omit] `minage_plus'
 72.                 
.         xi i.vuosi*i.age2
 73. 
.         global calendar_year_ds _Ivuosi_*
 74.         global age_ds _Iage2_*
 75.         global interactions _IvuoXage*
 76. 
.         gen after                                       = 0
 77.         replace after                           = 1             if treatment_time >= 0 & treatment_time != .
 78.         gen treated_post                        = treated * after
 79. 
.         if $graphs_do == 1 {    
 80.                 regr lnwage                             $calendar_year_ds $age_ds $interactions if cem_year != . 
 81.                 predict lnwage_hat  
 82.                 regr lnearnings                         $calendar_year_ds $age_ds $interactions if cem_year != . 
 83.                 predict lnearnings_hat
 84. 
.                 gen wage_hat                    = exp(lnwage_hat)
 85.                 gen earnings_hat                = exp(lnearnings_hat)
 86.                 
.                 bysort treatment_time: egen wage_avg_control_raw0       = mean(wage) if treated == 0 & cem_year != . 
 87.                 bysort treatment_time: egen wage_avg_treat_raw0         = mean(wage) if treated == 1 & cem_year != .
 88.                 
.                 bysort treatment_time: egen wage_avg_control0           = mean(wage_hat) if treated == 0 & cem_year != 
> . 
 89.                 bysort treatment_time: egen wage_avg_treat0                     = mean(wage_hat) if treated == 1 & c
> em_year != .
 90. 
.                 bysort treatment_time: egen earn_avg_control0           = mean(earnings_hat) if treated == 0 & cem_year
>  != . 
 91.                 bysort treatment_time: egen earn_avg_treat0                     = mean(earnings_hat) if treated == 1
>  & cem_year != .
 92. 
.                 bysort treatment_time: egen wage_avg_control_raw        = mean(wage_avg_control_raw0)  
 93.                 bysort treatment_time: egen wage_avg_treat_raw          = mean(wage_avg_treat_raw0) 
 94.                 
.                 bysort treatment_time: egen wage_avg_control            = mean(wage_avg_control0)  
 95.                 bysort treatment_time: egen wage_avg_treat                      = mean(wage_avg_treat0) 
 96. 
.                 bysort treatment_time: egen earn_avg_control            = mean(earn_avg_control0) 
 97.                 bysort treatment_time: egen earn_avg_treat                      = mean(earn_avg_treat0) 
 98. 
.                 bysort vuosi: gen win_vuosi_ind                                         = _n if cem_year != .
 99.                 bysort treatment_time: gen win_tyear_ind                        = _n
100. 
.                 twoway  line wage_avg_treat_raw treatment_time if win_tyear_ind == 1 || ///
>                         line wage_avg_control_raw treatment_time if win_tyear_ind == 1, ///
>                         xline(0) ///
>                         legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                         graphregion(color(white)) bgcolor(white)
101.                 graph export "${graphs}\inventor_wage_raw_`sose_type'$data.pdf" , replace
102.                 
.                 twoway  line wage_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line wage_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
103.                         graph export "${graphs}\wage_time_`sose_type'$data.pdf" , replace
104.                                 
.                 twoway  line earn_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line earn_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
105.                         graph export "${graphs}\earn_time_`sose_type'$data.pdf" , replace
106. 
.                 gen earn_wage                   = earnings / wage
107.                 gen earn_wage_hat               = earnings_hat / wage_hat
108.                 display "controls, wage"
109.                 tabstat wage                                            if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
110.                 display "treated, wage"
111.                 tabstat wage                                            if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
112.                 display "controls, earnings"
113.                 tabstat earnings                                        if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
114.                 display "treated, earnings"
115.                 tabstat earnings                                        if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
116.                 tabstat earn_wage                                       if earn_wage > 1 & treated == 1, stat(mean p
> 1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
117.                         
.                 bysort vuosi: egen earn_wage_control_v0                         = mean(earn_wage) if treated == 0 & cem
> _year != .
118.                 bysort vuosi: egen earn_wage_treat_v0                           = mean(earn_wage) if treated == 1 & 
> cem_year != .
119. 
.                 bysort vuosi: egen earn_wage_control_v                          = mean(earn_wage_control_v0) 
120.                 bysort vuosi: egen earn_wage_treat_v                            = mean(earn_wage_treat_v0)  
121. 
.                 bysort treatment_time: egen earn_wage_control_t0        = mean(earn_wage) if treated == 0 & cem_year !=
>  .
122.                 bysort treatment_time: egen earn_wage_treat_t0          = mean(earn_wage) if treated == 1 & cem_year
>  != .
123. 
.                 bysort vuosi: egen earn_wage_control_t                          = mean(earn_wage_control_t0)
124.                 bysort vuosi: egen earn_wage_treat_t                            = mean(earn_wage_treat_t0) 
125. 
. 
.                 twoway  scatter earn_wage_treat_v vuosi if win_vuosi_ind == 1 || ///
>                                 scatter earn_wage_control_v vuosi  if win_vuosi_ind == 1 , ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
126.                         graph export "${graphs}\earn_wage_vuosi_`sose_type'$data.pdf" , replace
127. 
.                 twoway  scatter earn_wage_treat_t treatment_time if win_vuosi_ind == 1  || ///
>                                 scatter earn_wage_control_t treatment_time if win_vuosi_ind == 1 , ///
>                                 xline(0) ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
128.                         graph export "${graphs}\earn_wage_ttime_`sose_type'$data.pdf" , replace
129.                         
.                 twoway  kdensity wage_hat if treated == 1 & cem_year != . & treatment_time < 0 & wage < 200000 & wage >
>  20000 || ///    
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time < 0 & wage < 200000 
> & wage > 20000 || ///
>                                 kdensity wage_hat if treated == 1 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 || ///   
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("wage, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
130.                         graph export "${graphs}\distr_wage_ttime_`sose_type'$data.pdf" , replace
131.                                 
.                 twoway  kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time < 0 & earnings < 200000 
> & earnings > 20000 || ///        
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time < 0 & earnings <
>  200000 & earnings > 20000 || ///
>                                 kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 || ///       
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("earnings, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
132.                         graph export "${graphs}\distr_earnings_ttime_`sose_type'$data.pdf" , replace
133.                 }
134.                         
.         * NOTE: using shnro or shtun makes no difference
. 
.         egen shnro_real                         = group(shnro)
135.         xtset shnro_real
136.         
.         
.         replace firm_size                       = firm_size / 1000
137.         gen firm_size2                          = firm_size^2
138.         gen firm_size3                          = firm_size^3
139. 
. 
.         bysort shnro: egen total_firm_size      = total(firm_size)
140.         
.         gen ue_d                                        = .
141.         replace ue_d                            = 0                     if ptoim1 == "11"  & sykstun != ""          
>                             /* 11 = työllinen */
142.         replace ue_d                            = 1                     if ptoim1 != "11"
143.         sort shnro vuosi
144.         gen firm_size_new                       = firm_size
145.         replace firm_size_new = firm_size_new[_n - 1]           if firm_size_new[_n] == . & firm_size_new[_n - 1] !=
>  . & ue_d[_n] == 1
146. 
. 
.         bysort shnro: egen fam_size_max         = max(family_size_max)
147.         replace fam_size_max                            = 0 if fam_size_max == .
148. 
.         gen treated_famsize                     = treated_post * fam_size_max
149. 
.         if  $data_int == 6 {
150.                 gen high_iq                                     = .
151.                 replace high_iq                         = 0             if kuv_pc != .
152.                 replace high_iq                         = 1             if kuv_pc >= 90 & kuv_pc != .
153. 
.                 gen treated_iq                          = treated * high_iq
154.                 gen treated_post_iq                     = treated_post * high_iq
155.                 }
156.                 
.         gen star_inv                            = 0
157.         replace star_inv                        = 1                     if fwd_cits5_max >= 5 &  fwd_cits5_max != .
158. 
.         gen birth_year                          = vuosi - ika
159.         gen year                                        = vuosi
160.         sort shnro vuosi
161.         bysort shnro: gen within_ind            = _n
162.         tabstat birth_year if within_ind == 1, stat(mean p50)
163.         gen interact                            = 0
164. 
.         replace interact                        = vuosi - suorv
165.         
.         gen msc_new                                     = 0 
166.         replace msc_new                         = 1                     if  edu_lev >= 4 & edu_lev != .
167.         
.         gen treated_ia                          = treated * interact
168.         gen treated_post_ia                     = treated_post * interact
169. 
.         gen treated_pre                         = treated * (f_1 + f_2 + f_3 + f_4)     
170.         gen treated_pre_ia                      = treated_pre * interact
171.         if   $data_int == 6 {
172.                 gen treated_pre_iq              = treated_pre * high_iq
173.                 }
174.         * name interaction
.         local inter                                     = "suorv"
175.         
.         * NOTE: using syrtun or sykstun makes no difference
. 
.         sort shnro vuosi
176.         gen djob_d                                      = .
177.         replace djob_d                          = 0                     if shnro == shnro[_n - 1] & syrtun == syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
178.         replace djob_d                          = 1                     if shnro == shnro[_n - 1] & syrtun != syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
179.         
.         if $ownfirm == 1 {
180.                 sort shnro vuosi
181.                 replace ue_d                    = ue_d[_n + 1]          if ue[_n + 1] == 1              & shnro == s
> hnro[_n + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
182.                 replace djob_d                  = djob_d[_n + 1]        if djob_d[_n + 1] == 1  & shnro == shnro[_n 
> + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != "" 
183.                 }
184.         global dep_vars lnwage
185. 
.         if `datacounter' == 1 {
186.         
.                 preserve
187.                 use "${data_path}\returns_DATAPREP_1.dta", clear
188.                 drop                                                                    if syrtun       == ""
189.                 keep syrtun vuosi inv_1
190.                 bysort syrtun: egen total_inv_1         = total(inv_1)
191.                 
.                 keep syrtun vuosi total_inv_1
192.                 
.                 bysort syrtun vuosi: gen index          = _n
193.                 keep                                                                    if index == 1
194.                 drop index
195.                 save "${data_path}\returns_inventor_count_data.dta", replace
196.                 restore
197.                 }
198.         else if `datacounter' != 1 {
199.                 drop _merge
200.                 merge m:1 syrtun using "${data_path}\returns_inventor_count_data.dta"
201.                 replace total_inv_1             = 3000                  if syrtun == ""
202.                 drop _merge
203.                 }
204. 
.         gen est_sample                          = .
205.         replace est_sample                      = .
206.         replace est_sample                      = 1                     if cem_year != . & treatment_time >= -5 & tr
> eatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
207.         gen est_sample_rob                      = .
208.         replace est_sample_rob          = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
209.         gen est_sample_top3             = .
210.         replace est_sample_top3         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. & total_inv_1 < 850 // & iq !=.
211.         gen est_sample_long                     = .
212.         replace est_sample_long         = 1                     if cem_year != . & treatment_time >= -8 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
213.         gen est_sample_publ                     = .
214.         replace est_sample_publ         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=.  // & iq !=.
215.         
.         
.         * RESTAT REVISION       
.         * what fraction of data are PhD?
.         tab educ_level          if est_sample == 1 /* educ_level = 8 == PhD */
216.         tab edu_science         if est_sample == 1
217.         
.         
.         if $ownfirm == 1 {
218.                 egen syrtun_num                 = group(syrtun)
219.                 gen syrtun_l0_0                 = syrtun_num    if l_0 == 1
220.                 
.                 bysort shnro: egen syrtun_l0 = max(syrtun_l0_0)
221.                 
.                 replace est_sample              = .                     if syrtun_num != syrtun_l0
222.                 replace est_sample_rob  = .                     if syrtun_num != syrtun_l0
223.                 replace est_sample_top3 = .                     if syrtun_num != syrtun_l0
224.                 replace est_sample_long = .                     if syrtun_num != syrtun_l0
225.                 replace est_sample_publ = .                     if syrtun_num != syrtun_l0
226.                 }
227.                 
.         global dep_vars lnwage
228.         global firm_size_vars firm_size_new // firm_size_d              
229.         
.         capture: drop interact birth_year
230.         
.         gen birth_year                          = vuosi - ika
231.         sort shnro vuosi
232.         tabstat birth_year                                                      if within_ind == 1, stat(mean p50)
233. 
.         global short_depvar ue_d 
234.         
.         tabstat $short_depvar if est_sample == 1, stat(mean sd p50 n)
235.         tabstat $short_depvar if est_sample == 1, stat(mean) by(vuosi)
236. 
.         gen categ                                       = .
237.         replace categ                           = 0                     if after == 0
238.         replace categ                           = 1                     if treated == 0 & after == 0
239.         replace categ                           = 2                     if treated == 0 & after == 1
240.         replace categ                           = 3                     if treated == 1 & after == 0
241.         replace categ                           = 4                     if treated == 1 & after == 1
242.         replace categ                           = 5                     if after == 1   
243.         
.         gen bsc                                         = 0
244.         replace bsc                                     = 1                     if edu_lev >= 3 & edu_lev != .
245.         
.         gen est_sample_u        = .
246.         * generate dummy for working in one of top-3 firms in year of invention
.         rename total_inv_1 total_inv_a
247.         gen total_inv_b         = total_inv_a * l_0 
248.         bysort shnro: egen total_inv_1  = max(total_inv_b)
249. 
.         sort shnro vuosi
250.         capture: bysort shnro: gen within_shnro_ind = _n                
251.         
. 
.         gen senior                      = 0
252.         replace senior          = 1                                     if ika > 30 & ika != .
253.         if  $data_int == 5 {
254.                 replace senior          = 0
255.                 replace senior          = 1                             if ika > 40 & ika != .
256.                 }       
257.         gen age_3135            = 0
258.         replace age_3135        = 1                                             if ika > 30 & ika <= 35
259.         gen age_3640            = 0
260.         replace age_3640        = 1                                             if ika >= 36 & ika <= 40
261.         gen age_4145            = 0
262.         replace age_4145        = 1                                             if ika > 40 & ika <= 45
263.         gen age_41                      = 0
264.         replace age_41          = 1                                             if ika > 40 & ika != .
265.         gen age_4650            = 0
266.         replace age_4650        = 1                                             if ika >= 46 & ika <= 50
267.         gen age_5155            = 0
268.         replace age_5155        = 1                                             if ika > 50 & ika <= 55
269.         gen age_5660            = 0
270.         replace age_5660        = 1                                             if ika >= 56 & ika <= 60
271.         gen age_61                      = 0
272.         replace age_61          = 1                                             if ika > 60 & ika != .  
273.                 
.         gen age_new                     = 2
274.         replace age_new         = 3                                     if ika > 30 & ika <= 40
275.         replace age_new         = 4                                     if ika > 40 & ika != .
276.         
.         
.         * 2nd interaction: level of education   
.         gen interact2                   = 0
277.         replace interact2               = 1                             if  edu_lev >= 4 & edu_lev != .
278.         if "`sose_type'" == "bluec" {
279.                 replace interact2       = 1                             if  edu_lev >= 3 & edu_lev != .
280.                 }
281. 
.         * 3rd interaction: distance to frontier of education
.         gen interact3                   = vuosi - suorv
282.         replace interact3               = 0                             if suorv == .
283.         replace interact3               = ika - 15                      if interact3 > ika - 15 & interact3 != . & s
> uorv != .
284.         
.         gen dtf_610                             = 0
285.         replace dtf_610                 = 1                             if interact3 > 5 & interact3 <= 10
286.         gen dtf_1115                    = 0
287.         replace dtf_1115                = 1                             if interact3 > 10 & interact3 <= 15
288.         gen dtf_1620                    = 0
289.         replace dtf_1620                = 1                             if interact3 > 15 & interact3 <= 20
290.         gen dtf_2125                    = 0
291.         replace dtf_2125                = 1                             if interact3 > 20 & interact3 <= 25
292.         gen dtf_2630                    = 0
293.         replace dtf_2630                = 1                             if interact3 > 25 & interact3 <= 30
294.         gen dtf_31                              = 0
295.         replace dtf_31                  = 1                             if interact3 > 30 & interact3 != .
296.         
.         gen dtf_new                             = 5
297.         replace dtf_new                 = 10                            if interact3 > 5 & interact3 <= 10
298.         replace dtf_new                 = 15                            if interact3 > 10 & interact3 <= 15
299. 
.         replace dtf_new                 = 16                            if interact3 > 15 & interact3 != .
300.         
.         gen dtf_cat                             = .
301.         replace dtf_cat                 = 1                             if suorv_d == 0 & interact3 <= 5
302.         replace dtf_cat                 = 2                             if suorv_d == 0 & interact3 > 5 & interact3 
> <= 10
303.         replace dtf_cat                 = 3                             if suorv_d == 0 & interact3 > 10 & interact3
>  <= 15
304.         replace dtf_cat                 = 4                             if suorv_d == 0 & interact3 > 15 & interact3
>  <= 20
305.         replace dtf_cat                 = 5                             if suorv_d == 0 & interact3 > 20 & interact3
>  <= 25
306.         replace dtf_cat                 = 6                             if suorv_d == 0 & interact3 > 25 & interact3
>  <= 30
307.         replace dtf_cat                 = 7                             if suorv_d == 0 & interact3 > 30
308.         
. 
.         * 4th and 5th interaction: IQ
.         gen post                                        = after
309.         gen pre                                         = f_1 + f_2 + f_3 + f_4
310.         
.         if  $data_int == 6 {
311.                 gen interact4                           = 0
312.                 replace interact4                       = 1  if p_test_pc > 50 & p_test_pc <= 90
313.                 gen interact5                           = 0
314.                 replace interact5                       = 1  if p_test_pc > 90 & p_test_pc != .
315.                 }
316.                 
.         gen pre_iasenior                        = pre * senior
317.         gen pre_ia1_41                          = pre * age_41
318.         gen pre_ia1_4145                        = pre * age_4145
319.         gen pre_ia1_4650                        = pre * age_4650
320.         gen pre_ia1_5155                        = pre * age_5155
321.         gen pre_ia1_5660                        = pre * age_5660
322.         gen pre_ia1_61                          = pre * age_61
323.                 
.         gen pre_ia2                                     = pre * interact2
324.         gen pre_ia3                                     = pre * interact3
325.         gen pre_ia3_610                         = pre * dtf_610
326.         gen pre_ia3_1115                        = pre * dtf_1115
327.         gen pre_ia3_1620                        = pre * dtf_1620
328.         gen pre_ia3_2125                        = pre * dtf_2125
329.         gen pre_ia3_2630                        = pre * dtf_2630
330.         gen pre_ia3_31                          = pre * dtf_31
331.         gen pre_iasuorv_d                       = pre * suorv_d
332.         
.         if  $data_int == 6 {
333.                 gen pre_ia4                                     = pre * interact4
334.                 gen pre_ia5                                     = pre * interact5
335.                 }
336.                 
.         gen post_iasenior                       = post * senior
337.         gen post_ia1_41                         = post * age_41
338.         gen post_ia1_4145                       = post * age_4145
339.         gen post_ia1_4650                       = post * age_4650
340.         gen post_ia1_5155                       = post * age_5155
341.         gen post_ia1_5660                       = post * age_5660
342.         gen post_ia1_61                         = post * age_61
343.                 
.         gen post_ia2                            = post * interact2
344.         gen post_ia3                            = post * interact3
345.         gen post_ia3_610                        = post * dtf_610
346.         gen post_ia3_1115                       = post * dtf_1115
347.         gen post_ia3_1620                       = post * dtf_1620
348.         gen post_ia3_2125                       = post * dtf_2125
349.         gen post_ia3_2630                       = post * dtf_2630
350.         gen post_ia3_31                         = post * dtf_31
351.         gen post_iasuorv_d                      = post * suorv_d
352.         
.         if  $data_int == 6 {
353.                 gen post_ia4                            = post * interact4
354.                 gen post_ia5                            = post * interact5
355.                 }
356.                 
.         gen treated_iasenior            = treated * senior
357.         
.         gen treated_ia1_41                      = treated * age_41
358.         gen treated_ia1_4145            = treated * age_4145
359.         gen treated_ia1_4650            = treated * age_4650
360.         gen treated_ia1_5155            = treated * age_5155
361.         gen treated_ia1_5660            = treated * age_5660
362.         gen treated_ia1_61                      = treated * age_61
363.         gen treated_ia1_5160            = treated_ia1_5155 + treated_ia1_5660
364.         
.         gen treated_ia2                         = treated * interact2
365.         
.         gen treated_ia3                         = treated * interact3
366.         gen treated_ia3_610                     = treated * dtf_610 
367.         gen treated_ia3_1115            = treated * dtf_1115
368.         gen treated_ia3_1620            = treated * dtf_1620
369.         gen treated_ia3_2125            = treated * dtf_2125
370.         gen treated_ia3_2630            = treated * dtf_2630
371.         gen treated_ia3_31                      = treated * dtf_31
372.         
.         gen treated_iasuorv_d           = treated * suorv_d
373.         
.         if  $data_int == 6 {
374.                 gen treated_ia4                         = treated * interact4
375.                 gen treated_ia5                         = treated * interact5
376.                 }
377.                 
.         gen treated_post_iasenior       = treated_post * senior
378.         gen treated_post_ia1_41         = treated_post * age_41
379.         gen treated_post_ia1_4145       = treated_post * age_4145
380.         gen treated_post_ia1_4650       = treated_post * age_4650
381.         gen treated_post_ia1_5155       = treated_post * age_5155
382.         gen treated_post_ia1_5660       = treated_post * age_5660
383.         gen treated_post_ia1_61         = treated_post * age_61
384.         
.         gen treated_post_ia2            = treated_post * interact2
385.         
.         gen treated_post_ia3            = treated_post * interact3
386.         gen treated_post_ia3_610        = treated_post * dtf_610
387.         gen treated_post_ia3_1115       = treated_post * dtf_1115
388.         gen treated_post_ia3_1620       = treated_post * dtf_1620
389.         gen treated_post_ia3_2125       = treated_post * dtf_2125
390.         gen treated_post_ia3_2630       = treated_post * dtf_2630
391.         gen treated_post_ia3_31         = treated_post * dtf_31
392.         
.         gen treated_post_iasuorv_d      = treated_post * suorv_d
393.         
.         if  $data_int == 6 {
394.                 gen treated_post_ia4            = treated_post * interact4
395.                 gen treated_post_ia5            = treated_post * interact5
396.                 }
397.                 
.         gen treated_pre_iasenior        = treated_pre * senior
398.         gen treated_pre_ia1_41          = treated_pre * age_41
399.         gen treated_pre_ia1_4145        = treated_pre * age_4145
400.         gen treated_pre_ia1_4650        = treated_pre * age_4650
401.         gen treated_pre_ia1_5155        = treated_pre * age_5155
402.         gen treated_pre_ia1_5660        = treated_pre * age_5660
403.         gen treated_pre_ia1_61          = treated_pre * age_61
404.         
.         gen treated_pre_ia2                     = treated_pre * interact2
405.         
.         gen treated_pre_ia3                     = treated_pre * interact3
406.         gen treated_pre_ia3_610         = treated_pre * dtf_610
407.         gen treated_pre_ia3_1115        = treated_pre * dtf_1115
408.         gen treated_pre_ia3_1620        = treated_pre * dtf_1620
409.         gen treated_pre_ia3_2125        = treated_pre * dtf_2125
410.         gen treated_pre_ia3_2630        = treated_pre * dtf_2630
411.         gen treated_pre_ia3_31          = treated_pre * dtf_31
412.         
.         gen treated_pre_iasuorv_d       = treated_pre * suorv_d
413.         
.         gen post_ia2_senior                     = post * interact2 * senior
414.         gen pre_ia2_senior                      = pre * interact2 * senior
415.         gen post_ia2_ia3                        = post * interact2 * interact3
416.         gen pre_ia2_ia3                         = pre * interact2 * interact3
417.         
.         gen treated_post_ia2_senior     = treated_post * interact2 * senior
418.         gen treated_pre_ia2_senior      = treated_pre * interact2 * senior
419.         gen treated_post_ia2_ia3        = treated_post * interact2 * interact3
420.         gen treated_pre_ia2_ia3         = treated_pre * interact2 * interact3
421.         gen ia2_ia3                                     = interact2 * interact3
422.         gen ia2_senior                          = interact2 * senior
423.         
.         gen treated_ia2_senior          = treated * interact2 * senior
424.         gen treated_ia2_ia3                     = treated * interact2 * interact3
425.         
.         gen ia2_dtf610          = interact2 * dtf_610
426.         gen ia2_dtf1115         = interact2 * dtf_1115
427.         gen ia2_dtf1620         = interact2 * dtf_1620
428.         gen ia2_dtf2125         = interact2 * dtf_2125
429.         gen ia2_dtf2630         = interact2 * dtf_2630
430.         gen ia2_dtf31           = interact2 * dtf_31
431.         
.         gen treated_ia2_dtf610          = treated * interact2 * dtf_610
432.         gen treated_ia2_dtf1115         = treated * interact2 * dtf_1115
433.         gen treated_ia2_dtf1620         = treated * interact2 * dtf_1620
434.         gen treated_ia2_dtf2125         = treated * interact2 * dtf_2125
435.         gen treated_ia2_dtf2630         = treated * interact2 * dtf_2630
436.         gen treated_ia2_dtf31           = treated * interact2 * dtf_31
437.         
.         gen pre_ia2_dtf610      = pre * interact2 * dtf_610
438.         gen pre_ia2_dtf1115     = pre * interact2 * dtf_1115
439.         gen pre_ia2_dtf1620     = pre * interact2 * dtf_1620
440.         gen pre_ia2_dtf2125     = pre * interact2 * dtf_2125
441.         gen pre_ia2_dtf2630     = pre * interact2 * dtf_2630
442.         gen pre_ia2_dtf31       = pre * interact2 * dtf_31
443.         
.         gen post_ia2_dtf610     = post * interact2 * dtf_610
444.         gen post_ia2_dtf1115    = post * interact2 * dtf_1115
445.         gen post_ia2_dtf1620    = post * interact2 * dtf_1620
446.         gen post_ia2_dtf2125    = post * interact2 * dtf_2125
447.         gen post_ia2_dtf2630    = post * interact2 * dtf_2630
448.         gen post_ia2_dtf31              = post * interact2 * dtf_31
449. 
.         gen treated_pre_ia2_dtf610      = treated_pre * interact2 * dtf_610
450.         gen treated_pre_ia2_dtf1115     = treated_pre * interact2 * dtf_1115
451.         gen treated_pre_ia2_dtf1620     = treated_pre * interact2 * dtf_1620
452.         gen treated_pre_ia2_dtf2125     = treated_pre * interact2 * dtf_2125
453.         gen treated_pre_ia2_dtf2630     = treated_pre * interact2 * dtf_2630
454.         gen treated_pre_ia2_dtf31       = treated_pre * interact2 * dtf_31
455.         
.         gen treated_post_ia2_dtf610             = treated_post * interact2 * dtf_610
456.         gen treated_post_ia2_dtf1115    = treated_post * interact2 * dtf_1115
457.         gen treated_post_ia2_dtf1620    = treated_post * interact2 * dtf_1620
458.         gen treated_post_ia2_dtf2125    = treated_post * interact2 * dtf_2125
459.         gen treated_post_ia2_dtf2630    = treated_post * interact2 * dtf_2630
460.         gen treated_post_ia2_dtf31              = treated_post * interact2 * dtf_31
461. 
.         gen ia2_age4145         = interact2 * age_4145
462.         gen ia2_age4650         = interact2 * age_4650
463.         gen ia2_age5155         = interact2 * age_5155
464.         gen ia2_age5660         = interact2 * age_5660
465.         
.         gen treated_ia2_age4145         = treated * interact2 * age_4145
466.         gen treated_ia2_age4650         = treated * interact2 * age_4650
467.         gen treated_ia2_age5155         = treated * interact2 * age_5155
468.         gen treated_ia2_age5660         = treated * interact2 * age_5660
469.         
.         gen pre_ia2_age4145             = pre * interact2 * age_4145
470.         gen pre_ia2_age4650             = pre * interact2 * age_4650
471.         gen pre_ia2_age5155             = pre * interact2 * age_5155
472.         gen pre_ia2_age5660             = pre * interact2 * age_5660
473.         
.         gen post_ia2_age4145    = post * interact2 * age_4145
474.         gen post_ia2_age4650    = post * interact2 * age_4650
475.         gen post_ia2_age5155    = post * interact2 * age_5155
476.         gen post_ia2_age5660    = post * interact2 * age_5660
477.         
.         gen treated_pre_ia2_age4145             = treated_pre * interact2 * age_4145
478.         gen treated_pre_ia2_age4650             = treated_pre * interact2 * age_4650
479.         gen treated_pre_ia2_age5155             = treated_pre * interact2 * age_5155
480.         gen treated_pre_ia2_age5660             = treated_pre * interact2 * age_5660
481.         
.         gen treated_post_ia2_age4145    = treated_post * interact2 * age_4145
482.         gen treated_post_ia2_age4650    = treated_post * interact2 * age_4650
483.         gen treated_post_ia2_age5155    = treated_post * interact2 * age_5155
484.         gen treated_post_ia2_age5660    = treated_post * interact2 * age_5660
485.         
.         if  $data_int == 6 {
486.                 gen treated_pre_ia4                     = treated_pre * interact4
487.                 gen treated_pre_ia5                     = treated_pre * interact5
488.                 }
489.                 
.         global interactions             interact2 dtf_610 dtf_1115 dtf_16
490.         
.         global pre_ias_short            pre_iasenior pre_ia2 pre_ia3 pre_iasuorv_d
491.         global pre_ias_educ                     pre_ia2 pre_ia3 pre_iasuorv_d
492.         
.         global pre_ias_med                      pre_ia1_41 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
493.         global pre_ias_meduc            pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_
> ia3_31 pre_iasuorv_d
494.         global pre_ias_long                     pre_ia1_41 pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_16 pre_iasuorv_d
>  // pre_ia1_3135 pre_ia1_3640
495.         
.         if $data_int == 5 {
496.                 global pre_ias_med                      pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
497.                 global pre_ias_long                     pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 ///              // pre_ia1_3135 pre_ia1_3640   
>                                                                         pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2
> 125 pre_ia3_2630 pre_ia3_31 pre_iasuorv_d
498.                 }
499.                 
.         global post_ias_short           post_iasenior post_ia2 post_ia3 post_iasuorv_d
500.         global post_ias_educ            post_ia2 post_ia3 post_iasuorv_d
501.         global post_ias_med                     post_ia1_41 post_ia2 post_ia3 post_iasuorv_d // post_ia1_3135 post_i
> a1_3640
502.         global post_ias_meduc           post_ia2 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_263
> 0 post_ia3_31 post_iasuorv_d
503.         global post_ias_long            post_ia1_41 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 
> post_ia3_2630 post_ia3_31 post post_iasuorv_d
504.         
.         if $data_int == 5 {
505.                 global post_ias_med                     post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post
> _ia1_61 post_ia2 post_ia3 post_iasuorv_d    // post_ia1_3135 post_ia1_3640 
506.                 global post_ias_long            post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 
> post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                         post_ia3_610 post_ia3_1115 post_ia3_1620 post_i
> a3_2125 post_ia3_2630 post_ia3_31 post post_iasuorv_d
507.                 }
508.                 
.         global treated_educ                     treated_ia2 treated_ia3_* treated_suorv_d
509.         global treated_post_educ_ia             treated_post_ia2 treated_post_ia3_* post_iasuorv_d
510.         global treated_pre_educ_ia              treated_pre_ia2 treated_pre_ia3_* post_iasuorv_d
511.         
.         global treated_age                      treated_ia1_41 // treated_ia1_3135 treated_ia1_3640 
512.         global treated_pre_age_ia       treated_pre_ia1_41 // treated_pre_ia1_3135 treated_pre_ia1_3640 
513.         global treated_post_age_ia      treated_post_ia1_41 // treated_post_ia1_3135 treated_post_ia1_3640 
514.         
.         if $data_int == 5 {
515.                 global treated_age                      treated_ia1_4145 treated_ia1_4650 treated_ia1_5160 // treate
> d_ia1_3135 treated_ia1_3640 
516.                 global treated_pre_age_ia       treated_pre_ia1_4145 treated_pre_ia1_4650 treated_pre_ia1_5155 treat
> ed_pre_ia1_5660 treated_pre_ia1_61 // treated_pre_ia1_3135 treated_pre_ia1_3640 
517.                 global treated_post_age_ia      treated_post_ia1_4145 treated_post_ia1_4650 treated_post_ia1_5155 tr
> eated_post_ia1_5660 treated_post_ia1_61 // treated_post_ia1_3135 treated_post_ia1_3640 
518.                 }
519.                 
.         if  $data_int == 6 {
520.                 global interactions_iq          interact2 dtf_610 dtf_1115 dtf_16 interact4 interact5
521.                 global treated_ias_iq           treated_ia1_* treated_ia2 treated_ia3_* treated_ia4 treated_ia5
522.                 global treated_post_ias_iq      treated_post_ia1_* treated_post_ia2 treated_post_ia3_* treated_post_
> ia4 treated_post_ia5
523.                 global treated_pre_ias_iq       treated_pre_ia1_* treated_pre_ia2 treated_pre_ia3_* treated_pre_ia4 
> treated_pre_ia5
524.                 }
525.         
.         global ia2_dtfias                               ia2_dtf*
526.         global pre_ia2_dtfias                   pre_ia2_dtf*
527.         global post_ia2_dtfias                  post_ia2_dtf*
528.         
.         global treated_ia2_dtfias               treated_ia2_dtf*
529.         global treated_pre_ia2_dtfias   treated_pre_ia2_dtf*
530.         global treated_post_ia2_dtfias  treated_post_ia2_dtf*
531.         
.         global ia2_ageias                               ia2_age*
532.         global pre_ia2_ageias                   pre_ia2_age*
533.         global post_ia2_ageias                  post_ia2_age*   
534.         
.         global treated_ia2_ageias               treated_ia2_age*
535.         global treated_pre_ia2_ageias   treated_pre_ia2_age*
536.         global treated_post_ia2_ageias  treated_post_ia2_age*
537.         
.         *global interactions_long l_ia* inv_f_ia_* f_ia_*
.         global leads_and_lags l_0 l_1 l_2 l_3 l_4 l_5 l_6 l_7 l_8 l_9 l_10 f_1 f_2 f_3 f_4
538.         
.         foreach t of global interactions {
539.                 display "number of obs by treatment category conditional on `t'"
540.                 tab categ `t' if est_sample_u == 1 
541.                 }
542.                 
.         foreach d of global short_depvar {
543.                 
.                         replace est_sample_u            = est_sample
544.                         * need to use est_sample_publ for ue_d as otherwise ue_d == 0 by definition
.                         if "`d'" == "ue_d" {
545.                                 replace est_sample_u    = est_sample_publ
546.                                 }
547.                                 
.                         tab ptoim1                                                                                     
>                          if  est_sample_u == 1   
548.                 
.                         regr `d'        treated $treated_age ///
>                                 treated_pre ///
>                                 $treated_pre_age_ia   ///
>                                 treated_post ///
>                                 $treated_post_age_ia  ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars       if est_sample_u == 1, c
> luster(shnro) 
549.                         
.                         replace est_sample_u = e(sample)
550.                 
.                         display "dependent variable is `d'"     
551. 
.                         * Appendix A.2 descriptive statistics
.                         
.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated 
> == 0, stat(mean sd p50 n) save
552.                         matrix A = r(StatTotal)
553.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treat
> ed == 1, stat(mean sd p50 n) save
554.                         matrix B = r(StatTotal)
555.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1, stat(m
> ean sd p50 n) by(treated) save
556.                         matrix C = r(StatTotal)
557.                         
.                         putexcel set "${graphs}\Appendix_A.2_tabstat_`sose_type'$data_`d'_noIQ.xls", replace
558.                         putexcel B1 = "treated = 0"
559.                         putexcel B2 = matrix(A), names
560.                         putexcel B8 = "treated = 1"
561.                         putexcel B9 = matrix(B), names
562.                         putexcel B15 = "total"
563.                         putexcel B16 = matrix(C), names
564.                         
.                 
.                         
.                         *display " 0 = before, 1 = control before, 2 = control after, 3 = treated before, 4 = treated a
> fter 5 = after "
. 
.                         * Appendix A.3 desc stats on distribution of age and dtf
.                         tab age_new dtf_cat if est_sample_u == 1 , cell
565. 
.                         tab dtf         if ika == 35 & est_sample_u == 1 
566.                         /*
>                         twoway  histogram dtf if ika == 35 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_35_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         tab dtf         if ika == 45 & est_sample_u == 1 
567.                         /*
>                         twoway  histogram dtf if ika == 45 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_45_`sose_type'$data_`d'.pdf" , replace
>                         */              
.                         tab dtf         if ika == 55 & est_sample_u == 1 
568.                         /*
>                         twoway  histogram dtf if ika == 55 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_55_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         bysort ika: egen dtf_p10                = pctile(dtf)                           if est_sample_u
>  == 1, p(10)
569.                         *bysort ika: egen dtf_p25               = pctile(dtf)                           if est_sampl
> e_u == 1, p(25)
.                         *bysort ika: egen dtf_p50               = pctile(dtf)                           if est_sample_u
>  == 1, p(50)
.                         *bysort ika: egen dtf_p75               = pctile(dtf)                           if est_sample_u
>  == 1, p(75)
.                         bysort ika: egen dtf_p90                = pctile(dtf)                           if est_sample_u
>  == 1, p(90)
570.                         *bysort ika: egen dtf_mean              = mean(dtf)                                     if e
> st_sample_u == 1
.                         bysort ika: gen ika_ind                 = _n                                            if est_
> sample_u == 1
571.                         
.                         twoway rarea dtf_p10 dtf_p90 ika        if est_sample_u == 1 & ika_ind == 1     , ///
>                                         sort fcolor(gs10) ///
>                                         xtitle("age")  ///
>                                         ytitle("DTHCF") ///
>                                         lwidth(none) ///                                        
>                                         graphregion(color(white)) bgcolor(white) ///
>                                         legend( order(2 3) label(2 "10th percentile") label(3 "90th percentile")) ///
>                                         ||   line dtf_p10 ika if est_sample_u == 1 & ika_ind == 1 ///
>                                         ||   line dtf_p90 ika if est_sample_u == 1 & ika_ind == 1 
572.                                                         graph export "${graphs}\dtf_age_`sose_type'$data_`d'_noIQ.pd
> f" , replace        
573. 
.                                         
.                 
.                         *drop dtf_p10 dtf_p25 dtf_p50 dtf_p75 dtf_mean ika_ind
.                         drop dtf_p10 dtf_p90 ika_ind
574. 
.                 
.                         pwcorr ika dtf                          if est_sample_u == 1 , sig
575.                         pwcorr ika interact3            if est_sample_u == 1 , sig
576.                         regr dtf ika                            if est_sample_u == 1, robust
577.                         
.                         pwcorr age_new dtf_cat          if est_sample_u == 1, sig
578.                         *regr dtf_cat age_new           if est_sample_u == 1, robust
.                         
.                         *RESTAT REVISION: ESTIMATE MODEL FOR THOSE WITH STEM EDUCATION
.                         gen treat_year                          = .
579.                         replace treat_year                      = year                  if treatment_time == 0
580.                         egen treat_year_count           = group(syrtun treat_year)
581.                         bysort shnro: egen my_group             = min(treat_year_count)
582.                         drop treat_year treat_year_count
583. 
.                         drop if edu_science == 0        
584.                         if $dummy == 1 {
585.                                 
. *******************************************************************                     
.                                 * 1. base -  pre + no interaction
. ******************************************************************* eqn_2
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1, fe cluster(my_group)  
586.                                 estimates store eqn_2           
587.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                     
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1, fe cluster(my_group)  
588.                                 test treated_post + treated_post_iasenior = 0
589.                                 test treated_pre + treated_pre_iasenior = 0
590.                                 estimates store eqn_4           
591. 
. *******************************************************************     
.                                 * 2. base -  pre + only DTHCF
. ****************************************************************** eqn_8        
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1, fe cluster(my_group)  
592.                                 test treated_post + treated_post_ia3 = 0
593.                                 test treated_pre + treated_pre_ia3 = 0
594.                                 estimates store eqn_5           
595.                                 
.                                 
.                                 
. *******************************************************************     
.                                 * 2. base -  pre + simple educ
. ****************************************************************** 
. 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
596.                                 estimates store eqn_6           
597.                                 testparm *ia3*
598.                                 testparm *pre*ia3  *post*ia3 
599.                                 testparm *pre*ia3  
600.                                 testparm *post*ia3
601.                                 test treated_post + treated_post_iasenior = 0
602.                                 test treated_post + treated_post_ia3 = 0
603.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
604.                                 
.                                 * senior + educ + dtf
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
605.                                 estimates store eqn_7           
606.                                 testparm *ia2* *ia3*
607.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
608.                                 testparm *pre*ia2* *pre*ia3  
609.                                 testparm *post*ia2* *post*ia3
610.                                 test treated_post + treated_post_iasenior = 0
611.                                 test treated_post + treated_post_ia2 = 0
612.                                 test treated_post + treated_post_ia3 = 0
613.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
614.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
615.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
616.                                 
.                                 sum interact2                           if est_sample_u == 1 & senior == 0
617.                                 scalar educ_junior_m            = r(mean)
618.                                 local educ_junior_m                     = educ_junior_m
619.                                 local educ_junior_m: di %6.2f    educ_junior_m
620.         
.                                 sum interact2                           if est_sample_u == 1 & senior == 1
621.                                 scalar educ_senior_m            = r(mean)
622.                                 local educ_senior_m                     = educ_senior_m
623.                                 local educ_senior_m: di %6.2f    educ_senior_m
624.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0
625.                                 scalar dtf_junior_m                     = r(mean)
626.                                 local dtf_junior_m                      = dtf_junior_m
627.                                 local dtf_junior_m: di %6.2f     dtf_junior_m
628.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1
629.                                 scalar dtf_senior_m                     = r(mean)
630.                                 local dtf_senior_m                      = dtf_senior_m  
631.                                 local dtf_senior_m: di %6.2f     dtf_senior_m
632.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 0
633.                                 scalar dtf_junior_ml            = r(mean)
634.                                 local dtf_junior_ml                     = dtf_junior_ml
635.                                 local dtf_junior_ml: di %6.2f    dtf_junior_ml
636.                                 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 0
637.                                 scalar dtf_senior_ml            = r(mean)
638.                                 local dtf_senior_ml                     = dtf_senior_ml 
639.                                 local dtf_senior_ml: di %6.2f    dtf_senior_ml
640. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 1
641.                                 scalar dtf_junior_mh            = r(mean)
642.                                 local dtf_junior_mh                     = dtf_junior_mh 
643.                                 local dtf_junior_mh: di %6.2f    dtf_junior_mh
644. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 1
645.                                 scalar dtf_senior_mh            = r(mean)
646.                                 local dtf_senior_mh                     = dtf_senior_mh 
647.                                 local dtf_senior_mh: di %6.2f    dtf_senior_mh
648.         
.         
.                                 *****
.                                 * Graph 1A: junior and senior, mean educ, mean dtf
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * `edu
> c_junior_m' + _b[treated_post_ia3] * `dtf_junior_m') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * `educ_senior_m' + _b[treated_post_ia3] * `dtf_senior_m') 
649.                                 matrix phat1 = r(b)
650.                                 matrix pse1 = vecdiag(r(V))
651.                                 matrix CI1 = J(2,2,.)
652.                                 forvalues i = 1/2 {
653.                                         matrix CI1[1,`i'] = phat1[1, `i'] + sqrt(pse1[1, `i'])
654.                                         matrix CI1[2,`i'] = phat1[1, `i'] - sqrt(pse1[1, `i'])
655.                                         }       
656.                                 
.                                 * Graph 1B: junior and senior x low and high educ x mean dtf | senior, high educ
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') 
657.                                 matrix phat2 = r(b)
658.                                 matrix pse2 = vecdiag(r(V))
659.                                 matrix CI2 = J(4,4,.)
660.                                 forvalues i = 1/4 {
661.                                         matrix CI2[1,`i'] = phat2[1, `i'] + sqrt(pse2[1, `i'])
662.                                         matrix CI2[2,`i'] = phat2[1, `i'] - sqrt(pse2[1, `i'])
663.                                         }       
664.                                         
.                                 * Graph 1C: junior and senior with mean educ and mean dtf; junior and senior x low and 
> high educ x mean dtf | senior, high educ; 
.                                 * junior and senior x  high     and low educ, dtf = 0                                  
>                  
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') 
665.                                 matrix phat3 = r(b)
666.                                 matrix pse3 = vecdiag(r(V))
667.                                 matrix CI3 = J(8,8,.)
668.                                 forvalues i = 1/8 {
669.                                         matrix CI3[1,`i'] = phat3[1, `i'] + sqrt(pse3[1, `i'])
670.                                         matrix CI3[2,`i'] = phat3[1, `i'] - sqrt(pse3[1, `i'])
671.                                         }
672.                                         
.                         
.                                 coefplot matrix(phat1), ci(CI1) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelA, replace)
673.                                 graph export "${graphs}\Fig1_panelA_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
674.                                 
.                                 coefplot matrix(phat1), ci(CI1) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelAv2, replace)
675.                                 graph export "${graphs}\Fig1_panelAv2_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
676. 
.                                 *               notes("LE = low educ; HE = high educ; J = junior; S = senior")
.                                 * REMEMBER: cols(x) 
.                                 coefplot matrix(phat2), ci(CI2) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelB, replace)
677.                                 graph export "${graphs}\Fig1_panelB_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
678.                                 
.                                 coefplot matrix(phat2), ci(CI2) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelBv2, replace)
679.                                 graph export "${graphs}\Fig1_panelBv2_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
680.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical recast(bar) ciopts(recast(rcap))  ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelC, replace)
681.                                 graph export "${graphs}\Fig1_panelC_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
682.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelCv2, replace)
683.                                 graph export "${graphs}\Fig1_panelCv2_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
684. 
.                                 gr combine panelA.gph panelB.gph, saving(panelAB, replace) imargin(0 0 0 0) cols(2)
685.                                 gr combine panelAB.gph panelC.gph, saving(Fig1_all, replace) imargin(tiny) cols(1)
686.                                 graph export "${graphs}\Fig1_all_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
687.         
.                                 gr combine panelAv2.gph panelBv2.gph, saving(panelABv2, replace) imargin(0 0 0 0) cols(
> 2)
688.                                 gr combine panelABv2.gph panelCv2.gph, saving(Fig1v2_all, replace) imargin(tiny) col
> s(1)
689.                                 graph export "${graphs}\Fig1v2_all_`d'_`sose_type'_noIQ_stem_$data.pdf" , replace
690. 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
691.                                 test treated_post + treated_post_ia2 = 0
692.                                 test treated_post + treated_post_ia3 = 0
693.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
694.                                 test treated_pre + treated_pre_ia2 = 0
695.                                 test treated_pre + treated_pre_ia3 = 0
696.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
697.                                 estimates store eqn_8           
698. 
.                                 
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
699.                                 estimates store eqn_12          
700.                                 testparm *ia2* *ia3*
701.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
702.                                 testparm *pre*ia2* *pre*ia3  
703.                                 testparm *post*ia2* *post*ia3
704.                                 test treated_post + treated_post_iasenior = 0
705.                                 test treated_post + treated_post_ia2 = 0
706.                                 test treated_post + treated_post_ia3 = 0
707.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
708.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
709.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
710. 
.                 
.                         
. 
. ******************************************************************* 
.                                 * 8 base - interaction drop top-3
.                                 
.                                 * 1. base -  pre + no interaction
. ******************************************************************* 
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
711.                                 estimates store eqn_top32               
712.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                             
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                         $pre_ia_educ $post_ia_educ ///
>                                         interact3 suorv_d ///
>                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 
> 1  & total_inv_1 < 850, fe cluster(my_group)  
713.                                 test treated_post + treated_post_ia3 = 0
714.                                 test treated_pre + treated_pre_ia3 = 0
715.                                 estimates store eqn_top33               
716.                                 
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group) 
>  
717.                                 test treated_post + treated_post_iasenior = 0
718.                                 test treated_pre + treated_pre_iasenior = 0
719.                                 estimates store eqn_top34       
720.                                 
.                                 
. *******************************************************************                             
.                                 * 2. base -  pre + simple educ
. *******************************************************************     
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuo
> rv_d ///
>                                                         treated_post  treated_post_ia2 treated_post_ia3 treated_post_ia
> suorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact2 interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
721.                                 test treated_post + treated_post_ia2 = 0
722.                                 test treated_post + treated_post_ia3 = 0
723.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
724.                                 test treated_pre + treated_pre_ia2 = 0
725.                                 test treated_pre + treated_pre_ia3 = 0
726.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
727.                                 estimates store eqn_top35                                               
728. 
.                                 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
729.                                 estimates store eqn_top36               
730.                                 testparm *ia3*
731.                                 testparm *pre*ia3  *post*ia3 
732.                                 testparm *pre*ia3  
733.                                 testparm *post*ia3
734.                                 test treated_post + treated_post_iasenior = 0
735.                                 test treated_post + treated_post_ia3 = 0
736.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
737. 
.                                 * senior + educ
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
738.                                 estimates store eqn_top37               
739.                                 testparm *ia2* *ia3*
740.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
741.                                 testparm *pre*ia2* *pre*ia3  
742.                                 testparm *post*ia2* *post*ia3
743.                                 test treated_post + treated_post_iasenior = 0
744.                                 test treated_post + treated_post_ia2 = 0
745.                                 test treated_post + treated_post_ia3 = 0
746.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
747.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
748.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
749.                                 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
750.                                 test treated_post + treated_post_ia2 = 0
751.                                 test treated_post + treated_post_ia3 = 0
752.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
753.                                 test treated_pre + treated_pre_ia2 = 0
754.                                 test treated_pre + treated_pre_ia3 = 0
755.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
756.                                 estimates store eqn_top38               
757. 
. 
. ***********************************************************************************************************************
> *****************************************                                
. 
.                                 local filename          = "`d'"
758.                                 cd ${output}
759. 
.                                 if $ownfirm != 1 & $data_int == 6 {
760.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
761.                                                 }
762.                                 else if $ownfirm != 1 & $data_int == 5  {
763.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
764.                                                 }       
765.                                 if $ownfirm != 1 & $data_int == 6 {
766.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
767.                                                 }
768.                                 else if $ownfirm != 1 & $data_int == 5  {
769.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
770.                                                 }       
771.                                 if $ownfirm == 1 & $data_int == 6 {
772.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
773.                                                 }
774.                                 else if $ownfirm == 1 & $data_int == 5  {
775.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_stem_$data.xls", /// 
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
776.                                 if $ownfirm == 1 & $data_int == 6 {
777.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
778.                                                 }
779.                                 else if $ownfirm == 1 & $data_int == 5  {
780.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_stem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
781.                                                 }                       
782.                                         */
.                                         }
783.                                 
.                                 /*              
>                                 outreg2 [eqn_long_1 eqn_long_2] using "`d'_`sose_type'_horser_long$data.xls", replace /
> //
>                                                 keep(treated treated_cow  inv_l_* inv_f_* inv_fl_*)
>                                 */
.                                 }
784.                 drop my_group           
785.         
.                 }
786.         local datacounter       = `datacounter' + 1     
787.         }
(label _merge already defined)
(label _merge already defined)
(label _merge already defined)
(239,651 observations deleted)
(3,147,402 real changes made)
(132,209 missing values generated)
(103,355 missing values generated)
(3,324,847 missing values generated)
(177,445 real changes made)
(65358 missing values generated)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(178,336 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(174,703 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(170,837 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(149,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(135,159 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(117,864 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(103,525 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,280 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(70,798 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(56,345 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(50,576 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(88,902 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(86,883 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(75,827 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(68,602 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(59,504 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(52,094 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(44,751 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(35,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(27,890 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(25,069 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(177,042 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(90,154 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(175,944 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,582 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(164,590 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(83,884 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(156,261 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(79,760 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(148,976 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(76,067 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(141,822 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(72,449 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(132,136 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(67,508 real changes made)
(65,358 missing values generated)
(998,316 real changes made, 998,316 to missing)
(44,430 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,296,538 real changes made)
       panel variable:  shnro_real (unbalanced)
(2,870,653 real changes made)
(454,194 missing values generated)
(454,194 missing values generated)
(3,324,847 missing values generated)
(2,782,955 real changes made)
(418,774 real changes made)
(454,194 missing values generated)
(408,713 real changes made)
(3324847 missing values generated)
(3,324,847 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------
(3,192,566 real changes made, 374,857 to missing)
(666,404 real changes made)
(374,857 missing values generated)
(374,857 missing values generated)
(374,857 missing values generated)
(3,324,847 missing values generated)
(2,220,248 real changes made)
(400,153 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                     1,003,647
        from master                   454,194  (_merge==1)
        from using                    549,453  (_merge==2)

    matched                         2,870,653  (_merge==3)
    -----------------------------------------
(454,194 real changes made)
(3,874,300 missing values generated)
(0 real changes made)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,874,563 real changes made)
(3,874,300 missing values generated)
(1,991,729 real changes made)
(3,874,300 missing values generated)
(1,938,369 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    492,696       27.87       27.87
          4 |     10,885        0.62       28.49
          5 |    434,738       24.60       53.09
          6 |    400,438       22.65       75.74
          7 |    382,615       21.65       97.39
          8 |     46,194        2.61      100.00
------------+-----------------------------------
      Total |  1,767,566      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    876,708       46.47       46.47
          1 |  1,009,876       53.53      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
(549,453 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------

    variable |      mean        sd       p50         N
-------------+----------------------------------------
        ue_d |         0         0         0   1828195
------------------------------------------------------

Summary for variables: ue_d
     by categories of: vuosi (vuosi)

   vuosi |      mean
---------+----------
    1994 |         0
    1995 |         0
    1996 |         0
    1997 |         0
    1998 |         0
    1999 |         0
    2000 |         0
    2001 |         0
    2002 |         0
    2003 |         0
    2004 |         0
    2005 |         0
    2006 |         0
    2007 |         0
    2008 |         0
    2009 |         0
    2010 |         0
    2011 |         0
    2012 |         0
---------+----------
   Total |         0
--------------------
(3,874,300 missing values generated)
(2,028,309 real changes made)
(1,026,709 real changes made)
(641,051 real changes made)
(1,001,600 real changes made)
(655,487 real changes made)
(1,296,538 real changes made)
(2,029,548 real changes made)
(3,874,300 missing values generated)
(549,453 missing values generated)
(549453 missing values generated)
(2,494,609 real changes made)
(2,494,609 real changes made)
(1,506,426 real changes made)
(488,379 real changes made)
(499,804 real changes made)
(490,878 real changes made)
(1,506,426 real changes made)
(449,814 real changes made)
(356,926 real changes made)
(208,808 real changes made)
(0 real changes made)
(988,183 real changes made)
(1,506,426 real changes made)
(666,404 real changes made)
(924,310 missing values generated)
(924,310 real changes made)
(14 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(1,094,728 real changes made)
(3,874,300 missing values generated)
(831,882 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,886,584 real changes made)
(51,785 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,901,221       98.08       98.08
         12 |     11,821        0.61       98.69
         22 |     17,792        0.92       99.61
         24 |      2,148        0.11       99.72
         25 |      2,128        0.11       99.83
         99 |      3,259        0.17      100.00
------------+-----------------------------------
      Total |  1,938,369      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,864,183
                                                F(87, 159384)     =     329.53
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1605
                                                Root MSE          =     .12608

                                     (Std. Err. adjusted for 159,385 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0244377   .0019258    12.69   0.000     .0206632    .0282121
     treated_ia1_4145 |  -.0650209   .0021859   -29.75   0.000    -.0693052   -.0607365
     treated_ia1_4650 |  -.0683932   .0022227   -30.77   0.000    -.0727496   -.0640368
     treated_ia1_5160 |  -.0728474   .0023957   -30.41   0.000    -.0775428   -.0681519
          treated_pre |  -.0175402   .0017816    -9.84   0.000    -.0210322   -.0140483
 treated_pre_ia1_4145 |   .0573396   .0021003    27.30   0.000     .0532231    .0614562
 treated_pre_ia1_4650 |    .057301   .0021031    27.25   0.000     .0531789    .0614231
 treated_pre_ia1_5155 |   .0592008   .0022523    26.28   0.000     .0547863    .0636153
 treated_pre_ia1_5660 |   .0555238   .0024784    22.40   0.000     .0506662    .0603814
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0269313   .0019039   -14.15   0.000    -.0306629   -.0231997
treated_post_ia1_4145 |   .0712758   .0021516    33.13   0.000     .0670586    .0754929
treated_post_ia1_4650 |   .0734853   .0021887    33.57   0.000     .0691955    .0777752
treated_post_ia1_5155 |   .0775473     .00237    32.72   0.000     .0729022    .0821924
treated_post_ia1_5660 |   .0728198   .0025653    28.39   0.000     .0677919    .0778478
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0603018   .0010596   -56.91   0.000    -.0623787    -.058225
                  l_1 |  -.0442684   .0010927   -40.51   0.000    -.0464101   -.0421267
                  l_2 |  -.0395472   .0011008   -35.93   0.000    -.0417048   -.0373896
                  l_3 |  -.0355304   .0011027   -32.22   0.000    -.0376918   -.0333691
                  l_4 |  -.0319158   .0011051   -28.88   0.000    -.0340817   -.0297498
                  l_5 |  -.0298611   .0011043   -27.04   0.000    -.0320254   -.0276968
                  l_6 |  -.0298371   .0010849   -27.50   0.000    -.0319636   -.0277106
                  l_7 |  -.0310406   .0010277   -30.21   0.000    -.0330548   -.0290264
                  l_8 |  -.0313971   .0010275   -30.56   0.000    -.0334111   -.0293831
                  l_9 |  -.0318649   .0010273   -31.02   0.000    -.0338784   -.0298515
                 l_10 |  -.0323957   .0010311   -31.42   0.000    -.0344167   -.0303747
                  f_1 |  -.0469364   .0010663   -44.02   0.000    -.0490263   -.0448465
                  f_2 |  -.0458412   .0010612   -43.20   0.000    -.0479211   -.0437614
                  f_3 |  -.0390261   .0010512   -37.13   0.000    -.0410863   -.0369658
                  f_4 |  -.0248658    .001034   -24.05   0.000    -.0268924   -.0228392
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0197244   .0016322   -12.08   0.000    -.0229235   -.0165252
         _Ivuosi_1996 |   .0193959   .0016632    11.66   0.000     .0161361    .0226557
         _Ivuosi_1997 |   .0102705   .0016321     6.29   0.000     .0070716    .0134695
         _Ivuosi_1998 |  -.0055991   .0015775    -3.55   0.000     -.008691   -.0025073
         _Ivuosi_1999 |  -.0113009   .0015495    -7.29   0.000    -.0143378   -.0082639
         _Ivuosi_2000 |  -.0249405   .0014605   -17.08   0.000     -.027803   -.0220781
         _Ivuosi_2001 |  -.0802437   .0013313   -60.28   0.000     -.082853   -.0776344
         _Ivuosi_2002 |  -.0786348   .0013353   -58.89   0.000    -.0812519   -.0760176
         _Ivuosi_2003 |  -.0787371   .0013401   -58.75   0.000    -.0813637   -.0761106
         _Ivuosi_2004 |  -.0766869   .0013338   -57.50   0.000     -.079301   -.0740727
         _Ivuosi_2005 |  -.0775637     .00133   -58.32   0.000    -.0801704    -.074957
         _Ivuosi_2006 |  -.0753222   .0013427   -56.10   0.000    -.0779539   -.0726905
         _Ivuosi_2007 |  -.0718782   .0013483   -53.31   0.000    -.0745209   -.0692356
         _Ivuosi_2008 |  -.0704893   .0013488   -52.26   0.000    -.0731329   -.0678457
         _Ivuosi_2009 |   -.070395   .0013588   -51.81   0.000    -.0730582   -.0677318
         _Ivuosi_2010 |  -.0699784    .001347   -51.95   0.000    -.0726185   -.0673384
         _Ivuosi_2011 |  -.0725506   .0013669   -53.08   0.000    -.0752296   -.0698715
         _Ivuosi_2012 |  -.0733752   .0013643   -53.78   0.000    -.0760492   -.0707011
            _Iage2_21 |  -.1291249   .0055506   -23.26   0.000    -.1400039    -.118246
            _Iage2_22 |  -.1765286   .0056607   -31.18   0.000    -.1876235   -.1654336
            _Iage2_23 |  -.2174943    .005569   -39.05   0.000    -.2284095   -.2065791
            _Iage2_24 |  -.2696591   .0053829   -50.10   0.000    -.2802096   -.2591087
            _Iage2_25 |   -.303272   .0052274   -58.02   0.000    -.3135177   -.2930263
            _Iage2_26 |   -.321979   .0051454   -62.58   0.000    -.3320639   -.3118941
            _Iage2_27 |  -.3358813   .0050983   -65.88   0.000    -.3458738   -.3258888
            _Iage2_28 |  -.3438981   .0050741   -67.77   0.000    -.3538433   -.3339529
            _Iage2_29 |  -.3480581   .0050608   -68.77   0.000    -.3579772    -.338139
            _Iage2_30 |  -.3518193   .0050512   -69.65   0.000    -.3617196    -.341919
            _Iage2_31 |  -.3543005   .0050444   -70.24   0.000    -.3641875   -.3444135
            _Iage2_32 |    -.35534   .0050416   -70.48   0.000    -.3652213   -.3454586
            _Iage2_33 |  -.3552843   .0050411   -70.48   0.000    -.3651648   -.3454038
            _Iage2_34 |  -.3568044   .0050369   -70.84   0.000    -.3666765   -.3469323
            _Iage2_35 |  -.3582504   .0050337   -71.17   0.000    -.3681165   -.3483844
            _Iage2_36 |  -.3577303   .0050345   -71.06   0.000    -.3675979   -.3478627
            _Iage2_37 |  -.3587719   .0050317   -71.30   0.000    -.3686339   -.3489099
            _Iage2_38 |    -.35854   .0050318   -71.25   0.000    -.3684023   -.3486778
            _Iage2_39 |  -.3587909   .0050307   -71.32   0.000     -.368651   -.3489308
            _Iage2_40 |  -.3594407   .0050294   -71.47   0.000    -.3692982   -.3495831
            _Iage2_41 |  -.3582686   .0050359   -71.14   0.000    -.3681388   -.3483984
            _Iage2_42 |  -.3591273   .0050353   -71.32   0.000    -.3689963   -.3492583
            _Iage2_43 |  -.3586828   .0050362   -71.22   0.000    -.3685537   -.3488118
            _Iage2_44 |  -.3594657   .0050358   -71.38   0.000    -.3693357   -.3495956
            _Iage2_45 |  -.3597908   .0050344   -71.47   0.000    -.3696581   -.3499234
            _Iage2_46 |  -.3590999   .0050368   -71.30   0.000     -.368972   -.3492279
            _Iage2_47 |  -.3591138   .0050373   -71.29   0.000    -.3689868   -.3492408
            _Iage2_48 |  -.3590512   .0050392   -71.25   0.000     -.368928   -.3491744
            _Iage2_49 |  -.3591058   .0050409   -71.24   0.000    -.3689858   -.3492257
            _Iage2_50 |  -.3583422   .0050435   -71.05   0.000    -.3682272   -.3484571
            _Iage2_51 |  -.3572609   .0050482   -70.77   0.000    -.3671553   -.3473666
            _Iage2_52 |  -.3575068   .0050457   -70.85   0.000    -.3673963   -.3476173
            _Iage2_53 |  -.3563699   .0050449   -70.64   0.000    -.3662579    -.346482
            _Iage2_54 |  -.3556963   .0050417   -70.55   0.000    -.3655779   -.3458147
            _Iage2_55 |  -.3522614   .0050453   -69.82   0.000    -.3621502   -.3423727
            _Iage2_56 |  -.3463777   .0050687   -68.34   0.000    -.3563122   -.3364432
            _Iage2_57 |  -.3441105    .005077   -67.78   0.000    -.3540612   -.3341597
            _Iage2_58 |  -.3372039     .00511   -65.99   0.000    -.3472193   -.3271884
            _Iage2_59 |  -.3330282   .0051414   -64.77   0.000    -.3431052   -.3229512
        firm_size_new |   .0000744   .0000989     0.75   0.452    -.0001195    .0002682
                _cons |   .4604835   .0052029    88.51   0.000      .450286     .470681
---------------------------------------------------------------------------------------
(2,010,117 real changes made)
dependent variable is ue_d

   stats |      ue_d       ika       bsc       msc       dtf
---------+--------------------------------------------------
    mean |  .0197891  40.86823  .6348333  .2302273   14.1355
      sd |   .139275   9.79175  .4814771  .4209785  9.263996
     p50 |         0        41         1         0        13
       N |    914796    914796    914796    914796    817943
------------------------------------------------------------

   stats |      ue_d       ika       bsc       msc       dtf
---------+--------------------------------------------------
    mean |  .0188385  40.93569  .6910438  .2407775   14.1434
      sd |  .1359544    9.7629  .4620633  .4275557  9.273282
     p50 |         0        41         1         0        13
       N |    949387    949387    949387    949387    850846
------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |      ue_d       ika       bsc       msc       dtf
---------+--------------------------------------------------
       0 |  .0197891  40.86823  .6348333  .2302273   14.1355
         |   .139275   9.79175  .4814771  .4209785  9.263996
         |         0        41         1         0        13
         |    914796    914796    914796    914796    817943
---------+--------------------------------------------------
       1 |  .0188385  40.93569  .6910438  .2407775   14.1434
         |  .1359544    9.7629  .4620633  .4275557  9.273282
         |         0        41         1         0        13
         |    949387    949387    949387    949387    850846
---------+--------------------------------------------------
   Total |   .019305  40.90259  .6634601  .2356003  14.13953
         |  .1375947  9.777124  .4725261  .4243735   9.26873
         |         0        41         1         0        13
         |   1864183   1864183   1864183   1864183   1668789
------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
Linear regression                               Number of obs     =  1,668,789
                                                F(1, 1668787)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6413
                                                Root MSE          =     5.5509

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7847362   .0004736  1656.96   0.000     .7838079    .7856644
       _cons |  -17.32347   .0170926 -1013.51   0.000    -17.35697   -17.28997
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7081   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
(1,639,883 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0913                         Obs per group: min =         1
       between = 0.0013                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(74,20088)        =     55.99
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 20,089 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |    .007382   .0022252     3.32   0.001     .0030205    .0117435
 treated_post |   .0121084   .0026948     4.49   0.000     .0068263    .0173904
          l_0 |  -.5175264   .0914877    -5.66   0.000    -.6968499   -.3382029
          l_1 |  -.6002775    .109754    -5.47   0.000    -.8154044   -.3851506
          l_2 |  -.6921652   .1280303    -5.41   0.000    -.9431151   -.4412153
          l_3 |  -.7848499   .1463166    -5.36   0.000    -1.071642   -.4980574
          l_4 |  -.8778251   .1645967    -5.33   0.000    -1.200448   -.5552021
          l_5 |  -.9713669   .1828837    -5.31   0.000    -1.329834   -.6128998
          l_6 |  -1.066444   .2011582    -5.30   0.000     -1.46073   -.6721572
          l_7 |  -1.163839     .21944    -5.30   0.000     -1.59396   -.7337189
          l_8 |  -1.259372   .2377239    -5.30   0.000    -1.725331   -.7934137
          l_9 |  -1.354537   .2560137    -5.29   0.000    -1.856345    -.852729
         l_10 |  -1.450984   .2743015    -5.29   0.000    -1.988637     -.91333
          f_1 |  -.4088476   .0731908    -5.59   0.000    -.5523077   -.2653876
          f_2 |  -.3128539   .0549277    -5.70   0.000    -.4205167   -.2051911
          f_3 |  -.2141905   .0366399    -5.85   0.000    -.2860077   -.1423734
          f_4 |  -.1116887   .0183798    -6.08   0.000    -.1477146   -.0756628
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0272637   .0032477    -8.39   0.000    -.0336295    -.020898
 _Ivuosi_1996 |   .0063856   .0027755     2.30   0.021     .0009453    .0118258
 _Ivuosi_1997 |   -.001371   .0026012    -0.53   0.598    -.0064696    .0037277
 _Ivuosi_1998 |  -.0072308   .0024912    -2.90   0.004    -.0121138   -.0023478
 _Ivuosi_1999 |  -.0059928   .0024551    -2.44   0.015    -.0108049   -.0011807
 _Ivuosi_2000 |    -.01355   .0023316    -5.81   0.000    -.0181202   -.0089797
 _Ivuosi_2001 |  -.0414077   .0019484   -21.25   0.000    -.0452268   -.0375886
 _Ivuosi_2002 |  -.0379659   .0017817   -21.31   0.000    -.0414582   -.0344736
 _Ivuosi_2003 |   -.035026   .0016137   -21.71   0.000    -.0381889   -.0318631
 _Ivuosi_2004 |  -.0306802   .0014241   -21.54   0.000    -.0334716   -.0278889
 _Ivuosi_2005 |  -.0295008   .0012686   -23.25   0.000    -.0319875   -.0270142
 _Ivuosi_2006 |  -.0241513   .0010896   -22.16   0.000    -.0262871   -.0220155
 _Ivuosi_2007 |   -.019207   .0009137   -21.02   0.000     -.020998   -.0174161
 _Ivuosi_2008 |  -.0147725    .000752   -19.64   0.000    -.0162465   -.0132984
 _Ivuosi_2009 |  -.0111123   .0005747   -19.33   0.000    -.0122389   -.0099858
 _Ivuosi_2010 |  -.0066547    .000397   -16.76   0.000    -.0074329   -.0058765
 _Ivuosi_2011 |  -.0040109   .0002221   -18.06   0.000    -.0044462   -.0035755
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0059572   .0252885    -0.24   0.814    -.0555247    .0436102
    _Iage2_22 |   .0528891   .0428171     1.24   0.217    -.0310358    .1368141
    _Iage2_23 |   .1020937   .0605822     1.69   0.092    -.0166524    .2208398
    _Iage2_24 |   .1120347   .0788258     1.42   0.155    -.0424702    .2665397
    _Iage2_25 |   .1646182   .0969375     1.70   0.089    -.0253873    .3546238
    _Iage2_26 |    .232773   .1150541     2.02   0.043     .0072576    .4582884
    _Iage2_27 |   .3081106   .1333158     2.31   0.021     .0468007    .5694205
    _Iage2_28 |   .3904513   .1515149     2.58   0.010     .0934697    .6874329
    _Iage2_29 |   .4756549   .1697349     2.80   0.005     .1429606    .8083492
    _Iage2_30 |   .5609118   .1879778     2.98   0.003       .19246    .9293637
    _Iage2_31 |   .6475395   .2062222     3.14   0.002      .243327    1.051752
    _Iage2_32 |   .7359691   .2244679     3.28   0.001     .2959935    1.175945
    _Iage2_33 |   .8265815     .24272     3.41   0.001     .3508304    1.302333
    _Iage2_34 |   .9156352   .2609742     3.51   0.000     .4041043    1.427166
    _Iage2_35 |   1.004853   .2792365     3.60   0.000      .457527     1.55218
    _Iage2_36 |   1.096005   .2974992     3.68   0.000      .512882    1.679128
    _Iage2_37 |   1.186799   .3157696     3.76   0.000     .5678649    1.805734
    _Iage2_38 |   1.277787   .3340393     3.83   0.000     .6230429    1.932532
    _Iage2_39 |    1.36998   .3523016     3.89   0.000     .6794395     2.06052
    _Iage2_40 |   1.461698   .3705741     3.94   0.000     .7353423    2.188054
    _Iage2_41 |   1.553976   .3888467     4.00   0.000     .7918046    2.316147
    _Iage2_42 |   1.645879   .4071284     4.04   0.000     .8478743    2.443885
    _Iage2_43 |    1.73857   .4254031     4.09   0.000     .9047448    2.572395
    _Iage2_44 |   1.830539   .4436714     4.13   0.000     .9609066    2.700172
    _Iage2_45 |   1.923371   .4619542     4.16   0.000     1.017902    2.828839
    _Iage2_46 |   2.016084   .4802183     4.20   0.000     1.074817    2.957352
    _Iage2_47 |   2.108739   .4985042     4.23   0.000      1.13163    3.085849
    _Iage2_48 |   2.201557   .5167769     4.26   0.000     1.188631    3.214482
    _Iage2_49 |   2.294914   .5350587     4.29   0.000     1.246155    3.343673
    _Iage2_50 |   2.387442    .553341     4.31   0.000     1.302848    3.472036
    _Iage2_51 |   2.481888   .5716124     4.34   0.000     1.361481    3.602296
    _Iage2_52 |   2.574125   .5898954     4.36   0.000     1.417882    3.730369
    _Iage2_53 |   2.667702   .6081726     4.39   0.000     1.475634    3.859771
    _Iage2_54 |   2.760619   .6264491     4.41   0.000     1.532727     3.98851
    _Iage2_55 |   2.855434   .6447316     4.43   0.000     1.591707    4.119161
    _Iage2_56 |   2.951029   .6630087     4.45   0.000     1.651477    4.250581
    _Iage2_57 |     3.0461   .6812904     4.47   0.000     1.710714    4.381485
    _Iage2_58 |   3.143362   .6995616     4.49   0.000     1.772164     4.51456
    _Iage2_59 |   3.241298   .7178525     4.52   0.000     1.834249    4.648348
firm_size_new |   .0001742   .0002038     0.85   0.393    -.0002253    .0005736
        _cons |  -.9749813   .2850974    -3.42   0.001    -1.533796   -.4161669
--------------+----------------------------------------------------------------
      sigma_u |  .92229336
      sigma_e |  .09729814
          rho |  .98899312   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0921                         Obs per group: min =         1
       between = 0.0013                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(79,20088)        =     53.29
corr(u_i, Xb)  = -0.9973                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 20,089 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0051589   .0037684     1.37   0.171    -.0022276    .0125453
          treated_pre |   .0086757   .0033463     2.59   0.010     .0021168    .0152347
 treated_pre_iasenior |  -.0034245   .0036016    -0.95   0.342     -.010484     .003635
         treated_post |   .0142845    .004259     3.35   0.001     .0059365    .0226324
treated_post_iasenior |  -.0054167   .0043346    -1.25   0.211    -.0139128    .0030795
               senior |          0  (omitted)
         pre_iasenior |   .0281387   .0025098    11.21   0.000     .0232193    .0330581
        post_iasenior |   .0274647   .0028419     9.66   0.000     .0218942    .0330351
                  l_0 |  -.5240749    .091304    -5.74   0.000    -.7030383   -.3451115
                  l_1 |  -.6057869    .109515    -5.53   0.000    -.8204452   -.3911286
                  l_2 |  -.6966994   .1277373    -5.45   0.000     -.947075   -.4463237
                  l_3 |  -.7883709   .1459699    -5.40   0.000    -1.074484    -.502258
                  l_4 |  -.8803466   .1641967    -5.36   0.000    -1.202186   -.5585077
                  l_5 |  -.9728677   .1824306    -5.33   0.000    -1.330447   -.6152888
                  l_6 |  -1.066931   .2006523    -5.32   0.000    -1.460226   -.6736362
                  l_7 |  -1.163265   .2188814    -5.31   0.000    -1.592291     -.73424
                  l_8 |  -1.257788   .2371128    -5.30   0.000    -1.722548   -.7930271
                  l_9 |  -1.351932   .2553497    -5.29   0.000    -1.852438   -.8514255
                 l_10 |  -1.447376   .2735852    -5.29   0.000    -1.983625   -.9111263
                  f_1 |  -.4167495   .0730556    -5.70   0.000    -.5599445   -.2735545
                  f_2 |  -.3216965   .0548509    -5.86   0.000    -.4292087   -.2141842
                  f_3 |  -.2239705   .0366276    -6.11   0.000    -.2957637   -.1521773
                  f_4 |  -.1224137   .0184549    -6.63   0.000    -.1585868   -.0862405
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |    -.02762   .0032403    -8.52   0.000    -.0339713   -.0212687
         _Ivuosi_1996 |    .006373    .002777     2.29   0.022     .0009298    .0118161
         _Ivuosi_1997 |   -.001366   .0026035    -0.52   0.600     -.006469     .003737
         _Ivuosi_1998 |  -.0071328   .0024943    -2.86   0.004    -.0120219   -.0022437
         _Ivuosi_1999 |  -.0060316   .0024593    -2.45   0.014    -.0108521   -.0012111
         _Ivuosi_2000 |  -.0133245   .0023346    -5.71   0.000    -.0179005   -.0087484
         _Ivuosi_2001 |  -.0414694   .0019506   -21.26   0.000    -.0452928    -.037646
         _Ivuosi_2002 |  -.0380161   .0017834   -21.32   0.000    -.0415116   -.0345205
         _Ivuosi_2003 |  -.0350317   .0016148   -21.69   0.000    -.0381968   -.0318665
         _Ivuosi_2004 |  -.0306512   .0014248   -21.51   0.000    -.0334439   -.0278585
         _Ivuosi_2005 |  -.0293985   .0012689   -23.17   0.000    -.0318856   -.0269114
         _Ivuosi_2006 |  -.0240385   .0010903   -22.05   0.000    -.0261755   -.0219015
         _Ivuosi_2007 |   -.019169   .0009136   -20.98   0.000    -.0209598   -.0173783
         _Ivuosi_2008 |  -.0147348   .0007515   -19.61   0.000    -.0162078   -.0132619
         _Ivuosi_2009 |  -.0110915   .0005743   -19.31   0.000    -.0122171   -.0099659
         _Ivuosi_2010 |  -.0066439   .0003965   -16.76   0.000    -.0074211   -.0058668
         _Ivuosi_2011 |   -.004002   .0002213   -18.08   0.000    -.0044358   -.0035682
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0064013   .0252485    -0.25   0.800    -.0558904    .0430878
            _Iage2_22 |   .0519441   .0427226     1.22   0.224    -.0317956    .1356839
            _Iage2_23 |   .1007553   .0604398     1.67   0.096    -.0177116    .2192223
            _Iage2_24 |   .1101938   .0786297     1.40   0.161    -.0439268    .2643143
            _Iage2_25 |   .1624621   .0966922     1.68   0.093    -.0270626    .3519867
            _Iage2_26 |   .2299025   .1147582     2.00   0.045      .004967    .4548381
            _Iage2_27 |   .3045814   .1329687     2.29   0.022     .0439518     .565211
            _Iage2_28 |   .3861366   .1511178     2.56   0.011     .0899333      .68234
            _Iage2_29 |   .4705637   .1692877     2.78   0.005     .1387459    .8023815
            _Iage2_30 |   .5550926   .1874798     2.96   0.003     .1876168    .9225684
            _Iage2_31 |    .640927   .2056739     3.12   0.002     .2377893    1.044065
            _Iage2_32 |   .7285487   .2238698     3.25   0.001     .2897455    1.167352
            _Iage2_33 |   .8183675   .2420715     3.38   0.001     .3438874    1.292848
            _Iage2_34 |   .9066261   .2602755     3.48   0.000     .3964648    1.416787
            _Iage2_35 |   .9950353   .2784873     3.57   0.000     .4491773    1.540893
            _Iage2_36 |   1.085345   .2966997     3.66   0.000     .5037891    1.666901
            _Iage2_37 |   1.175315   .3149192     3.73   0.000     .5580479    1.792583
            _Iage2_38 |   1.265532   .3331381     3.80   0.000     .6125535     1.91851
            _Iage2_39 |   1.356895   .3513501     3.86   0.000     .6682198     2.04557
            _Iage2_40 |   1.447745   .3695714     3.92   0.000     .7233542    2.172135
            _Iage2_41 |   1.512771   .3876713     3.90   0.000     .7529036    2.272639
            _Iage2_42 |   1.603651    .405901     3.95   0.000     .8080517     2.39925
            _Iage2_43 |   1.695226   .4241232     4.00   0.000     .8639102    2.526543
            _Iage2_44 |   1.786085    .442339     4.04   0.000     .9190643    2.653106
            _Iage2_45 |    1.87782   .4605686     4.08   0.000     .9750673    2.780572
            _Iage2_46 |   1.969279   .4787795     4.11   0.000     1.030832    2.907726
            _Iage2_47 |    2.06077   .4970118     4.15   0.000     1.086586    3.034954
            _Iage2_48 |    2.15234   .5152317     4.18   0.000     1.142443    3.162236
            _Iage2_49 |   2.244437   .5334599     4.21   0.000     1.198812    3.290062
            _Iage2_50 |   2.335717   .5516882     4.23   0.000     1.254362    3.417071
            _Iage2_51 |   2.428809   .5699062     4.26   0.000     1.311746    3.545872
            _Iage2_52 |   2.519841   .5881352     4.28   0.000     1.367048    3.672634
            _Iage2_53 |   2.612102   .6063596     4.31   0.000     1.423587    3.800617
            _Iage2_54 |   2.703674    .624582     4.33   0.000     1.479442    3.927906
            _Iage2_55 |   2.796614   .6428087     4.35   0.000     1.536656    4.056572
            _Iage2_56 |   2.891084   .6610329     4.37   0.000     1.595405    4.186763
            _Iage2_57 |   2.985087   .6792615     4.39   0.000     1.653678    4.316495
            _Iage2_58 |   3.081281   .6974798     4.42   0.000     1.714163    4.448398
            _Iage2_59 |    3.17816   .7157175     4.44   0.000     1.775295    4.581025
        firm_size_new |    .000142   .0002033     0.70   0.485    -.0002565    .0005406
                _cons |  -.9545055    .284301    -3.36   0.001    -1.511759   -.3972521
----------------------+----------------------------------------------------------------
              sigma_u |  .91203892
              sigma_e |  .09725269
                  rho |  .98875741   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20088) =   16.86
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 20088) =    7.61
            Prob > F =    0.0058
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0931                         Obs per group: min =         1
       between = 0.0013                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(82,20088)        =     51.87
corr(u_i, Xb)  = -0.9975                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,089 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0006963   .0002349    -2.96   0.003    -.0011567    -.000236
     treated_iasuorv_d |   .0472193   .0410144     1.15   0.250    -.0331723    .1276109
           treated_pre |  -.0138849   .0038106    -3.64   0.000    -.0213539   -.0064159
       treated_pre_ia3 |   .0016246   .0001789     9.08   0.000     .0012739    .0019753
 treated_pre_iasuorv_d |   .0273812    .005876     4.66   0.000     .0158637    .0388986
          treated_post |  -.0088967   .0048185    -1.85   0.065    -.0183414     .000548
      treated_post_ia3 |   .0012962   .0002065     6.28   0.000     .0008915     .001701
treated_post_iasuorv_d |   .0500135   .0066123     7.56   0.000     .0370528    .0629742
             interact3 |   .0015121   .0001459    10.37   0.000     .0012262    .0017981
               suorv_d |   .0086822   .0134651     0.64   0.519    -.0177105     .035075
                   l_0 |  -.5249004   .0912521    -5.75   0.000    -.7037621   -.3460388
                   l_1 |  -.6094913   .1094687    -5.57   0.000    -.8240589   -.3949237
                   l_2 |  -.7032803    .127695    -5.51   0.000    -.9535729   -.4529876
                   l_3 |  -.7978844   .1459313    -5.47   0.000    -1.083922   -.5118471
                   l_4 |  -.8927813   .1641615    -5.44   0.000    -1.214551   -.5710113
                   l_5 |  -.9882062   .1823991    -5.42   0.000    -1.345723    -.630689
                   l_6 |  -1.085162   .2006239    -5.41   0.000    -1.478402   -.6919229
                   l_7 |  -1.184484   .2188558    -5.41   0.000    -1.613459   -.7555087
                   l_8 |   -1.28199   .2370899    -5.41   0.000    -1.746706   -.8172746
                   l_9 |  -1.379054   .2553291    -5.40   0.000     -1.87952   -.8785881
                  l_10 |  -1.477478   .2735666    -5.40   0.000    -2.013691   -.9412653
                   f_1 |  -.4157192   .0729963    -5.70   0.000    -.5587979   -.2726405
                   f_2 |   -.317845   .0547829    -5.80   0.000    -.4252241   -.2104659
                   f_3 |  -.2172432   .0365448    -5.94   0.000    -.2888741   -.1456124
                   f_4 |  -.1127926   .0183345    -6.15   0.000    -.1487298   -.0768555
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0276314   .0032488    -8.51   0.000    -.0339993   -.0212634
          _Ivuosi_1996 |   .0062078   .0027882     2.23   0.026     .0007428    .0116728
          _Ivuosi_1997 |  -.0014097   .0026183    -0.54   0.590    -.0065419    .0037225
          _Ivuosi_1998 |  -.0071249   .0025095    -2.84   0.005    -.0120438   -.0022061
          _Ivuosi_1999 |  -.0059269   .0024696    -2.40   0.016    -.0107676   -.0010862
          _Ivuosi_2000 |  -.0135364   .0023472    -5.77   0.000     -.018137   -.0089357
          _Ivuosi_2001 |  -.0414505   .0019664   -21.08   0.000    -.0453048   -.0375961
          _Ivuosi_2002 |  -.0379446   .0017986   -21.10   0.000    -.0414699   -.0344193
          _Ivuosi_2003 |   -.034961   .0016298   -21.45   0.000    -.0381555   -.0317665
          _Ivuosi_2004 |  -.0306762   .0014398   -21.31   0.000    -.0334983   -.0278542
          _Ivuosi_2005 |  -.0293991    .001284   -22.90   0.000    -.0319158   -.0268825
          _Ivuosi_2006 |  -.0241203   .0011035   -21.86   0.000    -.0262833   -.0219574
          _Ivuosi_2007 |  -.0191703   .0009238   -20.75   0.000     -.020981   -.0173596
          _Ivuosi_2008 |  -.0146886   .0007604   -19.32   0.000    -.0161791   -.0131981
          _Ivuosi_2009 |  -.0110666   .0005783   -19.14   0.000    -.0122001   -.0099332
          _Ivuosi_2010 |  -.0065418   .0003999   -16.36   0.000    -.0073257   -.0057579
          _Ivuosi_2011 |   -.003964   .0002239   -17.70   0.000    -.0044029   -.0035251
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0053268   .0252269    -0.21   0.833    -.0547735      .04412
             _Iage2_22 |   .0541963   .0427061     1.27   0.204    -.0295111    .1379037
             _Iage2_23 |   .1041265   .0604235     1.72   0.085    -.0143086    .2225616
             _Iage2_24 |   .1155389    .078608     1.47   0.142    -.0385392     .269617
             _Iage2_25 |   .1696986    .096668     1.76   0.079    -.0197786    .3591757
             _Iage2_26 |   .2387158   .1147384     2.08   0.037     .0138191    .4636125
             _Iage2_27 |   .3146022   .1329523     2.37   0.018     .0540047    .5751996
             _Iage2_28 |   .3973755   .1511041     2.63   0.009     .1011991     .693552
             _Iage2_29 |   .4829494   .1692774     2.85   0.004     .1511518     .814747
             _Iage2_30 |   .5686046   .1874719     3.03   0.002     .2011444    .9360649
             _Iage2_31 |   .6555655   .2056693     3.19   0.001     .2524369    1.058694
             _Iage2_32 |   .7443586   .2238675     3.32   0.001     .3055599    1.183157
             _Iage2_33 |   .8353142   .2420727     3.45   0.001     .3608318    1.309797
             _Iage2_34 |   .9247286   .2602797     3.55   0.000      .414559    1.434898
             _Iage2_35 |   1.014338    .278494     3.64   0.000     .4684674    1.560209
             _Iage2_36 |   1.105864   .2967095     3.73   0.000     .5242892    1.687439
             _Iage2_37 |   1.197052   .3149318     3.80   0.000       .57976    1.814345
             _Iage2_38 |   1.288394   .3331543     3.87   0.000     .6353843    1.941404
             _Iage2_39 |    1.38094   .3513693     3.93   0.000     .6922272    2.069653
             _Iage2_40 |   1.473059   .3695933     3.99   0.000     .7486258    2.197492
             _Iage2_41 |     1.5657   .3878177     4.04   0.000     .8055452    2.325854
             _Iage2_42 |    1.65786   .4060522     4.08   0.000     .8619644    2.453756
             _Iage2_43 |   1.750886   .4242791     4.13   0.000     .9192637    2.582508
             _Iage2_44 |    1.84319   .4424997     4.17   0.000     .9758543    2.710526
             _Iage2_45 |   1.936295   .4607344     4.20   0.000     1.033218    2.839372
             _Iage2_46 |   2.029298   .4789501     4.24   0.000     1.090516     2.96808
             _Iage2_47 |   2.122276   .4971875     4.27   0.000     1.147747    3.096804
             _Iage2_48 |   2.215456   .5154124     4.30   0.000     1.205206    3.225707
             _Iage2_49 |   2.309113   .5336459     4.33   0.000     1.263123    3.355103
             _Iage2_50 |   2.401951   .5518794     4.35   0.000     1.320222     3.48368
             _Iage2_51 |   2.496568   .5701023     4.38   0.000     1.379121    3.614016
             _Iage2_52 |   2.589162   .5883378     4.40   0.000     1.435971    3.742352
             _Iage2_53 |   2.683017   .6065675     4.42   0.000     1.494095    3.871939
             _Iage2_54 |   2.776181    .624795     4.44   0.000     1.551531     4.00083
             _Iage2_55 |   2.870946   .6430292     4.46   0.000     1.610556    4.131336
             _Iage2_56 |   2.966894   .6612585     4.49   0.000     1.670773    4.263015
             _Iage2_57 |    3.06235    .679492     4.51   0.000      1.73049     4.39421
             _Iage2_58 |   3.159937   .6977143     4.53   0.000     1.792359    4.527514
             _Iage2_59 |   3.258172   .7159562     4.55   0.000     1.854839    4.661505
         firm_size_new |   .0001537   .0002034     0.76   0.450    -.0002451    .0005525
                 _cons |  -.9940882   .2843309    -3.50   0.000      -1.5514   -.4367762
-----------------------+----------------------------------------------------------------
               sigma_u |  .94204697
               sigma_e |  .09719785
                   rho |  .98946658   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20088) =    2.68
            Prob > F =    0.1015

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 20088) =   11.24
            Prob > F =    0.0008
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0932                         Obs per group: min =         1
       between = 0.0013                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(85,20088)        =     50.28
corr(u_i, Xb)  = -0.9975                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,089 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.004448    .003063    -1.45   0.146    -.0104517    .0015556
           treated_ia3 |  -.0005057   .0002732    -1.85   0.064    -.0010413    .0000299
     treated_iasuorv_d |   .0519918   .0412243     1.26   0.207    -.0288113    .1327949
           treated_pre |  -.0129837   .0038225    -3.40   0.001    -.0204761   -.0054913
  treated_pre_iasenior |   .0080661   .0027577     2.92   0.003     .0026607    .0134714
       treated_pre_ia3 |   .0012855   .0002154     5.97   0.000     .0008634    .0017076
 treated_pre_iasuorv_d |   .0184476   .0066037     2.79   0.005     .0055038    .0313914
          treated_post |  -.0081203   .0048662    -1.67   0.095    -.0176584    .0014179
 treated_post_iasenior |   .0028325    .002994     0.95   0.344     -.003036    .0087009
      treated_post_ia3 |   .0011519   .0002379     4.84   0.000     .0006856    .0016182
treated_post_iasuorv_d |   .0463025    .007193     6.44   0.000     .0322037    .0604014
                senior |    3.25811   .7160064     4.55   0.000     1.854679    4.661541
             interact3 |   .0014997   .0001479    10.14   0.000     .0012099    .0017896
               suorv_d |   .0087442   .0134617     0.65   0.516    -.0176418    .0351301
                   l_0 |     -.5249   .0912585    -5.75   0.000     -.703774   -.3460259
                   l_1 |  -.6094773   .1094764    -5.57   0.000      -.82406   -.3948947
                   l_2 |  -.7032513   .1277039    -5.51   0.000    -.9535614   -.4529412
                   l_3 |  -.7978409   .1459415    -5.47   0.000    -1.083898   -.5117835
                   l_4 |  -.8927284    .164173    -5.44   0.000    -1.214521   -.5709357
                   l_5 |  -.9881442   .1824119    -5.42   0.000    -1.345687   -.6306019
                   l_6 |  -1.085089   .2006381    -5.41   0.000    -1.478356   -.6918214
                   l_7 |  -1.184399   .2188713    -5.41   0.000    -1.613405   -.7553936
                   l_8 |  -1.281898   .2371067    -5.41   0.000    -1.746647   -.8171497
                   l_9 |  -1.378952   .2553473    -5.40   0.000    -1.879453   -.8784502
                  l_10 |  -1.477365    .273586    -5.40   0.000    -2.013616   -.9411137
                   f_1 |  -.4156926   .0730013    -5.69   0.000    -.5587812    -.272604
                   f_2 |  -.3178217   .0547867    -5.80   0.000    -.4252082   -.2104351
                   f_3 |  -.2172308   .0365472    -5.94   0.000    -.2888664   -.1455953
                   f_4 |  -.1127908   .0183357    -6.15   0.000    -.1487303   -.0768513
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0276622    .003249    -8.51   0.000    -.0340305   -.0212939
          _Ivuosi_1996 |   .0061947    .002789     2.22   0.026      .000728    .0116614
          _Ivuosi_1997 |  -.0014367   .0026186    -0.55   0.583    -.0065694    .0036959
          _Ivuosi_1998 |  -.0071472   .0025098    -2.85   0.004    -.0120666   -.0022278
          _Ivuosi_1999 |   -.005955   .0024701    -2.41   0.016    -.0107965   -.0011135
          _Ivuosi_2000 |  -.0135387   .0023473    -5.77   0.000    -.0181397   -.0089377
          _Ivuosi_2001 |   -.041474   .0019665   -21.09   0.000    -.0453285   -.0376195
          _Ivuosi_2002 |  -.0379787   .0017985   -21.12   0.000    -.0415039   -.0344534
          _Ivuosi_2003 |  -.0349934   .0016296   -21.47   0.000    -.0381875   -.0317994
          _Ivuosi_2004 |  -.0307122   .0014394   -21.34   0.000    -.0335336   -.0278908
          _Ivuosi_2005 |  -.0294127   .0012837   -22.91   0.000    -.0319287   -.0268966
          _Ivuosi_2006 |  -.0241342   .0011031   -21.88   0.000    -.0262964    -.021972
          _Ivuosi_2007 |  -.0191883   .0009234   -20.78   0.000    -.0209983   -.0173784
          _Ivuosi_2008 |  -.0147041   .0007601   -19.35   0.000    -.0161939   -.0132143
          _Ivuosi_2009 |  -.0110713   .0005782   -19.15   0.000    -.0122046    -.009938
          _Ivuosi_2010 |   -.006545   .0003999   -16.37   0.000    -.0073288   -.0057611
          _Ivuosi_2011 |  -.0039672   .0002238   -17.72   0.000     -.004406   -.0035285
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0053393   .0252284    -0.21   0.832     -.054789    .0441105
             _Iage2_22 |   .0541753   .0427091     1.27   0.205    -.0295379    .1378886
             _Iage2_23 |    .104093   .0604274     1.72   0.085    -.0143497    .2225357
             _Iage2_24 |    .115473   .0786133     1.47   0.142    -.0386155    .2695614
             _Iage2_25 |    .169599   .0966747     1.75   0.079    -.0198913    .3590893
             _Iage2_26 |   .2385917   .1147462     2.08   0.038     .0136798    .4635036
             _Iage2_27 |   .3144574   .1329613     2.37   0.018     .0538423    .5750724
             _Iage2_28 |   .3972044   .1511145     2.63   0.009     .1010075    .6934013
             _Iage2_29 |    .482741   .1692892     2.85   0.004     .1509203    .8145617
             _Iage2_30 |   .5683618    .187485     3.03   0.002     .2008757    .9358479
             _Iage2_31 |   .6552813   .2056839     3.19   0.001      .252124    1.058439
             _Iage2_32 |   .7440308   .2238837     3.32   0.001     .3052004    1.182861
             _Iage2_33 |   .8349429   .2420904     3.45   0.001     .3604259     1.30946
             _Iage2_34 |   .9243091   .2602989     3.55   0.000     .4141018    1.434516
             _Iage2_35 |   1.013868   .2785147     3.64   0.000     .4679561    1.559779
             _Iage2_36 |    1.10535   .2967317     3.73   0.000     .5237318    1.686969
             _Iage2_37 |   1.196502   .3149556     3.80   0.000     .5791631    1.813841
             _Iage2_38 |   1.287828   .3331794     3.87   0.000     .6347693    1.940887
             _Iage2_39 |    1.38036   .3513961     3.93   0.000     .6915948    2.069125
             _Iage2_40 |    1.47248   .3696215     3.98   0.000     .7479916    2.196969
             _Iage2_41 |  -1.692821   .3282636    -5.16   0.000    -2.336245   -1.049397
             _Iage2_42 |  -1.600635   .3100181    -5.16   0.000    -2.208296   -.9929743
             _Iage2_43 |  -1.507592   .2917807    -5.17   0.000    -2.079506   -.9356775
             _Iage2_44 |  -1.415259   .2735506    -5.17   0.000     -1.95144   -.8790771
             _Iage2_45 |  -1.322116   .2553075    -5.18   0.000     -1.82254   -.8216923
             _Iage2_46 |  -1.229085   .2370839    -5.18   0.000    -1.693789    -.764381
             _Iage2_47 |  -1.136064   .2188394    -5.19   0.000    -1.565007   -.7071207
             _Iage2_48 |  -1.042849   .2006071    -5.20   0.000    -1.436055   -.6496422
             _Iage2_49 |  -.9491603   .1823671    -5.20   0.000    -1.306615   -.5917058
             _Iage2_50 |  -.8562859   .1641281    -5.22   0.000     -1.17799   -.5345813
             _Iage2_51 |  -.7616423   .1458993    -5.22   0.000    -1.047617   -.4756677
             _Iage2_52 |  -.6690251   .1276593    -5.24   0.000    -.9192478   -.4188025
             _Iage2_53 |  -.5751586   .1094253    -5.26   0.000    -.7896411   -.3606761
             _Iage2_54 |   -.481983   .0911942    -5.29   0.000    -.6607311    -.303235
             _Iage2_55 |  -.3872113   .0729578    -5.31   0.000    -.5302147   -.2442079
             _Iage2_56 |  -.2912538   .0547283    -5.32   0.000    -.3985257   -.1839819
             _Iage2_57 |  -.1957967   .0364933    -5.37   0.000    -.2673266   -.1242668
             _Iage2_58 |  -.0982181    .018265    -5.38   0.000     -.134019   -.0624172
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001544   .0002033     0.76   0.448    -.0002441    .0005529
                 _cons |   -.993953   .2843532    -3.50   0.000    -1.551309   -.4365973
-----------------------+----------------------------------------------------------------
               sigma_u |   .9419656
               sigma_e |  .09719617
                   rho |  .98946514   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 20088) =   19.75
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 20088) =   19.70
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 20088) =   35.63
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 20088) =   23.44
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20088) =    0.91
            Prob > F =    0.3404

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20088) =    2.20
            Prob > F =    0.1377

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 20088) =    0.60
            Prob > F =    0.4380
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0936                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0009                                        max =        48

                                                F(89,20088)        =     48.45
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,089 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0019121   .0031116    -0.61   0.539    -.0080111    .0041869
           treated_ia2 |   .0107217   .0101686     1.05   0.292    -.0092095    .0306529
           treated_ia3 |  -.0006627   .0002861    -2.32   0.021    -.0012234    -.000102
     treated_iasuorv_d |   .0447967   .0415818     1.08   0.281     -.036707    .1263005
           treated_pre |  -.0169633    .004148    -4.09   0.000    -.0250938   -.0088328
  treated_pre_iasenior |   .0055973   .0027773     2.02   0.044     .0001535    .0110411
       treated_pre_ia2 |   .0135087    .002977     4.54   0.000     .0076736    .0193438
       treated_pre_ia3 |   .0014565   .0002255     6.46   0.000     .0010144    .0018985
 treated_pre_iasuorv_d |   .0243702   .0069421     3.51   0.000     .0107631    .0379772
          treated_post |  -.0142898   .0052398    -2.73   0.006    -.0245604   -.0040193
 treated_post_iasenior |  -.0003857   .0029846    -0.13   0.897    -.0062357    .0054643
      treated_post_ia2 |   .0184361   .0033552     5.49   0.000     .0118596    .0250125
      treated_post_ia3 |   .0013952   .0002504     5.57   0.000     .0009045     .001886
treated_post_iasuorv_d |    .054223   .0075971     7.14   0.000     .0393322    .0691139
                senior |   3.255886   .7156599     4.55   0.000     1.853134    4.658638
             interact2 |  -.0379733   .0081979    -4.63   0.000    -.0540419   -.0219047
             interact3 |   .0012411    .000155     8.01   0.000     .0009372    .0015449
               suorv_d |   .0071199   .0135151     0.53   0.598    -.0193707    .0336106
                   l_0 |  -.5230636   .0912183    -5.73   0.000    -.7018588   -.3442683
                   l_1 |  -.6073273    .109428    -5.55   0.000    -.8218151   -.3928395
                   l_2 |  -.7008184   .1276477    -5.49   0.000    -.9510183   -.4506185
                   l_3 |  -.7951285   .1458772    -5.45   0.000     -1.08106   -.5091971
                   l_4 |  -.8897253   .1641007    -5.42   0.000    -1.211376   -.5680744
                   l_5 |  -.9848293   .1823316    -5.40   0.000    -1.342214   -.6274443
                   l_6 |  -1.081488   .2005498    -5.39   0.000    -1.474582   -.6883936
                   l_7 |  -1.180481    .218775    -5.40   0.000    -1.609298   -.7516636
                   l_8 |  -1.277687   .2370022    -5.39   0.000    -1.742231   -.8131431
                   l_9 |  -1.374446   .2552349    -5.39   0.000    -1.874727   -.8741646
                  l_10 |  -1.472545    .273465    -5.38   0.000    -2.008559   -.9365309
                   f_1 |  -.4143874   .0729691    -5.68   0.000    -.5574127    -.271362
                   f_2 |  -.3168375   .0547626    -5.79   0.000    -.4241766   -.2094983
                   f_3 |  -.2165645   .0365312    -5.93   0.000    -.2881687   -.1449603
                   f_4 |  -.1124458   .0183277    -6.14   0.000    -.1483696   -.0765219
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0277875   .0032463    -8.56   0.000    -.0341505   -.0214246
          _Ivuosi_1996 |   .0060992    .002788     2.19   0.029     .0006345    .0115639
          _Ivuosi_1997 |  -.0015848   .0026171    -0.61   0.545    -.0067144    .0035449
          _Ivuosi_1998 |  -.0073114   .0025077    -2.92   0.004    -.0122267    -.002396
          _Ivuosi_1999 |  -.0061958   .0024686    -2.51   0.012    -.0110344   -.0013572
          _Ivuosi_2000 |  -.0136909   .0023468    -5.83   0.000    -.0182909   -.0090909
          _Ivuosi_2001 |  -.0416658   .0019663   -21.19   0.000    -.0455199   -.0378117
          _Ivuosi_2002 |  -.0382043   .0017988   -21.24   0.000      -.04173   -.0346786
          _Ivuosi_2003 |  -.0352119   .0016303   -21.60   0.000    -.0384074   -.0320165
          _Ivuosi_2004 |  -.0309275   .0014398   -21.48   0.000    -.0337496   -.0281053
          _Ivuosi_2005 |  -.0296391   .0012863   -23.04   0.000    -.0321603   -.0271178
          _Ivuosi_2006 |   -.024314   .0011054   -22.00   0.000    -.0264806   -.0221474
          _Ivuosi_2007 |  -.0193796   .0009255   -20.94   0.000    -.0211937   -.0175656
          _Ivuosi_2008 |  -.0148747   .0007619   -19.52   0.000    -.0163681   -.0133813
          _Ivuosi_2009 |  -.0112251   .0005801   -19.35   0.000    -.0123622   -.0100879
          _Ivuosi_2010 |  -.0066492   .0004012   -16.58   0.000    -.0074355   -.0058629
          _Ivuosi_2011 |  -.0040274   .0002243   -17.96   0.000    -.0044671   -.0035878
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0052536    .025217    -0.21   0.835     -.054681    .0441738
             _Iage2_22 |    .054265   .0426879     1.27   0.204    -.0294068    .1379369
             _Iage2_23 |   .1040792   .0603978     1.72   0.085    -.0143054    .2224638
             _Iage2_24 |   .1152525   .0785749     1.47   0.142    -.0387607    .2692657
             _Iage2_25 |   .1695753    .096626     1.75   0.079    -.0198195    .3589701
             _Iage2_26 |   .2387465   .1146887     2.08   0.037     .0139473    .4635457
             _Iage2_27 |   .3147285   .1328943     2.37   0.018     .0542447    .5752123
             _Iage2_28 |   .3975211   .1510387     2.63   0.008     .1014729    .6935693
             _Iage2_29 |   .4830961   .1692044     2.86   0.004     .1514416    .8147506
             _Iage2_30 |   .5687164   .1873912     3.03   0.002     .2014142    .9360186
             _Iage2_31 |   .6556273   .2055815     3.19   0.001     .2526707    1.058584
             _Iage2_32 |   .7443285   .2237724     3.33   0.001     .3057163    1.182941
             _Iage2_33 |   .8352242   .2419703     3.45   0.001     .3609426    1.309506
             _Iage2_34 |   .9245138     .26017     3.55   0.000     .4145593    1.434468
             _Iage2_35 |   1.013977    .278377     3.64   0.000     .4683354    1.559619
             _Iage2_36 |   1.105399    .296585     3.73   0.000     .5240681     1.68673
             _Iage2_37 |   1.196475   .3148004     3.80   0.000     .5794399    1.813509
             _Iage2_38 |    1.28773   .3330153     3.87   0.000     .6349929    1.940468
             _Iage2_39 |   1.380178    .351223     3.93   0.000     .6917523    2.068604
             _Iage2_40 |   1.472228   .3694401     3.99   0.000     .7480951    2.196361
             _Iage2_41 |  -1.690784    .328107    -5.15   0.000      -2.3339   -1.047667
             _Iage2_42 |  -1.598642   .3098703    -5.16   0.000    -2.206013   -.9912708
             _Iage2_43 |  -1.505673   .2916414    -5.16   0.000    -2.077314   -.9340319
             _Iage2_44 |   -1.41341   .2734203    -5.17   0.000    -1.949336   -.8774838
             _Iage2_45 |  -1.320325   .2551858    -5.17   0.000     -1.82051   -.8201394
             _Iage2_46 |  -1.227367   .2369708    -5.18   0.000    -1.691849   -.7628848
             _Iage2_47 |  -1.134396   .2187351    -5.19   0.000    -1.563135   -.7056574
             _Iage2_48 |  -1.041253   .2005113    -5.19   0.000    -1.434271   -.6482343
             _Iage2_49 |  -.9476358     .18228    -5.20   0.000     -1.30492   -.5903519
             _Iage2_50 |  -.8548548   .1640496    -5.21   0.000    -1.176405   -.5333041
             _Iage2_51 |  -.7602967   .1458297    -5.21   0.000    -1.046135   -.4744586
             _Iage2_52 |  -.6677968   .1275984    -5.23   0.000    -.9179001   -.4176934
             _Iage2_53 |  -.5740642    .109373    -5.25   0.000    -.7884444   -.3596841
             _Iage2_54 |  -.4810218   .0911506    -5.28   0.000    -.6596845   -.3023592
             _Iage2_55 |  -.3864451   .0729231    -5.30   0.000    -.5293803   -.2435098
             _Iage2_56 |   -.290656   .0547021    -5.31   0.000    -.3978766   -.1834354
             _Iage2_57 |  -.1953798   .0364758    -5.36   0.000    -.2668754   -.1238842
             _Iage2_58 |  -.0980009   .0182561    -5.37   0.000    -.1337844   -.0622174
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001739    .000204     0.85   0.394    -.0002259    .0005738
                 _cons |  -.9839799   .2842386    -3.46   0.001    -1.541111   -.4268488
-----------------------+----------------------------------------------------------------
               sigma_u |  .93974279
               sigma_e |  .09717612
                   rho |  .98942009   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 20088) =   14.77
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 20088) =   14.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 20088) =   23.37
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 20088) =   21.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20088) =    5.82
            Prob > F =    0.0158

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 20088) =    0.82
            Prob > F =    0.3654

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20088) =    6.52
            Prob > F =    0.0107

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 20088) =    0.50
            Prob > F =    0.4809

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 20088) =    5.15
            Prob > F =    0.0233

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 20088) =    1.01
            Prob > F =    0.3159

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    457,169    .2440367     .429515          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    539,273    .2246543    .4173548          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    456,597    7.917238    5.159919          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    491,818    21.21244     7.81658          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    345,132    8.601071    5.305144          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    370,964    21.89861    7.681194          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    111,465    5.799865    3.998494          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    120,854    19.10622    7.852288          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.24 + _b[treated_post_ia3] * 
>   7.92
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.22 + _b[treated_post_ia3] * 
>  21.21

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0011851   .0036331     0.33   0.744    -.0059357    .0083059
       _nl_2 |   .0189735   .0023663     8.02   0.000     .0143355    .0236114
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.6
> 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.9
> 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   5.8
> 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.1
> 1

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0022908   .0038557    -0.59   0.552    -.0098477    .0052662
       _nl_2 |   .0158802   .0024906     6.38   0.000     .0109987    .0207618
       _nl_3 |   .0122386   .0039226     3.12   0.002     .0045505    .0199267
       _nl_4 |   .0304236   .0033411     9.11   0.000     .0238751    .0369721
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   5.8
> 0
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.1
> 1
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.6
> 0
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.9
> 0

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0142898   .0052398    -2.73   0.006    -.0245597   -.0040199
       _nl_2 |  -.0146756   .0060816    -2.41   0.016    -.0265953   -.0027559
       _nl_3 |   .0041462   .0045804     0.91   0.365    -.0048312    .0131236
       _nl_4 |   .0037605   .0053352     0.70   0.481    -.0066964    .0142174
       _nl_5 |   .0122386   .0039226     3.12   0.002     .0045505    .0199267
       _nl_6 |   .0304236   .0033411     9.11   0.000     .0238751    .0369721
       _nl_7 |  -.0022908   .0038557    -0.59   0.552    -.0098477    .0052662
       _nl_8 |   .0158802   .0024906     6.38   0.000     .0109987    .0207618
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_whitec_noIQ_stem_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0935                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0009                                        max =        48

                                                F(86,20088)        =     49.93
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,089 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0100092   .0100964     0.99   0.322    -.0097806    .0297991
           treated_ia3 |  -.0007498   .0002411    -3.11   0.002    -.0012224   -.0002772
     treated_iasuorv_d |   .0428174   .0413288     1.04   0.300    -.0381905    .1238252
           treated_pre |  -.0178126   .0041116    -4.33   0.000    -.0258716   -.0097536
       treated_pre_ia2 |   .0141471   .0029517     4.79   0.000     .0083616    .0199327
       treated_pre_ia3 |   .0016979   .0001825     9.30   0.000     .0013401    .0020557
 treated_pre_iasuorv_d |   .0308197   .0060755     5.07   0.000     .0189111    .0427282
          treated_post |  -.0148763   .0051797    -2.87   0.004    -.0250289   -.0047237
      treated_post_ia2 |   .0184783   .0033351     5.54   0.000     .0119413    .0250153
      treated_post_ia3 |   .0014143   .0002123     6.66   0.000     .0009982    .0018304
treated_post_iasuorv_d |   .0545941   .0068822     7.93   0.000     .0411044    .0680839
             interact2 |  -.0378861   .0081874    -4.63   0.000    -.0539342    -.021838
             interact3 |   .0012582   .0001529     8.23   0.000     .0009584     .001558
               suorv_d |   .0070442   .0135188     0.52   0.602    -.0194537    .0335421
                   l_0 |  -.5231302   .0912122    -5.74   0.000    -.7019137   -.3443468
                   l_1 |   -.607422   .1094207    -5.55   0.000    -.8218955   -.3929485
                   l_2 |  -.7009451   .1276392    -5.49   0.000    -.9511284   -.4507619
                   l_3 |  -.7952851   .1458675    -5.45   0.000    -1.081197   -.5093727
                   l_4 |  -.8899066   .1640898    -5.42   0.000    -1.211536   -.5682772
                   l_5 |  -.9850355   .1823194    -5.40   0.000    -1.342397   -.6276745
                   l_6 |  -1.081723   .2005364    -5.39   0.000    -1.474791    -.688655
                   l_7 |  -1.180741   .2187604    -5.40   0.000    -1.609529   -.7519528
                   l_8 |   -1.27797   .2369863    -5.39   0.000    -1.742483   -.8134575
                   l_9 |  -1.374755   .2552178    -5.39   0.000    -1.875003   -.8745074
                  l_10 |  -1.472882   .2734467    -5.39   0.000     -2.00886   -.9369043
                   f_1 |  -.4144758   .0729643    -5.68   0.000    -.5574918   -.2714599
                   f_2 |  -.3169048    .054759    -5.79   0.000    -.4242369   -.2095727
                   f_3 |  -.2166032   .0365289    -5.93   0.000    -.2882029   -.1450035
                   f_4 |  -.1124579   .0183266    -6.14   0.000    -.1483795   -.0765363
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.027767   .0032459    -8.55   0.000    -.0341293   -.0214047
          _Ivuosi_1996 |   .0061161   .0027874     2.19   0.028     .0006526    .0115796
          _Ivuosi_1997 |   -.001557   .0026168    -0.59   0.552    -.0066861    .0035722
          _Ivuosi_1998 |  -.0072882   .0025075    -2.91   0.004    -.0122031   -.0023733
          _Ivuosi_1999 |  -.0061729   .0024684    -2.50   0.012    -.0110111   -.0013347
          _Ivuosi_2000 |  -.0136774   .0023467    -5.83   0.000    -.0182772   -.0090776
          _Ivuosi_2001 |  -.0416373   .0019661   -21.18   0.000    -.0454911   -.0377835
          _Ivuosi_2002 |  -.0381712   .0017988   -21.22   0.000     -.041697   -.0346453
          _Ivuosi_2003 |  -.0351783   .0016305   -21.58   0.000    -.0383742   -.0319825
          _Ivuosi_2004 |  -.0308916   .0014401   -21.45   0.000    -.0337143   -.0280688
          _Ivuosi_2005 |  -.0296234   .0012865   -23.03   0.000     -.032145   -.0271018
          _Ivuosi_2006 |  -.0242966   .0011057   -21.97   0.000    -.0264638   -.0221294
          _Ivuosi_2007 |  -.0193616   .0009258   -20.91   0.000    -.0211763   -.0175468
          _Ivuosi_2008 |  -.0148596   .0007622   -19.50   0.000    -.0163536   -.0133657
          _Ivuosi_2009 |   -.011222   .0005802   -19.34   0.000    -.0123593   -.0100847
          _Ivuosi_2010 |  -.0066482   .0004012   -16.57   0.000    -.0074346   -.0058617
          _Ivuosi_2011 |  -.0040248   .0002244   -17.94   0.000    -.0044645    -.003585
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0052382   .0252154    -0.21   0.835    -.0546625    .0441861
             _Iage2_22 |   .0542961    .042685     1.27   0.203    -.0293701    .1379623
             _Iage2_23 |   .1041349    .060394     1.72   0.085    -.0142424    .2225121
             _Iage2_24 |   .1153576   .0785698     1.47   0.142    -.0386456    .2693608
             _Iage2_25 |   .1697293   .0966196     1.76   0.079    -.0196529    .3591116
             _Iage2_26 |   .2389387   .1146813     2.08   0.037      .014154    .4637234
             _Iage2_27 |   .3149588   .1328858     2.37   0.018     .0544917    .5754258
             _Iage2_28 |   .3977981   .1510288     2.63   0.008     .1017692     .693827
             _Iage2_29 |   .4834333   .1691932     2.86   0.004     .1518008    .8150659
             _Iage2_30 |   .5691147   .1873788     3.04   0.002      .201837    .9363925
             _Iage2_31 |    .656095   .2055677     3.19   0.001     .2531655    1.059025
             _Iage2_32 |   .7448681   .2237571     3.33   0.001     .3062859     1.18345
             _Iage2_33 |   .8358393   .2419536     3.45   0.001     .3615904    1.310088
             _Iage2_34 |    .925209   .2601518     3.56   0.000     .4152901    1.435128
             _Iage2_35 |   1.014754   .2783574     3.65   0.000     .4691511    1.560358
             _Iage2_36 |   1.106254    .296564     3.73   0.000     .5249643    1.687544
             _Iage2_37 |   1.197397    .314778     3.80   0.000     .5804059    1.814387
             _Iage2_38 |     1.2887   .3329915     3.87   0.000     .6360095    1.941391
             _Iage2_39 |   1.381189   .3511977     3.93   0.000     .6928127    2.069565
             _Iage2_40 |   1.473262   .3694134     3.99   0.000     .7491814    2.197343
             _Iage2_41 |   1.565843   .3876292     4.04   0.000      .806058    2.325628
             _Iage2_42 |   1.657972   .4058549     4.09   0.000     .8624631    2.453481
             _Iage2_43 |   1.750929   .4240733     4.13   0.000     .9197109    2.582148
             _Iage2_44 |   1.843169    .442285     4.17   0.000     .9762538    2.710084
             _Iage2_45 |   1.936219   .4605111     4.20   0.000     1.033579    2.838859
             _Iage2_46 |   2.029146   .4787184     4.24   0.000     1.090819    2.967474
             _Iage2_47 |   2.122076   .4969471     4.27   0.000     1.148019    3.096133
             _Iage2_48 |   2.215181   .5151634     4.30   0.000     1.205419    3.224944
             _Iage2_49 |   2.308766   .5333883     4.33   0.000     1.263281    3.354251
             _Iage2_50 |   2.401512   .5516133     4.35   0.000     1.320304    3.482719
             _Iage2_51 |   2.496044   .5698274     4.38   0.000     1.379136    3.612953
             _Iage2_52 |   2.588524   .5880541     4.40   0.000      1.43589    3.741158
             _Iage2_53 |    2.68225   .6062753     4.42   0.000     1.493901      3.8706
             _Iage2_54 |   2.775289   .6244943     4.44   0.000     1.551229    3.999349
             _Iage2_55 |   2.869867   .6427197     4.47   0.000     1.610084    4.129651
             _Iage2_56 |   2.965662   .6609404     4.49   0.000     1.670165     4.26116
             _Iage2_57 |   3.060953   .6791653     4.51   0.000     1.729733    4.392173
             _Iage2_58 |   3.158359   .6973791     4.53   0.000     1.791438    4.525279
             _Iage2_59 |   3.256397   .7156122     4.55   0.000     1.853738    4.659056
         firm_size_new |    .000172   .0002042     0.84   0.400    -.0002282    .0005721
                 _cons |   -.984462   .2842166    -3.46   0.001     -1.54155   -.4273741
-----------------------+----------------------------------------------------------------
               sigma_u |  .93998873
               sigma_e |  .09717779
                   rho |  .98942521   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 20088) =    0.63
            Prob > F =    0.4279

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20088) =    7.26
            Prob > F =    0.0070

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 20088) =    1.30
            Prob > F =    0.2540

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 20088) =    0.97
            Prob > F =    0.3236

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 20088) =   16.61
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 20088) =    0.30
            Prob > F =    0.5841
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0936                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0009                                        max =        48

                                                F(89,20088)        =     48.45
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,089 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0019121   .0031116    -0.61   0.539    -.0080111    .0041869
           treated_ia2 |   .0107217   .0101686     1.05   0.292    -.0092095    .0306529
           treated_ia3 |  -.0006627   .0002861    -2.32   0.021    -.0012234    -.000102
     treated_iasuorv_d |   .0447967   .0415818     1.08   0.281     -.036707    .1263005
           treated_pre |  -.0169633    .004148    -4.09   0.000    -.0250938   -.0088328
  treated_pre_iasenior |   .0055973   .0027773     2.02   0.044     .0001535    .0110411
       treated_pre_ia2 |   .0135087    .002977     4.54   0.000     .0076736    .0193438
       treated_pre_ia3 |   .0014565   .0002255     6.46   0.000     .0010144    .0018985
 treated_pre_iasuorv_d |   .0243702   .0069421     3.51   0.000     .0107631    .0379772
          treated_post |  -.0142898   .0052398    -2.73   0.006    -.0245604   -.0040193
 treated_post_iasenior |  -.0003857   .0029846    -0.13   0.897    -.0062357    .0054643
      treated_post_ia2 |   .0184361   .0033552     5.49   0.000     .0118596    .0250125
      treated_post_ia3 |   .0013952   .0002504     5.57   0.000     .0009045     .001886
treated_post_iasuorv_d |    .054223   .0075971     7.14   0.000     .0393322    .0691139
                senior |   3.255886   .7156599     4.55   0.000     1.853134    4.658638
             interact2 |  -.0379733   .0081979    -4.63   0.000    -.0540419   -.0219047
             interact3 |   .0012411    .000155     8.01   0.000     .0009372    .0015449
               suorv_d |   .0071199   .0135151     0.53   0.598    -.0193707    .0336106
                   l_0 |  -.5230636   .0912183    -5.73   0.000    -.7018588   -.3442683
                   l_1 |  -.6073273    .109428    -5.55   0.000    -.8218151   -.3928395
                   l_2 |  -.7008184   .1276477    -5.49   0.000    -.9510183   -.4506185
                   l_3 |  -.7951285   .1458772    -5.45   0.000     -1.08106   -.5091971
                   l_4 |  -.8897253   .1641007    -5.42   0.000    -1.211376   -.5680744
                   l_5 |  -.9848293   .1823316    -5.40   0.000    -1.342214   -.6274443
                   l_6 |  -1.081488   .2005498    -5.39   0.000    -1.474582   -.6883936
                   l_7 |  -1.180481    .218775    -5.40   0.000    -1.609298   -.7516636
                   l_8 |  -1.277687   .2370022    -5.39   0.000    -1.742231   -.8131431
                   l_9 |  -1.374446   .2552349    -5.39   0.000    -1.874727   -.8741646
                  l_10 |  -1.472545    .273465    -5.38   0.000    -2.008559   -.9365309
                   f_1 |  -.4143874   .0729691    -5.68   0.000    -.5574127    -.271362
                   f_2 |  -.3168375   .0547626    -5.79   0.000    -.4241766   -.2094983
                   f_3 |  -.2165645   .0365312    -5.93   0.000    -.2881687   -.1449603
                   f_4 |  -.1124458   .0183277    -6.14   0.000    -.1483696   -.0765219
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0277875   .0032463    -8.56   0.000    -.0341505   -.0214246
          _Ivuosi_1996 |   .0060992    .002788     2.19   0.029     .0006345    .0115639
          _Ivuosi_1997 |  -.0015848   .0026171    -0.61   0.545    -.0067144    .0035449
          _Ivuosi_1998 |  -.0073114   .0025077    -2.92   0.004    -.0122267    -.002396
          _Ivuosi_1999 |  -.0061958   .0024686    -2.51   0.012    -.0110344   -.0013572
          _Ivuosi_2000 |  -.0136909   .0023468    -5.83   0.000    -.0182909   -.0090909
          _Ivuosi_2001 |  -.0416658   .0019663   -21.19   0.000    -.0455199   -.0378117
          _Ivuosi_2002 |  -.0382043   .0017988   -21.24   0.000      -.04173   -.0346786
          _Ivuosi_2003 |  -.0352119   .0016303   -21.60   0.000    -.0384074   -.0320165
          _Ivuosi_2004 |  -.0309275   .0014398   -21.48   0.000    -.0337496   -.0281053
          _Ivuosi_2005 |  -.0296391   .0012863   -23.04   0.000    -.0321603   -.0271178
          _Ivuosi_2006 |   -.024314   .0011054   -22.00   0.000    -.0264806   -.0221474
          _Ivuosi_2007 |  -.0193796   .0009255   -20.94   0.000    -.0211937   -.0175656
          _Ivuosi_2008 |  -.0148747   .0007619   -19.52   0.000    -.0163681   -.0133813
          _Ivuosi_2009 |  -.0112251   .0005801   -19.35   0.000    -.0123622   -.0100879
          _Ivuosi_2010 |  -.0066492   .0004012   -16.58   0.000    -.0074355   -.0058629
          _Ivuosi_2011 |  -.0040274   .0002243   -17.96   0.000    -.0044671   -.0035878
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0052536    .025217    -0.21   0.835     -.054681    .0441738
             _Iage2_22 |    .054265   .0426879     1.27   0.204    -.0294068    .1379369
             _Iage2_23 |   .1040792   .0603978     1.72   0.085    -.0143054    .2224638
             _Iage2_24 |   .1152525   .0785749     1.47   0.142    -.0387607    .2692657
             _Iage2_25 |   .1695753    .096626     1.75   0.079    -.0198195    .3589701
             _Iage2_26 |   .2387465   .1146887     2.08   0.037     .0139473    .4635457
             _Iage2_27 |   .3147285   .1328943     2.37   0.018     .0542447    .5752123
             _Iage2_28 |   .3975211   .1510387     2.63   0.008     .1014729    .6935693
             _Iage2_29 |   .4830961   .1692044     2.86   0.004     .1514416    .8147506
             _Iage2_30 |   .5687164   .1873912     3.03   0.002     .2014142    .9360186
             _Iage2_31 |   .6556273   .2055815     3.19   0.001     .2526707    1.058584
             _Iage2_32 |   .7443285   .2237724     3.33   0.001     .3057163    1.182941
             _Iage2_33 |   .8352242   .2419703     3.45   0.001     .3609426    1.309506
             _Iage2_34 |   .9245138     .26017     3.55   0.000     .4145593    1.434468
             _Iage2_35 |   1.013977    .278377     3.64   0.000     .4683354    1.559619
             _Iage2_36 |   1.105399    .296585     3.73   0.000     .5240681     1.68673
             _Iage2_37 |   1.196475   .3148004     3.80   0.000     .5794399    1.813509
             _Iage2_38 |    1.28773   .3330153     3.87   0.000     .6349929    1.940468
             _Iage2_39 |   1.380178    .351223     3.93   0.000     .6917523    2.068604
             _Iage2_40 |   1.472228   .3694401     3.99   0.000     .7480951    2.196361
             _Iage2_41 |  -1.690784    .328107    -5.15   0.000      -2.3339   -1.047667
             _Iage2_42 |  -1.598642   .3098703    -5.16   0.000    -2.206013   -.9912708
             _Iage2_43 |  -1.505673   .2916414    -5.16   0.000    -2.077314   -.9340319
             _Iage2_44 |   -1.41341   .2734203    -5.17   0.000    -1.949336   -.8774838
             _Iage2_45 |  -1.320325   .2551858    -5.17   0.000     -1.82051   -.8201394
             _Iage2_46 |  -1.227367   .2369708    -5.18   0.000    -1.691849   -.7628848
             _Iage2_47 |  -1.134396   .2187351    -5.19   0.000    -1.563135   -.7056574
             _Iage2_48 |  -1.041253   .2005113    -5.19   0.000    -1.434271   -.6482343
             _Iage2_49 |  -.9476358     .18228    -5.20   0.000     -1.30492   -.5903519
             _Iage2_50 |  -.8548548   .1640496    -5.21   0.000    -1.176405   -.5333041
             _Iage2_51 |  -.7602967   .1458297    -5.21   0.000    -1.046135   -.4744586
             _Iage2_52 |  -.6677968   .1275984    -5.23   0.000    -.9179001   -.4176934
             _Iage2_53 |  -.5740642    .109373    -5.25   0.000    -.7884444   -.3596841
             _Iage2_54 |  -.4810218   .0911506    -5.28   0.000    -.6596845   -.3023592
             _Iage2_55 |  -.3864451   .0729231    -5.30   0.000    -.5293803   -.2435098
             _Iage2_56 |   -.290656   .0547021    -5.31   0.000    -.3978766   -.1834354
             _Iage2_57 |  -.1953798   .0364758    -5.36   0.000    -.2668754   -.1238842
             _Iage2_58 |  -.0980009   .0182561    -5.37   0.000    -.1337844   -.0622174
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001739    .000204     0.85   0.394    -.0002259    .0005738
                 _cons |  -.9839799   .2842386    -3.46   0.001    -1.541111   -.4268488
-----------------------+----------------------------------------------------------------
               sigma_u |  .93974279
               sigma_e |  .09717612
                   rho |  .98942009   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 20088) =   14.77
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 20088) =   14.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 20088) =   23.37
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 20088) =   21.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20088) =    5.82
            Prob > F =    0.0158

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 20088) =    0.82
            Prob > F =    0.3654

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20088) =    6.52
            Prob > F =    0.0107

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 20088) =    0.50
            Prob > F =    0.4809

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 20088) =    5.15
            Prob > F =    0.0233

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 20088) =    1.01
            Prob > F =    0.3159
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    995996
Group variable: shnro_real                      Number of groups   =     87526

R-sq:  within  = 0.0913                         Obs per group: min =         1
       between = 0.0013                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(74,20083)        =     55.98
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 20,084 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0073846    .002225     3.32   0.001     .0030234    .0117457
 treated_post |   .0121035   .0026944     4.49   0.000     .0068222    .0173847
          l_0 |  -.5175304   .0914858    -5.66   0.000    -.6968501   -.3382107
          l_1 |    -.60027   .1097518    -5.47   0.000    -.8153925   -.3851475
          l_2 |  -.6921631   .1280277    -5.41   0.000    -.9431079   -.4412184
          l_3 |  -.7848441   .1463136    -5.36   0.000    -1.071631   -.4980575
          l_4 |   -.877819   .1645933    -5.33   0.000    -1.200435   -.5552026
          l_5 |  -.9713733   .1828799    -5.31   0.000    -1.329833   -.6129136
          l_6 |  -1.066466    .201154    -5.30   0.000    -1.460744   -.6721876
          l_7 |  -1.163855   .2194354    -5.30   0.000    -1.593966   -.7337435
          l_8 |  -1.259398   .2377189    -5.30   0.000    -1.725347   -.7934498
          l_9 |  -1.354567   .2560084    -5.29   0.000    -1.856364   -.8527691
         l_10 |  -1.451025   .2742958    -5.29   0.000    -1.988668    -.913383
          f_1 |  -.4088611   .0731893    -5.59   0.000    -.5523181   -.2654041
          f_2 |  -.3128518   .0549266    -5.70   0.000    -.4205124   -.2051912
          f_3 |  -.2141866   .0366391    -5.85   0.000    -.2860023    -.142371
          f_4 |  -.1116866   .0183794    -6.08   0.000    -.1477117   -.0756615
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0272354   .0032509    -8.38   0.000    -.0336076   -.0208633
 _Ivuosi_1996 |   .0064155   .0027781     2.31   0.021     .0009702    .0118608
 _Ivuosi_1997 |   -.001344   .0026035    -0.52   0.606    -.0064471    .0037591
 _Ivuosi_1998 |  -.0072143   .0024936    -2.89   0.004    -.0121019   -.0023267
 _Ivuosi_1999 |  -.0060081   .0024572    -2.45   0.014    -.0108245   -.0011917
 _Ivuosi_2000 |  -.0135611   .0023339    -5.81   0.000    -.0181358   -.0089864
 _Ivuosi_2001 |  -.0414245   .0019505   -21.24   0.000    -.0452476   -.0376013
 _Ivuosi_2002 |  -.0379826   .0017836   -21.30   0.000    -.0414786   -.0344866
 _Ivuosi_2003 |  -.0350408   .0016153   -21.69   0.000    -.0382069   -.0318746
 _Ivuosi_2004 |  -.0306936   .0014256   -21.53   0.000    -.0334879   -.0278994
 _Ivuosi_2005 |  -.0295165   .0012698   -23.24   0.000    -.0320054   -.0270276
 _Ivuosi_2006 |  -.0241617   .0010905   -22.16   0.000    -.0262992   -.0220242
 _Ivuosi_2007 |  -.0192156   .0009146   -21.01   0.000    -.0210082    -.017423
 _Ivuosi_2008 |  -.0147796   .0007527   -19.63   0.000     -.016255   -.0133042
 _Ivuosi_2009 |  -.0111165   .0005752   -19.33   0.000     -.012244    -.009989
 _Ivuosi_2010 |  -.0066568   .0003973   -16.75   0.000    -.0074356    -.005878
 _Ivuosi_2011 |  -.0040133   .0002222   -18.06   0.000    -.0044489   -.0035777
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0059532    .025288    -0.24   0.814    -.0555198    .0436133
    _Iage2_22 |   .0528912   .0428163     1.24   0.217    -.0310323    .1368147
    _Iage2_23 |   .1020962   .0605811     1.69   0.092    -.0166478    .2208402
    _Iage2_24 |   .1120768   .0788243     1.42   0.155    -.0424252    .2665789
    _Iage2_25 |   .1647073   .0969356     1.70   0.089    -.0252945    .3547092
    _Iage2_26 |   .2328285   .1150518     2.02   0.043     .0073175    .4583395
    _Iage2_27 |   .3081487   .1333133     2.31   0.021     .0468437    .5694537
    _Iage2_28 |   .3904545    .151512     2.58   0.010     .0934785    .6874305
    _Iage2_29 |   .4756009   .1697317     2.80   0.005     .1429129    .8082889
    _Iage2_30 |   .5608467   .1879742     2.98   0.003     .1924018    .9292916
    _Iage2_31 |     .64751   .2062183     3.14   0.002     .2433052    1.051715
    _Iage2_32 |   .7359372   .2244636     3.28   0.001     .2959701    1.175904
    _Iage2_33 |   .8265473   .2427153     3.41   0.001     .3508054    1.302289
    _Iage2_34 |   .9156112   .2609692     3.51   0.000     .4040902    1.427132
    _Iage2_35 |   1.004833   .2792311     3.60   0.000     .4575171    1.552149
    _Iage2_36 |   1.095998   .2974934     3.68   0.000     .5128863    1.679109
    _Iage2_37 |   1.186794   .3157634     3.76   0.000     .5678714    1.805716
    _Iage2_38 |   1.277767   .3340327     3.83   0.000      .623035    1.932498
    _Iage2_39 |   1.369959   .3522947     3.89   0.000     .6794327    2.060486
    _Iage2_40 |    1.46168   .3705668     3.94   0.000     .7353385    2.188021
    _Iage2_41 |   1.553939    .388839     4.00   0.000     .7917831    2.316096
    _Iage2_42 |   1.645865   .4071204     4.04   0.000     .8478758    2.443854
    _Iage2_43 |   1.738558   .4253946     4.09   0.000     .9047497    2.572366
    _Iage2_44 |   1.830527   .4436626     4.13   0.000     .9609122    2.700142
    _Iage2_45 |   1.923361    .461945     4.16   0.000      1.01791    2.828811
    _Iage2_46 |   2.016077   .4802087     4.20   0.000     1.074828    2.957325
    _Iage2_47 |   2.108733   .4984942     4.23   0.000     1.131643    3.085823
    _Iage2_48 |   2.201555   .5167665     4.26   0.000     1.188651     3.21446
    _Iage2_49 |   2.294913    .535048     4.29   0.000     1.246175    3.343651
    _Iage2_50 |   2.387443   .5533298     4.31   0.000     1.302871    3.472015
    _Iage2_51 |   2.481862   .5716009     4.34   0.000     1.361477    3.602247
    _Iage2_52 |   2.574134   .5898835     4.36   0.000     1.417914    3.730354
    _Iage2_53 |   2.667719   .6081604     4.39   0.000     1.475675    3.859763
    _Iage2_54 |    2.76064   .6264365     4.41   0.000     1.532773    3.988507
    _Iage2_55 |   2.855455   .6447185     4.43   0.000     1.591754    4.119157
    _Iage2_56 |   2.951055   .6629953     4.45   0.000      1.65153    4.250581
    _Iage2_57 |   3.046132   .6812767     4.47   0.000     1.710774     4.38149
    _Iage2_58 |   3.143394   .6995475     4.49   0.000     1.772224    4.514565
    _Iage2_59 |   3.241332    .717838     4.52   0.000     1.834311    4.648354
firm_size_new |   .0001566   .0002051     0.76   0.445    -.0002453    .0005586
        _cons |  -.9752093    .285142    -3.42   0.001    -1.534111   -.4163075
--------------+----------------------------------------------------------------
      sigma_u |  .92211237
      sigma_e |   .0972946
          rho |  .98898964   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    995996
Group variable: shnro_real                      Number of groups   =     87526

R-sq:  within  = 0.0932                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(82,20083)        =     51.85
corr(u_i, Xb)  = -0.9975                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,084 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0006986   .0002349    -2.97   0.003     -.001159   -.0002382
     treated_iasuorv_d |   .0472339   .0410165     1.15   0.250    -.0331619    .1276296
           treated_pre |  -.0138577   .0038104    -3.64   0.000    -.0213265   -.0063889
       treated_pre_ia3 |   .0016237   .0001789     9.07   0.000      .001273    .0019744
 treated_pre_iasuorv_d |   .0272455   .0058754     4.64   0.000     .0157292    .0387617
          treated_post |   -.008844   .0048183    -1.84   0.066    -.0182883    .0006002
      treated_post_ia3 |   .0012937   .0002065     6.27   0.000      .000889    .0016985
treated_post_iasuorv_d |     .05011   .0066109     7.58   0.000     .0371521    .0630679
             interact3 |   .0015139   .0001459    10.38   0.000      .001228    .0017999
               suorv_d |   .0086888   .0134658     0.65   0.519    -.0177054    .0350829
                   l_0 |  -.5249223   .0912502    -5.75   0.000    -.7037802   -.3460644
                   l_1 |   -.609502   .1094664    -5.57   0.000    -.8240651   -.3949388
                   l_2 |  -.7032963   .1276923    -5.51   0.000    -.9535837   -.4530089
                   l_3 |  -.7978969   .1459283    -5.47   0.000    -1.083928   -.5118655
                   l_4 |  -.8927934   .1641581    -5.44   0.000    -1.214557   -.5710301
                   l_5 |  -.9882314   .1823953    -5.42   0.000    -1.345741   -.6307216
                   l_6 |  -1.085203   .2006198    -5.41   0.000    -1.478434   -.6919721
                   l_7 |  -1.184519   .2188513    -5.41   0.000    -1.613485   -.7555521
                   l_8 |  -1.282035   .2370849    -5.41   0.000    -1.746741   -.8173295
                   l_9 |  -1.379102   .2553238    -5.40   0.000    -1.879557   -.8786459
                  l_10 |  -1.477537   .2735609    -5.40   0.000    -2.013739   -.9413353
                   f_1 |   -.415738   .0729947    -5.70   0.000    -.5588137   -.2726624
                   f_2 |  -.3178481   .0547818    -5.80   0.000    -.4252249   -.2104713
                   f_3 |  -.2172445   .0365441    -5.94   0.000    -.2888739   -.1456152
                   f_4 |  -.1127953   .0183341    -6.15   0.000    -.1487316   -.0768589
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0276059   .0032521    -8.49   0.000    -.0339804   -.0212314
          _Ivuosi_1996 |   .0062334   .0027909     2.23   0.026      .000763    .0117037
          _Ivuosi_1997 |  -.0013879   .0026208    -0.53   0.596    -.0065249     .003749
          _Ivuosi_1998 |  -.0071153   .0025121    -2.83   0.005    -.0120391   -.0021914
          _Ivuosi_1999 |  -.0059487    .002472    -2.41   0.016     -.010794   -.0011034
          _Ivuosi_2000 |  -.0135542   .0023496    -5.77   0.000    -.0181596   -.0089488
          _Ivuosi_2001 |  -.0414739   .0019687   -21.07   0.000    -.0453327   -.0376151
          _Ivuosi_2002 |  -.0379674   .0018006   -21.09   0.000    -.0414967   -.0344381
          _Ivuosi_2003 |  -.0349815   .0016315   -21.44   0.000    -.0381794   -.0317836
          _Ivuosi_2004 |  -.0306947   .0014413   -21.30   0.000    -.0335198   -.0278696
          _Ivuosi_2005 |  -.0294187   .0012852   -22.89   0.000    -.0319377   -.0268997
          _Ivuosi_2006 |  -.0241348   .0011045   -21.85   0.000    -.0262997     -.02197
          _Ivuosi_2007 |  -.0191822   .0009247   -20.74   0.000    -.0209947   -.0173697
          _Ivuosi_2008 |  -.0146984   .0007612   -19.31   0.000    -.0161904   -.0132065
          _Ivuosi_2009 |  -.0110729   .0005788   -19.13   0.000    -.0122074   -.0099384
          _Ivuosi_2010 |  -.0065449   .0004003   -16.35   0.000    -.0073294   -.0057603
          _Ivuosi_2011 |  -.0039668   .0002241   -17.70   0.000     -.004406   -.0035277
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0053236   .0252264    -0.21   0.833    -.0547695    .0441222
             _Iage2_22 |   .0541971   .0427054     1.27   0.204    -.0295089    .1379031
             _Iage2_23 |   .1041276   .0604225     1.72   0.085    -.0143055    .2225606
             _Iage2_24 |   .1155777   .0786066     1.47   0.141    -.0384977     .269653
             _Iage2_25 |   .1697838   .0966661     1.76   0.079    -.0196898    .3592573
             _Iage2_26 |   .2387672   .1147362     2.08   0.037     .0138748    .4636597
             _Iage2_27 |    .314636   .1329498     2.37   0.018     .0540434    .5752286
             _Iage2_28 |   .3973744   .1511013     2.63   0.009     .1012034    .6935454
             _Iage2_29 |   .4828908   .1692742     2.85   0.004     .1510994    .8146822
             _Iage2_30 |   .5685353   .1874684     3.03   0.002     .2010819    .9359887
             _Iage2_31 |   .6555324   .2056654     3.19   0.001     .2524113    1.058653
             _Iage2_32 |   .7443232   .2238633     3.32   0.001     .3055329    1.183114
             _Iage2_33 |   .8352769   .2420681     3.45   0.001     .3608036     1.30975
             _Iage2_34 |   .9247014   .2602747     3.55   0.000     .4145415    1.434861
             _Iage2_35 |   1.014315   .2784886     3.64   0.000     .4684545    1.560176
             _Iage2_36 |   1.105855   .2967037     3.73   0.000     .5242913    1.687419
             _Iage2_37 |   1.197045   .3149257     3.80   0.000     .5797642    1.814325
             _Iage2_38 |   1.288371   .3331478     3.87   0.000     .6353742    1.941368
             _Iage2_39 |   1.380918   .3513625     3.93   0.000     .6922189    2.069617
             _Iage2_40 |   1.473041   .3695861     3.99   0.000     .7486215     2.19746
             _Iage2_41 |   1.565664   .3878101     4.04   0.000     .8055238    2.325803
             _Iage2_42 |   1.657847   .4060442     4.08   0.000     .8619667    2.453727
             _Iage2_43 |   1.750876   .4242708     4.13   0.000     .9192704    2.582481
             _Iage2_44 |   1.843181   .4424909     4.17   0.000     .9758627      2.7105
             _Iage2_45 |   1.936289   .4607253     4.20   0.000      1.03323    2.839348
             _Iage2_46 |   2.029296   .4789407     4.24   0.000     1.090533    2.968059
             _Iage2_47 |   2.122275   .4971776     4.27   0.000     1.147767    3.096784
             _Iage2_48 |   2.215462   .5154021     4.30   0.000     1.205232    3.225693
             _Iage2_49 |   2.309121   .5336353     4.33   0.000     1.263152     3.35509
             _Iage2_50 |   2.401962   .5518684     4.35   0.000     1.320254    3.483669
             _Iage2_51 |   2.496553    .570091     4.38   0.000     1.379128    3.613978
             _Iage2_52 |   2.589182    .588326     4.40   0.000     1.436015     3.74235
             _Iage2_53 |   2.683046   .6065554     4.42   0.000     1.494148    3.871945
             _Iage2_54 |   2.776215   .6247825     4.44   0.000      1.55159     4.00084
             _Iage2_55 |    2.87098   .6430163     4.46   0.000     1.610615    4.131345
             _Iage2_56 |   2.966932   .6612453     4.49   0.000     1.670837    4.263027
             _Iage2_57 |   3.062391   .6794784     4.51   0.000     1.730558    4.394225
             _Iage2_58 |   3.159975   .6977003     4.53   0.000     1.792425    4.527524
             _Iage2_59 |   3.258208   .7159418     4.55   0.000     1.854903    4.661513
         firm_size_new |   .0001375   .0002048     0.67   0.502    -.0002638    .0005389
                 _cons |  -.9943283   .2843754    -3.50   0.000    -1.551727   -.4369291
-----------------------+----------------------------------------------------------------
               sigma_u |  .94185671
               sigma_e |  .09719419
                   rho |  .98946316   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20083) =    2.65
            Prob > F =    0.1038

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 20083) =   11.19
            Prob > F =    0.0008
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    995996
Group variable: shnro_real                      Number of groups   =     87526

R-sq:  within  = 0.0922                         Obs per group: min =         1
       between = 0.0013                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(79,20083)        =     53.27
corr(u_i, Xb)  = -0.9973                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 20,084 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0051325   .0037682     1.36   0.173    -.0022534    .0125184
          treated_pre |   .0086933   .0033461     2.60   0.009     .0021347    .0152519
 treated_pre_iasenior |  -.0034504   .0036016    -0.96   0.338    -.0105099    .0036091
         treated_post |   .0142884   .0042586     3.36   0.001     .0059413    .0226356
treated_post_iasenior |  -.0054163   .0043345    -1.25   0.211    -.0139124    .0030797
               senior |          0  (omitted)
         pre_iasenior |   .0281275   .0025098    11.21   0.000      .023208    .0330469
        post_iasenior |    .027425   .0028419     9.65   0.000     .0218546    .0329953
                  l_0 |  -.5240734   .0913023    -5.74   0.000    -.7030334   -.3451133
                  l_1 |  -.6057754    .109513    -5.53   0.000    -.8204298    -.391121
                  l_2 |  -.6966945    .127735    -5.45   0.000    -.9470656   -.4463235
                  l_3 |  -.7883638   .1459672    -5.40   0.000    -1.074472    -.502256
                  l_4 |  -.8803406   .1641937    -5.36   0.000    -1.202174   -.5585075
                  l_5 |  -.9728755   .1824273    -5.33   0.000    -1.330448    -.615303
                  l_6 |  -1.066956   .2006486    -5.32   0.000    -1.460244   -.6736683
                  l_7 |  -1.163285   .2188773    -5.31   0.000    -1.592303   -.7342678
                  l_8 |  -1.257819   .2371083    -5.30   0.000    -1.722571   -.7930676
                  l_9 |  -1.351968    .255345    -5.29   0.000    -1.852465   -.8514711
                 l_10 |  -1.447425   .2735801    -5.29   0.000    -1.983665   -.9111858
                  f_1 |  -.4167665   .0730542    -5.70   0.000    -.5599588   -.2735742
                  f_2 |  -.3216964   .0548499    -5.87   0.000    -.4292067   -.2141862
                  f_3 |  -.2239671    .036627    -6.11   0.000     -.295759   -.1521752
                  f_4 |  -.1224105   .0184546    -6.63   0.000     -.158583   -.0862379
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0275921   .0032436    -8.51   0.000    -.0339498   -.0212345
         _Ivuosi_1996 |   .0064023   .0027796     2.30   0.021     .0009541    .0118505
         _Ivuosi_1997 |  -.0013397   .0026058    -0.51   0.607    -.0064472    .0037679
         _Ivuosi_1998 |  -.0071167   .0024967    -2.85   0.004    -.0120104    -.002223
         _Ivuosi_1999 |  -.0060471   .0024615    -2.46   0.014     -.010872   -.0012223
         _Ivuosi_2000 |  -.0133359   .0023369    -5.71   0.000    -.0179164   -.0087554
         _Ivuosi_2001 |  -.0414867   .0019527   -21.25   0.000    -.0453141   -.0376592
         _Ivuosi_2002 |  -.0380331   .0017853   -21.30   0.000    -.0415323   -.0345338
         _Ivuosi_2003 |  -.0350467   .0016164   -21.68   0.000     -.038215   -.0318783
         _Ivuosi_2004 |  -.0306647   .0014263   -21.50   0.000    -.0334603   -.0278692
         _Ivuosi_2005 |  -.0294143     .00127   -23.16   0.000    -.0319037    -.026925
         _Ivuosi_2006 |  -.0240492   .0010911   -22.04   0.000    -.0261879   -.0219105
         _Ivuosi_2007 |  -.0191778   .0009145   -20.97   0.000    -.0209702   -.0173854
         _Ivuosi_2008 |  -.0147422   .0007521   -19.60   0.000    -.0162165    -.013268
         _Ivuosi_2009 |  -.0110959   .0005748   -19.31   0.000    -.0122224   -.0099693
         _Ivuosi_2010 |  -.0066462   .0003968   -16.75   0.000    -.0074239   -.0058684
         _Ivuosi_2011 |  -.0040045   .0002214   -18.08   0.000    -.0044385   -.0035705
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0063974   .0252481    -0.25   0.800    -.0558857    .0430908
            _Iage2_22 |   .0519459   .0427219     1.22   0.224    -.0317926    .1356843
            _Iage2_23 |   .1007575   .0604388     1.67   0.096    -.0177076    .2192226
            _Iage2_24 |   .1102352   .0786283     1.40   0.161    -.0438829    .2643532
            _Iage2_25 |   .1625502   .0966905     1.68   0.093    -.0269712    .3520716
            _Iage2_26 |   .2299573   .1147563     2.00   0.045     .0050256     .454889
            _Iage2_27 |   .3046191   .1329665     2.29   0.022     .0439938    .5652444
            _Iage2_28 |   .3861398   .1511153     2.56   0.011     .0899413    .6823382
            _Iage2_29 |   .4705101   .1692849     2.78   0.005     .1386978    .8023223
            _Iage2_30 |   .5550284   .1874767     2.96   0.003     .1875587    .9224981
            _Iage2_31 |   .6408992   .2056705     3.12   0.002     .2377682     1.04403
            _Iage2_32 |   .7285189    .223866     3.25   0.001     .2897231    1.167315
            _Iage2_33 |    .818336   .2420674     3.38   0.001      .343864    1.292808
            _Iage2_34 |   .9066054   .2602711     3.48   0.000     .3964527    1.416758
            _Iage2_35 |   .9950185   .2784825     3.57   0.000     .4491699    1.540867
            _Iage2_36 |   1.085342   .2966946     3.66   0.000     .5037964    1.666888
            _Iage2_37 |   1.175315   .3149138     3.73   0.000     .5580579    1.792572
            _Iage2_38 |   1.265516   .3331323     3.80   0.000     .6125497    1.918483
            _Iage2_39 |   1.356881    .351344     3.86   0.000      .668218    2.045544
            _Iage2_40 |   1.447734    .369565     3.92   0.000     .7233565    2.172112
            _Iage2_41 |    1.51279   .3876644     3.90   0.000     .7529363    2.272644
            _Iage2_42 |   1.603694   .4058938     3.95   0.000     .8081088    2.399279
            _Iage2_43 |   1.695274   .4241157     4.00   0.000     .8639724    2.526576
            _Iage2_44 |   1.786134   .4423311     4.04   0.000      .919129     2.65314
            _Iage2_45 |   1.877873   .4605604     4.08   0.000     .9751363    2.780609
            _Iage2_46 |   1.969337   .4787709     4.11   0.000     1.030906    2.907767
            _Iage2_47 |    2.06083   .4970029     4.15   0.000     1.086664    3.034997
            _Iage2_48 |   2.152408   .5152225     4.18   0.000     1.142529    3.162286
            _Iage2_49 |   2.244508   .5334503     4.21   0.000     1.198901    3.290114
            _Iage2_50 |   2.335791   .5516783     4.23   0.000     1.254456    3.417126
            _Iage2_51 |   2.428859    .569896     4.26   0.000     1.311816    3.545901
            _Iage2_52 |   2.519928   .5881246     4.28   0.000     1.367155      3.6727
            _Iage2_53 |     2.6122   .6063486     4.31   0.000     1.423707    3.800693
            _Iage2_54 |   2.703778   .6245707     4.33   0.000     1.479568    3.927988
            _Iage2_55 |   2.796721   .6427971     4.35   0.000     1.536786    4.056656
            _Iage2_56 |   2.891199   .6610209     4.37   0.000     1.595543    4.186854
            _Iage2_57 |   2.985209   .6792492     4.39   0.000     1.653825    4.316594
            _Iage2_58 |   3.081406   .6974672     4.42   0.000     1.714313    4.448499
            _Iage2_59 |    3.17829   .7157045     4.44   0.000      1.77545    4.581129
        firm_size_new |   .0001245   .0002046     0.61   0.543    -.0002765    .0005255
                _cons |  -.9547501   .2843461    -3.36   0.001    -1.512092   -.3974083
----------------------+----------------------------------------------------------------
              sigma_u |  .91187408
              sigma_e |  .09724922
                  rho |  .98875419   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20083) =   16.88
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 20083) =    7.59
            Prob > F =    0.0059
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    995996
Group variable: shnro_real                      Number of groups   =     87526

R-sq:  within  = 0.0936                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0009                                        max =        48

                                                F(86,20083)        =     49.91
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,084 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0099927   .0100956     0.99   0.322    -.0097955    .0297809
           treated_ia3 |   -.000752   .0002411    -3.12   0.002    -.0012246   -.0002794
     treated_iasuorv_d |   .0428344   .0413306     1.04   0.300    -.0381769    .1238458
           treated_pre |  -.0177851   .0041115    -4.33   0.000    -.0258439   -.0097263
       treated_pre_ia2 |   .0141455   .0029515     4.79   0.000     .0083602    .0199307
       treated_pre_ia3 |    .001697   .0001825     9.30   0.000     .0013392    .0020548
 treated_pre_iasuorv_d |   .0306837   .0060749     5.05   0.000     .0187763    .0425911
          treated_post |   -.014818   .0051795    -2.86   0.004    -.0249702   -.0046659
      treated_post_ia2 |   .0184622   .0033349     5.54   0.000     .0119255    .0249989
      treated_post_ia3 |   .0014116   .0002123     6.65   0.000     .0009956    .0018277
treated_post_iasuorv_d |   .0546854   .0068809     7.95   0.000     .0411983    .0681725
             interact2 |  -.0378562   .0081869    -4.62   0.000    -.0539033   -.0218092
             interact3 |   .0012601    .000153     8.24   0.000     .0009603      .00156
               suorv_d |    .007052   .0135192     0.52   0.602    -.0194469    .0335508
                   l_0 |  -.5231527   .0912103    -5.74   0.000    -.7019324   -.3443729
                   l_1 |  -.6074335   .1094184    -5.55   0.000    -.8219026   -.3929644
                   l_2 |  -.7009622   .1276366    -5.49   0.000    -.9511403    -.450784
                   l_3 |  -.7952986   .1458646    -5.45   0.000    -1.081205   -.5093921
                   l_4 |  -.8899198   .1640864    -5.42   0.000    -1.211543    -.568297
                   l_5 |  -.9850618   .1823157    -5.40   0.000    -1.342416   -.6277081
                   l_6 |  -1.081765   .2005323    -5.39   0.000    -1.474825   -.6887053
                   l_7 |  -1.180777   .2187559    -5.40   0.000    -1.609556   -.7519973
                   l_8 |  -1.278016   .2369814    -5.39   0.000    -1.742519   -.8135134
                   l_9 |  -1.374804   .2552125    -5.39   0.000    -1.875041   -.8745661
                  l_10 |  -1.472942   .2734411    -5.39   0.000    -2.008909   -.9369751
                   f_1 |  -.4144951   .0729627    -5.68   0.000    -.5575081   -.2714822
                   f_2 |  -.3169082   .0547578    -5.79   0.000     -.424238   -.2095783
                   f_3 |  -.2166046   .0365282    -5.93   0.000    -.2882029   -.1450064
                   f_4 |  -.1124606   .0183262    -6.14   0.000    -.1483815   -.0765398
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.027741   .0032493    -8.54   0.000    -.0341098   -.0213722
          _Ivuosi_1996 |   .0061422   .0027901     2.20   0.028     .0006734     .011611
          _Ivuosi_1997 |  -.0015349   .0026193    -0.59   0.558    -.0066689    .0035991
          _Ivuosi_1998 |  -.0072778     .00251    -2.90   0.004    -.0121976    -.002358
          _Ivuosi_1999 |  -.0061939   .0024707    -2.51   0.012    -.0110367   -.0013512
          _Ivuosi_2000 |  -.0136944   .0023491    -5.83   0.000    -.0182989   -.0090899
          _Ivuosi_2001 |  -.0416599   .0019683   -21.16   0.000     -.045518   -.0378018
          _Ivuosi_2002 |  -.0381932   .0018008   -21.21   0.000    -.0417229   -.0346634
          _Ivuosi_2003 |   -.035198   .0016322   -21.56   0.000    -.0383972   -.0319988
          _Ivuosi_2004 |  -.0309094   .0014416   -21.44   0.000    -.0337351   -.0280836
          _Ivuosi_2005 |  -.0296424   .0012876   -23.02   0.000    -.0321662   -.0271185
          _Ivuosi_2006 |  -.0243106   .0011066   -21.97   0.000    -.0264796   -.0221416
          _Ivuosi_2007 |   -.019373   .0009267   -20.90   0.000    -.0211894   -.0175565
          _Ivuosi_2008 |  -.0148691   .0007629   -19.49   0.000    -.0163644   -.0133738
          _Ivuosi_2009 |   -.011228   .0005807   -19.33   0.000    -.0123663   -.0100897
          _Ivuosi_2010 |  -.0066511   .0004015   -16.56   0.000    -.0074382    -.005864
          _Ivuosi_2011 |  -.0040275   .0002245   -17.94   0.000    -.0044675   -.0035874
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0052352    .025215    -0.21   0.836    -.0546587    .0441882
             _Iage2_22 |   .0542967   .0426843     1.27   0.203    -.0293682    .1379615
             _Iage2_23 |   .1041356    .060393     1.72   0.085    -.0142396    .2225108
             _Iage2_24 |   .1153955   .0785683     1.47   0.142    -.0386049    .2693959
             _Iage2_25 |   .1698131   .0966177     1.76   0.079    -.0195656    .3591918
             _Iage2_26 |   .2389886   .1146791     2.08   0.037     .0142081    .4637691
             _Iage2_27 |    .314991   .1328833     2.37   0.018     .0545287    .5754533
             _Iage2_28 |   .3977953   .1510261     2.63   0.008     .1017718    .6938187
             _Iage2_29 |   .4833732   .1691901     2.86   0.004     .1517467    .8149997
             _Iage2_30 |   .5690439   .1873753     3.04   0.002      .201773    .9363149
             _Iage2_31 |   .6560605   .2055639     3.19   0.001     .2531384    1.058982
             _Iage2_32 |   .7448314   .2237529     3.33   0.001     .3062573    1.183405
             _Iage2_33 |   .8358007    .241949     3.45   0.001     .3615608    1.310041
             _Iage2_34 |   .9251806   .2601469     3.56   0.000     .4152713     1.43509
             _Iage2_35 |    1.01473   .2783521     3.65   0.000     .4691367    1.560323
             _Iage2_36 |   1.106244   .2965584     3.73   0.000     .5249648    1.687522
             _Iage2_37 |   1.197387    .314772     3.80   0.000     .5804085    1.814366
             _Iage2_38 |   1.288676   .3329851     3.87   0.000     .6359976    1.941354
             _Iage2_39 |   1.381166   .3511909     3.93   0.000     .6928027    2.069529
             _Iage2_40 |   1.473242   .3694063     3.99   0.000     .7491753    2.197309
             _Iage2_41 |   1.565805   .3876217     4.04   0.000     .8060346    2.325575
             _Iage2_42 |   1.657957    .405847     4.09   0.000     .8624637    2.453451
             _Iage2_43 |   1.750918   .4240651     4.13   0.000     .9197156     2.58212
             _Iage2_44 |   1.843158   .4422764     4.17   0.000     .9762603    2.710056
             _Iage2_45 |   1.936211   .4605021     4.20   0.000     1.033589    2.838833
             _Iage2_46 |   2.029142    .478709     4.24   0.000     1.090833    2.967451
             _Iage2_47 |   2.122074   .4969373     4.27   0.000     1.148036    3.096112
             _Iage2_48 |   2.215186   .5151533     4.30   0.000     1.205443    3.224928
             _Iage2_49 |   2.308773   .5333778     4.33   0.000     1.263308    3.354237
             _Iage2_50 |    2.40152   .5516025     4.35   0.000     1.320334    3.482707
             _Iage2_51 |   2.496027   .5698161     4.38   0.000     1.379141    3.612914
             _Iage2_52 |   2.588543   .5880425     4.40   0.000     1.435931    3.741155
             _Iage2_53 |   2.682278   .6062633     4.42   0.000     1.493952    3.870604
             _Iage2_54 |   2.775322   .6244819     4.44   0.000     1.551286    3.999357
             _Iage2_55 |     2.8699   .6427069     4.47   0.000     1.610142    4.129659
             _Iage2_56 |   2.965699   .6609273     4.49   0.000     1.670227    4.261171
             _Iage2_57 |   3.060994   .6791518     4.51   0.000       1.7298    4.392187
             _Iage2_58 |   3.158396   .6973652     4.53   0.000     1.791503    4.525289
             _Iage2_59 |   3.256432    .715598     4.55   0.000     1.853801    4.659063
         firm_size_new |   .0001564   .0002055     0.76   0.447    -.0002465    .0005592
                 _cons |  -.9847086   .2842611    -3.46   0.001    -1.541884   -.4275335
-----------------------+----------------------------------------------------------------
               sigma_u |  .93979694
               sigma_e |  .09717416
                   rho |  .98942172   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 20083) =    0.64
            Prob > F =    0.4225

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20083) =    7.20
            Prob > F =    0.0073

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 20083) =    1.32
            Prob > F =    0.2503

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 20083) =    0.96
            Prob > F =    0.3270

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 20083) =   16.55
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 20083) =    0.29
            Prob > F =    0.5889
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    995996
Group variable: shnro_real                      Number of groups   =     87526

R-sq:  within  = 0.0932                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0010                                        max =        48

                                                F(85,20083)        =     50.26
corr(u_i, Xb)  = -0.9975                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,084 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0044519    .003063    -1.45   0.146    -.0104557    .0015518
           treated_ia3 |   -.000508   .0002733    -1.86   0.063    -.0010436    .0000276
     treated_iasuorv_d |   .0519952   .0412265     1.26   0.207     -.028812    .1328024
           treated_pre |  -.0129583   .0038224    -3.39   0.001    -.0204505   -.0054662
  treated_pre_iasenior |   .0080428   .0027576     2.92   0.004     .0026376     .013448
       treated_pre_ia3 |   .0012856   .0002154     5.97   0.000     .0008634    .0017077
 treated_pre_iasuorv_d |   .0183371   .0066029     2.78   0.005     .0053948    .0312793
          treated_post |  -.0080669    .004866    -1.66   0.097    -.0176047    .0014708
 treated_post_iasenior |   .0028233    .002994     0.94   0.346    -.0030452    .0086919
      treated_post_ia3 |   .0011498   .0002379     4.83   0.000     .0006835    .0016161
treated_post_iasuorv_d |   .0464089   .0071915     6.45   0.000      .032313    .0605048
                senior |   3.258145    .715992     4.55   0.000     1.854742    4.661548
             interact3 |   .0015013   .0001479    10.15   0.000     .0012114    .0017912
               suorv_d |   .0087497   .0134624     0.65   0.516    -.0176376     .035137
                   l_0 |  -.5249217   .0912565    -5.75   0.000     -.703792   -.3460514
                   l_1 |  -.6094877   .1094741    -5.57   0.000    -.8240659   -.3949095
                   l_2 |  -.7032668   .1277012    -5.51   0.000    -.9535717   -.4529618
                   l_3 |  -.7978527   .1459385    -5.47   0.000    -1.083904   -.5118012
                   l_4 |  -.8927395   .1641696    -5.44   0.000    -1.214525   -.5709536
                   l_5 |  -.9881683   .1824082    -5.42   0.000    -1.345703   -.6306333
                   l_6 |  -1.085128   .2006339    -5.41   0.000    -1.478387   -.6918693
                   l_7 |  -1.184432   .2188667    -5.41   0.000    -1.613429   -.7554356
                   l_8 |  -1.281942   .2371017    -5.41   0.000     -1.74668   -.8172029
                   l_9 |  -1.378997   .2553419    -5.40   0.000    -1.879488   -.8785061
                  l_10 |  -1.477421   .2735803    -5.40   0.000    -2.013661   -.9411815
                   f_1 |  -.4157109   .0729998    -5.69   0.000    -.5587965   -.2726253
                   f_2 |  -.3178245   .0547856    -5.80   0.000    -.4252087   -.2104402
                   f_3 |   -.217232   .0365464    -5.94   0.000    -.2888661    -.145598
                   f_4 |  -.1127936   .0183353    -6.15   0.000    -.1487323   -.0768548
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0276369   .0032523    -8.50   0.000    -.0340118    -.021262
          _Ivuosi_1996 |     .00622   .0027917     2.23   0.026     .0007481     .011692
          _Ivuosi_1997 |  -.0014151    .002621    -0.54   0.589    -.0065526    .0037224
          _Ivuosi_1998 |  -.0071378   .0025123    -2.84   0.005    -.0120621   -.0022134
          _Ivuosi_1999 |   -.005977   .0024724    -2.42   0.016    -.0108231   -.0011308
          _Ivuosi_2000 |  -.0135567   .0023498    -5.77   0.000    -.0181625    -.008951
          _Ivuosi_2001 |  -.0414976   .0019688   -21.08   0.000    -.0453565   -.0376386
          _Ivuosi_2002 |  -.0380016   .0018006   -21.11   0.000    -.0415308   -.0344723
          _Ivuosi_2003 |   -.035014   .0016313   -21.46   0.000    -.0382115   -.0318165
          _Ivuosi_2004 |  -.0307308    .001441   -21.33   0.000    -.0335552   -.0279063
          _Ivuosi_2005 |  -.0294323   .0012849   -22.91   0.000    -.0319508   -.0269139
          _Ivuosi_2006 |  -.0241488   .0011041   -21.87   0.000    -.0263129   -.0219848
          _Ivuosi_2007 |  -.0192003   .0009243   -20.77   0.000     -.021012   -.0173886
          _Ivuosi_2008 |   -.014714   .0007608   -19.34   0.000    -.0162052   -.0132227
          _Ivuosi_2009 |  -.0110776   .0005787   -19.14   0.000     -.012212   -.0099433
          _Ivuosi_2010 |   -.006548   .0004002   -16.36   0.000    -.0073325   -.0057636
          _Ivuosi_2011 |    -.00397    .000224   -17.73   0.000     -.004409   -.0035311
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0053363    .025228    -0.21   0.832    -.0547851    .0441126
             _Iage2_22 |   .0541759   .0427083     1.27   0.205     -.029536    .1378877
             _Iage2_23 |   .1040937   .0604264     1.72   0.085     -.014347    .2225343
             _Iage2_24 |   .1155113   .0786118     1.47   0.142    -.0385743    .2695969
             _Iage2_25 |   .1696837   .0966728     1.76   0.079     -.019803    .3591704
             _Iage2_26 |   .2386424    .114744     2.08   0.038     .0137347      .46355
             _Iage2_27 |   .3144902   .1329588     2.37   0.018       .05388    .5751004
             _Iage2_28 |    .397202   .1511117     2.63   0.009     .1010106    .6933933
             _Iage2_29 |    .482681    .169286     2.85   0.004     .1508665    .8144955
             _Iage2_30 |   .5682908   .1874815     3.03   0.002     .2008116      .93577
             _Iage2_31 |   .6552463     .20568     3.19   0.001     .2520966    1.058396
             _Iage2_32 |   .7439935   .2238794     3.32   0.001     .3051714    1.182816
             _Iage2_33 |   .8349035   .2420857     3.45   0.001     .3603955    1.309411
             _Iage2_34 |   .9242795   .2602939     3.55   0.000      .414082    1.434477
             _Iage2_35 |   1.013842   .2785093     3.64   0.000     .4679407    1.559743
             _Iage2_36 |   1.105339    .296726     3.73   0.000     .5237313    1.686946
             _Iage2_37 |   1.196491   .3149495     3.80   0.000     .5791646    1.813818
             _Iage2_38 |   1.287803   .3331729     3.87   0.000     .6347563    1.940849
             _Iage2_39 |   1.380335   .3513892     3.93   0.000     .6915833    2.069087
             _Iage2_40 |   1.472458   .3696142     3.98   0.000     .7479839    2.196932
             _Iage2_41 |  -1.692888   .3282568    -5.16   0.000    -2.336298   -1.049478
             _Iage2_42 |  -1.600679   .3100116    -5.16   0.000    -2.208328   -.9930311
             _Iage2_43 |  -1.507632   .2917746    -5.17   0.000    -2.079535   -.9357303
             _Iage2_44 |  -1.415299   .2735449    -5.17   0.000    -1.951469   -.8791285
             _Iage2_45 |  -1.322154   .2553022    -5.18   0.000    -1.822567   -.8217406
             _Iage2_46 |   -1.22912    .237079    -5.18   0.000    -1.693814   -.7644253
             _Iage2_47 |  -1.136097   .2188348    -5.19   0.000    -1.565031   -.7071624
             _Iage2_48 |  -1.042875   .2006029    -5.20   0.000    -1.436073   -.6496772
             _Iage2_49 |  -.9491856   .1823633    -5.20   0.000    -1.306633   -.5917386
             _Iage2_50 |   -.856309   .1641247    -5.22   0.000    -1.178007   -.5346111
             _Iage2_51 |  -.7616919   .1458962    -5.22   0.000     -1.04766   -.4757233
             _Iage2_52 |  -.6690386   .1276566    -5.24   0.000    -.9192561   -.4188211
             _Iage2_53 |  -.5751638    .109423    -5.26   0.000    -.7896419   -.3606858
             _Iage2_54 |  -.4819837   .0911923    -5.29   0.000    -.6607281   -.3032393
             _Iage2_55 |   -.387212   .0729563    -5.31   0.000    -.5302124   -.2442115
             _Iage2_56 |  -.2912513   .0547271    -5.32   0.000     -.398521   -.1839816
             _Iage2_57 |  -.1957907   .0364926    -5.37   0.000    -.2673192   -.1242622
             _Iage2_58 |  -.0982158   .0182646    -5.38   0.000     -.134016   -.0624156
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001382   .0002046     0.68   0.499    -.0002628    .0005392
                 _cons |  -.9941894   .2843977    -3.50   0.000    -1.551632   -.4367466
-----------------------+----------------------------------------------------------------
               sigma_u |  .94177321
               sigma_e |  .09719253
                   rho |  .98946166   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 20083) =   19.69
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 20083) =   19.75
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 20083) =   35.63
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 20083) =   23.36
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20083) =    0.89
            Prob > F =    0.3444

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20083) =    2.17
            Prob > F =    0.1406

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 20083) =    0.59
            Prob > F =    0.4426
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    995996
Group variable: shnro_real                      Number of groups   =     87526

R-sq:  within  = 0.0936                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0009                                        max =        48

                                                F(89,20083)        =     48.43
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,084 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0019177   .0031116    -0.62   0.538    -.0080168    .0041813
           treated_ia2 |   .0107071   .0101677     1.05   0.292    -.0092224    .0306367
           treated_ia3 |  -.0006649   .0002861    -2.32   0.020    -.0012256   -.0001042
     treated_iasuorv_d |   .0448042   .0415836     1.08   0.281     -.036703    .1263114
           treated_pre |  -.0169384   .0041479    -4.08   0.000    -.0250686   -.0088082
  treated_pre_iasenior |   .0055737   .0027773     2.01   0.045       .00013    .0110173
       treated_pre_ia2 |   .0135098   .0029768     4.54   0.000      .007675    .0193446
       treated_pre_ia3 |   .0014565   .0002255     6.46   0.000     .0010145    .0018986
 treated_pre_iasuorv_d |   .0242607   .0069414     3.50   0.000     .0106551    .0378663
          treated_post |  -.0142313   .0052396    -2.72   0.007    -.0245014   -.0039612
 treated_post_iasenior |  -.0003922   .0029846    -0.13   0.895    -.0062423    .0054578
      treated_post_ia2 |   .0184209    .003355     5.49   0.000     .0118448     .024997
      treated_post_ia3 |   .0013929   .0002504     5.56   0.000     .0009022    .0018836
treated_post_iasuorv_d |   .0543219   .0075956     7.15   0.000     .0394338    .0692099
                senior |   3.255921   .7156455     4.55   0.000     1.853197    4.658645
             interact2 |  -.0379455   .0081974    -4.63   0.000    -.0540131   -.0218779
             interact3 |   .0012428   .0001551     8.02   0.000     .0009389    .0015467
               suorv_d |   .0071266   .0135156     0.53   0.598     -.019365    .0336182
                   l_0 |  -.5230859   .0912163    -5.73   0.000    -.7018774   -.3442944
                   l_1 |  -.6073384   .1094257    -5.55   0.000    -.8218218   -.3928551
                   l_2 |  -.7008348    .127645    -5.49   0.000    -.9510296   -.4506401
                   l_3 |  -.7951413   .1458742    -5.45   0.000    -1.081067   -.5092158
                   l_4 |  -.8897376   .1640973    -5.42   0.000    -1.211382   -.5680934
                   l_5 |  -.9848545   .1823279    -5.40   0.000    -1.342232   -.6274769
                   l_6 |  -1.081529   .2005457    -5.39   0.000    -1.474615   -.6884427
                   l_7 |  -1.180515   .2187705    -5.40   0.000    -1.609323   -.7517068
                   l_8 |  -1.277731   .2369972    -5.39   0.000    -1.742266   -.8131974
                   l_9 |  -1.374493   .2552296    -5.39   0.000    -1.874764   -.8742216
                  l_10 |  -1.472602   .2734594    -5.39   0.000    -2.008605   -.9365996
                   f_1 |  -.4144061   .0729675    -5.68   0.000    -.5574284   -.2713838
                   f_2 |  -.3168405   .0547614    -5.79   0.000    -.4241774   -.2095036
                   f_3 |  -.2165658   .0365305    -5.93   0.000    -.2881685   -.1449632
                   f_4 |  -.1124485   .0183273    -6.14   0.000    -.1483716   -.0765255
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0277617   .0032496    -8.54   0.000    -.0341311   -.0213922
          _Ivuosi_1996 |   .0061252   .0027907     2.19   0.028     .0006552    .0115952
          _Ivuosi_1997 |  -.0015628   .0026195    -0.60   0.551    -.0066973    .0035716
          _Ivuosi_1998 |  -.0073012   .0025102    -2.91   0.004    -.0122214   -.0023809
          _Ivuosi_1999 |   -.006217   .0024709    -2.52   0.012    -.0110601   -.0013738
          _Ivuosi_2000 |   -.013708   .0023492    -5.84   0.000    -.0183127   -.0091034
          _Ivuosi_2001 |  -.0416884   .0019685   -21.18   0.000    -.0455468     -.03783
          _Ivuosi_2002 |  -.0382264   .0018008   -21.23   0.000     -.041756   -.0346967
          _Ivuosi_2003 |  -.0352317    .001632   -21.59   0.000    -.0384305   -.0320329
          _Ivuosi_2004 |  -.0309453   .0014413   -21.47   0.000    -.0337705   -.0281202
          _Ivuosi_2005 |  -.0296581   .0012875   -23.04   0.000    -.0321817   -.0271346
          _Ivuosi_2006 |   -.024328   .0011063   -21.99   0.000    -.0264964   -.0221596
          _Ivuosi_2007 |  -.0193911   .0009264   -20.93   0.000    -.0212069   -.0175753
          _Ivuosi_2008 |  -.0148841   .0007626   -19.52   0.000    -.0163789   -.0133894
          _Ivuosi_2009 |  -.0112311   .0005807   -19.34   0.000    -.0123692    -.010093
          _Ivuosi_2010 |  -.0066521   .0004015   -16.57   0.000    -.0074391   -.0058652
          _Ivuosi_2011 |  -.0040302   .0002244   -17.96   0.000      -.00447   -.0035903
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0052507   .0252165    -0.21   0.835    -.0546772    .0441758
             _Iage2_22 |   .0542654   .0426872     1.27   0.204    -.0294051    .1379358
             _Iage2_23 |   .1040795   .0603967     1.72   0.085     -.014303    .2224621
             _Iage2_24 |   .1152901   .0785734     1.47   0.142    -.0387203    .2693004
             _Iage2_25 |   .1696585   .0966241     1.76   0.079    -.0197327    .3590497
             _Iage2_26 |   .2387957   .1146865     2.08   0.037     .0140007    .4635906
             _Iage2_27 |   .3147598   .1328919     2.37   0.018     .0542808    .5752387
             _Iage2_28 |   .3975171   .1510359     2.63   0.008     .1014744    .6935599
             _Iage2_29 |   .4830346   .1692012     2.85   0.004     .1513863    .8146829
             _Iage2_30 |   .5686441   .1873877     3.03   0.002     .2013487    .9359394
             _Iage2_31 |   .6555911   .2055776     3.19   0.001      .252642     1.05854
             _Iage2_32 |     .74429   .2237681     3.33   0.001     .3056861    1.182894
             _Iage2_33 |   .8351837   .2419657     3.45   0.001     .3609112    1.309456
             _Iage2_34 |   .9244834    .260165     3.55   0.000     .4145385    1.434428
             _Iage2_35 |    1.01395   .2783717     3.64   0.000     .4683189    1.559582
             _Iage2_36 |   1.105386   .2965793     3.73   0.000     .5240665    1.686706
             _Iage2_37 |   1.196463   .3147944     3.80   0.000     .5794402    1.813486
             _Iage2_38 |   1.287703   .3330088     3.87   0.000     .6349787    1.940428
             _Iage2_39 |   1.380152   .3512162     3.93   0.000     .6917397    2.068565
             _Iage2_40 |   1.472205   .3694329     3.99   0.000     .7480862    2.196324
             _Iage2_41 |  -1.690851   .3281002    -5.15   0.000    -2.333955   -1.047748
             _Iage2_42 |  -1.598687   .3098639    -5.16   0.000    -2.206046   -.9913284
             _Iage2_43 |  -1.505715   .2916354    -5.16   0.000    -2.077344   -.9340856
             _Iage2_44 |  -1.413451   .2734147    -5.17   0.000    -1.949366    -.877536
             _Iage2_45 |  -1.320363   .2551805    -5.17   0.000    -1.820538   -.8201884
             _Iage2_46 |  -1.227403   .2369659    -5.18   0.000    -1.691875     -.76293
             _Iage2_47 |   -1.13443   .2187305    -5.19   0.000     -1.56316      -.7057
             _Iage2_48 |  -1.041281   .2005071    -5.19   0.000    -1.434291   -.6482701
             _Iage2_49 |   -.947662   .1822763    -5.20   0.000    -1.304938   -.5903856
             _Iage2_50 |  -.8548788   .1640462    -5.21   0.000    -1.176423   -.5333348
             _Iage2_51 |  -.7603472   .1458267    -5.21   0.000    -1.046179    -.474515
             _Iage2_52 |  -.6678112   .1275958    -5.23   0.000    -.9179094    -.417713
             _Iage2_53 |  -.5740704   .1093708    -5.25   0.000    -.7884461   -.3596947
             _Iage2_54 |  -.4810235   .0911487    -5.28   0.000    -.6596825   -.3023645
             _Iage2_55 |  -.3864465   .0729216    -5.30   0.000    -.5293788   -.2435142
             _Iage2_56 |   -.290654    .054701    -5.31   0.000    -.3978725   -.1834356
             _Iage2_57 |  -.1953741   .0364751    -5.36   0.000    -.2668683   -.1238799
             _Iage2_58 |  -.0979988   .0182558    -5.37   0.000    -.1337816    -.062216
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001584   .0002053     0.77   0.441    -.0002441    .0005608
                 _cons |  -.9842228   .2842831    -3.46   0.001    -1.541441   -.4270046
-----------------------+----------------------------------------------------------------
               sigma_u |  .93954924
               sigma_e |   .0971725
                   rho |  .98941656   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 20083) =   14.73
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 20083) =   14.85
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 20083) =   23.38
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 20083) =   21.80
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 20083) =    5.78
            Prob > F =    0.0162

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 20083) =    0.84
            Prob > F =    0.3604

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20083) =    6.46
            Prob > F =    0.0110

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 20083) =    0.51
            Prob > F =    0.4766

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 20083) =    5.11
            Prob > F =    0.0238

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 20083) =    1.02
            Prob > F =    0.3126
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    996442
Group variable: shnro_real                      Number of groups   =     87580

R-sq:  within  = 0.0935                         Obs per group: min =         1
       between = 0.0012                                        avg =      11.4
       overall = 0.0009                                        max =        48

                                                F(86,20088)        =     49.93
corr(u_i, Xb)  = -0.9974                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 20,089 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0100092   .0100964     0.99   0.322    -.0097806    .0297991
           treated_ia3 |  -.0007498   .0002411    -3.11   0.002    -.0012224   -.0002772
     treated_iasuorv_d |   .0428174   .0413288     1.04   0.300    -.0381905    .1238252
           treated_pre |  -.0178126   .0041116    -4.33   0.000    -.0258716   -.0097536
       treated_pre_ia2 |   .0141471   .0029517     4.79   0.000     .0083616    .0199327
       treated_pre_ia3 |   .0016979   .0001825     9.30   0.000     .0013401    .0020557
 treated_pre_iasuorv_d |   .0308197   .0060755     5.07   0.000     .0189111    .0427282
          treated_post |  -.0148763   .0051797    -2.87   0.004    -.0250289   -.0047237
      treated_post_ia2 |   .0184783   .0033351     5.54   0.000     .0119413    .0250153
      treated_post_ia3 |   .0014143   .0002123     6.66   0.000     .0009982    .0018304
treated_post_iasuorv_d |   .0545941   .0068822     7.93   0.000     .0411044    .0680839
             interact2 |  -.0378861   .0081874    -4.63   0.000    -.0539342    -.021838
             interact3 |   .0012582   .0001529     8.23   0.000     .0009584     .001558
               suorv_d |   .0070442   .0135188     0.52   0.602    -.0194537    .0335421
                   l_0 |  -.5231302   .0912122    -5.74   0.000    -.7019137   -.3443468
                   l_1 |   -.607422   .1094207    -5.55   0.000    -.8218955   -.3929485
                   l_2 |  -.7009451   .1276392    -5.49   0.000    -.9511284   -.4507619
                   l_3 |  -.7952851   .1458675    -5.45   0.000    -1.081197   -.5093727
                   l_4 |  -.8899066   .1640898    -5.42   0.000    -1.211536   -.5682772
                   l_5 |  -.9850355   .1823194    -5.40   0.000    -1.342397   -.6276745
                   l_6 |  -1.081723   .2005364    -5.39   0.000    -1.474791    -.688655
                   l_7 |  -1.180741   .2187604    -5.40   0.000    -1.609529   -.7519528
                   l_8 |   -1.27797   .2369863    -5.39   0.000    -1.742483   -.8134575
                   l_9 |  -1.374755   .2552178    -5.39   0.000    -1.875003   -.8745074
                  l_10 |  -1.472882   .2734467    -5.39   0.000     -2.00886   -.9369043
                   f_1 |  -.4144758   .0729643    -5.68   0.000    -.5574918   -.2714599
                   f_2 |  -.3169048    .054759    -5.79   0.000    -.4242369   -.2095727
                   f_3 |  -.2166032   .0365289    -5.93   0.000    -.2882029   -.1450035
                   f_4 |  -.1124579   .0183266    -6.14   0.000    -.1483795   -.0765363
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.027767   .0032459    -8.55   0.000    -.0341293   -.0214047
          _Ivuosi_1996 |   .0061161   .0027874     2.19   0.028     .0006526    .0115796
          _Ivuosi_1997 |   -.001557   .0026168    -0.59   0.552    -.0066861    .0035722
          _Ivuosi_1998 |  -.0072882   .0025075    -2.91   0.004    -.0122031   -.0023733
          _Ivuosi_1999 |  -.0061729   .0024684    -2.50   0.012    -.0110111   -.0013347
          _Ivuosi_2000 |  -.0136774   .0023467    -5.83   0.000    -.0182772   -.0090776
          _Ivuosi_2001 |  -.0416373   .0019661   -21.18   0.000    -.0454911   -.0377835
          _Ivuosi_2002 |  -.0381712   .0017988   -21.22   0.000     -.041697   -.0346453
          _Ivuosi_2003 |  -.0351783   .0016305   -21.58   0.000    -.0383742   -.0319825
          _Ivuosi_2004 |  -.0308916   .0014401   -21.45   0.000    -.0337143   -.0280688
          _Ivuosi_2005 |  -.0296234   .0012865   -23.03   0.000     -.032145   -.0271018
          _Ivuosi_2006 |  -.0242966   .0011057   -21.97   0.000    -.0264638   -.0221294
          _Ivuosi_2007 |  -.0193616   .0009258   -20.91   0.000    -.0211763   -.0175468
          _Ivuosi_2008 |  -.0148596   .0007622   -19.50   0.000    -.0163536   -.0133657
          _Ivuosi_2009 |   -.011222   .0005802   -19.34   0.000    -.0123593   -.0100847
          _Ivuosi_2010 |  -.0066482   .0004012   -16.57   0.000    -.0074346   -.0058617
          _Ivuosi_2011 |  -.0040248   .0002244   -17.94   0.000    -.0044645    -.003585
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0052382   .0252154    -0.21   0.835    -.0546625    .0441861
             _Iage2_22 |   .0542961    .042685     1.27   0.203    -.0293701    .1379623
             _Iage2_23 |   .1041349    .060394     1.72   0.085    -.0142424    .2225121
             _Iage2_24 |   .1153576   .0785698     1.47   0.142    -.0386456    .2693608
             _Iage2_25 |   .1697293   .0966196     1.76   0.079    -.0196529    .3591116
             _Iage2_26 |   .2389387   .1146813     2.08   0.037      .014154    .4637234
             _Iage2_27 |   .3149588   .1328858     2.37   0.018     .0544917    .5754258
             _Iage2_28 |   .3977981   .1510288     2.63   0.008     .1017692     .693827
             _Iage2_29 |   .4834333   .1691932     2.86   0.004     .1518008    .8150659
             _Iage2_30 |   .5691147   .1873788     3.04   0.002      .201837    .9363925
             _Iage2_31 |    .656095   .2055677     3.19   0.001     .2531655    1.059025
             _Iage2_32 |   .7448681   .2237571     3.33   0.001     .3062859     1.18345
             _Iage2_33 |   .8358393   .2419536     3.45   0.001     .3615904    1.310088
             _Iage2_34 |    .925209   .2601518     3.56   0.000     .4152901    1.435128
             _Iage2_35 |   1.014754   .2783574     3.65   0.000     .4691511    1.560358
             _Iage2_36 |   1.106254    .296564     3.73   0.000     .5249643    1.687544
             _Iage2_37 |   1.197397    .314778     3.80   0.000     .5804059    1.814387
             _Iage2_38 |     1.2887   .3329915     3.87   0.000     .6360095    1.941391
             _Iage2_39 |   1.381189   .3511977     3.93   0.000     .6928127    2.069565
             _Iage2_40 |   1.473262   .3694134     3.99   0.000     .7491814    2.197343
             _Iage2_41 |   1.565843   .3876292     4.04   0.000      .806058    2.325628
             _Iage2_42 |   1.657972   .4058549     4.09   0.000     .8624631    2.453481
             _Iage2_43 |   1.750929   .4240733     4.13   0.000     .9197109    2.582148
             _Iage2_44 |   1.843169    .442285     4.17   0.000     .9762538    2.710084
             _Iage2_45 |   1.936219   .4605111     4.20   0.000     1.033579    2.838859
             _Iage2_46 |   2.029146   .4787184     4.24   0.000     1.090819    2.967474
             _Iage2_47 |   2.122076   .4969471     4.27   0.000     1.148019    3.096133
             _Iage2_48 |   2.215181   .5151634     4.30   0.000     1.205419    3.224944
             _Iage2_49 |   2.308766   .5333883     4.33   0.000     1.263281    3.354251
             _Iage2_50 |   2.401512   .5516133     4.35   0.000     1.320304    3.482719
             _Iage2_51 |   2.496044   .5698274     4.38   0.000     1.379136    3.612953
             _Iage2_52 |   2.588524   .5880541     4.40   0.000      1.43589    3.741158
             _Iage2_53 |    2.68225   .6062753     4.42   0.000     1.493901      3.8706
             _Iage2_54 |   2.775289   .6244943     4.44   0.000     1.551229    3.999349
             _Iage2_55 |   2.869867   .6427197     4.47   0.000     1.610084    4.129651
             _Iage2_56 |   2.965662   .6609404     4.49   0.000     1.670165     4.26116
             _Iage2_57 |   3.060953   .6791653     4.51   0.000     1.729733    4.392173
             _Iage2_58 |   3.158359   .6973791     4.53   0.000     1.791438    4.525279
             _Iage2_59 |   3.256397   .7156122     4.55   0.000     1.853738    4.659056
         firm_size_new |    .000172   .0002042     0.84   0.400    -.0002282    .0005721
                 _cons |   -.984462   .2842166    -3.46   0.001     -1.54155   -.4273741
-----------------------+----------------------------------------------------------------
               sigma_u |  .93998873
               sigma_e |  .09717779
                   rho |  .98942521   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 20088) =    0.63
            Prob > F =    0.4279

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 20088) =    7.26
            Prob > F =    0.0070

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 20088) =    1.30
            Prob > F =    0.2540

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 20088) =    0.97
            Prob > F =    0.3236

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 20088) =   16.61
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 20088) =    0.30
            Prob > F =    0.5841
O:\returns
ue_d_whitec_age_short_noIQ_stem_G.xls
dir : seeout
ue_d_whitec_age_top3_noIQ_stem_G.xls
dir : seeout
(158,781 observations deleted)
(2,226,633 real changes made)
(125,863 missing values generated)
(109,634 missing values generated)
(2,359,420 missing values generated)
(132,787 real changes made)
(31352 missing values generated)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(132,787 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(131,256 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,482 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(120,577 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(112,699 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(101,528 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(91,521 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(83,326 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(73,920 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,735 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(58,518 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,590 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(64,666 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(60,269 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,329 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,729 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,730 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,612 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(36,899 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(32,832 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(29,257 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,816 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,068 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(127,171 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(63,858 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(111,821 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,234 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(99,849 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,232 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(90,150 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,354 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(81,749 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,121 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(70,990 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(35,747 real changes made)
(31,352 missing values generated)
(586,163 real changes made, 586,163 to missing)
(39,835 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,101,349 real changes made)
       panel variable:  shnro_real (unbalanced)
(1,990,724 real changes made)
(368,696 missing values generated)
(368,696 missing values generated)
(2,359,420 missing values generated)
(1,949,094 real changes made)
(348,275 real changes made)
(368,696 missing values generated)
(340,975 real changes made)
(2359420 missing values generated)
(2,359,420 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------
(2,298,270 real changes made, 759,409 to missing)
(17,890 real changes made)
(759,409 missing values generated)
(759,409 missing values generated)
(759,409 missing values generated)
(2,359,420 missing values generated)
(1,507,269 real changes made)
(263,250 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                       924,865
        from master                   368,696  (_merge==1)
        from using                    556,169  (_merge==2)

    matched                         1,990,724  (_merge==3)
    -----------------------------------------
(368,696 real changes made)
(2,915,589 missing values generated)
(0 real changes made)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,394,643 real changes made)
(2,915,589 missing values generated)
(1,449,732 real changes made)
(2,915,589 missing values generated)
(1,450,739 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    938,921       89.06       89.06
          4 |      8,738        0.83       89.89
          5 |     59,983        5.69       95.58
          6 |     34,259        3.25       98.83
          7 |     12,018        1.14       99.97
          8 |        302        0.03      100.00
------------+-----------------------------------
      Total |  1,054,221      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    606,555       43.41       43.41
          1 |    790,710       56.59      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
(556,169 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------

    variable |      mean        sd       p50         N
-------------+----------------------------------------
        ue_d |         0         0         0   1370791
------------------------------------------------------

Summary for variables: ue_d
     by categories of: vuosi (vuosi)

   vuosi |      mean
---------+----------
    1994 |         0
    1995 |         0
    1996 |         0
    1997 |         0
    1998 |         0
    1999 |         0
    2000 |         0
    2001 |         0
    2002 |         0
    2003 |         0
    2004 |         0
    2005 |         0
    2006 |         0
    2007 |         0
    2008 |         0
    2009 |         0
    2010 |         0
    2011 |         0
    2012 |         0
---------+----------
   Total |         0
--------------------
(2,915,589 missing values generated)
(1,258,071 real changes made)
(641,640 real changes made)
(551,053 real changes made)
(616,431 real changes made)
(550,296 real changes made)
(1,101,349 real changes made)
(166,195 real changes made)
(2,915,589 missing values generated)
(556,169 missing values generated)
(556169 missing values generated)
(1,712,953 real changes made)
(1,712,953 real changes made)
(1,047,003 real changes made)
(328,997 real changes made)
(336,953 real changes made)
(338,486 real changes made)
(1,047,003 real changes made)
(311,952 real changes made)
(250,307 real changes made)
(146,258 real changes made)
(0 real changes made)
(665,950 real changes made)
(1,047,003 real changes made)
(17,890 real changes made)
(148,305 real changes made)
(1,315,578 missing values generated)
(1,315,578 real changes made)
(39 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(698,282 real changes made)
(2,915,589 missing values generated)
(380,201 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,397,265 real changes made)
(53,474 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,405,667       96.89       96.89
         12 |     25,111        1.73       98.62
         22 |     11,171        0.77       99.39
         24 |      2,654        0.18       99.58
         25 |      3,388        0.23       99.81
         99 |      2,748        0.19      100.00
------------+-----------------------------------
      Total |  1,450,739      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,414,747
                                                F(87, 132763)     =     371.17
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1382
                                                Root MSE          =     .16108

                                     (Std. Err. adjusted for 132,764 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0078599   .0028937     2.72   0.007     .0021884    .0135315
     treated_ia1_4145 |  -.0703121   .0040691   -17.28   0.000    -.0782874   -.0623368
     treated_ia1_4650 |  -.0707544   .0041065   -17.23   0.000    -.0788032   -.0627057
     treated_ia1_5160 |  -.0899689   .0042169   -21.34   0.000    -.0982339   -.0817039
          treated_pre |  -.0014956   .0027091    -0.55   0.581    -.0068053    .0038141
 treated_pre_ia1_4145 |    .048458   .0038737    12.51   0.000     .0408657    .0560504
 treated_pre_ia1_4650 |   .0515325    .003902    13.21   0.000     .0438847    .0591803
 treated_pre_ia1_5155 |   .0685581   .0040691    16.85   0.000     .0605828    .0765335
 treated_pre_ia1_5660 |   .0518814   .0044289    11.71   0.000     .0432009     .060562
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0137053   .0028926    -4.74   0.000    -.0193746   -.0080359
treated_post_ia1_4145 |   .0753037    .004033    18.67   0.000      .067399    .0832084
treated_post_ia1_4650 |   .0779889   .0040783    19.12   0.000     .0699954    .0859824
treated_post_ia1_5155 |   .0987757   .0042034    23.50   0.000     .0905372    .1070142
treated_post_ia1_5660 |   .0918013   .0045656    20.11   0.000     .0828527    .1007498
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.1168402   .0017799   -65.64   0.000    -.1203288   -.1133516
                  l_1 |  -.0846666   .0018455   -45.88   0.000    -.0882838   -.0810494
                  l_2 |  -.0767419   .0018507   -41.47   0.000    -.0803692   -.0731147
                  l_3 |  -.0694806   .0018517   -37.52   0.000    -.0731099   -.0658512
                  l_4 |  -.0649784   .0018535   -35.06   0.000    -.0686112   -.0613455
                  l_5 |  -.0609327   .0018564   -32.82   0.000    -.0645711   -.0572942
                  l_6 |  -.0601104   .0018192   -33.04   0.000    -.0636761   -.0565448
                  l_7 |  -.0641022   .0017537   -36.55   0.000    -.0675394    -.060665
                  l_8 |   -.063916   .0017553   -36.41   0.000    -.0673564   -.0604756
                  l_9 |  -.0639142   .0017582   -36.35   0.000    -.0673602   -.0604682
                 l_10 |  -.0640607   .0017638   -36.32   0.000    -.0675177   -.0606038
                  f_1 |  -.0845042   .0017949   -47.08   0.000     -.088022   -.0809863
                  f_2 |  -.0827981   .0017848   -46.39   0.000    -.0862963      -.0793
                  f_3 |  -.0741152   .0017692   -41.89   0.000    -.0775829   -.0706475
                  f_4 |  -.0438553   .0017378   -25.24   0.000    -.0472614   -.0404492
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0453788    .001662   -27.30   0.000    -.0486363   -.0421214
         _Ivuosi_1996 |    .024603   .0017345    14.18   0.000     .0212033    .0280026
         _Ivuosi_1997 |   .0105543   .0017171     6.15   0.000     .0071889    .0139197
         _Ivuosi_1998 |  -.0013394   .0016719    -0.80   0.423    -.0046162    .0019374
         _Ivuosi_1999 |   .0009806   .0016783     0.58   0.559    -.0023089      .00427
         _Ivuosi_2000 |  -.0317489    .001551   -20.47   0.000    -.0347889   -.0287089
         _Ivuosi_2001 |  -.0966405   .0014229   -67.92   0.000    -.0994294   -.0938516
         _Ivuosi_2002 |  -.0972632   .0014241   -68.30   0.000    -.1000545   -.0944719
         _Ivuosi_2003 |  -.0990666   .0014272   -69.41   0.000    -.1018639   -.0962694
         _Ivuosi_2004 |  -.0993981     .00143   -69.51   0.000    -.1022008   -.0965954
         _Ivuosi_2005 |  -.0997167   .0014291   -69.78   0.000    -.1025176   -.0969157
         _Ivuosi_2006 |  -.0980122   .0014417   -67.98   0.000    -.1008379   -.0951865
         _Ivuosi_2007 |  -.0952392    .001448   -65.77   0.000    -.0980771   -.0924012
         _Ivuosi_2008 |  -.0934976   .0014497   -64.50   0.000    -.0963389   -.0906563
         _Ivuosi_2009 |  -.0934212   .0014619   -63.91   0.000    -.0962864    -.090556
         _Ivuosi_2010 |  -.0937536   .0014598   -64.22   0.000    -.0966147   -.0908924
         _Ivuosi_2011 |  -.0969258    .001483   -65.36   0.000    -.0998324   -.0940191
         _Ivuosi_2012 |  -.0978707   .0014813   -66.07   0.000    -.1007739   -.0949674
            _Iage2_21 |   -.136656   .0030167   -45.30   0.000    -.1425687   -.1307433
            _Iage2_22 |  -.1683175   .0030551   -55.09   0.000    -.1743054   -.1623297
            _Iage2_23 |   -.187403   .0030098   -62.27   0.000    -.1933021    -.181504
            _Iage2_24 |  -.2029945   .0029416   -69.01   0.000    -.2087601    -.197229
            _Iage2_25 |  -.2135831   .0028846   -74.04   0.000     -.219237   -.2079293
            _Iage2_26 |  -.2210525   .0028459   -77.67   0.000    -.2266305   -.2154746
            _Iage2_27 |  -.2265146   .0028267   -80.13   0.000     -.232055   -.2209742
            _Iage2_28 |  -.2311608   .0028117   -82.21   0.000    -.2366716   -.2256499
            _Iage2_29 |  -.2329664   .0028097   -82.92   0.000    -.2384733   -.2274596
            _Iage2_30 |  -.2349373   .0028035   -83.80   0.000    -.2404321   -.2294425
            _Iage2_31 |  -.2377796   .0027921   -85.16   0.000    -.2432521   -.2323071
            _Iage2_32 |  -.2381531   .0027907   -85.34   0.000     -.243623   -.2326833
            _Iage2_33 |  -.2392703   .0027861   -85.88   0.000    -.2447311   -.2338096
            _Iage2_34 |  -.2397019   .0027873   -86.00   0.000    -.2451649    -.234239
            _Iage2_35 |  -.2399879   .0027868   -86.11   0.000    -.2454501   -.2345258
            _Iage2_36 |   -.241187   .0027826   -86.68   0.000    -.2466408   -.2357333
            _Iage2_37 |  -.2424586   .0027772   -87.30   0.000     -.247902   -.2370153
            _Iage2_38 |  -.2425798   .0027773   -87.34   0.000    -.2480232   -.2371364
            _Iage2_39 |   -.242469   .0027771   -87.31   0.000     -.247912    -.237026
            _Iage2_40 |  -.2434386   .0027746   -87.74   0.000    -.2488767   -.2380005
            _Iage2_41 |  -.2407095   .0028192   -85.38   0.000    -.2462351   -.2351839
            _Iage2_42 |   -.240408   .0028263   -85.06   0.000    -.2459475   -.2348684
            _Iage2_43 |   -.240627   .0028291   -85.06   0.000    -.2461719   -.2350821
            _Iage2_44 |  -.2403457   .0028301   -84.93   0.000    -.2458926   -.2347988
            _Iage2_45 |  -.2408981   .0028267   -85.22   0.000    -.2464385   -.2353577
            _Iage2_46 |  -.2422378   .0028284   -85.65   0.000    -.2477814   -.2366942
            _Iage2_47 |  -.2420475   .0028334   -85.43   0.000    -.2476009   -.2364942
            _Iage2_48 |  -.2429002   .0028302   -85.82   0.000    -.2484473   -.2373531
            _Iage2_49 |  -.2425571   .0028333   -85.61   0.000    -.2481104   -.2370038
            _Iage2_50 |  -.2408522    .002838   -84.87   0.000    -.2464147   -.2352897
            _Iage2_51 |  -.2408381   .0028333   -85.00   0.000    -.2463912   -.2352849
            _Iage2_52 |  -.2395161   .0028322   -84.57   0.000    -.2450673    -.233965
            _Iage2_53 |  -.2362424   .0028423   -83.12   0.000    -.2418132   -.2306716
            _Iage2_54 |  -.2346493   .0028361   -82.74   0.000    -.2402079   -.2290906
            _Iage2_55 |  -.2292519   .0028556   -80.28   0.000    -.2348489   -.2236549
            _Iage2_56 |  -.2179175   .0030219   -72.11   0.000    -.2238404   -.2119946
            _Iage2_57 |  -.2133042   .0030632   -69.64   0.000     -.219308   -.2073005
            _Iage2_58 |  -.2052471   .0031691   -64.77   0.000    -.2114585   -.1990358
            _Iage2_59 |  -.1955106    .003341   -58.52   0.000    -.2020589   -.1889624
        firm_size_new |  -.0008024    .000122    -6.58   0.000    -.0010415   -.0005633
                _cons |   .3987766   .0034105   116.92   0.000      .392092    .4054612
---------------------------------------------------------------------------------------
(1,500,842 real changes made)
dependent variable is ue_d

   stats |      ue_d       ika       bsc       msc       dtf
---------+--------------------------------------------------
    mean |  .0330438   38.9115  .0701857  .0436694  14.63565
      sd |  .1787512  10.49315    .25546  .2043587  9.620805
     p50 |         0        39         0         0        14
       N |    701795    701795    701795    701795    485542
------------------------------------------------------------

   stats |      ue_d       ika       bsc       msc       dtf
---------+--------------------------------------------------
    mean |  .0291268  38.94897  .0801751  .0506402  14.68237
      sd |   .168162  10.48053  .2715643  .2192619  9.737645
     p50 |         0        39         0         0        14
       N |    712952    712952    712952    712952    493018
------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |      ue_d       ika       bsc       msc       dtf
---------+--------------------------------------------------
       0 |  .0330438   38.9115  .0701857  .0436694  14.63565
         |  .1787512  10.49315    .25546  .2043587  9.620805
         |         0        39         0         0        14
         |    701795    701795    701795    701795    485542
---------+--------------------------------------------------
       1 |  .0291268  38.94897  .0801751  .0506402  14.68237
         |   .168162  10.48053  .2715643  .2192619  9.737645
         |         0        39         0         0        14
         |    712952    712952    712952    712952    493018
---------+--------------------------------------------------
   Total |  .0310699  38.93038  .0752198  .0471823  14.65919
         |  .1735066  10.48681  .2637458  .2120287  9.679871
         |         0        39         0         0        14
         |   1414747   1414747   1414747   1414747    978560
------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    978,560
                                                F(1, 978558)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6509
                                                Root MSE          =     5.7195

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8212081   .0007272  1129.29   0.000     .8197828    .8226334
       _cons |  -15.30131   .0228551  -669.49   0.000     -15.3461   -15.25651
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7583   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
(1,054,630 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1174                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0005                                        max =        16

                                                F(74,13888)        =     65.29
corr(u_i, Xb)  = -0.9960                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 13,889 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0168062   .0052823     3.18   0.001     .0064521    .0271603
 treated_post |   .0235834   .0067716     3.48   0.000     .0103102    .0368566
          l_0 |  -.6244037   .0412783   -15.13   0.000    -.7053147   -.5434926
          l_1 |  -.6997263   .0493291   -14.18   0.000    -.7964179   -.6030346
          l_2 |  -.7998939   .0574454   -13.92   0.000    -.9124946   -.6872931
          l_3 |  -.8986238   .0655922   -13.70   0.000    -1.027193   -.7700543
          l_4 |  -1.000402   .0737447   -13.57   0.000    -1.144952   -.8558525
          l_5 |  -1.103095   .0819083   -13.47   0.000    -1.263647   -.9425437
          l_6 |  -1.206194   .0900822   -13.39   0.000    -1.382768   -1.029621
          l_7 |  -1.313525    .098272   -13.37   0.000    -1.506151   -1.120898
          l_8 |  -1.418488   .1064481   -13.33   0.000    -1.627141   -1.209835
          l_9 |  -1.523869   .1146267   -13.29   0.000    -1.748552   -1.299185
         l_10 |  -1.630224   .1227962   -13.28   0.000    -1.870921   -1.389527
          f_1 |   -.488745   .0330602   -14.78   0.000    -.5535475   -.4239426
          f_2 |  -.3807597   .0250302   -15.21   0.000    -.4298223   -.3316971
          f_3 |  -.2713436    .016922   -16.03   0.000     -.304513   -.2381742
          f_4 |  -.1421448   .0089465   -15.89   0.000    -.1596811   -.1246085
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0523186   .0045553   -11.49   0.000    -.0612475   -.0433897
 _Ivuosi_1996 |   .0140738   .0037525     3.75   0.000     .0067184    .0214293
 _Ivuosi_1997 |   .0009602   .0035184     0.27   0.785    -.0059362    .0078567
 _Ivuosi_1998 |  -.0050873   .0031135    -1.63   0.102    -.0111902    .0010157
 _Ivuosi_1999 |   .0008701   .0029837     0.29   0.771    -.0049783    .0067184
 _Ivuosi_2000 |  -.0216157   .0030245    -7.15   0.000    -.0275441   -.0156874
 _Ivuosi_2001 |  -.0559012    .002463   -22.70   0.000     -.060729   -.0510734
 _Ivuosi_2002 |  -.0522399   .0022682   -23.03   0.000    -.0566857    -.047794
 _Ivuosi_2003 |  -.0488057   .0020523   -23.78   0.000    -.0528286   -.0447828
 _Ivuosi_2004 |  -.0448968   .0018093   -24.81   0.000    -.0484433   -.0413503
 _Ivuosi_2005 |  -.0427994   .0016367   -26.15   0.000    -.0460076   -.0395911
 _Ivuosi_2006 |   -.036223   .0014304   -25.32   0.000    -.0390268   -.0334192
 _Ivuosi_2007 |  -.0285229   .0012041   -23.69   0.000    -.0308831   -.0261626
 _Ivuosi_2008 |  -.0219084   .0009829   -22.29   0.000     -.023835   -.0199818
 _Ivuosi_2009 |  -.0161784   .0007544   -21.45   0.000     -.017657   -.0146997
 _Ivuosi_2010 |  -.0111963   .0005485   -20.41   0.000    -.0122714   -.0101211
 _Ivuosi_2011 |  -.0060038   .0003208   -18.72   0.000    -.0066326    -.005375
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0174921   .0111416    -1.57   0.116    -.0393313     .004347
    _Iage2_22 |   .0542185   .0190708     2.84   0.004     .0168371    .0915999
    _Iage2_23 |   .1316964   .0269534     4.89   0.000      .078864    .1845287
    _Iage2_24 |   .2162795   .0349257     6.19   0.000     .1478204    .2847387
    _Iage2_25 |   .3053335   .0429925     7.10   0.000     .2210623    .3896046
    _Iage2_26 |   .3939818   .0511099     7.71   0.000     .2937995    .4941642
    _Iage2_27 |   .4865382   .0593111     8.20   0.000     .3702805     .602796
    _Iage2_28 |   .5802571   .0674236     8.61   0.000     .4480978    .7124163
    _Iage2_29 |   .6757312   .0755681     8.94   0.000     .5276076    .8238549
    _Iage2_30 |   .7723455   .0837601     9.22   0.000     .6081644    .9365265
    _Iage2_31 |   .8680435   .0919166     9.44   0.000     .6878747    1.048212
    _Iage2_32 |   .9667044   .1000858     9.66   0.000     .7705228    1.162886
    _Iage2_33 |   1.065857   .1082549     9.85   0.000      .853663    1.278051
    _Iage2_34 |    1.16664   .1163898    10.02   0.000     .9385009     1.39478
    _Iage2_35 |   1.266851   .1245502    10.17   0.000     1.022716    1.510986
    _Iage2_36 |   1.367111   .1327178    10.30   0.000     1.106966    1.627255
    _Iage2_37 |   1.466897   .1408573    10.41   0.000     1.190798    1.742996
    _Iage2_38 |   1.567976   .1490464    10.52   0.000     1.275826    1.860127
    _Iage2_39 |   1.667731   .1572419    10.61   0.000     1.359515    1.975946
    _Iage2_40 |   1.769771   .1653825    10.70   0.000     1.445599    2.093943
    _Iage2_41 |   1.871137   .1735606    10.78   0.000     1.530935    2.211339
    _Iage2_42 |   1.973286    .181754    10.86   0.000     1.617024    2.329549
    _Iage2_43 |   2.074306   .1899379    10.92   0.000     1.702002     2.44661
    _Iage2_44 |   2.176206   .1980829    10.99   0.000     1.787937    2.564475
    _Iage2_45 |   2.277469   .2062643    11.04   0.000     1.873163    2.681775
    _Iage2_46 |   2.379249   .2144638    11.09   0.000     1.958871    2.799627
    _Iage2_47 |   2.481791   .2226422    11.15   0.000     2.045383      2.9182
    _Iage2_48 |   2.582691   .2308086    11.19   0.000     2.130275    3.035107
    _Iage2_49 |   2.684429   .2389973    11.23   0.000     2.215962    3.152896
    _Iage2_50 |   2.786607   .2471915    11.27   0.000     2.302079    3.271136
    _Iage2_51 |   2.886522   .2553527    11.30   0.000     2.385996    3.387048
    _Iage2_52 |   2.989398    .263571    11.34   0.000     2.472763    3.506033
    _Iage2_53 |   3.093001   .2717388    11.38   0.000     2.560356    3.625646
    _Iage2_54 |   3.194152   .2799578    11.41   0.000     2.645397    3.742907
    _Iage2_55 |   3.299821     .28813    11.45   0.000     2.735047    3.864594
    _Iage2_56 |    3.40483   .2963313    11.49   0.000     2.823981     3.98568
    _Iage2_57 |   3.509062   .3044901    11.52   0.000      2.91222    4.105903
    _Iage2_58 |   3.616291   .3126436    11.57   0.000     3.003467    4.229114
    _Iage2_59 |   3.726709    .320842    11.62   0.000     3.097815    4.355602
firm_size_new |  -.0004794   .0008378    -0.57   0.567    -.0021216    .0011628
        _cons |  -.8052055   .0962918    -8.36   0.000    -.9939504   -.6164605
--------------+----------------------------------------------------------------
      sigma_u |  1.0519071
      sigma_e |  .13559889
          rho |  .98365443   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1182                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(79,13888)        =     61.18
corr(u_i, Xb)  = -0.9959                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 13,889 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |    .015037   .0072007     2.09   0.037     .0009227    .0291514
          treated_pre |    .021463   .0064792     3.31   0.001     .0087628    .0341631
 treated_pre_iasenior |  -.0155609   .0067046    -2.32   0.020    -.0287029   -.0024189
         treated_post |   .0267124   .0083108     3.21   0.001     .0104222    .0430027
treated_post_iasenior |  -.0125627    .007892    -1.59   0.111    -.0280321    .0029067
               senior |   3.634709   .3202326    11.35   0.000      3.00701    4.262408
         pre_iasenior |   .0474028   .0051583     9.19   0.000      .037292    .0575137
        post_iasenior |   .0534323   .0056652     9.43   0.000     .0423277    .0645369
                  l_0 |  -.6361572   .0413608   -15.38   0.000      -.71723   -.5550844
                  l_1 |  -.7105748   .0493773   -14.39   0.000    -.8073609   -.6137887
                  l_2 |  -.8098376   .0574641   -14.09   0.000     -.922475   -.6972003
                  l_3 |   -.907605   .0655841   -13.84   0.000    -1.036159   -.7790514
                  l_4 |  -1.008423   .0737133   -13.68   0.000    -1.152911    -.863935
                  l_5 |  -1.110148   .0818556   -13.56   0.000    -1.270596   -.9497002
                  l_6 |  -1.212276   .0900093   -13.47   0.000    -1.388706   -1.035846
                  l_7 |  -1.318599   .0981808   -13.43   0.000    -1.511047   -1.126152
                  l_8 |  -1.422582   .1063383   -13.38   0.000     -1.63102   -1.214145
                  l_9 |  -1.526888   .1144993   -13.34   0.000    -1.751322   -1.302454
                 l_10 |  -1.632232   .1226522   -13.31   0.000    -1.872647   -1.391818
                  f_1 |   -.499408   .0331629   -15.06   0.000    -.5644118   -.4344042
                  f_2 |  -.3924597   .0251848   -15.58   0.000    -.4418252   -.3430942
                  f_3 |  -.2840736   .0171579   -16.56   0.000    -.3177054   -.2504418
                  f_4 |  -.1559019   .0093748   -16.63   0.000    -.1742778   -.1375259
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0523052   .0045398   -11.52   0.000    -.0612038   -.0434065
         _Ivuosi_1996 |   .0142919   .0037504     3.81   0.000     .0069405    .0216432
         _Ivuosi_1997 |    .001127   .0035103     0.32   0.748    -.0057537    .0080078
         _Ivuosi_1998 |  -.0050109    .003124    -1.60   0.109    -.0111343    .0011125
         _Ivuosi_1999 |   .0009331    .002984     0.31   0.755    -.0049159     .006782
         _Ivuosi_2000 |  -.0214242   .0030235    -7.09   0.000    -.0273508   -.0154977
         _Ivuosi_2001 |  -.0557811   .0024633   -22.64   0.000    -.0606095   -.0509526
         _Ivuosi_2002 |  -.0519895   .0022639   -22.96   0.000     -.056427    -.047552
         _Ivuosi_2003 |  -.0486547   .0020497   -23.74   0.000    -.0526725   -.0446369
         _Ivuosi_2004 |  -.0447458   .0018102   -24.72   0.000    -.0482939   -.0411976
         _Ivuosi_2005 |  -.0426049   .0016351   -26.06   0.000    -.0458099   -.0393999
         _Ivuosi_2006 |  -.0360471   .0014304   -25.20   0.000    -.0388509   -.0332432
         _Ivuosi_2007 |  -.0284165   .0012038   -23.61   0.000     -.030776   -.0260569
         _Ivuosi_2008 |  -.0218115   .0009819   -22.21   0.000    -.0237362   -.0198869
         _Ivuosi_2009 |  -.0161139    .000754   -21.37   0.000    -.0175918    -.014636
         _Ivuosi_2010 |   -.011191   .0005459   -20.50   0.000     -.012261   -.0101209
         _Ivuosi_2011 |  -.0059883   .0003178   -18.84   0.000    -.0066112   -.0053653
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.0174298   .0111322    -1.57   0.117    -.0392505    .0043908
            _Iage2_22 |    .054158   .0190524     2.84   0.004     .0168127    .0915032
            _Iage2_23 |   .1313853    .026928     4.88   0.000     .0786027    .1841679
            _Iage2_24 |    .215663    .034891     6.18   0.000     .1472719     .284054
            _Iage2_25 |   .3043251   .0429481     7.09   0.000     .2201411     .388509
            _Iage2_26 |    .392574   .0510563     7.69   0.000     .2924968    .4926512
            _Iage2_27 |   .4846322   .0592461     8.18   0.000     .3685018    .6007625
            _Iage2_28 |   .5778431    .067348     8.58   0.000      .445832    .7098543
            _Iage2_29 |   .6728176   .0754815     8.91   0.000     .5248637    .8207714
            _Iage2_30 |   .7689333   .0836638     9.19   0.000     .6049409    .9329257
            _Iage2_31 |   .8640693   .0918098     9.41   0.000     .6841098    1.044029
            _Iage2_32 |   .9622232   .0999678     9.63   0.000     .7662728    1.158173
            _Iage2_33 |   1.060888   .1081276     9.81   0.000     .8489439    1.272833
            _Iage2_34 |   1.161126    .116252     9.99   0.000     .9332563    1.388995
            _Iage2_35 |   1.260831   .1244023    10.14   0.000     1.016986    1.504676
            _Iage2_36 |   1.360564   .1325587    10.26   0.000     1.100731    1.620397
            _Iage2_37 |   1.459755   .1406869    10.38   0.000     1.183989     1.73552
            _Iage2_38 |   1.560192   .1488642    10.48   0.000     1.268398    1.851986
            _Iage2_39 |   1.659171    .157048    10.56   0.000     1.351335    1.967006
            _Iage2_40 |   1.760383   .1651771    10.66   0.000     1.436614    2.084153
            _Iage2_41 |  -1.824889   .1470363   -12.41   0.000      -2.1131   -1.536678
            _Iage2_42 |  -1.723883   .1388508   -12.42   0.000    -1.996049   -1.451717
            _Iage2_43 |  -1.624167   .1306774   -12.43   0.000    -1.880313   -1.368022
            _Iage2_44 |  -1.523602   .1225456   -12.43   0.000    -1.763808   -1.283396
            _Iage2_45 |  -1.423854   .1143785   -12.45   0.000    -1.648052   -1.199657
            _Iage2_46 |  -1.323745   .1061929   -12.47   0.000    -1.531897   -1.115593
            _Iage2_47 |  -1.222744   .0980327   -12.47   0.000    -1.414902   -1.030587
            _Iage2_48 |  -1.123535   .0898835   -12.50   0.000    -1.299719   -.9473511
            _Iage2_49 |  -1.023599   .0817138   -12.53   0.000    -1.183769   -.8634291
            _Iage2_50 |  -.9231901   .0735389   -12.55   0.000    -1.067336    -.779044
            _Iage2_51 |  -.8251639   .0653976   -12.62   0.000    -.9533519   -.6969758
            _Iage2_52 |  -.7242265   .0572034   -12.66   0.000    -.8363528   -.6121002
            _Iage2_53 |  -.6225328   .0490671   -12.69   0.000     -.718711   -.5263547
            _Iage2_54 |  -.5232802   .0408734   -12.80   0.000    -.6033975   -.4431628
            _Iage2_55 |  -.4199876   .0327378   -12.83   0.000    -.4841581   -.3558171
            _Iage2_56 |   -.316744   .0245777   -12.89   0.000    -.3649196   -.2685684
            _Iage2_57 |  -.2141818    .016465   -13.01   0.000    -.2464554   -.1819081
            _Iage2_58 |  -.1086619   .0083511   -13.01   0.000    -.1250311   -.0922927
            _Iage2_59 |          0  (omitted)
        firm_size_new |  -.0004503   .0008407    -0.54   0.592    -.0020982    .0011975
                _cons |   -.786935    .096146    -8.18   0.000    -.9753942   -.5984759
----------------------+----------------------------------------------------------------
              sigma_u |   1.041111
              sigma_e |  .13553616
                  rho |  .98333453   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13888) =    5.20
            Prob > F =    0.0226

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 13888) =    1.36
            Prob > F =    0.2435
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1190                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(82,13888)        =     59.01
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,889 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0032981   .0004483    -7.36   0.000    -.0041769   -.0024193
     treated_iasuorv_d |  -.1222034   .0275083    -4.44   0.000    -.1761234   -.0682834
           treated_pre |  -.0310791    .007953    -3.91   0.000     -.046668   -.0154902
       treated_pre_ia3 |   .0035386   .0003303    10.71   0.000     .0028913     .004186
 treated_pre_iasuorv_d |   .0648034   .0089241     7.26   0.000      .047311    .0822958
          treated_post |  -.0375587   .0102192    -3.68   0.000    -.0575897   -.0175276
      treated_post_ia3 |   .0040933   .0004086    10.02   0.000     .0032925    .0048942
treated_post_iasuorv_d |   .0993301   .0106658     9.31   0.000     .0784237    .1202366
             interact3 |   .0004988   .0001551     3.22   0.001     .0001948    .0008027
               suorv_d |   .0289954   .0214188     1.35   0.176    -.0129883    .0709792
                   l_0 |  -.6155063   .0410893   -14.98   0.000    -.6960467   -.5349658
                   l_1 |  -.6895069   .0490993   -14.04   0.000    -.7857482   -.5932656
                   l_2 |  -.7883387   .0571739   -13.79   0.000    -.9004073   -.6762701
                   l_3 |  -.8856943   .0652763   -13.57   0.000    -1.013645   -.7577441
                   l_4 |  -.9860662   .0733852   -13.44   0.000    -1.129911   -.8422214
                   l_5 |   -1.08729   .0815044   -13.34   0.000     -1.24705   -.9275306
                   l_6 |  -1.188941   .0896326   -13.26   0.000    -1.364633   -1.013249
                   l_7 |   -1.29478   .0977791   -13.24   0.000     -1.48644    -1.10312
                   l_8 |  -1.398262   .1059093   -13.20   0.000    -1.605859   -1.190666
                   l_9 |  -1.502075   .1140424   -13.17   0.000    -1.725614   -1.278537
                  l_10 |  -1.606911    .122168   -13.15   0.000    -1.846377   -1.367445
                   f_1 |  -.4825926   .0329105   -14.66   0.000    -.5471017   -.4180835
                   f_2 |  -.3760638   .0249244   -15.09   0.000     -.424919   -.3272085
                   f_3 |  -.2680891    .016864   -15.90   0.000    -.3011447   -.2350335
                   f_4 |  -.1403393   .0089289   -15.72   0.000    -.1578412   -.1228374
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0526917   .0045345   -11.62   0.000      -.06158   -.0438035
          _Ivuosi_1996 |   .0138846   .0037574     3.70   0.000     .0065195    .0212497
          _Ivuosi_1997 |   .0008137    .003513     0.23   0.817    -.0060723    .0076997
          _Ivuosi_1998 |  -.0053648   .0031037    -1.73   0.084    -.0114485    .0007189
          _Ivuosi_1999 |   .0005444   .0029823     0.18   0.855    -.0053012    .0063901
          _Ivuosi_2000 |  -.0217308    .003017    -7.20   0.000    -.0276445   -.0158171
          _Ivuosi_2001 |  -.0559792   .0024558   -22.79   0.000    -.0607929   -.0511655
          _Ivuosi_2002 |  -.0521303   .0022535   -23.13   0.000    -.0565475   -.0477131
          _Ivuosi_2003 |  -.0487542    .002045   -23.84   0.000    -.0527627   -.0447458
          _Ivuosi_2004 |  -.0448587   .0018104   -24.78   0.000    -.0484073     -.04131
          _Ivuosi_2005 |  -.0427599   .0016322   -26.20   0.000    -.0459593   -.0395606
          _Ivuosi_2006 |  -.0361426   .0014259   -25.35   0.000    -.0389376   -.0333475
          _Ivuosi_2007 |  -.0284763   .0012013   -23.70   0.000    -.0308311   -.0261215
          _Ivuosi_2008 |  -.0218301   .0009804   -22.27   0.000    -.0237517   -.0199084
          _Ivuosi_2009 |  -.0160896    .000752   -21.40   0.000    -.0175636   -.0146157
          _Ivuosi_2010 |  -.0111215   .0005471   -20.33   0.000     -.012194    -.010049
          _Ivuosi_2011 |  -.0059445   .0003194   -18.61   0.000    -.0065705   -.0053185
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0179111   .0111274    -1.61   0.108    -.0397223    .0039002
             _Iage2_22 |    .053261   .0190372     2.80   0.005     .0159456    .0905765
             _Iage2_23 |     .12966   .0269005     4.82   0.000     .0769315    .1823886
             _Iage2_24 |   .2132424   .0348444     6.12   0.000     .1449426    .2815422
             _Iage2_25 |   .3010904   .0428782     7.02   0.000     .2170433    .3851375
             _Iage2_26 |   .3885164    .050967     7.62   0.000     .2886143    .4884186
             _Iage2_27 |   .4795958   .0591317     8.11   0.000     .3636896     .595502
             _Iage2_28 |   .5717825    .067211     8.51   0.000     .4400398    .7035251
             _Iage2_29 |   .6656598   .0753182     8.84   0.000     .5180259    .8132936
             _Iage2_30 |    .760592   .0834765     9.11   0.000     .5969668    .9242172
             _Iage2_31 |   .8545782   .0915965     9.33   0.000     .6750367     1.03412
             _Iage2_32 |    .951507   .0997294     9.54   0.000     .7560239     1.14699
             _Iage2_33 |    1.04889   .1078622     9.72   0.000     .8374659    1.260315
             _Iage2_34 |    1.14787   .1159619     9.90   0.000     .9205694    1.375171
             _Iage2_35 |   1.246185   .1240831    10.04   0.000     1.002965    1.489405
             _Iage2_36 |   1.344563   .1322117    10.17   0.000      1.08541    1.603716
             _Iage2_37 |   1.442341   .1403106    10.28   0.000     1.167314    1.717369
             _Iage2_38 |   1.541403   .1484594    10.38   0.000     1.250403    1.832404
             _Iage2_39 |   1.639046   .1566141    10.47   0.000     1.332061     1.94603
             _Iage2_40 |   1.738909   .1647112    10.56   0.000     1.416052    2.061765
             _Iage2_41 |   1.838154   .1728481    10.63   0.000     1.499349     2.17696
             _Iage2_42 |   1.938045   .1809981    10.71   0.000     1.583264    2.292825
             _Iage2_43 |   2.036691   .1891373    10.77   0.000     1.665957    2.407426
             _Iage2_44 |   2.136234    .197237    10.83   0.000     1.749623    2.522845
             _Iage2_45 |   2.235088   .2053753    10.88   0.000     1.832525    2.637651
             _Iage2_46 |   2.334346   .2135282    10.93   0.000     1.915802     2.75289
             _Iage2_47 |   2.434392   .2216616    10.98   0.000     1.999905    2.868878
             _Iage2_48 |   2.532746   .2297795    11.02   0.000     2.082347    2.983144
             _Iage2_49 |   2.631875   .2379206    11.06   0.000     2.165519    3.098232
             _Iage2_50 |   2.731411   .2460677    11.10   0.000     2.249085    3.213737
             _Iage2_51 |   2.828768   .2541791    11.13   0.000     2.330542    3.326993
             _Iage2_52 |   2.928889    .262347    11.16   0.000     2.414653    3.443124
             _Iage2_53 |   3.029852   .2704659    11.20   0.000     2.499702    3.560001
             _Iage2_54 |   3.128312    .278633    11.23   0.000     2.582153     3.67447
             _Iage2_55 |   3.230979   .2867512    11.27   0.000     2.668908     3.79305
             _Iage2_56 |   3.333324   .2949021    11.30   0.000     2.755276    3.911372
             _Iage2_57 |   3.434922   .3030087    11.34   0.000     2.840985     4.02886
             _Iage2_58 |   3.539466   .3111102    11.38   0.000     2.929648    4.149284
             _Iage2_59 |   3.647148   .3192533    11.42   0.000     3.021368    4.272927
         firm_size_new |  -.0004439    .000821    -0.54   0.589    -.0020532    .0011653
                 _cons |  -.7698481   .0958019    -8.04   0.000    -.9576327   -.5820634
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0351091
               sigma_e |  .13547544
                   rho |  .98315882   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13888) =   11.44
            Prob > F =    0.0007

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 13888) =   12.83
            Prob > F =    0.0003
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1192                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(85,13888)        =     57.62
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,889 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0294358   .0064053     4.60   0.000     .0168805    .0419911
           treated_ia3 |  -.0042826   .0005358    -7.99   0.000    -.0053328   -.0032324
     treated_iasuorv_d |  -.1593846   .0290335    -5.49   0.000    -.2162942    -.102475
           treated_pre |  -.0344343   .0082337    -4.18   0.000    -.0505734   -.0182952
  treated_pre_iasenior |  -.0230899   .0059004    -3.91   0.000    -.0346556   -.0115243
       treated_pre_ia3 |   .0042559   .0004342     9.80   0.000     .0034049    .0051069
 treated_pre_iasuorv_d |   .0905892   .0125887     7.20   0.000     .0659137    .1152648
          treated_post |   -.041998   .0104694    -4.01   0.000    -.0625195   -.0214765
 treated_post_iasenior |  -.0349848   .0064183    -5.45   0.000    -.0475655   -.0224042
      treated_post_ia3 |   .0051828   .0005069    10.22   0.000     .0041892    .0061765
treated_post_iasuorv_d |   .1373025   .0143279     9.58   0.000     .1092178    .1653872
                senior |   3.638827   .3191585    11.40   0.000     3.013233    4.264421
             interact3 |   .0004821   .0001557     3.10   0.002     .0001768    .0007874
               suorv_d |   .0298512   .0214357     1.39   0.164    -.0121656     .071868
                   l_0 |   -.614448   .0410755   -14.96   0.000    -.6949615   -.5339344
                   l_1 |  -.6881825   .0490829   -14.02   0.000    -.7843917   -.5919733
                   l_2 |  -.7867414   .0571538   -13.77   0.000    -.8987705   -.6747123
                   l_3 |  -.8838285   .0652523   -13.54   0.000    -1.011732   -.7559251
                   l_4 |  -.9839241   .0733576   -13.41   0.000    -1.127715   -.8401333
                   l_5 |  -1.084862   .0814733   -13.32   0.000     -1.24456   -.9251628
                   l_6 |   -1.18623   .0895979   -13.24   0.000    -1.361853   -1.010606
                   l_7 |  -1.291785   .0977406   -13.22   0.000     -1.48337     -1.1002
                   l_8 |  -1.394978   .1058671   -13.18   0.000    -1.602492   -1.187464
                   l_9 |   -1.49851   .1139965   -13.15   0.000    -1.721959   -1.275061
                  l_10 |   -1.60306   .1221187   -13.13   0.000    -1.842429   -1.363691
                   f_1 |  -.4816191   .0328969   -14.64   0.000    -.5461014   -.4171369
                   f_2 |  -.3753371   .0249149   -15.06   0.000    -.4241737   -.3265006
                   f_3 |  -.2676089   .0168583   -15.87   0.000    -.3006535   -.2345642
                   f_4 |  -.1401115   .0089261   -15.70   0.000    -.1576077   -.1226152
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0528123   .0045343   -11.65   0.000    -.0617001   -.0439244
          _Ivuosi_1996 |   .0137156   .0037562     3.65   0.000     .0063531    .0210782
          _Ivuosi_1997 |   .0006295     .00351     0.18   0.858    -.0062506    .0075095
          _Ivuosi_1998 |  -.0055505    .003101    -1.79   0.073    -.0116289    .0005278
          _Ivuosi_1999 |   .0003403   .0029802     0.11   0.909    -.0055013    .0061818
          _Ivuosi_2000 |  -.0219372   .0030154    -7.28   0.000    -.0278478   -.0160267
          _Ivuosi_2001 |   -.056156   .0024546   -22.88   0.000    -.0609673   -.0513447
          _Ivuosi_2002 |  -.0523017   .0022531   -23.21   0.000     -.056718   -.0478854
          _Ivuosi_2003 |  -.0488909   .0020453   -23.90   0.000    -.0528999   -.0448819
          _Ivuosi_2004 |  -.0449929   .0018108   -24.85   0.000    -.0485423   -.0414434
          _Ivuosi_2005 |  -.0428936   .0016337   -26.25   0.000     -.046096   -.0396913
          _Ivuosi_2006 |  -.0362452   .0014256   -25.42   0.000    -.0390396   -.0334509
          _Ivuosi_2007 |  -.0285489   .0012019   -23.75   0.000    -.0309049    -.026193
          _Ivuosi_2008 |  -.0218806    .000981   -22.30   0.000    -.0238034   -.0199577
          _Ivuosi_2009 |  -.0161169   .0007524   -21.42   0.000    -.0175918   -.0146421
          _Ivuosi_2010 |  -.0111174   .0005477   -20.30   0.000     -.012191   -.0100438
          _Ivuosi_2011 |  -.0059419   .0003197   -18.59   0.000    -.0065686   -.0053153
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0179661   .0111259    -1.61   0.106    -.0397744    .0038421
             _Iage2_22 |   .0530815   .0190339     2.79   0.005     .0157724    .0903905
             _Iage2_23 |   .1292906   .0268952     4.81   0.000     .0765724    .1820088
             _Iage2_24 |   .2126509   .0348364     6.10   0.000     .1443669    .2809348
             _Iage2_25 |   .3002495   .0428669     7.00   0.000     .2162245    .3842744
             _Iage2_26 |   .3874076   .0509526     7.60   0.000     .2875337    .4872815
             _Iage2_27 |    .478192    .059114     8.09   0.000     .3623206    .5940633
             _Iage2_28 |    .570064   .0671897     8.48   0.000      .438363    .7017649
             _Iage2_29 |   .6636052    .075293     8.81   0.000     .5160207    .8111897
             _Iage2_30 |   .7581843   .0834473     9.09   0.000     .5946164    .9217522
             _Iage2_31 |   .8518186   .0915633     9.30   0.000     .6723422    1.031295
             _Iage2_32 |   .9483774   .0996924     9.51   0.000     .7529669    1.143788
             _Iage2_33 |   1.045356   .1078209     9.70   0.000     .8340124    1.256699
             _Iage2_34 |   1.143932   .1159167     9.87   0.000     .9167195    1.371144
             _Iage2_35 |   1.241817   .1240329    10.01   0.000     .9986962    1.484939
             _Iage2_36 |   1.339756   .1321576    10.14   0.000     1.080709    1.598802
             _Iage2_37 |   1.437087    .140251    10.25   0.000     1.162176    1.711998
             _Iage2_38 |   1.535751    .148396    10.35   0.000     1.244875    1.826627
             _Iage2_39 |   1.633013   .1565466    10.43   0.000     1.326161    1.939866
             _Iage2_40 |   1.732495   .1646398    10.52   0.000     1.409779    2.055211
             _Iage2_41 |  -1.806716   .1464466   -12.34   0.000    -2.093771    -1.51966
             _Iage2_42 |  -1.707046   .1382955   -12.34   0.000    -1.978124   -1.435968
             _Iage2_43 |  -1.608564   .1301542   -12.36   0.000    -1.863684   -1.353444
             _Iage2_44 |   -1.50917   .1220538   -12.36   0.000    -1.748412   -1.269928
             _Iage2_45 |  -1.410447   .1139161   -12.38   0.000    -1.633738   -1.187156
             _Iage2_46 |  -1.311285   .1057633   -12.40   0.000    -1.518596   -1.103975
             _Iage2_47 |  -1.211332   .0976321   -12.41   0.000    -1.402704   -1.019959
             _Iage2_48 |  -1.113083   .0895143   -12.43   0.000    -1.288543   -.9376228
             _Iage2_49 |  -1.014044   .0813772   -12.46   0.000    -1.173554   -.8545337
             _Iage2_50 |  -.9145868   .0732329   -12.49   0.000    -1.058133   -.7710405
             _Iage2_51 |  -.8173129   .0651204   -12.55   0.000    -.9449577   -.6896682
             _Iage2_52 |  -.7172703   .0569563   -12.59   0.000    -.8289122   -.6056283
             _Iage2_53 |  -.6164199   .0488505   -12.62   0.000    -.7121735   -.5206662
             _Iage2_54 |  -.5180763   .0406913   -12.73   0.000    -.5978368   -.4383159
             _Iage2_55 |  -.4154914   .0325903   -12.75   0.000    -.4793728   -.3516101
             _Iage2_56 |  -.3132906    .024464   -12.81   0.000    -.3612434   -.2653378
             _Iage2_57 |  -.2118765   .0163888   -12.93   0.000    -.2440007   -.1797523
             _Iage2_58 |   -.107518   .0083123   -12.93   0.000    -.1238111   -.0912248
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0004294   .0008102    -0.53   0.596    -.0020175    .0011587
                 _cons |  -.7637567   .0957764    -7.97   0.000    -.9514913   -.5760221
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0321397
               sigma_e |  .13546447
                   rho |  .98306612   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 13888) =   39.65
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 13888) =   52.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 13888) =   96.09
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 13888) =  104.53
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13888) =   31.10
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13888) =   13.33
            Prob > F =    0.0003

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 13888) =   28.90
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1218                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(89,13888)        =     57.54
corr(u_i, Xb)  = -0.9957                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,889 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0308517   .0066009     4.67   0.000     .0179132    .0437903
           treated_ia2 |   .0013287   .0180467     0.07   0.941    -.0340453    .0367026
           treated_ia3 |  -.0045132   .0005555    -8.13   0.000     -.005602   -.0034244
     treated_iasuorv_d |  -.1599088   .0293932    -5.44   0.000    -.2175234   -.1022942
           treated_pre |  -.0383737    .008479    -4.53   0.000    -.0549937   -.0217537
  treated_pre_iasenior |  -.0258452   .0060705    -4.26   0.000    -.0377441   -.0139462
       treated_pre_ia2 |   .0361261   .0075837     4.76   0.000      .021261    .0509912
       treated_pre_ia3 |   .0044321   .0004472     9.91   0.000     .0035556    .0053086
 treated_pre_iasuorv_d |   .0953466   .0129655     7.35   0.000     .0699324    .1207607
          treated_post |  -.0445703   .0107231    -4.16   0.000    -.0655889   -.0235516
 treated_post_iasenior |  -.0360794   .0066223    -5.45   0.000    -.0490599   -.0230988
      treated_post_ia2 |   .0309808   .0086719     3.57   0.000     .0139828    .0479788
      treated_post_ia3 |   .0053143   .0005252    10.12   0.000     .0042847    .0063438
treated_post_iasuorv_d |   .1369751   .0147671     9.28   0.000     .1080297    .1659206
                senior |   3.639866   .3190623    11.41   0.000     3.014461    4.265271
             interact2 |  -.1351951   .0120985   -11.17   0.000    -.1589097   -.1114805
             interact3 |  -.0002896     .00015    -1.93   0.053    -.0005836    4.33e-06
               suorv_d |   .0228069    .021269     1.07   0.284    -.0188832    .0644971
                   l_0 |  -.6107098   .0410551   -14.88   0.000    -.6911834   -.5302362
                   l_1 |  -.6834927   .0490649   -13.93   0.000    -.7796666   -.5873188
                   l_2 |  -.7812665   .0571353   -13.67   0.000    -.8932594   -.6692736
                   l_3 |  -.8776046   .0652345   -13.45   0.000    -1.005473   -.7497362
                   l_4 |  -.9768527   .0733404   -13.32   0.000     -1.12061   -.8330957
                   l_5 |   -1.07693    .081456   -13.22   0.000    -1.236595    -.917265
                   l_6 |  -1.177399   .0895816   -13.14   0.000    -1.352991   -1.001807
                   l_7 |  -1.282107   .0977237   -13.12   0.000    -1.473658   -1.090555
                   l_8 |  -1.384386   .1058496   -13.08   0.000    -1.591866   -1.176907
                   l_9 |  -1.487003   .1139796   -13.05   0.000    -1.710418   -1.263587
                  l_10 |  -1.590595   .1221019   -13.03   0.000    -1.829931   -1.351258
                   f_1 |   -.478352   .0328898   -14.54   0.000    -.5428204   -.4138835
                   f_2 |  -.3728376   .0249121   -14.97   0.000    -.4216686   -.3240065
                   f_3 |  -.2658882   .0168551   -15.77   0.000    -.2989265   -.2328499
                   f_4 |  -.1391985   .0089232   -15.60   0.000    -.1566891   -.1217079
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0529046   .0045351   -11.67   0.000     -.061794   -.0440151
          _Ivuosi_1996 |   .0135281   .0037586     3.60   0.000     .0061607    .0208955
          _Ivuosi_1997 |   .0004056   .0035123     0.12   0.908     -.006479    .0072903
          _Ivuosi_1998 |  -.0057881   .0030969    -1.87   0.062    -.0118585    .0002823
          _Ivuosi_1999 |   .0000682   .0029782     0.02   0.982    -.0057695    .0059059
          _Ivuosi_2000 |  -.0222446   .0030117    -7.39   0.000    -.0281479   -.0163413
          _Ivuosi_2001 |  -.0563037   .0024499   -22.98   0.000    -.0611059   -.0515014
          _Ivuosi_2002 |  -.0523994   .0022466   -23.32   0.000     -.056803   -.0479959
          _Ivuosi_2003 |  -.0489647   .0020404   -24.00   0.000    -.0529642   -.0449652
          _Ivuosi_2004 |  -.0450759   .0018052   -24.97   0.000    -.0486142   -.0415376
          _Ivuosi_2005 |  -.0429707   .0016307   -26.35   0.000    -.0461671   -.0397742
          _Ivuosi_2006 |  -.0363273   .0014229   -25.53   0.000    -.0391163   -.0335382
          _Ivuosi_2007 |  -.0286288   .0011996   -23.87   0.000    -.0309801   -.0262775
          _Ivuosi_2008 |  -.0219704   .0009775   -22.48   0.000    -.0238864   -.0200544
          _Ivuosi_2009 |  -.0162076   .0007529   -21.53   0.000    -.0176834   -.0147318
          _Ivuosi_2010 |   -.011211   .0005481   -20.45   0.000    -.0122854   -.0101366
          _Ivuosi_2011 |  -.0060468   .0003221   -18.77   0.000    -.0066782   -.0054154
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0175458   .0111235    -1.58   0.115    -.0393493    .0042577
             _Iage2_22 |   .0538515   .0190254     2.83   0.005     .0165591    .0911439
             _Iage2_23 |   .1306328   .0268832     4.86   0.000     .0779381    .1833274
             _Iage2_24 |   .2153401   .0348109     6.19   0.000      .147106    .2835742
             _Iage2_25 |   .3041948   .0428312     7.10   0.000     .2202399    .3881497
             _Iage2_26 |   .3921255   .0509123     7.70   0.000     .2923306    .4919204
             _Iage2_27 |   .4836679   .0590659     8.19   0.000     .3678909     .599445
             _Iage2_28 |   .5759714   .0671379     8.58   0.000      .444372    .7075708
             _Iage2_29 |   .6699143   .0752385     8.90   0.000     .5224367     .817392
             _Iage2_30 |   .7647231   .0833882     9.17   0.000      .601271    .9281752
             _Iage2_31 |   .8585119   .0915008     9.38   0.000      .679158    1.037866
             _Iage2_32 |   .9551613    .099628     9.59   0.000      .759877    1.150446
             _Iage2_33 |   1.052234   .1077555     9.77   0.000     .8410188     1.26345
             _Iage2_34 |   1.150823   .1158489     9.93   0.000     .9237433    1.377902
             _Iage2_35 |   1.248733   .1239629    10.07   0.000     1.005749    1.491717
             _Iage2_36 |   1.346647   .1320833    10.20   0.000     1.087746    1.605548
             _Iage2_37 |   1.443912   .1401763    10.30   0.000     1.169148    1.718676
             _Iage2_38 |   1.542501   .1483199    10.40   0.000     1.251774    1.833228
             _Iage2_39 |    1.63973   .1564687    10.48   0.000      1.33303     1.94643
             _Iage2_40 |   1.739101   .1645608    10.57   0.000      1.41654    2.061662
             _Iage2_41 |   -1.80123   .1464212   -12.30   0.000    -2.088236   -1.514225
             _Iage2_42 |   -1.70159   .1382714   -12.31   0.000    -1.972621    -1.43056
             _Iage2_43 |  -1.603212   .1301308   -12.32   0.000    -1.858286   -1.348138
             _Iage2_44 |  -1.503924   .1220322   -12.32   0.000    -1.743124   -1.264725
             _Iage2_45 |  -1.405312   .1138952   -12.34   0.000    -1.628562   -1.182063
             _Iage2_46 |  -1.306343   .1057452   -12.35   0.000    -1.513618   -1.099068
             _Iage2_47 |  -1.206572   .0976173   -12.36   0.000    -1.397915   -1.015229
             _Iage2_48 |  -1.108526   .0895006   -12.39   0.000    -1.283959   -.9330929
             _Iage2_49 |  -1.009761   .0813645   -12.41   0.000    -1.169246   -.8502755
             _Iage2_50 |  -.9105929   .0732209   -12.44   0.000    -1.054116   -.7670701
             _Iage2_51 |  -.8136569   .0651096   -12.50   0.000    -.9412804   -.6860334
             _Iage2_52 |  -.7139694   .0569472   -12.54   0.000    -.8255936   -.6023452
             _Iage2_53 |  -.6134946   .0488423   -12.56   0.000    -.7092321   -.5177571
             _Iage2_54 |  -.5155994   .0406841   -12.67   0.000    -.5953456   -.4358531
             _Iage2_55 |  -.4134624   .0325845   -12.69   0.000    -.4773323   -.3495924
             _Iage2_56 |   -.311708   .0244589   -12.74   0.000    -.3596508   -.2637652
             _Iage2_57 |  -.2107933   .0163859   -12.86   0.000    -.2429119   -.1786747
             _Iage2_58 |  -.1069536    .008311   -12.87   0.000    -.1232442    -.090663
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0003628   .0008123    -0.45   0.655    -.0019551    .0012294
                 _cons |   -.751775   .0957644    -7.85   0.000    -.9394861   -.5640639
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0314523
               sigma_e |  .13525734
                   rho |  .98309486   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 13888) =   22.66
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 13888) =   30.19
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 13888) =   49.98
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 13888) =   51.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13888) =   31.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 13888) =    1.68
            Prob > F =    0.1953

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13888) =   14.48
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 13888) =   14.09
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 13888) =   29.13
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 13888) =   11.88
            Prob > F =    0.0006

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    450,606    .0963458    .2950652          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    347,077    .0588429    .2353307          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    449,739    10.50799     6.39803          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    270,900      24.007    8.489589          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    406,590     11.0212    6.357002          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    251,381    24.38117    8.407753          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     43,149    5.672043    4.471929          0         20

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     19,519    19.18802     8.05354          0         38

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.10 + _b[treated_post_ia3] * 
>  10.51
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.06 + _b[treated_post_ia3] * 
>  24.01

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0143806   .0070435     2.04   0.041     .0005757    .0281856
       _nl_2 |   .0488045   .0063636     7.67   0.000      .036332     .061277
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  11.0
> 2
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.3
> 8
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   5.6
> 7
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.1
> 9

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0139928   .0071752     1.95   0.051    -.0000704     .028056
       _nl_2 |   .0489119   .0064232     7.61   0.000     .0363227    .0615012
       _nl_3 |   .0165424   .0094981     1.74   0.082    -.0020736    .0351584
       _nl_4 |   .0523118   .0093775     5.58   0.000     .0339322    .0706913
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   5.6
> 7
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.1
> 9
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  11.0
> 2
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.3
> 8

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0445703   .0107231    -4.16   0.000    -.0655871   -.0235534
       _nl_2 |  -.0806496   .0144269    -5.59   0.000    -.1089259   -.0523733
       _nl_3 |  -.0135894   .0104918    -1.30   0.195     -.034153    .0069741
       _nl_4 |  -.0496688   .0132323    -3.75   0.000    -.0756036    -.023734
       _nl_5 |   .0165424   .0094981     1.74   0.082    -.0020736    .0351584
       _nl_6 |   .0523118   .0093775     5.58   0.000     .0339322    .0706913
       _nl_7 |   .0139928   .0071752     1.95   0.051    -.0000704     .028056
       _nl_8 |   .0489119   .0064232     7.61   0.000     .0363227    .0615012
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_bluec_noIQ_stem_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1217                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(86,13888)        =     58.74
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,889 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0064421   .0179133     0.36   0.719    -.0286703    .0415545
           treated_ia3 |  -.0034679   .0004552    -7.62   0.000    -.0043602   -.0025756
     treated_iasuorv_d |  -.1206862   .0276593    -4.36   0.000    -.1749022   -.0664702
           treated_pre |  -.0341588   .0081234    -4.21   0.000    -.0500817   -.0182359
       treated_pre_ia2 |   .0319712   .0073982     4.32   0.000     .0174697    .0464727
       treated_pre_ia3 |   .0036142   .0003336    10.83   0.000     .0029604     .004268
 treated_pre_iasuorv_d |   .0660307    .009003     7.33   0.000     .0483836    .0836777
          treated_post |  -.0392451     .01039    -3.78   0.000    -.0596109   -.0188794
      treated_post_ia2 |   .0251866   .0084399     2.98   0.003     .0086433    .0417298
      treated_post_ia3 |   .0041684    .000414    10.07   0.000      .003357    .0049798
treated_post_iasuorv_d |   .0970482    .010716     9.06   0.000     .0760434    .1180531
             interact2 |  -.1352574   .0120942   -11.18   0.000    -.1589636   -.1115513
             interact3 |  -.0002737   .0001491    -1.83   0.067     -.000566    .0000187
               suorv_d |   .0220271   .0212504     1.04   0.300    -.0196265    .0636806
                   l_0 |  -.6118899   .0410713   -14.90   0.000    -.6923951   -.5313846
                   l_1 |  -.6849552   .0490845   -13.95   0.000    -.7811675    -.588743
                   l_2 |  -.7830213   .0571594   -13.70   0.000    -.8950615   -.6709812
                   l_3 |  -.8796489   .0652632   -13.48   0.000    -1.007573   -.7517243
                   l_4 |  -.9791928   .0733735   -13.35   0.000    -1.123015    -.835371
                   l_5 |  -1.079577   .0814935   -13.25   0.000    -1.239315   -.9198388
                   l_6 |   -1.18035   .0896236   -13.17   0.000    -1.356025   -1.004676
                   l_7 |  -1.285364   .0977704   -13.15   0.000    -1.477008   -1.093721
                   l_8 |  -1.387956   .1059008   -13.11   0.000    -1.595536   -1.180376
                   l_9 |  -1.490878   .1140354   -13.07   0.000    -1.714403   -1.267353
                  l_10 |  -1.594779   .1221621   -13.05   0.000    -1.834233   -1.355325
                   f_1 |  -.4794172   .0329062   -14.57   0.000    -.5439178   -.4149165
                   f_2 |    -.37363   .0249234   -14.99   0.000    -.4224832   -.3247767
                   f_3 |  -.2664091   .0168616   -15.80   0.000    -.2994601   -.2333581
                   f_4 |  -.1394421    .008926   -15.62   0.000    -.1569382    -.121946
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0528066   .0045355   -11.64   0.000    -.0616968   -.0439165
          _Ivuosi_1996 |   .0136676   .0037609     3.63   0.000     .0062958    .0210394
          _Ivuosi_1997 |   .0005601   .0035159     0.16   0.873    -.0063315    .0074517
          _Ivuosi_1998 |  -.0056372      .0031    -1.82   0.069    -.0117137    .0004393
          _Ivuosi_1999 |   .0002332   .0029806     0.08   0.938    -.0056091    .0060756
          _Ivuosi_2000 |  -.0220777   .0030133    -7.33   0.000    -.0279842   -.0161713
          _Ivuosi_2001 |  -.0561683   .0024514   -22.91   0.000    -.0609734   -.0513631
          _Ivuosi_2002 |  -.0522665   .0022475   -23.26   0.000    -.0566719   -.0478611
          _Ivuosi_2003 |  -.0488615   .0020405   -23.95   0.000    -.0528612   -.0448619
          _Ivuosi_2004 |  -.0449708   .0018049   -24.92   0.000    -.0485087   -.0414329
          _Ivuosi_2005 |  -.0428643   .0016291   -26.31   0.000    -.0460576    -.039671
          _Ivuosi_2006 |  -.0362535   .0014231   -25.48   0.000    -.0390429   -.0334641
          _Ivuosi_2007 |  -.0285788   .0011989   -23.84   0.000    -.0309289   -.0262287
          _Ivuosi_2008 |  -.0219385   .0009769   -22.46   0.000    -.0238533   -.0200236
          _Ivuosi_2009 |  -.0161932   .0007526   -21.52   0.000    -.0176683    -.014718
          _Ivuosi_2010 |  -.0112198   .0005478   -20.48   0.000    -.0122937    -.010146
          _Ivuosi_2011 |   -.006052   .0003219   -18.80   0.000     -.006683    -.005421
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0174835   .0111249    -1.57   0.116    -.0392898    .0043229
             _Iage2_22 |    .054042   .0190289     2.84   0.005     .0167428    .0913412
             _Iage2_23 |   .1310197   .0268889     4.87   0.000     .0783138    .1837256
             _Iage2_24 |   .2159508   .0348198     6.20   0.000     .1476994    .2842023
             _Iage2_25 |   .3050636   .0428439     7.12   0.000     .2210838    .3890434
             _Iage2_26 |    .393276   .0509288     7.72   0.000     .2934486    .4931034
             _Iage2_27 |   .4851297   .0590866     8.21   0.000     .3693121    .6009474
             _Iage2_28 |   .5777643    .067163     8.60   0.000     .4461158    .7094128
             _Iage2_29 |   .6720591   .0752684     8.93   0.000     .5245228    .8195954
             _Iage2_30 |   .7672341   .0834232     9.20   0.000     .6037135    .9307548
             _Iage2_31 |   .8613915   .0915406     9.41   0.000     .6819594    1.040823
             _Iage2_32 |   .9584252   .0996726     9.62   0.000     .7630535    1.153797
             _Iage2_33 |   1.055918   .1078056     9.79   0.000     .8446043    1.267231
             _Iage2_34 |   1.154924   .1159038     9.96   0.000     .9277365    1.382111
             _Iage2_35 |   1.253276   .1240238    10.11   0.000     1.010173     1.49638
             _Iage2_36 |   1.351638   .1321493    10.23   0.000     1.092608    1.610668
             _Iage2_37 |   1.449364    .140249    10.33   0.000     1.174457    1.724271
             _Iage2_38 |   1.548366   .1483974    10.43   0.000     1.257487    1.839244
             _Iage2_39 |   1.645993   .1565513    10.51   0.000     1.339131    1.952854
             _Iage2_40 |   1.745772   .1646482    10.60   0.000     1.423039    2.068504
             _Iage2_41 |   1.844951   .1727846    10.68   0.000      1.50627    2.183633
             _Iage2_42 |   1.944838   .1809344    10.75   0.000     1.590182    2.299494
             _Iage2_43 |   2.043408   .1890737    10.81   0.000     1.672798    2.414018
             _Iage2_44 |   2.142881   .1971721    10.87   0.000     1.756397    2.529365
             _Iage2_45 |   2.241657   .2053104    10.92   0.000      1.83922    2.644093
             _Iage2_46 |   2.340759   .2134609    10.97   0.000     1.922347    2.759171
             _Iage2_47 |   2.440661   .2215917    11.01   0.000     2.006311     2.87501
             _Iage2_48 |   2.538847   .2297091    11.05   0.000     2.088586    2.989108
             _Iage2_49 |    2.63774   .2378498    11.09   0.000     2.171522    3.103957
             _Iage2_50 |   2.737023   .2459968    11.13   0.000     2.254836     3.21921
             _Iage2_51 |   2.834078   .2541075    11.15   0.000     2.335993    3.332163
             _Iage2_52 |    2.93388   .2622744    11.19   0.000     2.419787    3.447974
             _Iage2_53 |   3.034504   .2703932    11.22   0.000     2.504497    3.564511
             _Iage2_54 |   3.132554     .27856    11.25   0.000     2.586539    3.678569
             _Iage2_55 |   3.234806   .2866774    11.28   0.000      2.67288    3.796733
             _Iage2_56 |   3.336737   .2948281    11.32   0.000     2.758834     3.91464
             _Iage2_57 |    3.43787   .3029334    11.35   0.000      2.84408     4.03166
             _Iage2_58 |   3.541929    .311034    11.39   0.000      2.93226    4.151597
             _Iage2_59 |   3.649081   .3191768    11.43   0.000     3.023452    4.274711
         firm_size_new |  -.0003743    .000822    -0.46   0.649    -.0019854    .0012369
                 _cons |  -.7583505   .0957986    -7.92   0.000    -.9461287   -.5705723
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0346612
               sigma_e |  .13526801
                   rho |  .98319519   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 13888) =    1.80
            Prob > F =    0.1796

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13888) =   12.16
            Prob > F =    0.0005

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 13888) =    0.93
            Prob > F =    0.3356

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 13888) =    0.06
            Prob > F =    0.8059

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 13888) =   15.12
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 13888) =    0.03
            Prob > F =    0.8704
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1218                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(89,13888)        =     57.54
corr(u_i, Xb)  = -0.9957                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,889 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0308517   .0066009     4.67   0.000     .0179132    .0437903
           treated_ia2 |   .0013287   .0180467     0.07   0.941    -.0340453    .0367026
           treated_ia3 |  -.0045132   .0005555    -8.13   0.000     -.005602   -.0034244
     treated_iasuorv_d |  -.1599088   .0293932    -5.44   0.000    -.2175234   -.1022942
           treated_pre |  -.0383737    .008479    -4.53   0.000    -.0549937   -.0217537
  treated_pre_iasenior |  -.0258452   .0060705    -4.26   0.000    -.0377441   -.0139462
       treated_pre_ia2 |   .0361261   .0075837     4.76   0.000      .021261    .0509912
       treated_pre_ia3 |   .0044321   .0004472     9.91   0.000     .0035556    .0053086
 treated_pre_iasuorv_d |   .0953466   .0129655     7.35   0.000     .0699324    .1207607
          treated_post |  -.0445703   .0107231    -4.16   0.000    -.0655889   -.0235516
 treated_post_iasenior |  -.0360794   .0066223    -5.45   0.000    -.0490599   -.0230988
      treated_post_ia2 |   .0309808   .0086719     3.57   0.000     .0139828    .0479788
      treated_post_ia3 |   .0053143   .0005252    10.12   0.000     .0042847    .0063438
treated_post_iasuorv_d |   .1369751   .0147671     9.28   0.000     .1080297    .1659206
                senior |   3.639866   .3190623    11.41   0.000     3.014461    4.265271
             interact2 |  -.1351951   .0120985   -11.17   0.000    -.1589097   -.1114805
             interact3 |  -.0002896     .00015    -1.93   0.053    -.0005836    4.33e-06
               suorv_d |   .0228069    .021269     1.07   0.284    -.0188832    .0644971
                   l_0 |  -.6107098   .0410551   -14.88   0.000    -.6911834   -.5302362
                   l_1 |  -.6834927   .0490649   -13.93   0.000    -.7796666   -.5873188
                   l_2 |  -.7812665   .0571353   -13.67   0.000    -.8932594   -.6692736
                   l_3 |  -.8776046   .0652345   -13.45   0.000    -1.005473   -.7497362
                   l_4 |  -.9768527   .0733404   -13.32   0.000     -1.12061   -.8330957
                   l_5 |   -1.07693    .081456   -13.22   0.000    -1.236595    -.917265
                   l_6 |  -1.177399   .0895816   -13.14   0.000    -1.352991   -1.001807
                   l_7 |  -1.282107   .0977237   -13.12   0.000    -1.473658   -1.090555
                   l_8 |  -1.384386   .1058496   -13.08   0.000    -1.591866   -1.176907
                   l_9 |  -1.487003   .1139796   -13.05   0.000    -1.710418   -1.263587
                  l_10 |  -1.590595   .1221019   -13.03   0.000    -1.829931   -1.351258
                   f_1 |   -.478352   .0328898   -14.54   0.000    -.5428204   -.4138835
                   f_2 |  -.3728376   .0249121   -14.97   0.000    -.4216686   -.3240065
                   f_3 |  -.2658882   .0168551   -15.77   0.000    -.2989265   -.2328499
                   f_4 |  -.1391985   .0089232   -15.60   0.000    -.1566891   -.1217079
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0529046   .0045351   -11.67   0.000     -.061794   -.0440151
          _Ivuosi_1996 |   .0135281   .0037586     3.60   0.000     .0061607    .0208955
          _Ivuosi_1997 |   .0004056   .0035123     0.12   0.908     -.006479    .0072903
          _Ivuosi_1998 |  -.0057881   .0030969    -1.87   0.062    -.0118585    .0002823
          _Ivuosi_1999 |   .0000682   .0029782     0.02   0.982    -.0057695    .0059059
          _Ivuosi_2000 |  -.0222446   .0030117    -7.39   0.000    -.0281479   -.0163413
          _Ivuosi_2001 |  -.0563037   .0024499   -22.98   0.000    -.0611059   -.0515014
          _Ivuosi_2002 |  -.0523994   .0022466   -23.32   0.000     -.056803   -.0479959
          _Ivuosi_2003 |  -.0489647   .0020404   -24.00   0.000    -.0529642   -.0449652
          _Ivuosi_2004 |  -.0450759   .0018052   -24.97   0.000    -.0486142   -.0415376
          _Ivuosi_2005 |  -.0429707   .0016307   -26.35   0.000    -.0461671   -.0397742
          _Ivuosi_2006 |  -.0363273   .0014229   -25.53   0.000    -.0391163   -.0335382
          _Ivuosi_2007 |  -.0286288   .0011996   -23.87   0.000    -.0309801   -.0262775
          _Ivuosi_2008 |  -.0219704   .0009775   -22.48   0.000    -.0238864   -.0200544
          _Ivuosi_2009 |  -.0162076   .0007529   -21.53   0.000    -.0176834   -.0147318
          _Ivuosi_2010 |   -.011211   .0005481   -20.45   0.000    -.0122854   -.0101366
          _Ivuosi_2011 |  -.0060468   .0003221   -18.77   0.000    -.0066782   -.0054154
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0175458   .0111235    -1.58   0.115    -.0393493    .0042577
             _Iage2_22 |   .0538515   .0190254     2.83   0.005     .0165591    .0911439
             _Iage2_23 |   .1306328   .0268832     4.86   0.000     .0779381    .1833274
             _Iage2_24 |   .2153401   .0348109     6.19   0.000      .147106    .2835742
             _Iage2_25 |   .3041948   .0428312     7.10   0.000     .2202399    .3881497
             _Iage2_26 |   .3921255   .0509123     7.70   0.000     .2923306    .4919204
             _Iage2_27 |   .4836679   .0590659     8.19   0.000     .3678909     .599445
             _Iage2_28 |   .5759714   .0671379     8.58   0.000      .444372    .7075708
             _Iage2_29 |   .6699143   .0752385     8.90   0.000     .5224367     .817392
             _Iage2_30 |   .7647231   .0833882     9.17   0.000      .601271    .9281752
             _Iage2_31 |   .8585119   .0915008     9.38   0.000      .679158    1.037866
             _Iage2_32 |   .9551613    .099628     9.59   0.000      .759877    1.150446
             _Iage2_33 |   1.052234   .1077555     9.77   0.000     .8410188     1.26345
             _Iage2_34 |   1.150823   .1158489     9.93   0.000     .9237433    1.377902
             _Iage2_35 |   1.248733   .1239629    10.07   0.000     1.005749    1.491717
             _Iage2_36 |   1.346647   .1320833    10.20   0.000     1.087746    1.605548
             _Iage2_37 |   1.443912   .1401763    10.30   0.000     1.169148    1.718676
             _Iage2_38 |   1.542501   .1483199    10.40   0.000     1.251774    1.833228
             _Iage2_39 |    1.63973   .1564687    10.48   0.000      1.33303     1.94643
             _Iage2_40 |   1.739101   .1645608    10.57   0.000      1.41654    2.061662
             _Iage2_41 |   -1.80123   .1464212   -12.30   0.000    -2.088236   -1.514225
             _Iage2_42 |   -1.70159   .1382714   -12.31   0.000    -1.972621    -1.43056
             _Iage2_43 |  -1.603212   .1301308   -12.32   0.000    -1.858286   -1.348138
             _Iage2_44 |  -1.503924   .1220322   -12.32   0.000    -1.743124   -1.264725
             _Iage2_45 |  -1.405312   .1138952   -12.34   0.000    -1.628562   -1.182063
             _Iage2_46 |  -1.306343   .1057452   -12.35   0.000    -1.513618   -1.099068
             _Iage2_47 |  -1.206572   .0976173   -12.36   0.000    -1.397915   -1.015229
             _Iage2_48 |  -1.108526   .0895006   -12.39   0.000    -1.283959   -.9330929
             _Iage2_49 |  -1.009761   .0813645   -12.41   0.000    -1.169246   -.8502755
             _Iage2_50 |  -.9105929   .0732209   -12.44   0.000    -1.054116   -.7670701
             _Iage2_51 |  -.8136569   .0651096   -12.50   0.000    -.9412804   -.6860334
             _Iage2_52 |  -.7139694   .0569472   -12.54   0.000    -.8255936   -.6023452
             _Iage2_53 |  -.6134946   .0488423   -12.56   0.000    -.7092321   -.5177571
             _Iage2_54 |  -.5155994   .0406841   -12.67   0.000    -.5953456   -.4358531
             _Iage2_55 |  -.4134624   .0325845   -12.69   0.000    -.4773323   -.3495924
             _Iage2_56 |   -.311708   .0244589   -12.74   0.000    -.3596508   -.2637652
             _Iage2_57 |  -.2107933   .0163859   -12.86   0.000    -.2429119   -.1786747
             _Iage2_58 |  -.1069536    .008311   -12.87   0.000    -.1232442    -.090663
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0003628   .0008123    -0.45   0.655    -.0019551    .0012294
                 _cons |   -.751775   .0957644    -7.85   0.000    -.9394861   -.5640639
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0314523
               sigma_e |  .13525734
                   rho |  .98309486   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 13888) =   22.66
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 13888) =   30.19
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 13888) =   49.98
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 13888) =   51.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13888) =   31.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 13888) =    1.68
            Prob > F =    0.1953

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13888) =   14.48
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 13888) =   14.09
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 13888) =   29.13
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 13888) =   11.88
            Prob > F =    0.0006
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797570
Group variable: shnro_real                      Number of groups   =     76427

R-sq:  within  = 0.1174                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0005                                        max =        16

                                                F(74,13885)        =     65.28
corr(u_i, Xb)  = -0.9960                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 13,886 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |    .016815   .0052824     3.18   0.001     .0064609    .0271692
 treated_post |    .023579   .0067713     3.48   0.000     .0103064    .0368516
          l_0 |  -.6244077    .041278   -15.13   0.000    -.7053182   -.5434973
          l_1 |  -.6997267   .0493287   -14.18   0.000    -.7964177   -.6030358
          l_2 |  -.7998941    .057445   -13.92   0.000    -.9124941   -.6872941
          l_3 |  -.8986427   .0655917   -13.70   0.000    -1.027211    -.770074
          l_4 |  -1.000406   .0737442   -13.57   0.000    -1.144954   -.8558572
          l_5 |    -1.1031   .0819078   -13.47   0.000     -1.26365   -.9425497
          l_6 |  -1.206201   .0900816   -13.39   0.000    -1.382773   -1.029628
          l_7 |  -1.313535   .0982714   -13.37   0.000     -1.50616    -1.12091
          l_8 |  -1.418499   .1064474   -13.33   0.000     -1.62715   -1.209848
          l_9 |  -1.523881    .114626   -13.29   0.000    -1.748564   -1.299199
         l_10 |  -1.630238   .1227954   -13.28   0.000    -1.870933   -1.389542
          f_1 |  -.4887498     .03306   -14.78   0.000    -.5535519   -.4239477
          f_2 |  -.3807629   .0250301   -15.21   0.000    -.4298252   -.3317005
          f_3 |  -.2713464   .0169219   -16.04   0.000    -.3045156   -.2381773
          f_4 |  -.1421463   .0089465   -15.89   0.000    -.1596826     -.12461
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0523334   .0045559   -11.49   0.000    -.0612636   -.0434032
 _Ivuosi_1996 |   .0140683   .0037529     3.75   0.000     .0067121    .0214245
 _Ivuosi_1997 |    .000954   .0035188     0.27   0.786    -.0059433    .0078513
 _Ivuosi_1998 |  -.0050948    .003114    -1.64   0.102    -.0111986     .001009
 _Ivuosi_1999 |   .0008684    .002984     0.29   0.771    -.0049807    .0067174
 _Ivuosi_2000 |  -.0216417    .003025    -7.15   0.000    -.0275712   -.0157122
 _Ivuosi_2001 |  -.0559156   .0024633   -22.70   0.000    -.0607441   -.0510872
 _Ivuosi_2002 |   -.052253   .0022685   -23.03   0.000    -.0566995   -.0478065
 _Ivuosi_2003 |  -.0488176   .0020525   -23.78   0.000    -.0528409   -.0447944
 _Ivuosi_2004 |  -.0449079   .0018095   -24.82   0.000    -.0484547   -.0413612
 _Ivuosi_2005 |  -.0428113   .0016368   -26.15   0.000    -.0460197   -.0396029
 _Ivuosi_2006 |   -.036232   .0014305   -25.33   0.000    -.0390359   -.0334281
 _Ivuosi_2007 |    -.02853   .0012043   -23.69   0.000    -.0308905   -.0261694
 _Ivuosi_2008 |  -.0219137    .000983   -22.29   0.000    -.0238405   -.0199868
 _Ivuosi_2009 |  -.0161823   .0007544   -21.45   0.000     -.017661   -.0147035
 _Ivuosi_2010 |  -.0111981   .0005486   -20.41   0.000    -.0122734   -.0101228
 _Ivuosi_2011 |  -.0060047   .0003208   -18.72   0.000    -.0066335   -.0053758
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.0174912   .0111416    -1.57   0.116    -.0393303    .0043478
    _Iage2_22 |   .0542205   .0190707     2.84   0.004     .0168393    .0916018
    _Iage2_23 |   .1316988   .0269533     4.89   0.000     .0788667    .1845309
    _Iage2_24 |   .2162827   .0349256     6.19   0.000     .1478238    .2847415
    _Iage2_25 |   .3053381   .0429923     7.10   0.000     .2210674    .3896089
    _Iage2_26 |   .3939936   .0511096     7.71   0.000     .2938118    .4941753
    _Iage2_27 |   .4865458   .0593108     8.20   0.000     .3702887     .602803
    _Iage2_28 |   .5802678   .0674232     8.61   0.000     .4481093    .7124264
    _Iage2_29 |   .6757371   .0755677     8.94   0.000     .5276143    .8238599
    _Iage2_30 |   .7723535   .0837596     9.22   0.000     .6081734    .9365336
    _Iage2_31 |   .8680522    .091916     9.44   0.000     .6878844     1.04822
    _Iage2_32 |   .9667064   .1000852     9.66   0.000     .7705259    1.162887
    _Iage2_33 |    1.06586   .1082542     9.85   0.000     .8536675    1.278053
    _Iage2_34 |    1.16664   .1163891    10.02   0.000     .9385019    1.394779
    _Iage2_35 |   1.266848   .1245495    10.17   0.000     1.022714    1.510982
    _Iage2_36 |   1.367108    .132717    10.30   0.000     1.106965    1.627251
    _Iage2_37 |   1.466896   .1408565    10.41   0.000     1.190798    1.742994
    _Iage2_38 |   1.567973   .1490455    10.52   0.000     1.275824    1.860123
    _Iage2_39 |   1.667729    .157241    10.61   0.000     1.359515    1.975943
    _Iage2_40 |   1.769768   .1653816    10.70   0.000     1.445598    2.093938
    _Iage2_41 |   1.871139   .1735596    10.78   0.000     1.530939    2.211339
    _Iage2_42 |   1.973288    .181753    10.86   0.000     1.617027    2.329548
    _Iage2_43 |   2.074308   .1899368    10.92   0.000     1.702006    2.446609
    _Iage2_44 |   2.176208   .1980817    10.99   0.000     1.787941    2.564475
    _Iage2_45 |    2.27747   .2062631    11.04   0.000     1.873166    2.681773
    _Iage2_46 |   2.379257   .2144626    11.09   0.000     1.958882    2.799633
    _Iage2_47 |   2.481797   .2226409    11.15   0.000     2.045391    2.918203
    _Iage2_48 |   2.582699   .2308072    11.19   0.000     2.130286    3.035113
    _Iage2_49 |   2.684435   .2389959    11.23   0.000     2.215971      3.1529
    _Iage2_50 |   2.786615     .24719    11.27   0.000     2.302089    3.271141
    _Iage2_51 |   2.886532   .2553512    11.30   0.000     2.386009    3.387054
    _Iage2_52 |    2.98935   .2635694    11.34   0.000     2.472719    3.505982
    _Iage2_53 |   3.093003   .2717372    11.38   0.000     2.560361    3.625644
    _Iage2_54 |   3.194154   .2799562    11.41   0.000     2.645402    3.742906
    _Iage2_55 |   3.299823   .2881282    11.45   0.000     2.735053    3.864593
    _Iage2_56 |   3.404833   .2963295    11.49   0.000     2.823987    3.985679
    _Iage2_57 |   3.509065   .3044882    11.52   0.000     2.912227    4.105903
    _Iage2_58 |   3.616294   .3126417    11.57   0.000     3.003474    4.229114
    _Iage2_59 |   3.726712   .3208401    11.62   0.000     3.097823    4.355602
firm_size_new |  -.0004931    .000839    -0.59   0.557    -.0021377    .0011515
        _cons |  -.8052704   .0962981    -8.36   0.000    -.9940278    -.616513
--------------+----------------------------------------------------------------
      sigma_u |  1.0519126
      sigma_e |  .13560333
          rho |  .98365355   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797570
Group variable: shnro_real                      Number of groups   =     76427

R-sq:  within  = 0.1190                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(82,13885)        =     59.00
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,886 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0032993   .0004483    -7.36   0.000     -.004178   -.0024205
     treated_iasuorv_d |  -.1221972   .0275077    -4.44   0.000     -.176116   -.0682783
           treated_pre |   -.031069   .0079531    -3.91   0.000    -.0466581     -.01548
       treated_pre_ia3 |   .0035385   .0003303    10.71   0.000     .0028911    .0041858
 treated_pre_iasuorv_d |   .0648281   .0089237     7.26   0.000     .0473364    .0823198
          treated_post |  -.0375488   .0102193    -3.67   0.000    -.0575799   -.0175176
      treated_post_ia3 |   .0040932   .0004086    10.02   0.000     .0032923     .004894
treated_post_iasuorv_d |   .0992859   .0106664     9.31   0.000     .0783784    .1201934
             interact3 |   .0004992   .0001551     3.22   0.001     .0001952    .0008031
               suorv_d |   .0289926   .0214183     1.35   0.176      -.01299    .0709753
                   l_0 |  -.6155137    .041089   -14.98   0.000    -.6960537   -.5349738
                   l_1 |  -.6895109    .049099   -14.04   0.000    -.7857516   -.5932703
                   l_2 |  -.7883427   .0571736   -13.79   0.000    -.9004107   -.6762748
                   l_3 |   -.885717   .0652759   -13.57   0.000    -1.013666   -.7577675
                   l_4 |  -.9860738   .0733847   -13.44   0.000    -1.129918   -.8422298
                   l_5 |  -1.087299   .0815039   -13.34   0.000    -1.247057     -.92754
                   l_6 |   -1.18895   .0896321   -13.26   0.000    -1.364641   -1.013259
                   l_7 |  -1.294793   .0977785   -13.24   0.000    -1.486452   -1.103134
                   l_8 |  -1.398276   .1059087   -13.20   0.000    -1.605871    -1.19068
                   l_9 |   -1.50209   .1140417   -13.17   0.000    -1.725627   -1.278553
                  l_10 |  -1.606927   .1221673   -13.15   0.000    -1.846391   -1.367462
                   f_1 |  -.4825983   .0329104   -14.66   0.000    -.5471071   -.4180895
                   f_2 |  -.3760679   .0249243   -15.09   0.000    -.4249229   -.3272129
                   f_3 |   -.268093   .0168639   -15.90   0.000    -.3011485   -.2350376
                   f_4 |  -.1403417   .0089289   -15.72   0.000    -.1578436   -.1228398
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0527057   .0045352   -11.62   0.000    -.0615952   -.0438162
          _Ivuosi_1996 |   .0138805   .0037578     3.69   0.000     .0065147    .0212463
          _Ivuosi_1997 |   .0008098   .0035134     0.23   0.818    -.0060768    .0076965
          _Ivuosi_1998 |  -.0053699   .0031041    -1.73   0.084    -.0114544    .0007146
          _Ivuosi_1999 |   .0005449   .0029826     0.18   0.855    -.0053014    .0063912
          _Ivuosi_2000 |  -.0217546   .0030176    -7.21   0.000    -.0276694   -.0158397
          _Ivuosi_2001 |  -.0559914   .0024561   -22.80   0.000    -.0608057   -.0511772
          _Ivuosi_2002 |  -.0521411   .0022538   -23.13   0.000    -.0565589   -.0477233
          _Ivuosi_2003 |  -.0487638   .0020451   -23.84   0.000    -.0527725    -.044755
          _Ivuosi_2004 |  -.0448675   .0018105   -24.78   0.000    -.0484164   -.0413186
          _Ivuosi_2005 |  -.0427695   .0016323   -26.20   0.000     -.045969   -.0395699
          _Ivuosi_2006 |  -.0361494    .001426   -25.35   0.000    -.0389445   -.0333544
          _Ivuosi_2007 |  -.0284815   .0012015   -23.71   0.000    -.0308366   -.0261265
          _Ivuosi_2008 |  -.0218338   .0009805   -22.27   0.000    -.0237557    -.019912
          _Ivuosi_2009 |  -.0160927    .000752   -21.40   0.000    -.0175667   -.0146187
          _Ivuosi_2010 |   -.011123   .0005472   -20.33   0.000    -.0121956   -.0100504
          _Ivuosi_2011 |  -.0059452   .0003194   -18.61   0.000    -.0065712   -.0053191
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0179105   .0111274    -1.61   0.108    -.0397216    .0039007
             _Iage2_22 |   .0532626   .0190371     2.80   0.005     .0159473    .0905779
             _Iage2_23 |   .1296618   .0269004     4.82   0.000     .0769334    .1823901
             _Iage2_24 |   .2132447   .0348443     6.12   0.000     .1449452    .2815442
             _Iage2_25 |    .301094    .042878     7.02   0.000     .2170473    .3851407
             _Iage2_26 |   .3885268   .0509667     7.62   0.000     .2886252    .4884285
             _Iage2_27 |    .479602   .0591315     8.11   0.000     .3636963    .5955077
             _Iage2_28 |   .5717918   .0672107     8.51   0.000     .4400498    .7035338
             _Iage2_29 |   .6656644   .0753178     8.84   0.000     .5180313    .8132975
             _Iage2_30 |   .7605982   .0834761     9.11   0.000     .5969739    .9242226
             _Iage2_31 |   .8545854    .091596     9.33   0.000     .6750448    1.034126
             _Iage2_32 |   .9515077   .0997289     9.54   0.000     .7560256     1.14699
             _Iage2_33 |   1.048893   .1078617     9.72   0.000     .8374691    1.260316
             _Iage2_34 |   1.147869   .1159613     9.90   0.000     .9205696    1.375169
             _Iage2_35 |   1.246181   .1240825    10.04   0.000     1.002963      1.4894
             _Iage2_36 |    1.34456   .1322111    10.17   0.000     1.085408    1.603712
             _Iage2_37 |   1.442339   .1403099    10.28   0.000     1.167313    1.717365
             _Iage2_38 |     1.5414   .1484587    10.38   0.000     1.250401    1.832399
             _Iage2_39 |   1.639043   .1566134    10.47   0.000      1.33206    1.946027
             _Iage2_40 |   1.738905   .1647104    10.56   0.000      1.41605    2.061759
             _Iage2_41 |   1.838155   .1728472    10.63   0.000     1.499351    2.176959
             _Iage2_42 |   1.938045   .1809972    10.71   0.000     1.583266    2.292824
             _Iage2_43 |   2.036691   .1891363    10.77   0.000     1.665959    2.407424
             _Iage2_44 |   2.136235   .1972359    10.83   0.000     1.749626    2.522844
             _Iage2_45 |   2.235088   .2053742    10.88   0.000     1.832527    2.637649
             _Iage2_46 |   2.334352   .2135271    10.93   0.000      1.91581    2.752894
             _Iage2_47 |   2.434396   .2216605    10.98   0.000     1.999911     2.86888
             _Iage2_48 |   2.532753   .2297783    11.02   0.000     2.082356    2.983149
             _Iage2_49 |   2.631882   .2379194    11.06   0.000     2.165528    3.098236
             _Iage2_50 |   2.731419   .2460664    11.10   0.000     2.249096    3.213743
             _Iage2_51 |   2.828778   .2541778    11.13   0.000     2.330555    3.327001
             _Iage2_52 |   2.928843   .2623457    11.16   0.000      2.41461    3.443076
             _Iage2_53 |   3.029856   .2704644    11.20   0.000     2.499709    3.560003
             _Iage2_54 |   3.128317   .2786315    11.23   0.000     2.582162    3.674473
             _Iage2_55 |   3.230986   .2867497    11.27   0.000     2.668918    3.793054
             _Iage2_56 |   3.333333   .2949006    11.30   0.000     2.755288    3.911378
             _Iage2_57 |   3.434933   .3030071    11.34   0.000     2.840999    4.028868
             _Iage2_58 |   3.539479   .3111085    11.38   0.000     2.929665    4.149294
             _Iage2_59 |   3.647164   .3192516    11.42   0.000     3.021387     4.27294
         firm_size_new |  -.0004569   .0008223    -0.56   0.578    -.0020687    .0011549
                 _cons |  -.7699155   .0958083    -8.04   0.000    -.9577126   -.5821183
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0351096
               sigma_e |  .13547997
                   rho |  .98315772   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13885) =   11.43
            Prob > F =    0.0007

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 13885) =   12.82
            Prob > F =    0.0003
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797570
Group variable: shnro_real                      Number of groups   =     76427

R-sq:  within  = 0.1182                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(79,13885)        =     61.17
corr(u_i, Xb)  = -0.9959                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 13,886 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0150404   .0072007     2.09   0.037     .0009261    .0291548
          treated_pre |   .0214688   .0064793     3.31   0.001     .0087684    .0341691
 treated_pre_iasenior |  -.0155536   .0067047    -2.32   0.020    -.0286957   -.0024115
         treated_post |   .0267079   .0083105     3.21   0.001     .0104181    .0429977
treated_post_iasenior |  -.0125647   .0078921    -1.59   0.111    -.0280343    .0029049
               senior |   3.634727   .3202304    11.35   0.000     3.007033    4.262422
         pre_iasenior |   .0474001   .0051584     9.19   0.000      .037289    .0575112
        post_iasenior |   .0534272   .0056654     9.43   0.000     .0423223    .0645321
                  l_0 |  -.6361603   .0413605   -15.38   0.000    -.7172326   -.5550881
                  l_1 |  -.7105746   .0493769   -14.39   0.000      -.80736   -.6137891
                  l_2 |  -.8098375   .0574637   -14.09   0.000    -.9224742   -.6972009
                  l_3 |  -.9076238   .0655836   -13.84   0.000    -1.036177    -.779071
                  l_4 |  -1.008427   .0737128   -13.68   0.000    -1.152914   -.8639399
                  l_5 |  -1.110153    .081855   -13.56   0.000      -1.2706   -.9497065
                  l_6 |  -1.212283   .0900087   -13.47   0.000    -1.388712   -1.035854
                  l_7 |   -1.31861   .0981802   -13.43   0.000    -1.511057   -1.126164
                  l_8 |  -1.422594   .1063376   -13.38   0.000     -1.63103   -1.214158
                  l_9 |  -1.526902   .1144985   -13.34   0.000    -1.751335   -1.302469
                 l_10 |  -1.632248   .1226514   -13.31   0.000    -1.872661   -1.391834
                  f_1 |  -.4994128   .0331627   -15.06   0.000    -.5644163   -.4344094
                  f_2 |  -.3924627   .0251846   -15.58   0.000    -.4418279   -.3430974
                  f_3 |   -.284076   .0171578   -16.56   0.000    -.3177076   -.2504443
                  f_4 |  -.1559026   .0093749   -16.63   0.000    -.1742786   -.1375266
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0523201   .0045405   -11.52   0.000      -.06122   -.0434202
         _Ivuosi_1996 |   .0142865   .0037508     3.81   0.000     .0069343    .0216386
         _Ivuosi_1997 |   .0011211   .0035107     0.32   0.749    -.0057604    .0080026
         _Ivuosi_1998 |  -.0050183   .0031244    -1.61   0.108    -.0111426     .001106
         _Ivuosi_1999 |   .0009312   .0029843     0.31   0.755    -.0049185    .0067809
         _Ivuosi_2000 |  -.0214504   .0030241    -7.09   0.000     -.027378   -.0155227
         _Ivuosi_2001 |  -.0557956   .0024637   -22.65   0.000    -.0606247   -.0509665
         _Ivuosi_2002 |  -.0520027   .0022642   -22.97   0.000    -.0564408   -.0475646
         _Ivuosi_2003 |  -.0486666   .0020499   -23.74   0.000    -.0526847   -.0446485
         _Ivuosi_2004 |  -.0447568   .0018103   -24.72   0.000    -.0483052   -.0412084
         _Ivuosi_2005 |  -.0426166   .0016352   -26.06   0.000    -.0458218   -.0394114
         _Ivuosi_2006 |  -.0360559   .0014305   -25.21   0.000    -.0388598    -.033252
         _Ivuosi_2007 |  -.0284234   .0012039   -23.61   0.000    -.0307833   -.0260635
         _Ivuosi_2008 |  -.0218166    .000982   -22.22   0.000    -.0237415   -.0198918
         _Ivuosi_2009 |  -.0161178    .000754   -21.38   0.000    -.0175958   -.0146398
         _Ivuosi_2010 |  -.0111928    .000546   -20.50   0.000    -.0122629   -.0101226
         _Ivuosi_2011 |  -.0059891   .0003178   -18.84   0.000    -.0066121   -.0053661
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   -.017429   .0111322    -1.57   0.117    -.0392495    .0043915
            _Iage2_22 |   .0541599   .0190523     2.84   0.004     .0168147     .091505
            _Iage2_23 |   .1313875   .0269279     4.88   0.000     .0786051    .1841699
            _Iage2_24 |   .2156658   .0348908     6.18   0.000     .1472751    .2840566
            _Iage2_25 |   .3043294   .0429478     7.09   0.000     .2201459    .3885129
            _Iage2_26 |   .3925853    .051056     7.69   0.000     .2925087     .492662
            _Iage2_27 |   .4846394   .0592458     8.18   0.000     .3685097    .6007691
            _Iage2_28 |   .5778536   .0673476     8.58   0.000     .4458432    .7098639
            _Iage2_29 |   .6728233    .075481     8.91   0.000     .5248703    .8207762
            _Iage2_30 |    .768941   .0836633     9.19   0.000     .6049495    .9329324
            _Iage2_31 |   .8640777   .0918092     9.41   0.000     .6841193    1.044036
            _Iage2_32 |   .9622252   .0999672     9.63   0.000     .7662759    1.158174
            _Iage2_33 |   1.060892   .1081269     9.81   0.000     .8489486    1.272835
            _Iage2_34 |   1.161126   .1162513     9.99   0.000     .9332578    1.388994
            _Iage2_35 |   1.260828   .1244015    10.14   0.000     1.016985    1.504672
            _Iage2_36 |   1.360563    .132558    10.26   0.000     1.100731    1.620394
            _Iage2_37 |   1.459754   .1406861    10.38   0.000      1.18399    1.735518
            _Iage2_38 |    1.56019   .1488634    10.48   0.000     1.268397    1.851982
            _Iage2_39 |    1.65917   .1570471    10.56   0.000     1.351337    1.967004
            _Iage2_40 |   1.760381   .1651761    10.66   0.000     1.436614    2.084149
            _Iage2_41 |  -1.824901   .1470353   -12.41   0.000     -2.11311   -1.536692
            _Iage2_42 |  -1.723895   .1388498   -12.42   0.000    -1.996059   -1.451731
            _Iage2_43 |  -1.624179   .1306765   -12.43   0.000    -1.880322   -1.368035
            _Iage2_44 |  -1.523613   .1225447   -12.43   0.000    -1.763817   -1.283408
            _Iage2_45 |  -1.423865   .1143777   -12.45   0.000    -1.648061    -1.19967
            _Iage2_46 |  -1.323749   .1061921   -12.47   0.000      -1.5319   -1.115598
            _Iage2_47 |   -1.22275    .098032   -12.47   0.000    -1.414906   -1.030594
            _Iage2_48 |  -1.123537   .0898828   -12.50   0.000     -1.29972   -.9473548
            _Iage2_49 |  -1.023602   .0817132   -12.53   0.000    -1.183771   -.8634335
            _Iage2_50 |  -.9231918   .0735383   -12.55   0.000    -1.067337   -.7790467
            _Iage2_51 |  -.8251631   .0653971   -12.62   0.000    -.9533502   -.6969759
            _Iage2_52 |  -.7242825   .0572029   -12.66   0.000    -.8364079   -.6121571
            _Iage2_53 |  -.6225387   .0490667   -12.69   0.000    -.7187161   -.5263613
            _Iage2_54 |   -.523285   .0408731   -12.80   0.000    -.6034017   -.4431682
            _Iage2_55 |  -.4199916   .0327376   -12.83   0.000    -.4841616   -.3558215
            _Iage2_56 |  -.3167471   .0245775   -12.89   0.000    -.3649224   -.2685718
            _Iage2_57 |  -.2141839   .0164649   -13.01   0.000    -.2464573   -.1819105
            _Iage2_58 |   -.108663    .008351   -13.01   0.000    -.1250321   -.0922939
            _Iage2_59 |          0  (omitted)
        firm_size_new |  -.0004635    .000842    -0.55   0.582     -.002114    .0011869
                _cons |  -.7870009   .0961523    -8.18   0.000    -.9754724   -.5985294
----------------------+----------------------------------------------------------------
              sigma_u |  1.0411195
              sigma_e |  .13554061
                  rho |  .98333372   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13885) =    5.20
            Prob > F =    0.0227

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 13885) =    1.37
            Prob > F =    0.2424
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797570
Group variable: shnro_real                      Number of groups   =     76427

R-sq:  within  = 0.1217                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(86,13885)        =     58.73
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,886 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0064361   .0179131     0.36   0.719    -.0286761    .0415483
           treated_ia3 |  -.0034691   .0004552    -7.62   0.000    -.0043614   -.0025768
     treated_iasuorv_d |   -.120681   .0276587    -4.36   0.000    -.1748959   -.0664661
           treated_pre |  -.0341484   .0081235    -4.20   0.000    -.0500714   -.0182253
       treated_pre_ia2 |   .0319652   .0073983     4.32   0.000     .0174636    .0464668
       treated_pre_ia3 |    .003614   .0003336    10.83   0.000     .0029602    .0042679
 treated_pre_iasuorv_d |   .0660554   .0090026     7.34   0.000     .0484091    .0837017
          treated_post |  -.0392361     .01039    -3.78   0.000    -.0596019   -.0188703
      treated_post_ia2 |   .0251912   .0084398     2.98   0.003      .008648    .0417344
      treated_post_ia3 |   .0041683    .000414    10.07   0.000     .0033568    .0049797
treated_post_iasuorv_d |    .097005   .0107166     9.05   0.000      .075999     .118011
             interact2 |  -.1352516   .0120941   -11.18   0.000    -.1589577   -.1115456
             interact3 |  -.0002732   .0001492    -1.83   0.067    -.0005656    .0000191
               suorv_d |   .0220245   .0212497     1.04   0.300    -.0196278    .0636768
                   l_0 |  -.6118969    .041071   -14.90   0.000    -.6924017   -.5313922
                   l_1 |  -.6849589   .0490842   -13.95   0.000    -.7811705   -.5887473
                   l_2 |   -.783025   .0571591   -13.70   0.000    -.8950644   -.6709855
                   l_3 |  -.8796711   .0652628   -13.48   0.000    -1.007595   -.7517473
                   l_4 |  -.9791999    .073373   -13.35   0.000    -1.123021   -.8353789
                   l_5 |  -1.079585   .0814931   -13.25   0.000    -1.239322   -.9198476
                   l_6 |  -1.180359   .0896231   -13.17   0.000    -1.356033   -1.004686
                   l_7 |  -1.285377   .0977698   -13.15   0.000    -1.477019   -1.093735
                   l_8 |  -1.387969   .1059002   -13.11   0.000    -1.595547    -1.18039
                   l_9 |  -1.490892   .1140348   -13.07   0.000    -1.714415   -1.267368
                  l_10 |  -1.594794   .1221615   -13.05   0.000    -1.834246   -1.355341
                   f_1 |  -.4794225   .0329061   -14.57   0.000    -.5439229   -.4149222
                   f_2 |   -.373634   .0249233   -14.99   0.000     -.422487    -.324781
                   f_3 |  -.2664129   .0168615   -15.80   0.000    -.2994637   -.2333621
                   f_4 |  -.1394445    .008926   -15.62   0.000    -.1569407   -.1219484
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0528204   .0045361   -11.64   0.000    -.0617119    -.043929
          _Ivuosi_1996 |   .0136636   .0037612     3.63   0.000     .0062911    .0210361
          _Ivuosi_1997 |   .0005564   .0035162     0.16   0.874    -.0063358    .0074487
          _Ivuosi_1998 |   -.005642   .0031005    -1.82   0.069    -.0117193    .0004353
          _Ivuosi_1999 |   .0002339   .0029809     0.08   0.937    -.0056091    .0060769
          _Ivuosi_2000 |  -.0221014   .0030138    -7.33   0.000     -.028009   -.0161939
          _Ivuosi_2001 |  -.0561803   .0024517   -22.91   0.000     -.060986   -.0513746
          _Ivuosi_2002 |  -.0522771   .0022478   -23.26   0.000     -.056683   -.0478711
          _Ivuosi_2003 |  -.0488708   .0020406   -23.95   0.000    -.0528707   -.0448709
          _Ivuosi_2004 |  -.0449794   .0018051   -24.92   0.000    -.0485175   -.0414413
          _Ivuosi_2005 |  -.0428736   .0016292   -26.32   0.000     -.046067   -.0396802
          _Ivuosi_2006 |  -.0362602   .0014231   -25.48   0.000    -.0390497   -.0334707
          _Ivuosi_2007 |  -.0285839   .0011991   -23.84   0.000    -.0309343   -.0262335
          _Ivuosi_2008 |  -.0219421    .000977   -22.46   0.000    -.0238572    -.020027
          _Ivuosi_2009 |  -.0161962   .0007526   -21.52   0.000    -.0176714    -.014721
          _Ivuosi_2010 |  -.0112213   .0005479   -20.48   0.000    -.0122952   -.0101473
          _Ivuosi_2011 |  -.0060526   .0003219   -18.80   0.000    -.0066836   -.0054216
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0174829   .0111249    -1.57   0.116    -.0392891    .0043233
             _Iage2_22 |   .0540436   .0190288     2.84   0.005     .0167445    .0913426
             _Iage2_23 |   .1310213   .0268888     4.87   0.000     .0783156     .183727
             _Iage2_24 |    .215953   .0348196     6.20   0.000     .1477018    .2842042
             _Iage2_25 |    .305067   .0428437     7.12   0.000     .2210876    .3890464
             _Iage2_26 |    .393286   .0509286     7.72   0.000     .2934591    .4931129
             _Iage2_27 |   .4851354   .0590863     8.21   0.000     .3693183    .6009526
             _Iage2_28 |   .5777731   .0671626     8.60   0.000     .4461252    .7094209
             _Iage2_29 |   .6720633   .0752681     8.93   0.000     .5245278    .8195989
             _Iage2_30 |   .7672398   .0834228     9.20   0.000       .60372    .9307597
             _Iage2_31 |    .861398   .0915402     9.41   0.000     .6819669    1.040829
             _Iage2_32 |   .9584254   .0996721     9.62   0.000     .7630546    1.153796
             _Iage2_33 |   1.055919    .107805     9.79   0.000     .8446069    1.267232
             _Iage2_34 |   1.154922   .1159032     9.96   0.000      .927736    1.382108
             _Iage2_35 |   1.253272   .1240232    10.11   0.000      1.01017    1.496374
             _Iage2_36 |   1.351634   .1321487    10.23   0.000     1.092605    1.610664
             _Iage2_37 |   1.449361   .1402483    10.33   0.000     1.174456    1.724267
             _Iage2_38 |   1.548361   .1483967    10.43   0.000     1.257483    1.839238
             _Iage2_39 |   1.645989   .1565505    10.51   0.000     1.339129    1.952849
             _Iage2_40 |   1.745767   .1646474    10.60   0.000     1.423036    2.068498
             _Iage2_41 |   1.844951   .1727838    10.68   0.000     1.506272    2.183631
             _Iage2_42 |   1.944837   .1809335    10.75   0.000     1.590183    2.299491
             _Iage2_43 |   2.043407   .1890727    10.81   0.000     1.672799    2.414015
             _Iage2_44 |   2.142881   .1971711    10.87   0.000     1.756399    2.529363
             _Iage2_45 |   2.241655   .2053094    10.92   0.000     1.839221    2.644089
             _Iage2_46 |   2.340764   .2134598    10.97   0.000     1.922354    2.759174
             _Iage2_47 |   2.440663   .2215906    11.01   0.000     2.006315     2.87501
             _Iage2_48 |   2.538852   .2297079    11.05   0.000     2.088594    2.989111
             _Iage2_49 |   2.637745   .2378486    11.09   0.000     2.171529     3.10396
             _Iage2_50 |   2.737029   .2459955    11.13   0.000     2.254845    3.219214
             _Iage2_51 |   2.834086   .2541063    11.15   0.000     2.336004    3.332169
             _Iage2_52 |   2.933832   .2622731    11.19   0.000     2.419742    3.447923
             _Iage2_53 |   3.034506   .2703919    11.22   0.000     2.504502     3.56451
             _Iage2_54 |   3.132557   .2785586    11.25   0.000     2.586545    3.678569
             _Iage2_55 |   3.234811   .2866759    11.28   0.000     2.672888    3.796734
             _Iage2_56 |   3.336744   .2948266    11.32   0.000     2.758844    3.914643
             _Iage2_57 |   3.437878   .3029319    11.35   0.000     2.844091    4.031666
             _Iage2_58 |   3.541939   .3110324    11.39   0.000     2.932274    4.151605
             _Iage2_59 |   3.649095   .3191751    11.43   0.000     3.023468    4.274721
         firm_size_new |  -.0003869   .0008233    -0.47   0.638    -.0020007    .0012269
                 _cons |  -.7584238    .095805    -7.92   0.000    -.9462144   -.5706331
-----------------------+----------------------------------------------------------------
               sigma_u |   1.034652
               sigma_e |  .13527254
                   rho |  .98319379   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 13885) =    1.80
            Prob > F =    0.1800

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13885) =   12.15
            Prob > F =    0.0005

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 13885) =    0.92
            Prob > F =    0.3363

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 13885) =    0.06
            Prob > F =    0.8063

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 13885) =   15.11
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 13885) =    0.03
            Prob > F =    0.8700
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797570
Group variable: shnro_real                      Number of groups   =     76427

R-sq:  within  = 0.1192                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(85,13885)        =     57.61
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,886 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0294362    .006405     4.60   0.000     .0168815    .0419908
           treated_ia3 |  -.0042837   .0005358    -8.00   0.000    -.0053339   -.0032335
     treated_iasuorv_d |  -.1593736   .0290325    -5.49   0.000    -.2162813    -.102466
           treated_pre |  -.0344258   .0082337    -4.18   0.000     -.050565   -.0182866
  treated_pre_iasenior |  -.0230966   .0059004    -3.91   0.000    -.0346623    -.011531
       treated_pre_ia3 |    .004256   .0004342     9.80   0.000      .003405     .005107
 treated_pre_iasuorv_d |   .0906223   .0125884     7.20   0.000     .0659473    .1152974
          treated_post |  -.0419881   .0104694    -4.01   0.000    -.0625096   -.0214665
 treated_post_iasenior |  -.0349781   .0064179    -5.45   0.000    -.0475582   -.0223981
      treated_post_ia3 |   .0051825   .0005069    10.22   0.000     .0041888    .0061761
treated_post_iasuorv_d |   .1372519   .0143277     9.58   0.000     .1091678    .1653361
                senior |   3.638845   .3191568    11.40   0.000     3.013255    4.264436
             interact3 |   .0004825   .0001557     3.10   0.002     .0001773    .0007878
               suorv_d |   .0298481   .0214351     1.39   0.164    -.0121676    .0718639
                   l_0 |  -.6144556   .0410752   -14.96   0.000    -.6949687   -.5339426
                   l_1 |  -.6881869   .0490826   -14.02   0.000    -.7843955   -.5919784
                   l_2 |  -.7867459   .0571534   -13.77   0.000    -.8987744   -.6747175
                   l_3 |  -.8838518   .0652519   -13.55   0.000    -1.011754   -.7559492
                   l_4 |  -.9839325   .0733572   -13.41   0.000    -1.127723   -.8401425
                   l_5 |  -1.084871   .0814729   -13.32   0.000    -1.244569   -.9251731
                   l_6 |   -1.18624   .0895974   -13.24   0.000    -1.361863   -1.010617
                   l_7 |    -1.2918   .0977401   -13.22   0.000    -1.483383   -1.100216
                   l_8 |  -1.394993   .1058665   -13.18   0.000    -1.602506    -1.18748
                   l_9 |  -1.498526   .1139959   -13.15   0.000    -1.721974   -1.275079
                  l_10 |  -1.603077    .122118   -13.13   0.000    -1.842445    -1.36371
                   f_1 |  -.4816252   .0328967   -14.64   0.000    -.5461072   -.4171432
                   f_2 |  -.3753416   .0249148   -15.07   0.000    -.4241779   -.3265052
                   f_3 |  -.2676129   .0168582   -15.87   0.000    -.3006574   -.2345685
                   f_4 |  -.1401139    .008926   -15.70   0.000    -.1576102   -.1226177
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.052826    .004535   -11.65   0.000    -.0617151   -.0439368
          _Ivuosi_1996 |   .0137116   .0037565     3.65   0.000     .0063483    .0210749
          _Ivuosi_1997 |   .0006257   .0035104     0.18   0.859    -.0062551    .0075065
          _Ivuosi_1998 |  -.0055553   .0031014    -1.79   0.073    -.0116345    .0005239
          _Ivuosi_1999 |    .000341   .0029805     0.11   0.909    -.0055011    .0061832
          _Ivuosi_2000 |  -.0219607   .0030159    -7.28   0.000    -.0278724   -.0160491
          _Ivuosi_2001 |  -.0561679   .0024549   -22.88   0.000    -.0609798    -.051356
          _Ivuosi_2002 |  -.0523122   .0022533   -23.22   0.000     -.056729   -.0478953
          _Ivuosi_2003 |  -.0489002   .0020454   -23.91   0.000    -.0529095   -.0448909
          _Ivuosi_2004 |  -.0450015    .001811   -24.85   0.000    -.0485512   -.0414518
          _Ivuosi_2005 |   -.042903   .0016338   -26.26   0.000    -.0461055   -.0397005
          _Ivuosi_2006 |   -.036252   .0014256   -25.43   0.000    -.0390464   -.0334576
          _Ivuosi_2007 |   -.028554   .0012021   -23.75   0.000    -.0309102   -.0261978
          _Ivuosi_2008 |  -.0218842   .0009811   -22.31   0.000    -.0238073   -.0199611
          _Ivuosi_2009 |    -.01612   .0007525   -21.42   0.000    -.0175949   -.0146451
          _Ivuosi_2010 |  -.0111189   .0005478   -20.30   0.000    -.0121926   -.0100451
          _Ivuosi_2011 |  -.0059426   .0003197   -18.59   0.000    -.0065692   -.0053159
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0179655   .0111259    -1.61   0.106    -.0397737    .0038426
             _Iage2_22 |    .053083   .0190338     2.79   0.005     .0157741    .0903919
             _Iage2_23 |   .1292924   .0268951     4.81   0.000     .0765744    .1820104
             _Iage2_24 |   .2126533   .0348362     6.10   0.000     .1443696     .280937
             _Iage2_25 |   .3002533   .0428668     7.00   0.000     .2162286    .3842779
             _Iage2_26 |   .3874183   .0509523     7.60   0.000      .287545    .4872917
             _Iage2_27 |   .4781986   .0591137     8.09   0.000     .3623278    .5940694
             _Iage2_28 |   .5700739   .0671894     8.48   0.000     .4383736    .7017742
             _Iage2_29 |   .6636107   .0752927     8.81   0.000      .516027    .8111945
             _Iage2_30 |   .7581916   .0834468     9.09   0.000     .5946246    .9217587
             _Iage2_31 |    .851827   .0915628     9.30   0.000     .6723515    1.031303
             _Iage2_32 |   .9483797    .099692     9.51   0.000     .7529701    1.143789
             _Iage2_33 |    1.04536   .1078204     9.70   0.000     .8340174    1.256702
             _Iage2_34 |   1.143933   .1159161     9.87   0.000     .9167216    1.371144
             _Iage2_35 |   1.241816   .1240323    10.01   0.000      .998696    1.484936
             _Iage2_36 |   1.339755    .132157    10.14   0.000      1.08071    1.598801
             _Iage2_37 |   1.437088   .1402503    10.25   0.000     1.162178    1.711997
             _Iage2_38 |   1.535751   .1483953    10.35   0.000     1.244876    1.826625
             _Iage2_39 |   1.633014   .1565459    10.43   0.000     1.326163    1.939865
             _Iage2_40 |   1.732495   .1646391    10.52   0.000      1.40978    2.055209
             _Iage2_41 |  -1.806732   .1464457   -12.34   0.000    -2.093785   -1.519678
             _Iage2_42 |  -1.707063   .1382947   -12.34   0.000    -1.978139   -1.435986
             _Iage2_43 |  -1.608581   .1301535   -12.36   0.000    -1.863699   -1.353462
             _Iage2_44 |  -1.509186   .1220531   -12.36   0.000    -1.748426   -1.269945
             _Iage2_45 |  -1.410464   .1139154   -12.38   0.000    -1.633753   -1.187174
             _Iage2_46 |  -1.311295   .1057627   -12.40   0.000    -1.518605   -1.103986
             _Iage2_47 |  -1.211344   .0976315   -12.41   0.000    -1.402715   -1.019973
             _Iage2_48 |  -1.113092   .0895138   -12.43   0.000    -1.288552   -.9376333
             _Iage2_49 |  -1.014053   .0813767   -12.46   0.000    -1.173563   -.8545442
             _Iage2_50 |  -.9145947   .0732325   -12.49   0.000     -1.05814   -.7710492
             _Iage2_51 |  -.8173187     .06512   -12.55   0.000    -.9449627   -.6896747
             _Iage2_52 |  -.7173326   .0569559   -12.59   0.000    -.8289739   -.6056914
             _Iage2_53 |  -.6164322   .0488502   -12.62   0.000    -.7121852   -.5206791
             _Iage2_54 |  -.5180871    .040691   -12.73   0.000     -.597847   -.4383271
             _Iage2_55 |  -.4155007   .0325901   -12.75   0.000    -.4793816   -.3516197
             _Iage2_56 |   -.313298   .0244639   -12.81   0.000    -.3612505   -.2653456
             _Iage2_57 |  -.2118818   .0163887   -12.93   0.000    -.2440058   -.1797579
             _Iage2_58 |  -.1075208   .0083122   -12.94   0.000    -.1238138   -.0912277
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0004424   .0008115    -0.55   0.586     -.002033    .0011483
                 _cons |  -.7638265   .0957828    -7.97   0.000    -.9515736   -.5760793
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0321416
               sigma_e |  .13546902
                   rho |  .98306506   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 13885) =   39.63
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 13885) =   52.84
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 13885) =   96.10
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 13885) =  104.52
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13885) =   31.09
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13885) =   13.32
            Prob > F =    0.0003

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 13885) =   28.88
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797570
Group variable: shnro_real                      Number of groups   =     76427

R-sq:  within  = 0.1219                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(89,13885)        =     57.53
corr(u_i, Xb)  = -0.9957                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,886 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0308523   .0066006     4.67   0.000     .0179142    .0437903
           treated_ia2 |   .0013228   .0180466     0.07   0.942     -.034051    .0366965
           treated_ia3 |  -.0045143   .0005555    -8.13   0.000    -.0056031   -.0034255
     treated_iasuorv_d |  -.1598991   .0293922    -5.44   0.000    -.2175118   -.1022863
           treated_pre |  -.0383648   .0084791    -4.52   0.000    -.0549849   -.0217447
  treated_pre_iasenior |  -.0258514   .0060705    -4.26   0.000    -.0377503   -.0139524
       treated_pre_ia2 |   .0361212   .0075838     4.76   0.000      .021256    .0509864
       treated_pre_ia3 |   .0044322   .0004472     9.91   0.000     .0035557    .0053087
 treated_pre_iasuorv_d |   .0953792   .0129652     7.36   0.000     .0699656    .1207927
          treated_post |   -.044561   .0107231    -4.16   0.000    -.0655797   -.0235424
 treated_post_iasenior |  -.0360732    .006622    -5.45   0.000    -.0490532   -.0230932
      treated_post_ia2 |   .0309844   .0086718     3.57   0.000     .0139865    .0479823
      treated_post_ia3 |   .0053139   .0005252    10.12   0.000     .0042844    .0063434
treated_post_iasuorv_d |   .1369259   .0147669     9.27   0.000     .1079808     .165871
                senior |   3.639882   .3190606    11.41   0.000      3.01448    4.265284
             interact2 |  -.1351891   .0120984   -11.17   0.000    -.1589035   -.1114746
             interact3 |  -.0002892     .00015    -1.93   0.054    -.0005831    4.82e-06
               suorv_d |   .0228041   .0212684     1.07   0.284    -.0188848     .064493
                   l_0 |  -.6107171   .0410549   -14.88   0.000    -.6911902   -.5302441
                   l_1 |  -.6834968   .0490646   -13.93   0.000    -.7796701   -.5873235
                   l_2 |  -.7812707    .057135   -13.67   0.000     -.893263   -.6692785
                   l_3 |  -.8776275   .0652341   -13.45   0.000    -1.005495   -.7497599
                   l_4 |  -.9768606   .0733399   -13.32   0.000    -1.120617   -.8331045
                   l_5 |  -1.076939   .0814556   -13.22   0.000    -1.236603   -.9172748
                   l_6 |  -1.177409   .0895811   -13.14   0.000       -1.353   -1.001818
                   l_7 |  -1.282121   .0977232   -13.12   0.000    -1.473671    -1.09057
                   l_8 |    -1.3844    .105849   -13.08   0.000    -1.591879   -1.176922
                   l_9 |  -1.487018   .1139789   -13.05   0.000    -1.710432   -1.263604
                  l_10 |  -1.590611   .1221012   -13.03   0.000    -1.829946   -1.351276
                   f_1 |  -.4783578   .0328897   -14.54   0.000    -.5428259   -.4138896
                   f_2 |  -.3728418    .024912   -14.97   0.000    -.4216726    -.324011
                   f_3 |  -.2658922    .016855   -15.78   0.000    -.2989303   -.2328541
                   f_4 |  -.1392009   .0089232   -15.60   0.000    -.1566915   -.1217103
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0529181   .0045358   -11.67   0.000    -.0618089   -.0440274
          _Ivuosi_1996 |   .0135242    .003759     3.60   0.000     .0061561    .0208923
          _Ivuosi_1997 |    .000402   .0035127     0.11   0.909    -.0064833    .0072873
          _Ivuosi_1998 |  -.0057927   .0030974    -1.87   0.061     -.011864    .0002785
          _Ivuosi_1999 |   .0000691   .0029785     0.02   0.982    -.0057693    .0059074
          _Ivuosi_2000 |   -.022268   .0030122    -7.39   0.000    -.0281724   -.0163636
          _Ivuosi_2001 |  -.0563154   .0024502   -22.98   0.000    -.0611183   -.0515126
          _Ivuosi_2002 |  -.0524098   .0022468   -23.33   0.000    -.0568139   -.0480057
          _Ivuosi_2003 |  -.0489738   .0020406   -24.00   0.000    -.0529736    -.044974
          _Ivuosi_2004 |  -.0450844   .0018053   -24.97   0.000     -.048623   -.0415458
          _Ivuosi_2005 |  -.0429798   .0016308   -26.35   0.000    -.0461765   -.0397832
          _Ivuosi_2006 |  -.0363338   .0014229   -25.53   0.000     -.039123   -.0335447
          _Ivuosi_2007 |  -.0286338   .0011997   -23.87   0.000    -.0309853   -.0262822
          _Ivuosi_2008 |   -.021974   .0009776   -22.48   0.000    -.0238902   -.0200578
          _Ivuosi_2009 |  -.0162106   .0007529   -21.53   0.000    -.0176865   -.0147347
          _Ivuosi_2010 |  -.0112124   .0005482   -20.45   0.000    -.0122869   -.0101379
          _Ivuosi_2011 |  -.0060474   .0003221   -18.77   0.000    -.0066789    -.005416
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0175453   .0111234    -1.58   0.115    -.0393487    .0042581
             _Iage2_22 |    .053853   .0190254     2.83   0.005     .0165608    .0911453
             _Iage2_23 |   .1306345   .0268831     4.86   0.000       .07794    .1833289
             _Iage2_24 |   .2153424   .0348108     6.19   0.000     .1471086    .2835762
             _Iage2_25 |   .3041984    .042831     7.10   0.000     .2202438     .388153
             _Iage2_26 |   .3921358    .050912     7.70   0.000     .2923414    .4919303
             _Iage2_27 |   .4836741   .0590656     8.19   0.000     .3678976    .5994506
             _Iage2_28 |   .5759809   .0671376     8.58   0.000     .4443821    .7075796
             _Iage2_29 |   .6699193   .0752382     8.90   0.000     .5224424    .8173962
             _Iage2_30 |   .7647299   .0833878     9.17   0.000     .6012786    .9281812
             _Iage2_31 |   .8585198   .0915004     9.38   0.000     .6791667    1.037873
             _Iage2_32 |    .955163   .0996276     9.59   0.000     .7598795    1.150447
             _Iage2_33 |   1.052238    .107755     9.77   0.000     .8410231    1.263452
             _Iage2_34 |   1.150823   .1158483     9.93   0.000     .9237447    1.377901
             _Iage2_35 |   1.248731   .1239623    10.07   0.000     1.005748    1.491714
             _Iage2_36 |   1.346646   .1320826    10.20   0.000     1.087746    1.605546
             _Iage2_37 |   1.443912   .1401756    10.30   0.000     1.169149    1.718675
             _Iage2_38 |   1.542499   .1483192    10.40   0.000     1.251773    1.833225
             _Iage2_39 |    1.63973    .156468    10.48   0.000     1.333032    1.946428
             _Iage2_40 |     1.7391     .16456    10.57   0.000      1.41654    2.061659
             _Iage2_41 |  -1.801245   .1464204   -12.30   0.000    -2.088249   -1.514241
             _Iage2_42 |  -1.701606   .1382707   -12.31   0.000    -1.972635   -1.430577
             _Iage2_43 |  -1.603228   .1301301   -12.32   0.000      -1.8583   -1.348155
             _Iage2_44 |  -1.503939   .1220315   -12.32   0.000    -1.743137   -1.264741
             _Iage2_45 |  -1.405328   .1138945   -12.34   0.000    -1.628577   -1.182079
             _Iage2_46 |  -1.306353   .1057446   -12.35   0.000    -1.513626   -1.099079
             _Iage2_47 |  -1.206584   .0976167   -12.36   0.000    -1.397926   -1.015242
             _Iage2_48 |  -1.108535   .0895001   -12.39   0.000    -1.283967   -.9331026
             _Iage2_49 |   -1.00977    .081364   -12.41   0.000    -1.169254   -.8502854
             _Iage2_50 |  -.9106003   .0732205   -12.44   0.000    -1.054122   -.7670783
             _Iage2_51 |  -.8136621   .0651092   -12.50   0.000    -.9412849   -.6860393
             _Iage2_52 |  -.7140313   .0569468   -12.54   0.000    -.8256548   -.6024078
             _Iage2_53 |  -.6135065    .048842   -12.56   0.000    -.7092434   -.5177696
             _Iage2_54 |  -.5156098   .0406838   -12.67   0.000    -.5953556   -.4358641
             _Iage2_55 |  -.4134713   .0325843   -12.69   0.000    -.4773409   -.3496018
             _Iage2_56 |  -.3117152   .0244588   -12.74   0.000    -.3596578   -.2637727
             _Iage2_57 |  -.2107985   .0163858   -12.86   0.000    -.2429169   -.1786801
             _Iage2_58 |  -.1069564   .0083109   -12.87   0.000    -.1232469   -.0906659
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0003754   .0008136    -0.46   0.645    -.0019703    .0012194
                 _cons |  -.7518506   .0957707    -7.85   0.000    -.9395742    -.564127
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0314446
               sigma_e |  .13526187
                   rho |   .9830935   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 13885) =   22.64
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 13885) =   30.19
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 13885) =   49.98
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 13885) =   51.38
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 13885) =   31.24
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 13885) =    1.67
            Prob > F =    0.1957

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13885) =   14.47
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 13885) =   14.08
            Prob > F =    0.0002

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 13885) =   29.12
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 13885) =   11.88
            Prob > F =    0.0006
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    797683
Group variable: shnro_real                      Number of groups   =     76440

R-sq:  within  = 0.1217                         Obs per group: min =         1
       between = 0.0003                                        avg =      10.4
       overall = 0.0004                                        max =        16

                                                F(86,13888)        =     58.74
corr(u_i, Xb)  = -0.9958                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 13,889 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0064421   .0179133     0.36   0.719    -.0286703    .0415545
           treated_ia3 |  -.0034679   .0004552    -7.62   0.000    -.0043602   -.0025756
     treated_iasuorv_d |  -.1206862   .0276593    -4.36   0.000    -.1749022   -.0664702
           treated_pre |  -.0341588   .0081234    -4.21   0.000    -.0500817   -.0182359
       treated_pre_ia2 |   .0319712   .0073982     4.32   0.000     .0174697    .0464727
       treated_pre_ia3 |   .0036142   .0003336    10.83   0.000     .0029604     .004268
 treated_pre_iasuorv_d |   .0660307    .009003     7.33   0.000     .0483836    .0836777
          treated_post |  -.0392451     .01039    -3.78   0.000    -.0596109   -.0188794
      treated_post_ia2 |   .0251866   .0084399     2.98   0.003     .0086433    .0417298
      treated_post_ia3 |   .0041684    .000414    10.07   0.000      .003357    .0049798
treated_post_iasuorv_d |   .0970482    .010716     9.06   0.000     .0760434    .1180531
             interact2 |  -.1352574   .0120942   -11.18   0.000    -.1589636   -.1115513
             interact3 |  -.0002737   .0001491    -1.83   0.067     -.000566    .0000187
               suorv_d |   .0220271   .0212504     1.04   0.300    -.0196265    .0636806
                   l_0 |  -.6118899   .0410713   -14.90   0.000    -.6923951   -.5313846
                   l_1 |  -.6849552   .0490845   -13.95   0.000    -.7811675    -.588743
                   l_2 |  -.7830213   .0571594   -13.70   0.000    -.8950615   -.6709812
                   l_3 |  -.8796489   .0652632   -13.48   0.000    -1.007573   -.7517243
                   l_4 |  -.9791928   .0733735   -13.35   0.000    -1.123015    -.835371
                   l_5 |  -1.079577   .0814935   -13.25   0.000    -1.239315   -.9198388
                   l_6 |   -1.18035   .0896236   -13.17   0.000    -1.356025   -1.004676
                   l_7 |  -1.285364   .0977704   -13.15   0.000    -1.477008   -1.093721
                   l_8 |  -1.387956   .1059008   -13.11   0.000    -1.595536   -1.180376
                   l_9 |  -1.490878   .1140354   -13.07   0.000    -1.714403   -1.267353
                  l_10 |  -1.594779   .1221621   -13.05   0.000    -1.834233   -1.355325
                   f_1 |  -.4794172   .0329062   -14.57   0.000    -.5439178   -.4149165
                   f_2 |    -.37363   .0249234   -14.99   0.000    -.4224832   -.3247767
                   f_3 |  -.2664091   .0168616   -15.80   0.000    -.2994601   -.2333581
                   f_4 |  -.1394421    .008926   -15.62   0.000    -.1569382    -.121946
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0528066   .0045355   -11.64   0.000    -.0616968   -.0439165
          _Ivuosi_1996 |   .0136676   .0037609     3.63   0.000     .0062958    .0210394
          _Ivuosi_1997 |   .0005601   .0035159     0.16   0.873    -.0063315    .0074517
          _Ivuosi_1998 |  -.0056372      .0031    -1.82   0.069    -.0117137    .0004393
          _Ivuosi_1999 |   .0002332   .0029806     0.08   0.938    -.0056091    .0060756
          _Ivuosi_2000 |  -.0220777   .0030133    -7.33   0.000    -.0279842   -.0161713
          _Ivuosi_2001 |  -.0561683   .0024514   -22.91   0.000    -.0609734   -.0513631
          _Ivuosi_2002 |  -.0522665   .0022475   -23.26   0.000    -.0566719   -.0478611
          _Ivuosi_2003 |  -.0488615   .0020405   -23.95   0.000    -.0528612   -.0448619
          _Ivuosi_2004 |  -.0449708   .0018049   -24.92   0.000    -.0485087   -.0414329
          _Ivuosi_2005 |  -.0428643   .0016291   -26.31   0.000    -.0460576    -.039671
          _Ivuosi_2006 |  -.0362535   .0014231   -25.48   0.000    -.0390429   -.0334641
          _Ivuosi_2007 |  -.0285788   .0011989   -23.84   0.000    -.0309289   -.0262287
          _Ivuosi_2008 |  -.0219385   .0009769   -22.46   0.000    -.0238533   -.0200236
          _Ivuosi_2009 |  -.0161932   .0007526   -21.52   0.000    -.0176683    -.014718
          _Ivuosi_2010 |  -.0112198   .0005478   -20.48   0.000    -.0122937    -.010146
          _Ivuosi_2011 |   -.006052   .0003219   -18.80   0.000     -.006683    -.005421
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.0174835   .0111249    -1.57   0.116    -.0392898    .0043229
             _Iage2_22 |    .054042   .0190289     2.84   0.005     .0167428    .0913412
             _Iage2_23 |   .1310197   .0268889     4.87   0.000     .0783138    .1837256
             _Iage2_24 |   .2159508   .0348198     6.20   0.000     .1476994    .2842023
             _Iage2_25 |   .3050636   .0428439     7.12   0.000     .2210838    .3890434
             _Iage2_26 |    .393276   .0509288     7.72   0.000     .2934486    .4931034
             _Iage2_27 |   .4851297   .0590866     8.21   0.000     .3693121    .6009474
             _Iage2_28 |   .5777643    .067163     8.60   0.000     .4461158    .7094128
             _Iage2_29 |   .6720591   .0752684     8.93   0.000     .5245228    .8195954
             _Iage2_30 |   .7672341   .0834232     9.20   0.000     .6037135    .9307548
             _Iage2_31 |   .8613915   .0915406     9.41   0.000     .6819594    1.040823
             _Iage2_32 |   .9584252   .0996726     9.62   0.000     .7630535    1.153797
             _Iage2_33 |   1.055918   .1078056     9.79   0.000     .8446043    1.267231
             _Iage2_34 |   1.154924   .1159038     9.96   0.000     .9277365    1.382111
             _Iage2_35 |   1.253276   .1240238    10.11   0.000     1.010173     1.49638
             _Iage2_36 |   1.351638   .1321493    10.23   0.000     1.092608    1.610668
             _Iage2_37 |   1.449364    .140249    10.33   0.000     1.174457    1.724271
             _Iage2_38 |   1.548366   .1483974    10.43   0.000     1.257487    1.839244
             _Iage2_39 |   1.645993   .1565513    10.51   0.000     1.339131    1.952854
             _Iage2_40 |   1.745772   .1646482    10.60   0.000     1.423039    2.068504
             _Iage2_41 |   1.844951   .1727846    10.68   0.000      1.50627    2.183633
             _Iage2_42 |   1.944838   .1809344    10.75   0.000     1.590182    2.299494
             _Iage2_43 |   2.043408   .1890737    10.81   0.000     1.672798    2.414018
             _Iage2_44 |   2.142881   .1971721    10.87   0.000     1.756397    2.529365
             _Iage2_45 |   2.241657   .2053104    10.92   0.000      1.83922    2.644093
             _Iage2_46 |   2.340759   .2134609    10.97   0.000     1.922347    2.759171
             _Iage2_47 |   2.440661   .2215917    11.01   0.000     2.006311     2.87501
             _Iage2_48 |   2.538847   .2297091    11.05   0.000     2.088586    2.989108
             _Iage2_49 |    2.63774   .2378498    11.09   0.000     2.171522    3.103957
             _Iage2_50 |   2.737023   .2459968    11.13   0.000     2.254836     3.21921
             _Iage2_51 |   2.834078   .2541075    11.15   0.000     2.335993    3.332163
             _Iage2_52 |    2.93388   .2622744    11.19   0.000     2.419787    3.447974
             _Iage2_53 |   3.034504   .2703932    11.22   0.000     2.504497    3.564511
             _Iage2_54 |   3.132554     .27856    11.25   0.000     2.586539    3.678569
             _Iage2_55 |   3.234806   .2866774    11.28   0.000      2.67288    3.796733
             _Iage2_56 |   3.336737   .2948281    11.32   0.000     2.758834     3.91464
             _Iage2_57 |    3.43787   .3029334    11.35   0.000      2.84408     4.03166
             _Iage2_58 |   3.541929    .311034    11.39   0.000      2.93226    4.151597
             _Iage2_59 |   3.649081   .3191768    11.43   0.000     3.023452    4.274711
         firm_size_new |  -.0003743    .000822    -0.46   0.649    -.0019854    .0012369
                 _cons |  -.7583505   .0957986    -7.92   0.000    -.9461287   -.5705723
-----------------------+----------------------------------------------------------------
               sigma_u |  1.0346612
               sigma_e |  .13526801
                   rho |  .98319519   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 13888) =    1.80
            Prob > F =    0.1796

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 13888) =   12.16
            Prob > F =    0.0005

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 13888) =    0.93
            Prob > F =    0.3356

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 13888) =    0.06
            Prob > F =    0.8059

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 13888) =   15.12
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 13888) =    0.03
            Prob > F =    0.8704
O:\returns
ue_d_bluec_age_short_noIQ_stem_G.xls
dir : seeout
ue_d_bluec_age_top3_noIQ_stem_G.xls
dir : seeout

. *log close
.         
.         
. exit

end of do-file

. do "$estimation\returns_EST_CEM_nostem_2022_08_22"              // estimations with non-stem only educated

. clear all

. set more off

. *capture log close
. set logtype text

. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by flavor of
    Stata.  See limits for more details.

. 
. local mydate: di %tdDNCY date(c(current_date), "DMY")

. 
. global output           "O:\returns"

. global data_path        "W:\returns\REStat_estimation_data" 

. global work                     "W:\returns\REStat_estimation_data" 

. global graphs           "O:\returns"

. 
. global graphs_do        0

. * choose 0 =  no graphs; 1 = do graphs
. global horse_race       1

. global dummy            1  /* 1 if estimate constant /  interacted TE models, 0 otherwise */

. global ownfirm          0  /* 1 if only use obs where the individuals in the firm they were in at t = 0 */

. *log using "${output}\returns_EST_CEM_`mydate'_noIQ_stem.log" , replace
. 
. **************************************************************************************
. 
. * This file produces the results using non-STEM individuals only for
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. 
. **************************************************************************************
. 
. 
. /*  
> \
> ()
> {}
> []
> =
> `i'
>  >
>  <
>  |
>  +
> */
. 
. * set seed 
. set seed 346352014

. 
. **********************************************************************************************
. 
. * inventors
. 
. **********************************************************************************************
. 
. * NOTE on data cem - matching vector
. * A: cem on educ, STEM, IQ, manuf, sme, region
. * B: add age
. * C: add dwage over past 3 years
. * D: add avg wage over past 4 years
. * E: educ, STEM, IQ, manuf, region, age, firm size quintiles 
. * F: educ, STEM, manuf, region, age, firm size quintiles 
. * G: educ, STEM, manuf, region, age, firm size quintiles, dtf, suorv_d
. 
. capture program drop alterations

. program define alterations, eclass
  1.                 matrix A = e(b)
  2.                 matrix A[1,96] = 0
  3.                 ereturn repost b = A
  4.                 ereturn repost V = koev
  5. end

. 
. 
. 
. * choose data
. * NOTE: choose data_int == 6 if you want to use the IQ data; use data_int == 5 if you want to use the large data
. global data     G

. global data_int 5

. 
. global sose_types inventors sose_entr whitec sose_bc 

. global cow_types_oth sose_sr sose_mngt_jr sose_jr

.         
. local datacounter               = 3

. forvalues datacounter   = 3/4  {
  2. 
.         if  `datacounter' == 1 {
  3.                 use "${data_path}\cem_estim_inventors$data.dta", clear
  4.                 local sose_type         = "inv"
  5.                 }
  6.         else if `datacounter' == 2 {
  7.                 use "${data_path}\cem_estim_sose_entr$data.dta", clear
  8.                 local sose_type         = "entr"
  9.                 }
 10.         else if `datacounter' == 3 {
 11.                 use "${data_path}\returns_EST_sose_mngt_sr$data.dta", clear
 12.                 foreach k of global cow_types_oth {
 13.                         append using "${data_path}\returns_EST_`k'$data.dta"
 14.                         }
 15.                 local sose_type         = "whitec"
 16.                 }
 17.         else if `datacounter' == 4 {
 18.                 use "${data_path}\returns_EST_sose_bc$data.dta", clear
 19.                 local sose_type         = "bluec"
 20.                 }
 21. 
.         drop if ika >= 60
 22.         
.         capture:        drop if wage_l14_obs != 1
 23.         capture:        rename inventor treated
 24.         capture:        gen treated_cow = inv_1
 25.         capture:        gen     cem_weights = 1
 26.         capture:        drop treated
 27.         replace treated_cow                     = 0             if treated_cow == .  /* corresponds to inv_1 */
 28.         capture: bysort shnro: egen treated     = max(treated_cow)
 29.         * regressions
.         gen lnwage                                      = ln(wage)
 30.         gen lnearnings                          = ln(earnings)
 31.         gen lnwage_alt                          = ln(wage + 1)
 32.         gen lnearnings_alt                      = ln(earnings + 1)
 33. 
.         gen cem_year0                           = .
 34.         replace cem_year0                       = vuosi if cem_matched == 1
 35.         bysort shnro: egen cem_year     = max(cem_year0)
 36. 
.         * NOTE: if cem_year == ., the individual is an inventor who was not matched by cem
. 
.         sort shnro vuosi
 37.         forvalues i = 0/10 {
 38.                 gen l_`i'                               = .
 39.                 replace l_`i'                   = 0  
 40.                 replace l_`i'                   = 1 if vuosi == cem_year + `i' 
 41.                 }
 42.                 
.         forvalues i = 1/10 {
 43.                 gen inv_l_`i'                   = .
 44.                 replace inv_l_`i'               = 0  
 45.                 replace inv_l_`i'               = 1 if vuosi == cem_year + `i' & treated == 1 
 46.                 }
 47.                 
.         forvalues i = 1/4 {
 48.                 gen f_`i'                               = .
 49.                 replace f_`i'                   = 0 
 50.                 replace f_`i'                   = 1 if vuosi == cem_year - `i'
 51.                 gen inv_f_`i'                   = .
 52.                 replace inv_f_`i'               = 0 
 53.                 replace inv_f_`i'               = 1 if vuosi == cem_year - `i' & treated == 1 
 54.                 }
 55.         forvalues i = 5/7 {
 56.                 gen fl_`i'                              = .
 57.                 replace fl_`i'                  = 0 
 58.                 replace fl_`i'                  = 1 if vuosi == cem_year - `i' 
 59.                 gen inv_fl_`i'                  = .
 60.                 replace inv_fl_`i'              = 0 
 61.                 replace inv_fl_`i'              = 1 if vuosi == cem_year - `i' & treated == 1 
 62.                 }       
 63.                 
.         
.         gen treatment_time                      = vuosi - cem_year      
 64.         replace treatment_time          = . if (treatment_time < -6 | treatment_time > 10) & treatment_time != .
 65. 
.         egen minage                                     = min(ika)
 66.         gen age2                                        = ika
 67.         replace age2                            = minage + 1 if age2 <= minage + 1
 68.         local minage_plus                       = minage + 1
 69.         display "`minage_plus'"
 70.                                                         
.         char vuosi[omit] 1994
 71.         char age2[omit] `minage_plus'
 72.                 
.         xi i.vuosi*i.age2
 73. 
.         global calendar_year_ds _Ivuosi_*
 74.         global age_ds _Iage2_*
 75.         global interactions _IvuoXage*
 76. 
.         gen after                                       = 0
 77.         replace after                           = 1             if treatment_time >= 0 & treatment_time != .
 78.         gen treated_post                        = treated * after
 79. 
.         if $graphs_do == 1 {    
 80.                 regr lnwage                             $calendar_year_ds $age_ds $interactions if cem_year != . 
 81.                 predict lnwage_hat  
 82.                 regr lnearnings                         $calendar_year_ds $age_ds $interactions if cem_year != . 
 83.                 predict lnearnings_hat
 84. 
.                 gen wage_hat                    = exp(lnwage_hat)
 85.                 gen earnings_hat                = exp(lnearnings_hat)
 86.                 
.                 bysort treatment_time: egen wage_avg_control_raw0       = mean(wage) if treated == 0 & cem_year != . 
 87.                 bysort treatment_time: egen wage_avg_treat_raw0         = mean(wage) if treated == 1 & cem_year != .
 88.                 
.                 bysort treatment_time: egen wage_avg_control0           = mean(wage_hat) if treated == 0 & cem_year != 
> . 
 89.                 bysort treatment_time: egen wage_avg_treat0                     = mean(wage_hat) if treated == 1 & c
> em_year != .
 90. 
.                 bysort treatment_time: egen earn_avg_control0           = mean(earnings_hat) if treated == 0 & cem_year
>  != . 
 91.                 bysort treatment_time: egen earn_avg_treat0                     = mean(earnings_hat) if treated == 1
>  & cem_year != .
 92. 
.                 bysort treatment_time: egen wage_avg_control_raw        = mean(wage_avg_control_raw0)  
 93.                 bysort treatment_time: egen wage_avg_treat_raw          = mean(wage_avg_treat_raw0) 
 94.                 
.                 bysort treatment_time: egen wage_avg_control            = mean(wage_avg_control0)  
 95.                 bysort treatment_time: egen wage_avg_treat                      = mean(wage_avg_treat0) 
 96. 
.                 bysort treatment_time: egen earn_avg_control            = mean(earn_avg_control0) 
 97.                 bysort treatment_time: egen earn_avg_treat                      = mean(earn_avg_treat0) 
 98. 
.                 bysort vuosi: gen win_vuosi_ind                                         = _n if cem_year != .
 99.                 bysort treatment_time: gen win_tyear_ind                        = _n
100. 
.                 twoway  line wage_avg_treat_raw treatment_time if win_tyear_ind == 1 || ///
>                         line wage_avg_control_raw treatment_time if win_tyear_ind == 1, ///
>                         xline(0) ///
>                         legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                         graphregion(color(white)) bgcolor(white)
101.                 graph export "${graphs}\inventor_wage_raw_`sose_type'$data.pdf" , replace
102.                 
.                 twoway  line wage_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line wage_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
103.                         graph export "${graphs}\wage_time_`sose_type'$data.pdf" , replace
104.                                 
.                 twoway  line earn_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line earn_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
105.                         graph export "${graphs}\earn_time_`sose_type'$data.pdf" , replace
106. 
.                 gen earn_wage                   = earnings / wage
107.                 gen earn_wage_hat               = earnings_hat / wage_hat
108.                 display "controls, wage"
109.                 tabstat wage                                            if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
110.                 display "treated, wage"
111.                 tabstat wage                                            if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
112.                 display "controls, earnings"
113.                 tabstat earnings                                        if treated == 0, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
114.                 display "treated, earnings"
115.                 tabstat earnings                                        if treated == 1, stat(mean p1 p5 p10 p25 p50
>  p75 p90 p95 p99 n) by(after)
116.                 tabstat earn_wage                                       if earn_wage > 1 & treated == 1, stat(mean p
> 1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
117.                         
.                 bysort vuosi: egen earn_wage_control_v0                         = mean(earn_wage) if treated == 0 & cem
> _year != .
118.                 bysort vuosi: egen earn_wage_treat_v0                           = mean(earn_wage) if treated == 1 & 
> cem_year != .
119. 
.                 bysort vuosi: egen earn_wage_control_v                          = mean(earn_wage_control_v0) 
120.                 bysort vuosi: egen earn_wage_treat_v                            = mean(earn_wage_treat_v0)  
121. 
.                 bysort treatment_time: egen earn_wage_control_t0        = mean(earn_wage) if treated == 0 & cem_year !=
>  .
122.                 bysort treatment_time: egen earn_wage_treat_t0          = mean(earn_wage) if treated == 1 & cem_year
>  != .
123. 
.                 bysort vuosi: egen earn_wage_control_t                          = mean(earn_wage_control_t0)
124.                 bysort vuosi: egen earn_wage_treat_t                            = mean(earn_wage_treat_t0) 
125. 
.                 twoway  scatter earn_wage_treat_v vuosi if win_vuosi_ind == 1 || ///
>                                 scatter earn_wage_control_v vuosi  if win_vuosi_ind == 1 , ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
126.                         graph export "${graphs}\earn_wage_vuosi_`sose_type'$data.pdf" , replace
127. 
.                 twoway  scatter earn_wage_treat_t treatment_time if win_vuosi_ind == 1  || ///
>                                 scatter earn_wage_control_t treatment_time if win_vuosi_ind == 1 , ///
>                                 xline(0) ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
128.                         graph export "${graphs}\earn_wage_ttime_`sose_type'$data.pdf" , replace
129.                         
.                 twoway  kdensity wage_hat if treated == 1 & cem_year != . & treatment_time < 0 & wage < 200000 & wage >
>  20000 || ///    
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time < 0 & wage < 200000 
> & wage > 20000 || ///
>                                 kdensity wage_hat if treated == 1 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 || ///   
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time >= 0 & wage < 200000
>  & wage > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("wage, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
130.                         graph export "${graphs}\distr_wage_ttime_`sose_type'$data.pdf" , replace
131.                                 
.                 twoway  kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time < 0 & earnings < 200000 
> & earnings > 20000 || ///        
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time < 0 & earnings <
>  200000 & earnings > 20000 || ///
>                                 kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 || ///       
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time >= 0 & earnings 
> < 200000 & earnings > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "c
> ontrols after") rows(2)) ///
>                                 xtitle("earnings, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
132.                         graph export "${graphs}\distr_earnings_ttime_`sose_type'$data.pdf" , replace
133.                 }
134.                         
.         * NOTE: using shnro or shtun makes no difference
. 
.         egen shnro_real                         = group(shnro)
135.         xtset shnro_real
136.         
.         
.         replace firm_size                       = firm_size / 1000
137.         gen firm_size2                          = firm_size^2
138.         gen firm_size3                          = firm_size^3
139. 
. 
.         bysort shnro: egen total_firm_size      = total(firm_size)
140.         
.         gen ue_d                                        = .
141.         replace ue_d                            = 0                     if ptoim1 == "11"  & sykstun != ""          
>                             /* 11 = työllinen */
142.         replace ue_d                            = 1                     if ptoim1 != "11"
143.         *replace ue_d                           = 1                     if ptoim1 == "24" 
.         *exit
.         sort shnro vuosi
144.         gen firm_size_new                       = firm_size
145.         replace firm_size_new = firm_size_new[_n - 1]           if firm_size_new[_n] == . & firm_size_new[_n - 1] !=
>  . & ue_d[_n] == 1
146. 
.         *capture: drop interact birth_year
.         
.         bysort shnro: egen fam_size_max         = max(family_size_max)
147.         replace fam_size_max                            = 0 if fam_size_max == .
148. 
.         gen treated_famsize                     = treated_post * fam_size_max
149. 
.         if  $data_int == 6 {
150.                 gen high_iq                                     = .
151.                 replace high_iq                         = 0             if kuv_pc != .
152.                 replace high_iq                         = 1             if kuv_pc >= 90 & kuv_pc != .
153. 
.                 gen treated_iq                          = treated * high_iq
154.                 gen treated_post_iq                     = treated_post * high_iq
155.                 }
156.                 
.         gen star_inv                            = 0
157.         replace star_inv                        = 1                     if fwd_cits5_max >= 5 &  fwd_cits5_max != .
158. 
.         gen birth_year                          = vuosi - ika
159.         gen year                                        = vuosi
160.         sort shnro vuosi
161.         bysort shnro: gen within_ind            = _n
162.         tabstat birth_year if within_ind == 1, stat(mean p50)
163.         gen interact                            = 0
164.         replace interact                        = vuosi - suorv
165.         
.         gen msc_new                                     = 0 
166.         replace msc_new                         = 1                     if  edu_lev >= 4 & edu_lev != .
167.         
.         gen treated_ia                          = treated * interact
168.         gen treated_post_ia                     = treated_post * interact
169. 
.         gen treated_pre                         = treated * (f_1 + f_2 + f_3 + f_4)     
170.         gen treated_pre_ia                      = treated_pre * interact
171.         if   $data_int == 6 {
172.                 gen treated_pre_iq              = treated_pre * high_iq
173.                 }
174.         * name interaction
.         local inter                                     = "suorv"
175.         
.         * NOTE: using syrtun or sykstun makes no difference
. 
.         sort shnro vuosi
176.         gen djob_d                                      = .
177.         replace djob_d                          = 0                     if shnro == shnro[_n - 1] & syrtun == syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
178.         replace djob_d                          = 1                     if shnro == shnro[_n - 1] & syrtun != syrtun
> [_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
179.         
.         if $ownfirm == 1 {
180.                 sort shnro vuosi
181.                 replace ue_d                    = ue_d[_n + 1]          if ue[_n + 1] == 1              & shnro == s
> hnro[_n + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
182.                 replace djob_d                  = djob_d[_n + 1]        if djob_d[_n + 1] == 1  & shnro == shnro[_n 
> + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != "" 
183.                 }
184.         global dep_vars lnwage
185. 
.         if `datacounter' == 1 {
186.         
.                 preserve
187.                 use "${data_path}\returns_DATAPREP_1.dta", clear
188.                 drop                                                                    if syrtun       == ""
189.                 keep syrtun vuosi inv_1
190.                 bysort syrtun: egen total_inv_1         = total(inv_1)
191.                 
.                 keep syrtun vuosi total_inv_1
192.                 
.                 bysort syrtun vuosi: gen index          = _n
193.                 keep                                                                    if index == 1
194.                 drop index
195.                 save "${data_path}\returns_inventor_count_data.dta", replace
196.                 restore
197.                 }
198.         else if `datacounter' != 1 {
199.                 drop _merge
200.                 merge m:1 syrtun using "${data_path}\returns_inventor_count_data.dta"
201.                 replace total_inv_1             = 3000                  if syrtun == ""
202.                 drop _merge
203.                 }
204. 
.         gen est_sample                          = .
205.         replace est_sample                      = .
206.         replace est_sample                      = 1                     if cem_year != . & treatment_time >= -5 & tr
> eatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
207.         gen est_sample_rob                      = .
208.         replace est_sample_rob          = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
209.         gen est_sample_top3             = .
210.         replace est_sample_top3         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. & total_inv_1 < 850 // & iq !=.
211.         gen est_sample_long                     = .
212.         replace est_sample_long         = 1                     if cem_year != . & treatment_time >= -8 & treatment_
> time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
213.         gen est_sample_publ                     = .
214.         replace est_sample_publ         = 1                     if cem_year != . & treatment_time >= -5 & treatment_
> time <= 10 & total_firm_size != . ///
>                                                                                                 & msc != . & edu_scienc
> e !=. & manuf !=. & region_large !=. & age !=.  // & iq !=.
215.         * RESTAT REVISION       
.         * what fraction of data are PhD?
.         tab educ_level          if est_sample == 1 /* educ_level = 8 == PhD */
216.         tab edu_science         if est_sample == 1
217.         
.         
.         if $ownfirm == 1 {
218.                 egen syrtun_num                 = group(syrtun)
219.                 gen syrtun_l0_0                 = syrtun_num    if l_0 == 1
220.                 
.                 bysort shnro: egen syrtun_l0 = max(syrtun_l0_0)
221.                 
.                 replace est_sample              = .                     if syrtun_num != syrtun_l0
222.                 replace est_sample_rob  = .                     if syrtun_num != syrtun_l0
223.                 replace est_sample_top3 = .                     if syrtun_num != syrtun_l0
224.                 replace est_sample_long = .                     if syrtun_num != syrtun_l0
225.                 replace est_sample_publ = .                     if syrtun_num != syrtun_l0
226.                 }
227.                 
.         global dep_vars lnwage
228.         global firm_size_vars firm_size_new // firm_size_d              
229.         
.         capture: drop interact birth_year
230.         
.         gen birth_year                          = vuosi - ika
231.         sort shnro vuosi
232.         tabstat birth_year                                                      if within_ind == 1, stat(mean p50)
233. 
.         global short_depvar lnwage ue_d 
234.         
.         tabstat $short_depvar if est_sample == 1, stat(mean sd p50 n)
235.         tabstat $short_depvar if est_sample == 1, stat(mean) by(vuosi)
236. 
.         gen categ                                       = .
237.         replace categ                           = 0                     if after == 0
238.         replace categ                           = 1                     if treated == 0 & after == 0
239.         replace categ                           = 2                     if treated == 0 & after == 1
240.         replace categ                           = 3                     if treated == 1 & after == 0
241.         replace categ                           = 4                     if treated == 1 & after == 1
242.         replace categ                           = 5                     if after == 1   
243.         
.         gen bsc                                         = 0
244.         replace bsc                                     = 1                     if edu_lev >= 3 & edu_lev != .
245.         
.         gen est_sample_u        = .
246.         * generate dummy for working in one of top-3 firms in year of invention
.         rename total_inv_1 total_inv_a
247.         gen total_inv_b         = total_inv_a * l_0 
248.         bysort shnro: egen total_inv_1  = max(total_inv_b)
249. 
.         sort shnro vuosi
250.         capture: bysort shnro: gen within_shnro_ind = _n                
251.         
.         * first interaction: age
.         gen senior                      = 0
252.         replace senior          = 1                                     if ika > 30 & ika != .
253.         if  $data_int == 5 {
254.                 replace senior          = 0
255.                 replace senior          = 1                             if ika > 40 & ika != .
256.                 }       
257.         gen age_3135            = 0
258.         replace age_3135        = 1                                             if ika > 30 & ika <= 35
259.         gen age_3640            = 0
260.         replace age_3640        = 1                                             if ika >= 36 & ika <= 40
261.         gen age_4145            = 0
262.         replace age_4145        = 1                                             if ika > 40 & ika <= 45
263.         gen age_41                      = 0
264.         replace age_41          = 1                                             if ika > 40 & ika != .
265.         gen age_4650            = 0
266.         replace age_4650        = 1                                             if ika >= 46 & ika <= 50
267.         gen age_5155            = 0
268.         replace age_5155        = 1                                             if ika > 50 & ika <= 55
269.         gen age_5660            = 0
270.         replace age_5660        = 1                                             if ika >= 56 & ika <= 60
271.         gen age_61                      = 0
272.         replace age_61          = 1                                             if ika > 60 & ika != .  
273.                 
.         gen age_new                     = 2
274.         replace age_new         = 3                                     if ika > 30 & ika <= 40
275.         replace age_new         = 4                                     if ika > 40 & ika != .
276.         
.         
.         * 2nd interaction: level of education   
.         gen interact2                   = 0
277.         replace interact2               = 1                             if  edu_lev >= 4 & edu_lev != .
278.         if "`sose_type'" == "bluec" {
279.                 replace interact2       = 1                             if  edu_lev >= 3 & edu_lev != .
280.                 }
281. 
.         * 3rd interaction: distance to frontier of education
. *       gen suorv2                              = suorv
. *       replace suorv2                  = vuosi - ika + 15 if suorv == . & edu_lev == 1
. *       replace suorv2                  = vuosi - ika + 18 if suorv == . & edu_lev == 2
.         gen interact3                   = vuosi - suorv
282.         replace interact3               = 0                             if suorv == .
283.         replace interact3               = ika - 15                      if interact3 > ika - 15 & interact3 != . & s
> uorv != .
284.         
.         gen dtf_610                             = 0
285.         replace dtf_610                 = 1                             if interact3 > 5 & interact3 <= 10
286.         gen dtf_1115                    = 0
287.         replace dtf_1115                = 1                             if interact3 > 10 & interact3 <= 15
288.         gen dtf_1620                    = 0
289.         replace dtf_1620                = 1                             if interact3 > 15 & interact3 <= 20
290.         gen dtf_2125                    = 0
291.         replace dtf_2125                = 1                             if interact3 > 20 & interact3 <= 25
292.         gen dtf_2630                    = 0
293.         replace dtf_2630                = 1                             if interact3 > 25 & interact3 <= 30
294.         gen dtf_31                              = 0
295.         replace dtf_31                  = 1                             if interact3 > 30 & interact3 != .
296.         
.         gen dtf_new                             = 5
297.         replace dtf_new                 = 10                            if interact3 > 5 & interact3 <= 10
298.         replace dtf_new                 = 15                            if interact3 > 10 & interact3 <= 15
299. 
.         replace dtf_new                 = 16                            if interact3 > 15 & interact3 != .
300.         
.         gen dtf_cat                             = .
301.         replace dtf_cat                 = 1                             if suorv_d == 0 & interact3 <= 5
302.         replace dtf_cat                 = 2                             if suorv_d == 0 & interact3 > 5 & interact3 
> <= 10
303.         replace dtf_cat                 = 3                             if suorv_d == 0 & interact3 > 10 & interact3
>  <= 15
304.         replace dtf_cat                 = 4                             if suorv_d == 0 & interact3 > 15 & interact3
>  <= 20
305.         replace dtf_cat                 = 5                             if suorv_d == 0 & interact3 > 20 & interact3
>  <= 25
306.         replace dtf_cat                 = 6                             if suorv_d == 0 & interact3 > 25 & interact3
>  <= 30
307.         replace dtf_cat                 = 7                             if suorv_d == 0 & interact3 > 30
308.         
. 
.         * 4th and 5th interaction: IQ
.         gen post                                        = after
309.         gen pre                                         = f_1 + f_2 + f_3 + f_4
310.         
.         if  $data_int == 6 {
311.                 gen interact4                           = 0
312.                 replace interact4                       = 1  if p_test_pc > 50 & p_test_pc <= 90
313.                 gen interact5                           = 0
314.                 replace interact5                       = 1  if p_test_pc > 90 & p_test_pc != .
315.                 }
316.                 
.         gen pre_iasenior                        = pre * senior
317.         gen pre_ia1_41                          = pre * age_41
318.         gen pre_ia1_4145                        = pre * age_4145
319.         gen pre_ia1_4650                        = pre * age_4650
320.         gen pre_ia1_5155                        = pre * age_5155
321.         gen pre_ia1_5660                        = pre * age_5660
322.         gen pre_ia1_61                          = pre * age_61
323.                 
.         gen pre_ia2                                     = pre * interact2
324.         gen pre_ia3                                     = pre * interact3
325.         gen pre_ia3_610                         = pre * dtf_610
326.         gen pre_ia3_1115                        = pre * dtf_1115
327.         gen pre_ia3_1620                        = pre * dtf_1620
328.         gen pre_ia3_2125                        = pre * dtf_2125
329.         gen pre_ia3_2630                        = pre * dtf_2630
330.         gen pre_ia3_31                          = pre * dtf_31
331.         gen pre_iasuorv_d                       = pre * suorv_d
332.         
.         if  $data_int == 6 {
333.                 gen pre_ia4                                     = pre * interact4
334.                 gen pre_ia5                                     = pre * interact5
335.                 }
336.                 
.         gen post_iasenior                       = post * senior
337.         gen post_ia1_41                         = post * age_41
338.         gen post_ia1_4145                       = post * age_4145
339.         gen post_ia1_4650                       = post * age_4650
340.         gen post_ia1_5155                       = post * age_5155
341.         gen post_ia1_5660                       = post * age_5660
342.         gen post_ia1_61                         = post * age_61
343.                 
.         gen post_ia2                            = post * interact2
344.         gen post_ia3                            = post * interact3
345.         gen post_ia3_610                        = post * dtf_610
346.         gen post_ia3_1115                       = post * dtf_1115
347.         gen post_ia3_1620                       = post * dtf_1620
348.         gen post_ia3_2125                       = post * dtf_2125
349.         gen post_ia3_2630                       = post * dtf_2630
350.         gen post_ia3_31                         = post * dtf_31
351.         gen post_iasuorv_d                      = post * suorv_d
352.         
.         if  $data_int == 6 {
353.                 gen post_ia4                            = post * interact4
354.                 gen post_ia5                            = post * interact5
355.                 }
356.                 
.         gen treated_iasenior            = treated * senior
357.         
.         gen treated_ia1_41                      = treated * age_41
358.         gen treated_ia1_4145            = treated * age_4145
359.         gen treated_ia1_4650            = treated * age_4650
360.         gen treated_ia1_5155            = treated * age_5155
361.         gen treated_ia1_5660            = treated * age_5660
362.         gen treated_ia1_61                      = treated * age_61
363.         gen treated_ia1_5160            = treated_ia1_5155 + treated_ia1_5660
364.         
.         gen treated_ia2                         = treated * interact2
365.         
.         gen treated_ia3                         = treated * interact3
366.         gen treated_ia3_610                     = treated * dtf_610 
367.         gen treated_ia3_1115            = treated * dtf_1115
368.         gen treated_ia3_1620            = treated * dtf_1620
369.         gen treated_ia3_2125            = treated * dtf_2125
370.         gen treated_ia3_2630            = treated * dtf_2630
371.         gen treated_ia3_31                      = treated * dtf_31
372.         
.         gen treated_iasuorv_d           = treated * suorv_d
373.         
.         if  $data_int == 6 {
374.                 gen treated_ia4                         = treated * interact4
375.                 gen treated_ia5                         = treated * interact5
376.                 }
377.                 
.         gen treated_post_iasenior       = treated_post * senior
378.         gen treated_post_ia1_41         = treated_post * age_41
379.         gen treated_post_ia1_4145       = treated_post * age_4145
380.         gen treated_post_ia1_4650       = treated_post * age_4650
381.         gen treated_post_ia1_5155       = treated_post * age_5155
382.         gen treated_post_ia1_5660       = treated_post * age_5660
383.         gen treated_post_ia1_61         = treated_post * age_61
384.         
.         gen treated_post_ia2            = treated_post * interact2
385.         
.         gen treated_post_ia3            = treated_post * interact3
386.         gen treated_post_ia3_610        = treated_post * dtf_610
387.         gen treated_post_ia3_1115       = treated_post * dtf_1115
388.         gen treated_post_ia3_1620       = treated_post * dtf_1620
389.         gen treated_post_ia3_2125       = treated_post * dtf_2125
390.         gen treated_post_ia3_2630       = treated_post * dtf_2630
391.         gen treated_post_ia3_31         = treated_post * dtf_31
392.         
.         gen treated_post_iasuorv_d      = treated_post * suorv_d
393.         
.         if  $data_int == 6 {
394.                 gen treated_post_ia4            = treated_post * interact4
395.                 gen treated_post_ia5            = treated_post * interact5
396.                 }
397.                 
.         gen treated_pre_iasenior        = treated_pre * senior
398.         gen treated_pre_ia1_41          = treated_pre * age_41
399.         gen treated_pre_ia1_4145        = treated_pre * age_4145
400.         gen treated_pre_ia1_4650        = treated_pre * age_4650
401.         gen treated_pre_ia1_5155        = treated_pre * age_5155
402.         gen treated_pre_ia1_5660        = treated_pre * age_5660
403.         gen treated_pre_ia1_61          = treated_pre * age_61
404.         
.         gen treated_pre_ia2                     = treated_pre * interact2
405.         
.         gen treated_pre_ia3                     = treated_pre * interact3
406.         gen treated_pre_ia3_610         = treated_pre * dtf_610
407.         gen treated_pre_ia3_1115        = treated_pre * dtf_1115
408.         gen treated_pre_ia3_1620        = treated_pre * dtf_1620
409.         gen treated_pre_ia3_2125        = treated_pre * dtf_2125
410.         gen treated_pre_ia3_2630        = treated_pre * dtf_2630
411.         gen treated_pre_ia3_31          = treated_pre * dtf_31
412.         
.         gen treated_pre_iasuorv_d       = treated_pre * suorv_d
413.         
.         gen post_ia2_senior                     = post * interact2 * senior
414.         gen pre_ia2_senior                      = pre * interact2 * senior
415.         gen post_ia2_ia3                        = post * interact2 * interact3
416.         gen pre_ia2_ia3                         = pre * interact2 * interact3
417.         
.         gen treated_post_ia2_senior     = treated_post * interact2 * senior
418.         gen treated_pre_ia2_senior      = treated_pre * interact2 * senior
419.         gen treated_post_ia2_ia3        = treated_post * interact2 * interact3
420.         gen treated_pre_ia2_ia3         = treated_pre * interact2 * interact3
421.         gen ia2_ia3                                     = interact2 * interact3
422.         gen ia2_senior                          = interact2 * senior
423.         
.         gen treated_ia2_senior          = treated * interact2 * senior
424.         gen treated_ia2_ia3                     = treated * interact2 * interact3
425.         
.         gen ia2_dtf610          = interact2 * dtf_610
426.         gen ia2_dtf1115         = interact2 * dtf_1115
427.         gen ia2_dtf1620         = interact2 * dtf_1620
428.         gen ia2_dtf2125         = interact2 * dtf_2125
429.         gen ia2_dtf2630         = interact2 * dtf_2630
430.         gen ia2_dtf31           = interact2 * dtf_31
431.         
.         gen treated_ia2_dtf610          = treated * interact2 * dtf_610
432.         gen treated_ia2_dtf1115         = treated * interact2 * dtf_1115
433.         gen treated_ia2_dtf1620         = treated * interact2 * dtf_1620
434.         gen treated_ia2_dtf2125         = treated * interact2 * dtf_2125
435.         gen treated_ia2_dtf2630         = treated * interact2 * dtf_2630
436.         gen treated_ia2_dtf31           = treated * interact2 * dtf_31
437.         
.         gen pre_ia2_dtf610      = pre * interact2 * dtf_610
438.         gen pre_ia2_dtf1115     = pre * interact2 * dtf_1115
439.         gen pre_ia2_dtf1620     = pre * interact2 * dtf_1620
440.         gen pre_ia2_dtf2125     = pre * interact2 * dtf_2125
441.         gen pre_ia2_dtf2630     = pre * interact2 * dtf_2630
442.         gen pre_ia2_dtf31       = pre * interact2 * dtf_31
443.         
.         gen post_ia2_dtf610     = post * interact2 * dtf_610
444.         gen post_ia2_dtf1115    = post * interact2 * dtf_1115
445.         gen post_ia2_dtf1620    = post * interact2 * dtf_1620
446.         gen post_ia2_dtf2125    = post * interact2 * dtf_2125
447.         gen post_ia2_dtf2630    = post * interact2 * dtf_2630
448.         gen post_ia2_dtf31              = post * interact2 * dtf_31
449. 
.         gen treated_pre_ia2_dtf610      = treated_pre * interact2 * dtf_610
450.         gen treated_pre_ia2_dtf1115     = treated_pre * interact2 * dtf_1115
451.         gen treated_pre_ia2_dtf1620     = treated_pre * interact2 * dtf_1620
452.         gen treated_pre_ia2_dtf2125     = treated_pre * interact2 * dtf_2125
453.         gen treated_pre_ia2_dtf2630     = treated_pre * interact2 * dtf_2630
454.         gen treated_pre_ia2_dtf31       = treated_pre * interact2 * dtf_31
455.         
.         gen treated_post_ia2_dtf610             = treated_post * interact2 * dtf_610
456.         gen treated_post_ia2_dtf1115    = treated_post * interact2 * dtf_1115
457.         gen treated_post_ia2_dtf1620    = treated_post * interact2 * dtf_1620
458.         gen treated_post_ia2_dtf2125    = treated_post * interact2 * dtf_2125
459.         gen treated_post_ia2_dtf2630    = treated_post * interact2 * dtf_2630
460.         gen treated_post_ia2_dtf31              = treated_post * interact2 * dtf_31
461. 
.         gen ia2_age4145         = interact2 * age_4145
462.         gen ia2_age4650         = interact2 * age_4650
463.         gen ia2_age5155         = interact2 * age_5155
464.         gen ia2_age5660         = interact2 * age_5660
465.         
.         gen treated_ia2_age4145         = treated * interact2 * age_4145
466.         gen treated_ia2_age4650         = treated * interact2 * age_4650
467.         gen treated_ia2_age5155         = treated * interact2 * age_5155
468.         gen treated_ia2_age5660         = treated * interact2 * age_5660
469.         
.         gen pre_ia2_age4145             = pre * interact2 * age_4145
470.         gen pre_ia2_age4650             = pre * interact2 * age_4650
471.         gen pre_ia2_age5155             = pre * interact2 * age_5155
472.         gen pre_ia2_age5660             = pre * interact2 * age_5660
473.         
.         gen post_ia2_age4145    = post * interact2 * age_4145
474.         gen post_ia2_age4650    = post * interact2 * age_4650
475.         gen post_ia2_age5155    = post * interact2 * age_5155
476.         gen post_ia2_age5660    = post * interact2 * age_5660
477.         
.         gen treated_pre_ia2_age4145             = treated_pre * interact2 * age_4145
478.         gen treated_pre_ia2_age4650             = treated_pre * interact2 * age_4650
479.         gen treated_pre_ia2_age5155             = treated_pre * interact2 * age_5155
480.         gen treated_pre_ia2_age5660             = treated_pre * interact2 * age_5660
481.         
.         gen treated_post_ia2_age4145    = treated_post * interact2 * age_4145
482.         gen treated_post_ia2_age4650    = treated_post * interact2 * age_4650
483.         gen treated_post_ia2_age5155    = treated_post * interact2 * age_5155
484.         gen treated_post_ia2_age5660    = treated_post * interact2 * age_5660
485.         
.         if  $data_int == 6 {
486.                 gen treated_pre_ia4                     = treated_pre * interact4
487.                 gen treated_pre_ia5                     = treated_pre * interact5
488.                 }
489.                 
.         global interactions             interact2 dtf_610 dtf_1115 dtf_16
490.         
.         global pre_ias_short            pre_iasenior pre_ia2 pre_ia3 pre_iasuorv_d
491.         global pre_ias_educ                     pre_ia2 pre_ia3 pre_iasuorv_d
492.         
.         global pre_ias_med                      pre_ia1_41 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
493.         global pre_ias_meduc            pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_
> ia3_31 pre_iasuorv_d
494.         global pre_ias_long                     pre_ia1_41 pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_16 pre_iasuorv_d
>  // pre_ia1_3135 pre_ia1_3640
495.         
.         if $data_int == 5 {
496.                 global pre_ias_med                      pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
497.                 global pre_ias_long                     pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_
> 61 pre_ia2 ///              // pre_ia1_3135 pre_ia1_3640   
>                                                                         pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2
> 125 pre_ia3_2630 pre_ia3_31 pre_iasuorv_d
498.                 }
499.                 
.         global post_ias_short           post_iasenior post_ia2 post_ia3 post_iasuorv_d
500.         global post_ias_educ            post_ia2 post_ia3 post_iasuorv_d
501.         global post_ias_med                     post_ia1_41 post_ia2 post_ia3 post_iasuorv_d // post_ia1_3135 post_i
> a1_3640
502.         global post_ias_meduc           post_ia2 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_263
> 0 post_ia3_31 post_iasuorv_d
503.         global post_ias_long            post_ia1_41 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 
> post_ia3_2630 post_ia3_31 post post_iasuorv_d
504.         
.         if $data_int == 5 {
505.                 global post_ias_med                     post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post
> _ia1_61 post_ia2 post_ia3 post_iasuorv_d    // post_ia1_3135 post_ia1_3640 
506.                 global post_ias_long            post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 
> post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                         post_ia3_610 post_ia3_1115 post_ia3_1620 post_i
> a3_2125 post_ia3_2630 post_ia3_31 post post_iasuorv_d
507.                 }
508.                 
.         global treated_educ                     treated_ia2 treated_ia3_* treated_suorv_d
509.         global treated_post_educ_ia             treated_post_ia2 treated_post_ia3_* post_iasuorv_d
510.         global treated_pre_educ_ia              treated_pre_ia2 treated_pre_ia3_* post_iasuorv_d
511.         
.         global treated_age                      treated_ia1_41 // treated_ia1_3135 treated_ia1_3640 
512.         global treated_pre_age_ia       treated_pre_ia1_41 // treated_pre_ia1_3135 treated_pre_ia1_3640 
513.         global treated_post_age_ia      treated_post_ia1_41 // treated_post_ia1_3135 treated_post_ia1_3640 
514.         
.         if $data_int == 5 {
515.                 global treated_age                      treated_ia1_4145 treated_ia1_4650 treated_ia1_5160 // treate
> d_ia1_3135 treated_ia1_3640 
516.                 global treated_pre_age_ia       treated_pre_ia1_4145 treated_pre_ia1_4650 treated_pre_ia1_5155 treat
> ed_pre_ia1_5660 treated_pre_ia1_61 // treated_pre_ia1_3135 treated_pre_ia1_3640 
517.                 global treated_post_age_ia      treated_post_ia1_4145 treated_post_ia1_4650 treated_post_ia1_5155 tr
> eated_post_ia1_5660 treated_post_ia1_61 // treated_post_ia1_3135 treated_post_ia1_3640 
518.                 }
519.                 
.         if  $data_int == 6 {
520.                 global interactions_iq          interact2 dtf_610 dtf_1115 dtf_16 interact4 interact5
521.                 global treated_ias_iq           treated_ia1_* treated_ia2 treated_ia3_* treated_ia4 treated_ia5
522.                 global treated_post_ias_iq      treated_post_ia1_* treated_post_ia2 treated_post_ia3_* treated_post_
> ia4 treated_post_ia5
523.                 global treated_pre_ias_iq       treated_pre_ia1_* treated_pre_ia2 treated_pre_ia3_* treated_pre_ia4 
> treated_pre_ia5
524.                 }
525.         
.         global ia2_dtfias                               ia2_dtf*
526.         global pre_ia2_dtfias                   pre_ia2_dtf*
527.         global post_ia2_dtfias                  post_ia2_dtf*
528.         
.         global treated_ia2_dtfias               treated_ia2_dtf*
529.         global treated_pre_ia2_dtfias   treated_pre_ia2_dtf*
530.         global treated_post_ia2_dtfias  treated_post_ia2_dtf*
531.         
.         global ia2_ageias                               ia2_age*
532.         global pre_ia2_ageias                   pre_ia2_age*
533.         global post_ia2_ageias                  post_ia2_age*   
534.         
.         global treated_ia2_ageias               treated_ia2_age*
535.         global treated_pre_ia2_ageias   treated_pre_ia2_age*
536.         global treated_post_ia2_ageias  treated_post_ia2_age*
537.         
.         *global interactions_long l_ia* inv_f_ia_* f_ia_*
.         global leads_and_lags l_0 l_1 l_2 l_3 l_4 l_5 l_6 l_7 l_8 l_9 l_10 f_1 f_2 f_3 f_4
538.         
.         foreach t of global interactions {
539.                 display "number of obs by treatment category conditional on `t'"
540.                 tab categ `t' if est_sample_u == 1 
541.                 }
542.                 
.         foreach d of global short_depvar {
543.                 
.                         replace est_sample_u            = est_sample
544.                         * need to use est_sample_publ for ue_d as otherwise ue_d == 0 by definition
.                         if "`d'" == "ue_d" {
545.                                 replace est_sample_u    = est_sample_publ
546.                                 }
547.                                 
.                         tab ptoim1                                                                                     
>                          if  est_sample_u == 1   
548.                 
.                         regr `d'        treated $treated_age ///
>                                 treated_pre ///
>                                 $treated_pre_age_ia   ///
>                                 treated_post ///
>                                 $treated_post_age_ia  ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars       if est_sample_u == 1, c
> luster(shnro) 
549.                         
.                         replace est_sample_u = e(sample)
550.                 
.                         display "dependent variable is `d'"     
551. 
.                         * Appendix A.2 descriptive statistics
.                         
.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated 
> == 0, stat(mean sd p50 n) save
552.                         matrix A = r(StatTotal)
553.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treat
> ed == 1, stat(mean sd p50 n) save
554.                         matrix B = r(StatTotal)
555.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1, stat(m
> ean sd p50 n) by(treated) save
556.                         matrix C = r(StatTotal)
557.                         
.                         putexcel set "${graphs}\Appendix_A.2_tabstat_`sose_type'$data_`d'_noIQ.xls", replace
558.                         putexcel B1 = "treated = 0"
559.                         putexcel B2 = matrix(A), names
560.                         putexcel B8 = "treated = 1"
561.                         putexcel B9 = matrix(B), names
562.                         putexcel B15 = "total"
563.                         putexcel B16 = matrix(C), names
564.                         
.                 
.                         
.                         *display " 0 = before, 1 = control before, 2 = control after, 3 = treated before, 4 = treated a
> fter 5 = after "
. 
.                         * Appendix A.3 desc stats on distribution of age and dtf
.                         tab age_new dtf_cat if est_sample_u == 1 , cell
565. 
.                         tab dtf         if ika == 35 & est_sample_u == 1 
566.                         /*
>                         twoway  histogram dtf if ika == 35 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_35_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         tab dtf         if ika == 45 & est_sample_u == 1 
567.                         /*
>                         twoway  histogram dtf if ika == 45 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_45_`sose_type'$data_`d'.pdf" , replace
>                         */              
.                         tab dtf         if ika == 55 & est_sample_u == 1 
568.                         /*
>                         twoway  histogram dtf if ika == 55 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_55_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         bysort ika: egen dtf_p10                = pctile(dtf)                           if est_sample_u
>  == 1, p(10)
569.                         *bysort ika: egen dtf_p25               = pctile(dtf)                           if est_sampl
> e_u == 1, p(25)
.                         *bysort ika: egen dtf_p50               = pctile(dtf)                           if est_sample_u
>  == 1, p(50)
.                         *bysort ika: egen dtf_p75               = pctile(dtf)                           if est_sample_u
>  == 1, p(75)
.                         bysort ika: egen dtf_p90                = pctile(dtf)                           if est_sample_u
>  == 1, p(90)
570.                         *bysort ika: egen dtf_mean              = mean(dtf)                                     if e
> st_sample_u == 1
.                         bysort ika: gen ika_ind                 = _n                                            if est_
> sample_u == 1
571.                         
.                         twoway rarea dtf_p10 dtf_p90 ika        if est_sample_u == 1 & ika_ind == 1     , ///
>                                         sort fcolor(gs10) ///
>                                         xtitle("age")  ///
>                                         ytitle("DTHCF") ///
>                                         lwidth(none) ///                                        
>                                         graphregion(color(white)) bgcolor(white) ///
>                                         legend( order(2 3) label(2 "10th percentile") label(3 "90th percentile")) ///
>                                         ||   line dtf_p10 ika if est_sample_u == 1 & ika_ind == 1 ///
>                                         ||   line dtf_p90 ika if est_sample_u == 1 & ika_ind == 1 
572.                                                         graph export "${graphs}\dtf_age_`sose_type'$data_`d'_noIQ.pd
> f" , replace        
573. 
.                                         
.                 
.                         drop dtf_p10 dtf_p90 ika_ind
574.                         
.                         pwcorr ika dtf                          if est_sample_u == 1 , sig
575.                         pwcorr ika interact3            if est_sample_u == 1 , sig
576.                         regr dtf ika                            if est_sample_u == 1, robust
577.                         
.                         pwcorr age_new dtf_cat          if est_sample_u == 1, sig
578.                         
.                         *RESTAT REVISION: ESTIMATE MODEL FOR THOSE WITH STEM EDUCATION
.                         gen treat_year                          = .
579.                         replace treat_year                      = year                  if treatment_time == 0
580.                         egen treat_year_count           = group(syrtun treat_year)
581.                         bysort shnro: egen my_group             = min(treat_year_count)
582.                         drop treat_year treat_year_count
583. 
.                         drop if edu_science == 1        
584.                         if $dummy == 1 {
585.                                 
. *******************************************************************                     
.                                 * 1. base -  pre + no interaction
. ******************************************************************* eqn_2
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1, fe cluster(my_group)  
586.                                 estimates store eqn_2           
587.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                     
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1, fe cluster(my_group)  
588.                                 test treated_post + treated_post_iasenior = 0
589.                                 test treated_pre + treated_pre_iasenior = 0
590.                                 estimates store eqn_4           
591. 
. *******************************************************************     
.                                 * 2. base -  pre + only DTHCF
. ****************************************************************** eqn_8        
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1, fe cluster(my_group)  
592.                                 test treated_post + treated_post_ia3 = 0
593.                                 test treated_pre + treated_pre_ia3 = 0
594.                                 estimates store eqn_5           
595.                                 
.                                 
.                                 
. *******************************************************************     
.                                 * 2. base -  pre + simple educ
. ****************************************************************** 
. 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
596.                                 estimates store eqn_6           
597.                                 testparm *ia3*
598.                                 testparm *pre*ia3  *post*ia3 
599.                                 testparm *pre*ia3  
600.                                 testparm *post*ia3
601.                                 test treated_post + treated_post_iasenior = 0
602.                                 test treated_post + treated_post_ia3 = 0
603.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
604.                                 
.                                 * senior + educ + dtf
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
605.                                 estimates store eqn_7           
606.                                 testparm *ia2* *ia3*
607.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
608.                                 testparm *pre*ia2* *pre*ia3  
609.                                 testparm *post*ia2* *post*ia3
610.                                 test treated_post + treated_post_iasenior = 0
611.                                 test treated_post + treated_post_ia2 = 0
612.                                 test treated_post + treated_post_ia3 = 0
613.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
614.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
615.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
616.                                 
.                                 sum interact2                           if est_sample_u == 1 & senior == 0
617.                                 scalar educ_junior_m            = r(mean)
618.                                 local educ_junior_m                     = educ_junior_m
619.                                 local educ_junior_m: di %6.2f    educ_junior_m
620.         
.                                 sum interact2                           if est_sample_u == 1 & senior == 1
621.                                 scalar educ_senior_m            = r(mean)
622.                                 local educ_senior_m                     = educ_senior_m
623.                                 local educ_senior_m: di %6.2f    educ_senior_m
624.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0
625.                                 scalar dtf_junior_m                     = r(mean)
626.                                 local dtf_junior_m                      = dtf_junior_m
627.                                 local dtf_junior_m: di %6.2f     dtf_junior_m
628.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1
629.                                 scalar dtf_senior_m                     = r(mean)
630.                                 local dtf_senior_m                      = dtf_senior_m  
631.                                 local dtf_senior_m: di %6.2f     dtf_senior_m
632.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 0
633.                                 scalar dtf_junior_ml            = r(mean)
634.                                 local dtf_junior_ml                     = dtf_junior_ml
635.                                 local dtf_junior_ml: di %6.2f    dtf_junior_ml
636.                                 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 0
637.                                 scalar dtf_senior_ml            = r(mean)
638.                                 local dtf_senior_ml                     = dtf_senior_ml 
639.                                 local dtf_senior_ml: di %6.2f    dtf_senior_ml
640. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & in
> teract2 == 1
641.                                 scalar dtf_junior_mh            = r(mean)
642.                                 local dtf_junior_mh                     = dtf_junior_mh 
643.                                 local dtf_junior_mh: di %6.2f    dtf_junior_mh
644. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & in
> teract2 == 1
645.                                 scalar dtf_senior_mh            = r(mean)
646.                                 local dtf_senior_mh                     = dtf_senior_mh 
647.                                 local dtf_senior_mh: di %6.2f    dtf_senior_mh
648.         
.                                 *****
.                                 * Graph 1A: junior and senior, mean educ, mean dtf
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * `edu
> c_junior_m' + _b[treated_post_ia3] * `dtf_junior_m') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * `educ_senior_m' + _b[treated_post_ia3] * `dtf_senior_m') 
649.                                 matrix phat1 = r(b)
650.                                 matrix pse1 = vecdiag(r(V))
651.                                 matrix CI1 = J(2,2,.)
652.                                 forvalues i = 1/2 {
653.                                         matrix CI1[1,`i'] = phat1[1, `i'] + sqrt(pse1[1, `i'])
654.                                         matrix CI1[2,`i'] = phat1[1, `i'] - sqrt(pse1[1, `i'])
655.                                         }       
656.                                 
.                                 * Graph 1B: junior and senior x low and high educ x mean dtf | senior, high educ
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') 
657.                                 matrix phat2 = r(b)
658.                                 matrix pse2 = vecdiag(r(V))
659.                                 matrix CI2 = J(4,4,.)
660.                                 forvalues i = 1/4 {
661.                                         matrix CI2[1,`i'] = phat2[1, `i'] + sqrt(pse2[1, `i'])
662.                                         matrix CI2[2,`i'] = phat2[1, `i'] - sqrt(pse2[1, `i'])
663.                                         }       
664.                                         
.                                 * Graph 1C: junior and senior with mean educ and mean dtf; junior and senior x low and 
> high educ x mean dtf | senior, high educ; 
.                                 * junior and senior x  high     and low educ, dtf = 0                                  
>                  
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0   
>                           + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 1                             + _b[treated_post_ia3] * `dtf_senior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2
> ] * 0                             + _b[treated_post_ia3] * `dtf_senior_ml') 
665.                                 matrix phat3 = r(b)
666.                                 matrix pse3 = vecdiag(r(V))
667.                                 matrix CI3 = J(8,8,.)
668.                                 forvalues i = 1/8 {
669.                                         matrix CI3[1,`i'] = phat3[1, `i'] + sqrt(pse3[1, `i'])
670.                                         matrix CI3[2,`i'] = phat3[1, `i'] - sqrt(pse3[1, `i'])
671.                                         }
672.                                         
.                         
.                                 coefplot matrix(phat1), ci(CI1) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelA, replace)
673.                                 graph export "${graphs}\Fig1_panelA_`d'_`sose_type'_noIQ_nostem_$data.pdf" , replace
674.                                 
.                                 coefplot matrix(phat1), ci(CI1) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`
> educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelAv2, replace)
675.                                 graph export "${graphs}\Fig1_panelAv2_`d'_`sose_type'_noIQ_nostem_$data.pdf" , repla
> ce
676. 
.                                 *               notes("LE = low educ; HE = high educ; J = junior; S = senior")
.                                 * REMEMBER: cols(x) 
.                                 coefplot matrix(phat2), ci(CI2) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelB, replace)
677.                                 graph export "${graphs}\Fig1_panelB_`d'_`sose_type'_noIQ_nostem_$data.pdf" , replace
678.                                 
.                                 coefplot matrix(phat2), ci(CI2) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml'
> )"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelBv2, replace)
679.                                 graph export "${graphs}\Fig1_panelBv2_`d'_`sose_type'_noIQ_nostem_$data.pdf" , repla
> ce
680.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical recast(bar) ciopts(recast(rcap))  ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelC, replace)
681.                                 graph export "${graphs}\Fig1_panelC_`d'_`sose_type'_noIQ_nostem_$data.pdf" , replace
682.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelCv2, replace)
683.                                 graph export "${graphs}\Fig1_panelCv2_`d'_`sose_type'_noIQ_nostem_$data.pdf" , repla
> ce
684. 
.                                 gr combine panelA.gph panelB.gph, saving(panelAB, replace) imargin(0 0 0 0) cols(2)
685.                                 gr combine panelAB.gph panelC.gph, saving(Fig1_all, replace) imargin(tiny) cols(1)
686.                                 graph export "${graphs}\Fig1_all_`d'_`sose_type'_noIQ_nostem_$data.pdf" , replace
687.         
.                                 gr combine panelAv2.gph panelBv2.gph, saving(panelABv2, replace) imargin(0 0 0 0) cols(
> 2)
688.                                 gr combine panelABv2.gph panelCv2.gph, saving(Fig1v2_all, replace) imargin(tiny) col
> s(1)
689.                                 graph export "${graphs}\Fig1v2_all_`d'_`sose_type'_noIQ_nostem_$data.pdf" , replace
690. 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
691.                                 test treated_post + treated_post_ia2 = 0
692.                                 test treated_post + treated_post_ia3 = 0
693.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
694.                                 test treated_pre + treated_pre_ia2 = 0
695.                                 test treated_pre + treated_pre_ia3 = 0
696.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
697.                                 estimates store eqn_8           
698. 
.                                 
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
699.                                 estimates store eqn_12          
700.                                 testparm *ia2* *ia3*
701.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
702.                                 testparm *pre*ia2* *pre*ia3  
703.                                 testparm *post*ia2* *post*ia3
704.                                 test treated_post + treated_post_iasenior = 0
705.                                 test treated_post + treated_post_ia2 = 0
706.                                 test treated_post + treated_post_ia3 = 0
707.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
708.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
709.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
710. 
.                 
.                         
. 
. ******************************************************************* 
.                                 * 8 base - interaction drop top-3
.                                 
.                                 * 1. base -  pre + no interaction
. ******************************************************************* 
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age
> _ds $firm_size_vars  ///
>                                 if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
711.                                 estimates store eqn_top32               
712.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                             
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                         $pre_ia_educ $post_ia_educ ///
>                                         interact3 suorv_d ///
>                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 
> 1  & total_inv_1 < 850, fe cluster(my_group)  
713.                                 test treated_post + treated_post_ia3 = 0
714.                                 test treated_pre + treated_pre_ia3 = 0
715.                                 estimates store eqn_top33               
716.                                 
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post 
> treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_yea
> r_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group) 
>  
717.                                 test treated_post + treated_post_iasenior = 0
718.                                 test treated_pre + treated_pre_iasenior = 0
719.                                 estimates store eqn_top34       
720.                                 
.                                 
. *******************************************************************                             
.                                 * 2. base -  pre + simple educ
. *******************************************************************     
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuo
> rv_d ///
>                                                         treated_post  treated_post_ia2 treated_post_ia3 treated_post_ia
> suorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact2 interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if 
> est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
721.                                 test treated_post + treated_post_ia2 = 0
722.                                 test treated_post + treated_post_ia3 = 0
723.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
724.                                 test treated_pre + treated_pre_ia2 = 0
725.                                 test treated_pre + treated_pre_ia3 = 0
726.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
727.                                 estimates store eqn_top35                                               
728. 
.                                 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
729.                                 estimates store eqn_top36               
730.                                 testparm *ia3*
731.                                 testparm *pre*ia3  *post*ia3 
732.                                 testparm *pre*ia3  
733.                                 testparm *post*ia3
734.                                 test treated_post + treated_post_iasenior = 0
735.                                 test treated_post + treated_post_ia3 = 0
736.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
737. 
.                                 * senior + educ
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d
>  ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuo
> rv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & tota
> l_inv_1 < 850, fe cluster(my_group)  
738.                                 estimates store eqn_top37               
739.                                 testparm *ia2* *ia3*
740.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
741.                                 testparm *pre*ia2* *pre*ia3  
742.                                 testparm *post*ia2* *post*ia3
743.                                 test treated_post + treated_post_iasenior = 0
744.                                 test treated_post + treated_post_ia2 = 0
745.                                 test treated_post + treated_post_ia3 = 0
746.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
747.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
748.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
749.                                 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cl
> uster(my_group)  
750.                                 test treated_post + treated_post_ia2 = 0
751.                                 test treated_post + treated_post_ia3 = 0
752.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
753.                                 test treated_pre + treated_pre_ia2 = 0
754.                                 test treated_pre + treated_pre_ia3 = 0
755.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
756.                                 estimates store eqn_top38               
757. 
. 
. ***********************************************************************************************************************
> *****************************************                                
. 
.                                 local filename          = "`d'"
758.                                 cd ${output}
759. 
.                                 if $ownfirm != 1 & $data_int == 6 {
760.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
761.                                                 }
762.                                 else if $ownfirm != 1 & $data_int == 5  {
763.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
764.                                                 }       
765.                                 if $ownfirm != 1 & $data_int == 6 {
766.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
767.                                                 }
768.                                 else if $ownfirm != 1 & $data_int == 5  {
769.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
770.                                                 }       
771.                                 if $ownfirm == 1 & $data_int == 6 {
772.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
773.                                                 }
774.                                 else if $ownfirm == 1 & $data_int == 5  {
775.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQ_nostem_$data.xls", /// 
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
776.                                 if $ownfirm == 1 & $data_int == 6 {
777.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
778.                                                 }
779.                                 else if $ownfirm == 1 & $data_int == 5  {
780.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37
>  eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQ_nostem_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pr
> e_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treate
> d_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*su* ///
>                                                                                 interact* treated treated_ia*se* treate
> d_ia1* treated_ia2* treated_ia* treated_ia*su*)
781.                                                 }                       
782.                                         */
.                                         }
783.                                 
.                                 /*              
>                                 outreg2 [eqn_long_1 eqn_long_2] using "`d'_`sose_type'_horser_long$data.xls", replace /
> //
>                                                 keep(treated treated_cow  inv_l_* inv_f_* inv_fl_*)
>                                 */
.                                 }
784.                 drop my_group           
785.         
.                 }
786.         local datacounter       = `datacounter' + 1     
787.         }
(label _merge already defined)
(label _merge already defined)
(label _merge already defined)
(239,651 observations deleted)
(3,147,402 real changes made)
(132,209 missing values generated)
(103,355 missing values generated)
(3,324,847 missing values generated)
(177,445 real changes made)
(65358 missing values generated)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(178,336 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(174,703 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(170,837 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(149,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(135,159 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(117,864 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(103,525 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,280 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(70,798 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(56,345 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(50,576 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(88,902 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(86,883 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(75,827 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(68,602 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(59,504 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(52,094 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(44,751 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(35,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(27,890 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(25,069 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(177,042 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(90,154 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(175,944 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,582 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(164,590 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(83,884 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(156,261 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(79,760 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(148,976 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(76,067 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(141,822 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(72,449 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(132,136 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(67,508 real changes made)
(65,358 missing values generated)
(998,316 real changes made, 998,316 to missing)
(44,430 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,296,538 real changes made)
       panel variable:  shnro_real (unbalanced)
(2,870,653 real changes made)
(454,194 missing values generated)
(454,194 missing values generated)
(3,324,847 missing values generated)
(2,782,955 real changes made)
(418,774 real changes made)
(454,194 missing values generated)
(408,713 real changes made)
(3324847 missing values generated)
(3,324,847 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------
(3,192,566 real changes made, 374,857 to missing)
(666,404 real changes made)
(374,857 missing values generated)
(374,857 missing values generated)
(374,857 missing values generated)
(3,324,847 missing values generated)
(2,220,248 real changes made)
(400,153 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                     1,003,647
        from master                   454,194  (_merge==1)
        from using                    549,453  (_merge==2)

    matched                         2,870,653  (_merge==3)
    -----------------------------------------
(454,194 real changes made)
(3,874,300 missing values generated)
(0 real changes made)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,874,563 real changes made)
(3,874,300 missing values generated)
(1,991,729 real changes made)
(3,874,300 missing values generated)
(1,938,369 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    492,696       27.87       27.87
          4 |     10,885        0.62       28.49
          5 |    434,738       24.60       53.09
          6 |    400,438       22.65       75.74
          7 |    382,615       21.65       97.39
          8 |     46,194        2.61      100.00
------------+-----------------------------------
      Total |  1,767,566      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    876,708       46.47       46.47
          1 |  1,009,876       53.53      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
(549,453 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.66542         0
      sd |  .6092713         0
     p50 |  10.70241         0
       N |   1885513   1828195
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.46082         0
    1995 |  10.45269         0
    1996 |  10.52745         0
    1997 |  10.53696         0
    1998 |  10.56097         0
    1999 |  10.56886         0
    2000 |  10.56892         0
    2001 |  10.61203         0
    2002 |  10.61898         0
    2003 |  10.63067         0
    2004 |  10.65567         0
    2005 |  10.66955         0
    2006 |  10.69059         0
    2007 |  10.71738         0
    2008 |  10.74392         0
    2009 |  10.75992         0
    2010 |   10.7702         0
    2011 |  10.79585         0
    2012 |  10.80281         0
---------+--------------------
   Total |  10.66542         0
------------------------------
(3,874,300 missing values generated)
(2,028,309 real changes made)
(1,026,709 real changes made)
(641,051 real changes made)
(1,001,600 real changes made)
(655,487 real changes made)
(1,296,538 real changes made)
(2,029,548 real changes made)
(3,874,300 missing values generated)
(549,453 missing values generated)
(549453 missing values generated)
(2,494,609 real changes made)
(2,494,609 real changes made)
(1,506,426 real changes made)
(488,379 real changes made)
(499,804 real changes made)
(490,878 real changes made)
(1,506,426 real changes made)
(449,814 real changes made)
(356,926 real changes made)
(208,808 real changes made)
(0 real changes made)
(988,183 real changes made)
(1,506,426 real changes made)
(666,404 real changes made)
(924,310 missing values generated)
(924,310 real changes made)
(14 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(1,094,728 real changes made)
(3,874,300 missing values generated)
(831,882 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,886,584 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,886,584      100.00      100.00
------------+-----------------------------------
      Total |  1,886,584      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,885,513
                                                F(87, 159428)     =    1573.83
                                                Prob > F          =     0.0000
                                                R-squared         =     0.2273
                                                Root MSE          =     .53559

                                     (Std. Err. adjusted for 159,429 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0337624   .0043821     7.70   0.000     .0251737    .0423512
     treated_ia1_4145 |   .0488185   .0076588     6.37   0.000     .0338074    .0638296
     treated_ia1_4650 |   .0640597   .0077927     8.22   0.000     .0487861    .0793333
     treated_ia1_5160 |    .097091   .0091774    10.58   0.000     .0791034    .1150785
          treated_pre |   .0188673   .0037854     4.98   0.000      .011448    .0262865
 treated_pre_ia1_4145 |  -.0179303   .0070181    -2.55   0.011    -.0316856    -.004175
 treated_pre_ia1_4650 |  -.0322815   .0067312    -4.80   0.000    -.0454745   -.0190885
 treated_pre_ia1_5155 |  -.0376624   .0074883    -5.03   0.000    -.0523392   -.0229856
 treated_pre_ia1_5660 |  -.0381243   .0096981    -3.93   0.000    -.0571324   -.0191162
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0469079   .0046121    10.17   0.000     .0378683    .0559476
treated_post_ia1_4145 |  -.0424488   .0082198    -5.16   0.000    -.0585595   -.0263381
treated_post_ia1_4650 |   -.070996   .0082658    -8.59   0.000    -.0871968   -.0547951
treated_post_ia1_5155 |  -.1105512   .0093823   -11.78   0.000    -.1289402   -.0921621
treated_post_ia1_5660 |    -.09801    .009263   -10.58   0.000    -.1161653   -.0798547
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |    .016892   .0027972     6.04   0.000     .0114096    .0223744
                  l_1 |   .0743576   .0028565    26.03   0.000      .068759    .0799562
                  l_2 |   .0603645   .0030294    19.93   0.000     .0544268    .0663021
                  l_3 |   .0569287   .0031976    17.80   0.000     .0506615     .063196
                  l_4 |   .0546285   .0033706    16.21   0.000     .0480222    .0612348
                  l_5 |   .0501995   .0035635    14.09   0.000     .0432152    .0571839
                  l_6 |   .0472612   .0037883    12.48   0.000     .0398363    .0546862
                  l_7 |    .043753   .0040218    10.88   0.000     .0358704    .0516356
                  l_8 |   .0457788   .0042696    10.72   0.000     .0374105    .0541472
                  l_9 |   .0428347   .0045726     9.37   0.000     .0338725    .0517969
                 l_10 |    .042309   .0048504     8.72   0.000     .0328024    .0518157
                  f_1 |   .0335141   .0024401    13.73   0.000     .0287315    .0382967
                  f_2 |   .0203332   .0023367     8.70   0.000     .0157532    .0249132
                  f_3 |    .011004   .0022533     4.88   0.000     .0065876    .0154204
                  f_4 |   .0017611    .002173     0.81   0.418     -.002498    .0060202
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0082984   .0027285     3.04   0.002     .0029506    .0136462
         _Ivuosi_1996 |   .0727416   .0027399    26.55   0.000     .0673714    .0781117
         _Ivuosi_1997 |   .0763539    .002839    26.89   0.000     .0707896    .0819183
         _Ivuosi_1998 |   .1000126   .0029545    33.85   0.000     .0942218    .1058035
         _Ivuosi_1999 |   .1176668   .0030095    39.10   0.000     .1117682    .1235654
         _Ivuosi_2000 |   .1311884   .0030669    42.78   0.000     .1251773    .1371994
         _Ivuosi_2001 |   .1610548   .0030869    52.17   0.000     .1550045    .1671051
         _Ivuosi_2002 |    .160597   .0031622    50.79   0.000     .1543992    .1667948
         _Ivuosi_2003 |   .1703102   .0032405    52.56   0.000      .163959    .1766615
         _Ivuosi_2004 |   .1928852   .0033071    58.32   0.000     .1864034    .1993671
         _Ivuosi_2005 |   .2113533   .0034002    62.16   0.000      .204689    .2180175
         _Ivuosi_2006 |   .2167662   .0035515    61.04   0.000     .2098055     .223727
         _Ivuosi_2007 |   .2322437   .0036955    62.85   0.000     .2250006    .2394867
         _Ivuosi_2008 |   .2435971   .0038416    63.41   0.000     .2360676    .2511266
         _Ivuosi_2009 |   .2411787    .004017    60.04   0.000     .2333054     .249052
         _Ivuosi_2010 |    .241793   .0041998    57.57   0.000     .2335616    .2500245
         _Ivuosi_2011 |   .2458833   .0043468    56.57   0.000     .2373637    .2544029
         _Ivuosi_2012 |   .2457982   .0045479    54.05   0.000     .2368844    .2547121
            _Iage2_21 |   .3984763   .0142549    27.95   0.000     .3705369    .4264157
            _Iage2_22 |   .5422289   .0135556    40.00   0.000     .5156602    .5687977
            _Iage2_23 |   .6706946   .0132377    50.67   0.000      .644749    .6966402
            _Iage2_24 |   .8296829   .0130624    63.52   0.000     .8040809    .8552849
            _Iage2_25 |   1.037846   .0129167    80.35   0.000      1.01253    1.063162
            _Iage2_26 |   1.212385   .0128182    94.58   0.000     1.187262    1.237509
            _Iage2_27 |   1.337928   .0127147   105.23   0.000     1.313008    1.362849
            _Iage2_28 |   1.435554   .0126815   113.20   0.000     1.410699     1.46041
            _Iage2_29 |   1.505186   .0126507   118.98   0.000     1.480391    1.529982
            _Iage2_30 |   1.557459   .0126285   123.33   0.000     1.532707     1.58221
            _Iage2_31 |   1.602431   .0126209   126.97   0.000     1.577694    1.627167
            _Iage2_32 |   1.641808   .0126232   130.06   0.000     1.617067    1.666549
            _Iage2_33 |   1.676753   .0126342   132.72   0.000      1.65199    1.701515
            _Iage2_34 |   1.702756   .0126393   134.72   0.000     1.677983    1.727529
            _Iage2_35 |   1.727582   .0126356   136.72   0.000     1.702817    1.752348
            _Iage2_36 |   1.748755   .0126489   138.25   0.000     1.723963    1.773547
            _Iage2_37 |    1.76769   .0126607   139.62   0.000     1.742876    1.792505
            _Iage2_38 |   1.784529   .0126702   140.84   0.000     1.759695    1.809362
            _Iage2_39 |   1.798268   .0126777   141.84   0.000      1.77342    1.823116
            _Iage2_40 |   1.810667   .0126866   142.72   0.000     1.785802    1.835533
            _Iage2_41 |   1.813487   .0128037   141.64   0.000     1.788392    1.838582
            _Iage2_42 |   1.826774   .0128033   142.68   0.000     1.801679    1.851868
            _Iage2_43 |   1.834348   .0127944   143.37   0.000     1.809271    1.859424
            _Iage2_44 |   1.839874   .0128001   143.74   0.000     1.814786    1.864962
            _Iage2_45 |    1.84283   .0128085   143.88   0.000     1.817726    1.867934
            _Iage2_46 |   1.851318   .0128597   143.96   0.000     1.826114    1.876523
            _Iage2_47 |   1.854708   .0128554   144.28   0.000     1.829512    1.879904
            _Iage2_48 |   1.858451    .012864   144.47   0.000     1.833238    1.883664
            _Iage2_49 |   1.856959   .0128743   144.24   0.000     1.831725    1.882192
            _Iage2_50 |   1.856729   .0128856   144.09   0.000     1.831473    1.881984
            _Iage2_51 |   1.855592   .0129768   142.99   0.000     1.830157    1.881026
            _Iage2_52 |   1.859638   .0129824   143.24   0.000     1.834192    1.885083
            _Iage2_53 |   1.863137   .0129858   143.47   0.000     1.837685    1.888589
            _Iage2_54 |   1.861834   .0130134   143.07   0.000     1.836328     1.88734
            _Iage2_55 |   1.860608    .013063   142.43   0.000     1.835005    1.886211
            _Iage2_56 |   1.854693   .0133195   139.25   0.000     1.828587    1.880799
            _Iage2_57 |   1.836723   .0134093   136.97   0.000     1.810441    1.863005
            _Iage2_58 |   1.829518   .0135263   135.26   0.000     1.803006    1.856029
            _Iage2_59 |   1.797706   .0137803   130.45   0.000     1.770697    1.824715
        firm_size_new |   .0017562   .0005639     3.11   0.002      .000651    .0028614
                _cons |   8.697283   .0127657   681.30   0.000     8.672263    8.722304
---------------------------------------------------------------------------------------
(1,988,787 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.62383         0  41.06355  .6419092  .2353308  14.25271
      sd |  .5944325         0  9.670137  .4794393  .4242056   9.24824
     p50 |  10.66401         0        41         1         0        13
       N |    928918    896168    928918    928918    928918    832465
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |   10.7058         0  41.13015  .6973526  .2453431  14.25693
      sd |  .6206825         0  9.637819  .4594042  .4302907  9.253291
     p50 |  10.74198         0        41         1         0        13
       N |    956595    931003    956595    956595    956595    858531
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.62383         0  41.06355  .6419092  .2353308  14.25271
         |  .5944325         0  9.670137  .4794393  .4242056   9.24824
         |  10.66401         0        41         1         0        13
         |    928918    896168    928918    928918    928918    832465
---------+------------------------------------------------------------
       1 |   10.7058         0  41.13015  .6973526  .2453431  14.25693
         |  .6206825         0  9.637819  .4594042  .4302907  9.253291
         |  10.74198         0        41         1         0        13
         |    956595    931003    956595    956595    956595    858531
---------+------------------------------------------------------------
   Total |  10.66542         0  41.09734  .6700378  .2404104  14.25486
         |  .6092713         0  9.653809  .4701992  .4273328  9.250803
         |  10.70241         0        41         1         0        13
         |   1885513   1827171   1885513   1885513   1885513   1690996
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQ.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
Linear regression                               Number of obs     =  1,690,996
                                                F(1, 1690994)     >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6343
                                                Root MSE          =     5.5944

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7878825   .0004796  1642.92   0.000     .7869425    .7888224
       _cons |  -17.50656   .0174482 -1003.35   0.000    -17.54076   -17.47236
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7017   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
(1,684,964 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2572                         Obs per group: min =         1
       between = 0.2536                                        avg =      10.3
       overall = 0.1335                                        max =        44

                                                F(74,16552)        =    334.68
corr(u_i, Xb)  = -0.9535                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 16,553 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0181432   .0056334     3.22   0.001      .007101    .0291853
 treated_post |   .0478844   .0082982     5.77   0.000      .031619    .0641498
          l_0 |  -.7347873   .1236713    -5.94   0.000    -.9771963   -.4923783
          l_1 |  -.8629742    .148399    -5.82   0.000    -1.153852   -.5720963
          l_2 |  -1.044601   .1731002    -6.03   0.000    -1.383896   -.7053057
          l_3 |  -1.210518   .1977293    -6.12   0.000    -1.598089   -.8229475
          l_4 |  -1.377926   .2225044    -6.19   0.000    -1.814059   -.9417936
          l_5 |  -1.542958   .2471899    -6.24   0.000    -2.027477   -1.058439
          l_6 |  -1.707276   .2719685    -6.28   0.000    -2.240364   -1.174189
          l_7 |  -1.874731   .2966449    -6.32   0.000    -2.456187   -1.293275
          l_8 |  -2.035522   .3212875    -6.34   0.000     -2.66528   -1.405764
          l_9 |  -2.193706   .3462011    -6.34   0.000    -2.872297   -1.515114
         l_10 |  -2.352914   .3709357    -6.34   0.000    -3.079988    -1.62584
          f_1 |  -.5776314   .0988998    -5.84   0.000    -.7714856   -.3837772
          f_2 |  -.4353877   .0742101    -5.87   0.000    -.5808475   -.2899279
          f_3 |  -.2968582   .0495004    -6.00   0.000    -.3938843   -.1998322
          f_4 |  -.1529446   .0248676    -6.15   0.000    -.2016877   -.1042014
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0004203   .0041191    -0.10   0.919    -.0084942    .0076537
 _Ivuosi_1996 |    .024211   .0042655     5.68   0.000       .01585    .0325719
 _Ivuosi_1997 |   .0125598   .0047456     2.65   0.008      .003258    .0218616
 _Ivuosi_1998 |   .0167547   .0052675     3.18   0.001     .0064299    .0270796
 _Ivuosi_1999 |   .0286175   .0052618     5.44   0.000     .0183039    .0389312
 _Ivuosi_2000 |   .0300332   .0052418     5.73   0.000     .0197587    .0403076
 _Ivuosi_2001 |   .0459631   .0051481     8.93   0.000     .0358723    .0560539
 _Ivuosi_2002 |   .0281749   .0045546     6.19   0.000     .0192475    .0371024
 _Ivuosi_2003 |    .023357   .0043398     5.38   0.000     .0148506    .0318634
 _Ivuosi_2004 |   .0327399   .0043268     7.57   0.000     .0242588     .041221
 _Ivuosi_2005 |    .043286    .004015    10.78   0.000     .0354163    .0511558
 _Ivuosi_2006 |    .033254   .0039417     8.44   0.000     .0255279    .0409801
 _Ivuosi_2007 |   .0378479   .0039512     9.58   0.000     .0301031    .0455926
 _Ivuosi_2008 |   .0349629   .0036639     9.54   0.000     .0277811    .0421446
 _Ivuosi_2009 |   .0219138   .0032349     6.77   0.000     .0155731    .0282545
 _Ivuosi_2010 |   .0197415   .0030022     6.58   0.000     .0138569    .0256261
 _Ivuosi_2011 |   .0099147     .00241     4.11   0.000     .0051908    .0146385
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .6470732   .0390923    16.55   0.000     .5704482    .7236982
    _Iage2_22 |   .9889482   .0630172    15.69   0.000     .8654278    1.112469
    _Iage2_23 |   1.308307   .0871935    15.00   0.000     1.137399    1.479216
    _Iage2_24 |   1.634918   .1118698    14.61   0.000     1.415641    1.854195
    _Iage2_25 |   1.985015   .1371045    14.48   0.000     1.716275    2.253754
    _Iage2_26 |    2.31576   .1616824    14.32   0.000     1.998846    2.632675
    _Iage2_27 |   2.613274    .186555    14.01   0.000     2.247607    2.978942
    _Iage2_28 |   2.889789   .2111982    13.68   0.000     2.475817     3.30376
    _Iage2_29 |   3.138454   .2359133    13.30   0.000     2.676039     3.60087
    _Iage2_30 |   3.370538   .2604738    12.94   0.000     2.859982    3.881095
    _Iage2_31 |   3.594669   .2852005    12.60   0.000     3.035646    4.153693
    _Iage2_32 |   3.808741   .3098919    12.29   0.000      3.20132    4.416163
    _Iage2_33 |   4.019185   .3344231    12.02   0.000      3.36368     4.67469
    _Iage2_34 |   4.221531   .3591172    11.76   0.000     3.517623    4.925439
    _Iage2_35 |   4.424397   .3838537    11.53   0.000     3.672002    5.176791
    _Iage2_36 |   4.623012   .4085655    11.32   0.000     3.822179    5.423844
    _Iage2_37 |   4.819971   .4333408    11.12   0.000     3.970576    5.669365
    _Iage2_38 |   5.009866   .4580518    10.94   0.000     4.112035    5.907697
    _Iage2_39 |   5.202366   .4827166    10.78   0.000      4.25619    6.148542
    _Iage2_40 |   5.391648   .5074419    10.63   0.000     4.397008    6.386289
    _Iage2_41 |   5.572591   .5320427    10.47   0.000     4.529731    6.615452
    _Iage2_42 |   5.764136   .5567751    10.35   0.000     4.672797    6.855474
    _Iage2_43 |   5.946523   .5815216    10.23   0.000     4.806678    7.086367
    _Iage2_44 |   6.126047   .6062347    10.11   0.000     4.937762    7.314332
    _Iage2_45 |   6.302727    .630947     9.99   0.000     5.066004    7.539451
    _Iage2_46 |   6.478363   .6556985     9.88   0.000     5.193124    7.763603
    _Iage2_47 |   6.654214   .6804192     9.78   0.000      5.32052    7.987909
    _Iage2_48 |   6.824731   .7051536     9.68   0.000     5.442554    8.206908
    _Iage2_49 |   6.991689   .7297986     9.58   0.000     5.561206    8.422173
    _Iage2_50 |   7.158772   .7545363     9.49   0.000       5.6798    8.637745
    _Iage2_51 |   7.322627   .7792604     9.40   0.000     5.795193    8.850061
    _Iage2_52 |   7.495393   .8040053     9.32   0.000     5.919457     9.07133
    _Iage2_53 |   7.659254   .8286919     9.24   0.000     6.034929    9.283579
    _Iage2_54 |   7.823335   .8532707     9.17   0.000     6.150833    9.495837
    _Iage2_55 |   7.987577   .8780558     9.10   0.000     6.266494    9.708661
    _Iage2_56 |   8.148922   .9027644     9.03   0.000     6.379407    9.918438
    _Iage2_57 |   8.293943   .9274959     8.94   0.000     6.475952    10.11193
    _Iage2_58 |   8.443618    .952217     8.87   0.000      6.57717    10.31007
    _Iage2_59 |   8.568898   .9768378     8.77   0.000     6.654191     10.4836
firm_size_new |   .0040718   .0008022     5.08   0.000     .0024994    .0056441
        _cons |   6.218874   .3580071    17.37   0.000     5.517142    6.920606
--------------+----------------------------------------------------------------
      sigma_u |  1.8666654
      sigma_e |  .36663488
          rho |   .9628554   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2577                         Obs per group: min =         1
       between = 0.2514                                        avg =      10.3
       overall = 0.1321                                        max =        44

                                                F(79,16552)        =    318.84
corr(u_i, Xb)  = -0.9550                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 16,553 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0318503   .0106891     2.98   0.003     .0108986     .052802
          treated_pre |   .0273725   .0077609     3.53   0.000     .0121603    .0425848
 treated_pre_iasenior |   -.024821   .0088164    -2.82   0.005     -.042102     -.00754
         treated_post |   .0777937   .0116312     6.69   0.000     .0549953    .1005922
treated_post_iasenior |  -.0634106   .0120498    -5.26   0.000    -.0870295   -.0397918
               senior |          0  (omitted)
         pre_iasenior |  -.0171416     .00573    -2.99   0.003     -.028373   -.0059102
        post_iasenior |  -.0427686   .0078879    -5.42   0.000    -.0582297   -.0273075
                  l_0 |  -.7350387    .123726    -5.94   0.000    -.9775549   -.4925225
                  l_1 |  -.8656605   .1484278    -5.83   0.000    -1.156595   -.5747261
                  l_2 |  -1.049963   .1731091    -6.07   0.000    -1.389275   -.7106505
                  l_3 |   -1.21862   .1977222    -6.16   0.000    -1.606177   -.8310632
                  l_4 |   -1.38878   .2224824    -6.24   0.000     -1.82487    -.952691
                  l_5 |   -1.55666   .2471531    -6.30   0.000    -2.041107   -1.072214
                  l_6 |   -1.72384   .2719174    -6.34   0.000    -2.256827   -1.190852
                  l_7 |  -1.894219    .296584    -6.39   0.000    -2.475555   -1.312882
                  l_8 |  -2.057882   .3212152    -6.41   0.000    -2.687498   -1.428265
                  l_9 |  -2.219129   .3461098    -6.41   0.000    -2.897542   -1.540717
                 l_10 |  -2.381268   .3708299    -6.42   0.000    -3.108135   -1.654402
                  f_1 |  -.5844494   .0989043    -5.91   0.000    -.7783125   -.3905863
                  f_2 |  -.4389545   .0742441    -5.91   0.000    -.5844808   -.2934282
                  f_3 |  -.2972154   .0495774    -5.99   0.000    -.3943923   -.2000384
                  f_4 |  -.1501385    .025057    -5.99   0.000     -.199253   -.1010241
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0000131   .0041335    -0.00   0.997    -.0081152     .008089
         _Ivuosi_1996 |   .0246262   .0042586     5.78   0.000     .0162789    .0329735
         _Ivuosi_1997 |   .0130128   .0047121     2.76   0.006     .0037765    .0222491
         _Ivuosi_1998 |   .0175611   .0052186     3.37   0.001     .0073322    .0277901
         _Ivuosi_1999 |   .0296069   .0052205     5.67   0.000     .0193741    .0398397
         _Ivuosi_2000 |   .0303511   .0052104     5.83   0.000     .0201383     .040564
         _Ivuosi_2001 |   .0460234   .0051106     9.01   0.000     .0360061    .0560407
         _Ivuosi_2002 |   .0281694    .004527     6.22   0.000      .019296    .0370428
         _Ivuosi_2003 |   .0233431   .0043203     5.40   0.000     .0148749    .0318114
         _Ivuosi_2004 |   .0325056   .0043195     7.53   0.000      .024039    .0409722
         _Ivuosi_2005 |   .0432863   .0039896    10.85   0.000     .0354663    .0511064
         _Ivuosi_2006 |   .0332812   .0039278     8.47   0.000     .0255822    .0409801
         _Ivuosi_2007 |   .0377692   .0039326     9.60   0.000      .030061    .0454775
         _Ivuosi_2008 |   .0345693   .0036402     9.50   0.000     .0274341    .0417046
         _Ivuosi_2009 |   .0217211   .0032194     6.75   0.000     .0154107    .0280315
         _Ivuosi_2010 |   .0199297   .0029932     6.66   0.000     .0140627    .0257966
         _Ivuosi_2011 |   .0100114   .0024059     4.16   0.000     .0052955    .0147274
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .6471595   .0390783    16.56   0.000     .5705618    .7237573
            _Iage2_22 |   .9888763   .0629904    15.70   0.000     .8654084    1.112344
            _Iage2_23 |   1.308346   .0871506    15.01   0.000     1.137522    1.479171
            _Iage2_24 |   1.635092   .1118153    14.62   0.000     1.415922    1.854262
            _Iage2_25 |    1.98532   .1370276    14.49   0.000     1.716731    2.253909
            _Iage2_26 |   2.316397   .1615874    14.34   0.000     1.999668    2.633126
            _Iage2_27 |   2.614435   .1864482    14.02   0.000     2.248976    2.979893
            _Iage2_28 |   2.891446   .2110733    13.70   0.000     2.477719    3.305172
            _Iage2_29 |   3.140592   .2357711    13.32   0.000     2.678455    3.602728
            _Iage2_30 |   3.373291   .2603183    12.96   0.000     2.863039    3.883543
            _Iage2_31 |   3.598081   .2850279    12.62   0.000     3.039396    4.156767
            _Iage2_32 |    3.81284   .3097048    12.31   0.000     3.205786    4.419895
            _Iage2_33 |   4.024096    .334221    12.04   0.000     3.368987    4.679205
            _Iage2_34 |    4.22735    .358902    11.78   0.000     3.523864    4.930837
            _Iage2_35 |   4.431106   .3836241    11.55   0.000     3.679161     5.18305
            _Iage2_36 |   4.630601   .4083215    11.34   0.000     3.830247    5.430955
            _Iage2_37 |   4.828741   .4330843    11.15   0.000      3.97985    5.677633
            _Iage2_38 |   5.020176   .4577832    10.97   0.000     4.122872     5.91748
            _Iage2_39 |   5.214567   .4824344    10.81   0.000     4.268944     6.16019
            _Iage2_40 |   5.406139   .5071467    10.66   0.000     4.412077    6.400201
            _Iage2_41 |   5.632318   .5318619    10.59   0.000     4.589812    6.674825
            _Iage2_42 |   5.827371   .5565834    10.47   0.000     4.736408    6.918334
            _Iage2_43 |   6.013659   .5813245    10.34   0.000     4.874201    7.153117
            _Iage2_44 |   6.197496   .6060276    10.23   0.000     5.009617    7.385376
            _Iage2_45 |   6.378814   .6307296    10.11   0.000     5.142517    7.615112
            _Iage2_46 |   6.559462   .6554731    10.01   0.000     5.274665     7.84426
            _Iage2_47 |   6.740493   .6801891     9.91   0.000     5.407249    8.073737
            _Iage2_48 |   6.916434   .7049152     9.81   0.000     5.534725    8.298144
            _Iage2_49 |   7.089022   .7295553     9.72   0.000     5.659016    8.519029
            _Iage2_50 |   7.261576   .7542864     9.63   0.000     5.783094    8.740059
            _Iage2_51 |   7.431133    .779005     9.54   0.000     5.904199    8.958066
            _Iage2_52 |   7.609547   .8037424     9.47   0.000     6.034125    9.184968
            _Iage2_53 |   7.779124   .8284236     9.39   0.000     6.155325    9.402923
            _Iage2_54 |   7.948872   .8529963     9.32   0.000     6.276908    9.620836
            _Iage2_55 |   8.119722   .8777762     9.25   0.000     6.399186    9.840257
            _Iage2_56 |   8.286726   .9024752     9.18   0.000     6.517778    10.05567
            _Iage2_57 |   8.437716   .9271979     9.10   0.000     6.620308    10.25512
            _Iage2_58 |   8.593602   .9519112     9.03   0.000     6.727754    10.45945
            _Iage2_59 |   8.725617   .9765245     8.94   0.000     6.811524    10.63971
        firm_size_new |   .0041858   .0007991     5.24   0.000     .0026196    .0057521
                _cons |   6.185832   .3577945    17.29   0.000     5.484516    6.887148
----------------------+----------------------------------------------------------------
              sigma_u |  1.8979905
              sigma_e |  .36650595
                  rho |  .96405202   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16552) =    3.50
            Prob > F =    0.0613

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 16552) =    0.21
            Prob > F =    0.6437
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2605                         Obs per group: min =         1
       between = 0.2501                                        avg =      10.3
       overall = 0.1317                                        max =        44

                                                F(82,16552)        =    299.03
corr(u_i, Xb)  = -0.9531                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,553 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0089453   .0009364     9.55   0.000     .0071098    .0107808
     treated_iasuorv_d |   .1959264   .0428003     4.58   0.000     .1120332    .2798195
           treated_pre |   .0585569   .0091554     6.40   0.000     .0406113    .0765025
       treated_pre_ia3 |  -.0036531   .0004691    -7.79   0.000    -.0045725   -.0027336
 treated_pre_iasuorv_d |  -.0853942   .0101175    -8.44   0.000    -.1052256   -.0655629
          treated_post |    .163851   .0142632    11.49   0.000     .1358937    .1918084
      treated_post_ia3 |  -.0088151    .000653   -13.50   0.000    -.0100952   -.0075351
treated_post_iasuorv_d |  -.2507555   .0148557   -16.88   0.000    -.2798743   -.2216367
             interact3 |  -.0086822    .000481   -18.05   0.000     -.009625   -.0077394
               suorv_d |  -.0337553   .0230308    -1.47   0.143    -.0788981    .0113875
                   l_0 |  -.7142048   .1245132    -5.74   0.000     -.958264   -.4701456
                   l_1 |   -.839047   .1494221    -5.62   0.000     -1.13193   -.5461637
                   l_2 |  -1.017322   .1743022    -5.84   0.000    -1.358973   -.6756708
                   l_3 |  -1.179799   .1991081    -5.93   0.000    -1.570073   -.7895263
                   l_4 |  -1.343683    .224054    -6.00   0.000    -1.782853   -.9045134
                   l_5 |  -1.505279     .24891    -6.05   0.000     -1.99317   -1.017389
                   l_6 |  -1.666247   .2738614    -6.08   0.000    -2.203045    -1.12945
                   l_7 |   -1.82996   .2987196    -6.13   0.000    -2.415482   -1.244437
                   l_8 |  -1.987405    .323554    -6.14   0.000    -2.621606   -1.353205
                   l_9 |  -2.142088     .34864    -6.14   0.000     -2.82546   -1.458716
                  l_10 |   -2.29796   .3735593    -6.15   0.000    -3.030177   -1.565744
                   f_1 |   -.563942   .0995982    -5.66   0.000    -.7591652   -.3687189
                   f_2 |  -.4241286   .0747233    -5.68   0.000    -.5705943   -.2776629
                   f_3 |  -.2883004   .0498332    -5.79   0.000    -.3859788   -.1906221
                   f_4 |  -.1470303    .025024    -5.88   0.000    -.1960801   -.0979805
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0006277   .0041141    -0.15   0.879    -.0086917    .0074364
          _Ivuosi_1996 |   .0232225   .0043206     5.37   0.000     .0147536    .0316914
          _Ivuosi_1997 |   .0119074   .0047517     2.51   0.012     .0025936    .0212212
          _Ivuosi_1998 |   .0161713   .0052316     3.09   0.002     .0059168    .0264257
          _Ivuosi_1999 |   .0281698   .0053392     5.28   0.000     .0177044    .0386352
          _Ivuosi_2000 |   .0298047   .0052963     5.63   0.000     .0194234    .0401861
          _Ivuosi_2001 |   .0454659    .005217     8.71   0.000       .03524    .0556918
          _Ivuosi_2002 |   .0271604   .0046069     5.90   0.000     .0181303    .0361904
          _Ivuosi_2003 |     .02234   .0044042     5.07   0.000     .0137074    .0309726
          _Ivuosi_2004 |   .0316144   .0043426     7.28   0.000     .0231024    .0401265
          _Ivuosi_2005 |   .0421156    .004051    10.40   0.000     .0341752    .0500561
          _Ivuosi_2006 |   .0320165   .0039413     8.12   0.000     .0242912    .0397419
          _Ivuosi_2007 |   .0370486   .0039192     9.45   0.000     .0293665    .0447307
          _Ivuosi_2008 |   .0334798     .00365     9.17   0.000     .0263254    .0406342
          _Ivuosi_2009 |     .02105     .00323     6.52   0.000     .0147188    .0273812
          _Ivuosi_2010 |   .0192673   .0029982     6.43   0.000     .0133905     .025144
          _Ivuosi_2011 |    .009631   .0024079     4.00   0.000     .0049113    .0143508
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6458086   .0392021    16.47   0.000     .5689683    .7226489
             _Iage2_22 |     .98547   .0632916    15.57   0.000     .8614116    1.109528
             _Iage2_23 |   1.302326   .0876097    14.87   0.000     1.130601     1.47405
             _Iage2_24 |   1.626571   .1124454    14.47   0.000     1.406166    1.846976
             _Iage2_25 |   1.973257   .1378118    14.32   0.000     1.703131    2.243383
             _Iage2_26 |   2.301482   .1625347    14.16   0.000     1.982896    2.620067
             _Iage2_27 |   2.597255    .187559    13.85   0.000     2.229619     2.96489
             _Iage2_28 |   2.872457   .2123555    13.53   0.000     2.456218    3.288697
             _Iage2_29 |   3.120299   .2372298    13.15   0.000     2.655303    3.585295
             _Iage2_30 |   3.352419   .2619569    12.80   0.000     2.838955    3.865883
             _Iage2_31 |    3.57643   .2868287    12.47   0.000     3.014215    4.138645
             _Iage2_32 |   3.791024   .3116934    12.16   0.000     3.180072    4.401977
             _Iage2_33 |   4.002159   .3364082    11.90   0.000     3.342763    4.661555
             _Iage2_34 |   4.205501   .3612773    11.64   0.000     3.497358    4.913643
             _Iage2_35 |   4.409793   .3861796    11.42   0.000      3.65284    5.166747
             _Iage2_36 |    4.60993   .4110699    11.21   0.000     3.804189    5.415672
             _Iage2_37 |   4.808427    .436017    11.03   0.000     3.953787    5.663067
             _Iage2_38 |   5.000552   .4608925    10.85   0.000     4.097153     5.90395
             _Iage2_39 |   5.195013   .4857323    10.70   0.000     4.242926    6.147101
             _Iage2_40 |   5.386636   .5106307    10.55   0.000     4.385745    6.387527
             _Iage2_41 |   5.570123   .5354052    10.40   0.000     4.520671    6.619575
             _Iage2_42 |   5.764775   .5603224    10.29   0.000     4.666483    6.863067
             _Iage2_43 |   5.950325   .5852411    10.17   0.000      4.80319     7.09746
             _Iage2_44 |   6.133225   .6101274    10.05   0.000      4.93731     7.32914
             _Iage2_45 |   6.313562   .6350158     9.94   0.000     5.068863    7.558261
             _Iage2_46 |   6.493138   .6599342     9.84   0.000     5.199596     7.78668
             _Iage2_47 |   6.672728    .684824     9.74   0.000       5.3304    8.015057
             _Iage2_48 |   6.847043   .7097343     9.65   0.000     5.455888    8.238199
             _Iage2_49 |   7.018031   .7345569     9.55   0.000     5.578221    8.457842
             _Iage2_50 |   7.188884   .7594763     9.47   0.000     5.700229    8.677539
             _Iage2_51 |   7.357281    .784371     9.38   0.000     5.819829    8.894732
             _Iage2_52 |   7.534131   .8092869     9.31   0.000     5.947842     9.12042
             _Iage2_53 |   7.702331   .8341432     9.23   0.000     6.067321    9.337341
             _Iage2_54 |   7.870356   .8589011     9.16   0.000     6.186818    9.553895
             _Iage2_55 |   8.039936   .8838497     9.10   0.000     6.307496    9.772377
             _Iage2_56 |   8.205547   .9087345     9.03   0.000      6.42433    9.986764
             _Iage2_57 |    8.35523    .933644     8.95   0.000     6.525188    10.18527
             _Iage2_58 |   8.509693   .9585426     8.88   0.000     6.630847    10.38854
             _Iage2_59 |   8.641052   .9833354     8.79   0.000     6.713609     10.5685
         firm_size_new |   .0041195   .0007893     5.22   0.000     .0025724    .0056667
                 _cons |   6.237834   .3597717    17.34   0.000     5.532643    6.943025
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8622215
               sigma_e |  .36580998
                   rho |  .96284602   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16552) =  127.14
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 16552) =   39.05
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2606                         Obs per group: min =         1
       between = 0.2502                                        avg =      10.3
       overall = 0.1318                                        max =        44

                                                F(85,16552)        =    291.73
corr(u_i, Xb)  = -0.9529                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,553 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0281972   .0100844    -2.80   0.005    -.0479637   -.0084307
           treated_ia3 |   .0096042   .0009947     9.66   0.000     .0076545    .0115539
     treated_iasuorv_d |   .1967101   .0429884     4.58   0.000     .1124481    .2809721
           treated_pre |   .0588828   .0090589     6.50   0.000     .0411264    .0766392
  treated_pre_iasenior |  -.0019243    .008171    -0.24   0.814    -.0179403    .0140917
       treated_pre_ia3 |  -.0035431   .0005325    -6.65   0.000     -.004587   -.0024993
 treated_pre_iasuorv_d |  -.0828038   .0122359    -6.77   0.000    -.1067874   -.0588201
          treated_post |   .1664142   .0142934    11.64   0.000     .1383976    .1944308
 treated_post_iasenior |   .0077753   .0101717     0.76   0.445    -.0121623    .0277129
      treated_post_ia3 |   -.009007   .0007043   -12.79   0.000    -.0103874   -.0076265
treated_post_iasuorv_d |  -.2542138   .0163722   -15.53   0.000     -.286305   -.2221226
                senior |   8.642305   .9838708     8.78   0.000     6.713813     10.5708
             interact3 |  -.0089225   .0004883   -18.27   0.000    -.0098796   -.0079654
               suorv_d |  -.0336784   .0230319    -1.46   0.144    -.0788235    .0114666
                   l_0 |  -.7146258   .1245842    -5.74   0.000    -.9588241   -.4704274
                   l_1 |  -.8392626   .1495031    -5.61   0.000    -1.132305   -.5462204
                   l_2 |  -1.017331   .1743928    -5.83   0.000     -1.35916   -.6755028
                   l_3 |  -1.179582   .1992078    -5.92   0.000    -1.570051   -.7891136
                   l_4 |   -1.34324    .224164    -5.99   0.000    -1.782626   -.9038545
                   l_5 |  -1.504604   .2490304    -6.04   0.000    -1.992731   -1.016478
                   l_6 |   -1.66534   .2739915    -6.08   0.000    -2.202392   -1.128287
                   l_7 |   -1.82882   .2988602    -6.12   0.000    -2.414618   -1.243022
                   l_8 |  -1.986014   .3237049    -6.14   0.000     -2.62051   -1.351518
                   l_9 |  -2.140418   .3488017    -6.14   0.000    -2.824107    -1.45673
                  l_10 |   -2.29597   .3737298    -6.14   0.000    -3.028521    -1.56342
                   f_1 |  -.5634295   .0996423    -5.65   0.000    -.7587392   -.3681198
                   f_2 |   -.423878   .0747577    -5.67   0.000    -.5704111    -.277345
                   f_3 |  -.2883082   .0498582    -5.78   0.000    -.3860356   -.1905807
                   f_4 |  -.1472944   .0250396    -5.88   0.000    -.1963747   -.0982141
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0006395    .004112    -0.16   0.876    -.0086996    .0074205
          _Ivuosi_1996 |   .0231956   .0043093     5.38   0.000     .0147489    .0316423
          _Ivuosi_1997 |   .0118781    .004749     2.50   0.012     .0025696    .0211867
          _Ivuosi_1998 |   .0161079   .0052323     3.08   0.002      .005852    .0263638
          _Ivuosi_1999 |   .0280809   .0053369     5.26   0.000       .01762    .0385418
          _Ivuosi_2000 |   .0297389   .0052989     5.61   0.000     .0193525    .0401253
          _Ivuosi_2001 |   .0454164   .0052217     8.70   0.000     .0351814    .0556515
          _Ivuosi_2002 |   .0271063   .0046117     5.88   0.000     .0180669    .0361456
          _Ivuosi_2003 |   .0222789   .0044093     5.05   0.000     .0136362    .0309216
          _Ivuosi_2004 |   .0315605   .0043485     7.26   0.000     .0230369    .0400841
          _Ivuosi_2005 |   .0420097   .0040578    10.35   0.000     .0340561    .0499634
          _Ivuosi_2006 |   .0319195   .0039456     8.09   0.000     .0241857    .0396533
          _Ivuosi_2007 |    .036982   .0039218     9.43   0.000     .0292948    .0446692
          _Ivuosi_2008 |   .0334512   .0036542     9.15   0.000     .0262886    .0406139
          _Ivuosi_2009 |   .0210046   .0032333     6.50   0.000     .0146671    .0273422
          _Ivuosi_2010 |   .0192165   .0029987     6.41   0.000     .0133387    .0250943
          _Ivuosi_2011 |   .0096039   .0024078     3.99   0.000     .0048843    .0143235
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6456465   .0392098    16.47   0.000      .568791     .722502
             _Iage2_22 |   .9851573   .0633087    15.56   0.000     .8610654    1.109249
             _Iage2_23 |    1.30183   .0876335    14.86   0.000     1.130059    1.473601
             _Iage2_24 |   1.625945   .1124774    14.46   0.000     1.405477    1.846413
             _Iage2_25 |    1.97248   .1378503    14.31   0.000     1.702279    2.242682
             _Iage2_26 |   2.300621   .1625809    14.15   0.000     1.981945    2.619297
             _Iage2_27 |   2.596286   .1876133    13.84   0.000     2.228544    2.964029
             _Iage2_28 |   2.871371    .212416    13.52   0.000     2.455012    3.287729
             _Iage2_29 |   3.119087    .237297    13.14   0.000     2.653959    3.584214
             _Iage2_30 |    3.35108   .2620309    12.79   0.000     2.837472    3.864689
             _Iage2_31 |   3.574957   .2869083    12.46   0.000     3.012586    4.137328
             _Iage2_32 |   3.789424   .3117789    12.15   0.000     3.178304    4.400544
             _Iage2_33 |   4.000428   .3364992    11.89   0.000     3.340854    4.660003
             _Iage2_34 |   4.203644   .3613734    11.63   0.000     3.495313    4.911975
             _Iage2_35 |    4.40782    .386281    11.41   0.000     3.650668    5.164972
             _Iage2_36 |   4.607832   .4111765    11.21   0.000     3.801882    5.413782
             _Iage2_37 |    4.80616   .4361292    11.02   0.000       3.9513     5.66102
             _Iage2_38 |   4.998106   .4610103    10.84   0.000     4.094477    5.901736
             _Iage2_39 |   5.192336   .4858567    10.69   0.000     4.240005    6.144667
             _Iage2_40 |   5.383674   .5107641    10.54   0.000     4.382521    6.384826
             _Iage2_41 |   -3.06374    .448373    -6.83   0.000      -3.9426   -2.184881
             _Iage2_42 |  -2.869455   .4234323    -6.78   0.000    -3.699428   -2.039483
             _Iage2_43 |  -2.684296   .3984891    -6.74   0.000    -3.465378   -1.903215
             _Iage2_44 |  -2.501781   .3735845    -6.70   0.000    -3.234046   -1.769515
             _Iage2_45 |  -2.321817    .348678    -6.66   0.000    -3.005263    -1.63837
             _Iage2_46 |  -2.142645   .3237348    -6.62   0.000      -2.7772    -1.50809
             _Iage2_47 |  -1.963456   .2988267    -6.57   0.000    -2.549189   -1.377724
             _Iage2_48 |  -1.789541   .2738968    -6.53   0.000    -2.326408   -1.252674
             _Iage2_49 |  -1.618977   .2490471    -6.50   0.000    -2.107136   -1.130818
             _Iage2_50 |  -1.448534   .2241136    -6.46   0.000    -1.887821   -1.009247
             _Iage2_51 |  -1.280533    .199215    -6.43   0.000    -1.671015   -.8900498
             _Iage2_52 |  -1.104086   .1742856    -6.33   0.000    -1.445704   -.7624673
             _Iage2_53 |  -.9362613   .1494172    -6.27   0.000    -1.229135   -.6433876
             _Iage2_54 |  -.7686146   .1246575    -6.17   0.000    -1.012957   -.5242725
             _Iage2_55 |  -.5994348   .0997189    -6.01   0.000    -.7948945   -.4039751
             _Iage2_56 |  -.4342152   .0748522    -5.80   0.000    -.5809336   -.2874969
             _Iage2_57 |  -.2849336   .0499986    -5.70   0.000    -.3829362   -.1869311
             _Iage2_58 |  -.1309342   .0251973    -5.20   0.000    -.1803236   -.0815448
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0041065   .0007903     5.20   0.000     .0025574    .0056557
                 _cons |   6.240276   .3598793    17.34   0.000     5.534874    6.945678
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8594603
               sigma_e |  .36579812
                   rho |  .96274204   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 16552) =   66.38
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 16552) =   95.44
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 16552) =   44.27
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 16552) =  163.56
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16552) =  117.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16552) =  129.29
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 16552) =  114.14
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2698                         Obs per group: min =         1
       between = 0.2686                                        avg =      10.3
       overall = 0.1474                                        max =        44

                                                F(89,16552)        =    341.69
corr(u_i, Xb)  = -0.9522                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,553 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0144901   .0099614    -1.45   0.146    -.0340156    .0050353
           treated_ia2 |  -.1415679   .0247057    -5.73   0.000    -.1899938    -.093142
           treated_ia3 |   .0085477   .0010414     8.21   0.000     .0065065    .0105889
     treated_iasuorv_d |   .1731334   .0428091     4.04   0.000     .0892229    .2570439
           treated_pre |    .060004   .0098804     6.07   0.000     .0406373    .0793707
  treated_pre_iasenior |  -.0040401   .0081616    -0.50   0.621    -.0200377    .0119574
       treated_pre_ia2 |  -.0029161   .0085772    -0.34   0.734    -.0197284    .0138961
       treated_pre_ia3 |  -.0034376   .0005564    -6.18   0.000    -.0045282   -.0023471
 treated_pre_iasuorv_d |  -.0652285   .0130312    -5.01   0.000     -.090771    -.039686
          treated_post |   .1539753   .0146041    10.54   0.000     .1253497     .182601
 treated_post_iasenior |  -.0113821   .0098989    -1.15   0.250    -.0307851    .0080209
      treated_post_ia2 |   .0330756   .0115311     2.87   0.004     .0104735    .0556777
      treated_post_ia3 |  -.0081527     .00073   -11.17   0.000    -.0095836   -.0067219
treated_post_iasuorv_d |  -.1777165   .0169233   -10.50   0.000    -.2108881    -.144545
                senior |   8.360848   .9856811     8.48   0.000     6.428807    10.29289
             interact2 |   .5108994     .01636    31.23   0.000      .478832    .5429668
             interact3 |  -.0013229   .0004849    -2.73   0.006    -.0022733   -.0003725
               suorv_d |  -.0204226    .022426    -0.91   0.362    -.0643801    .0235348
                   l_0 |  -.7190327   .1248039    -5.76   0.000    -.9636618   -.4744037
                   l_1 |  -.8436726     .14978    -5.63   0.000    -1.137257   -.5500878
                   l_2 |  -1.021069   .1747129    -5.84   0.000    -1.363525   -.6786134
                   l_3 |  -1.182511   .1995807    -5.92   0.000     -1.57371   -.7913111
                   l_4 |  -1.345376    .224581    -5.99   0.000    -1.785579   -.9051731
                   l_5 |  -1.505784   .2494985    -6.04   0.000    -1.994828    -1.01674
                   l_6 |  -1.666025   .2745001    -6.07   0.000    -2.204075   -1.127976
                   l_7 |  -1.828401   .2994064    -6.11   0.000     -2.41527   -1.241533
                   l_8 |  -1.984037   .3242957    -6.12   0.000    -2.619691   -1.348383
                   l_9 |   -2.13798   .3494349    -6.12   0.000     -2.82291    -1.45305
                  l_10 |  -2.292831   .3743942    -6.12   0.000    -3.026684   -1.558978
                   f_1 |  -.5655707   .0998271    -5.67   0.000    -.7612425   -.3698989
                   f_2 |  -.4262015   .0749004    -5.69   0.000    -.5730144   -.2793886
                   f_3 |  -.2908178   .0499547    -5.82   0.000    -.3887344   -.1929012
                   f_4 |  -.1495996   .0250877    -5.96   0.000    -.1987742    -.100425
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .000702   .0040182     0.17   0.861    -.0071741    .0085781
          _Ivuosi_1996 |   .0255643   .0041512     6.16   0.000     .0174275    .0337012
          _Ivuosi_1997 |   .0151669   .0045709     3.32   0.001     .0062074    .0241264
          _Ivuosi_1998 |   .0205033   .0050224     4.08   0.000     .0106589    .0303477
          _Ivuosi_1999 |    .032449    .005081     6.39   0.000     .0224898    .0424083
          _Ivuosi_2000 |   .0360683   .0050733     7.11   0.000     .0261242    .0460125
          _Ivuosi_2001 |    .052529   .0049766    10.56   0.000     .0427743    .0622836
          _Ivuosi_2002 |   .0343816   .0043747     7.86   0.000     .0258068    .0429564
          _Ivuosi_2003 |   .0297439   .0041733     7.13   0.000     .0215639     .037924
          _Ivuosi_2004 |   .0393159   .0041189     9.55   0.000     .0312424    .0473894
          _Ivuosi_2005 |   .0495469   .0038461    12.88   0.000     .0420082    .0570856
          _Ivuosi_2006 |     .03919   .0037572    10.43   0.000     .0318255    .0465545
          _Ivuosi_2007 |   .0438645   .0037356    11.74   0.000     .0365423    .0511867
          _Ivuosi_2008 |   .0376663   .0035032    10.75   0.000     .0307996     .044533
          _Ivuosi_2009 |   .0244883   .0031531     7.77   0.000     .0183078    .0306688
          _Ivuosi_2010 |   .0219173   .0029517     7.43   0.000     .0161317    .0277028
          _Ivuosi_2011 |   .0108974   .0023904     4.56   0.000     .0062121    .0155828
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6417693    .039308    16.33   0.000     .5647214    .7188172
             _Iage2_22 |   .9775874    .063506    15.39   0.000     .8531088    1.102066
             _Iage2_23 |   1.290651   .0878777    14.69   0.000     1.118401    1.462901
             _Iage2_24 |   1.608444   .1127521    14.27   0.000     1.387438    1.829451
             _Iage2_25 |   1.945824   .1381421    14.09   0.000     1.675051    2.216597
             _Iage2_26 |    2.26039   .1629281    13.87   0.000     1.941033    2.579746
             _Iage2_27 |   2.542322   .1879764    13.52   0.000     2.173868    2.910776
             _Iage2_28 |   2.803513   .2128064    13.17   0.000      2.38639    3.220637
             _Iage2_29 |   3.039433   .2377254    12.79   0.000     2.573466      3.5054
             _Iage2_30 |   3.260889    .262515    12.42   0.000     2.746331    3.775446
             _Iage2_31 |   3.474793   .2874238    12.09   0.000     2.911412    4.038175
             _Iage2_32 |   3.680563   .3123541    11.78   0.000     3.068315    4.292811
             _Iage2_33 |   3.882892   .3371367    11.52   0.000     3.222068    4.543716
             _Iage2_34 |   4.078272   .3620653    11.26   0.000     3.368585    4.787959
             _Iage2_35 |   4.274512   .3870305    11.04   0.000     3.515891    5.033133
             _Iage2_36 |   4.466918   .4119742    10.84   0.000     3.659405    5.274432
             _Iage2_37 |   4.657287    .436974    10.66   0.000     3.800771    5.513803
             _Iage2_38 |   4.841793   .4618977    10.48   0.000     3.936424    5.747162
             _Iage2_39 |   5.029054   .4867859    10.33   0.000     4.074901    5.983206
             _Iage2_40 |   5.213559   .5117357    10.19   0.000     4.210502    6.216616
             _Iage2_41 |  -2.959454   .4491494    -6.59   0.000    -3.839836   -2.079073
             _Iage2_42 |  -2.772071   .4241596    -6.54   0.000    -3.603469   -1.940672
             _Iage2_43 |  -2.593335   .3991806    -6.50   0.000    -3.375772   -1.810898
             _Iage2_44 |  -2.417366    .374222    -6.46   0.000    -3.150882   -1.683851
             _Iage2_45 |   -2.24392   .3492719    -6.42   0.000    -2.928531    -1.55931
             _Iage2_46 |  -2.071602   .3242854    -6.39   0.000    -2.707236   -1.435968
             _Iage2_47 |  -1.898523   .2993278    -6.34   0.000    -2.485237   -1.311808
             _Iage2_48 |   -1.73069     .27435    -6.31   0.000    -2.268445   -1.192934
             _Iage2_49 |  -1.566038   .2494605    -6.28   0.000    -2.055008   -1.077069
             _Iage2_50 |   -1.40189   .2244911    -6.24   0.000    -1.841917   -.9618631
             _Iage2_51 |  -1.239922   .1995538    -6.21   0.000    -1.631068   -.8487748
             _Iage2_52 |  -1.069135   .1745877    -6.12   0.000    -1.411346   -.7269244
             _Iage2_53 |   -.906807   .1496738    -6.06   0.000    -1.200184   -.6134303
             _Iage2_54 |  -.7444031   .1248667    -5.96   0.000    -.9891553   -.4996509
             _Iage2_55 |  -.5802483   .0998789    -5.81   0.000    -.7760217   -.3844749
             _Iage2_56 |  -.4199254   .0749738    -5.60   0.000     -.566882   -.2729688
             _Iage2_57 |   -.275496   .0500788    -5.50   0.000    -.3736558   -.1773362
             _Iage2_58 |  -.1261555   .0252329    -5.00   0.000    -.1756148   -.0766962
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0042976   .0007765     5.53   0.000     .0027757    .0058196
                 _cons |    6.21914   .3605453    17.25   0.000     5.512433    6.925847
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8274625
               sigma_e |  .36350061
                   rho |  .96194063   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 16552) =   47.56
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 16552) =   60.98
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 16552) =   20.87
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 16552) =   93.44
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16552) =   68.58
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 16552) =  228.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16552) =  106.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 16552) =  146.29
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 16552) =   65.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 16552) =  142.58
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    450,246    .1957063    .3967439          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    425,885    .2390458    .4265012          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    410,819    8.257727    5.291405          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    318,483    20.10176    8.315648          0         42

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    322,820     8.80557    5.455084          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    216,854     21.2565    8.367471          0         42

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     87,999    6.247991    4.050485          0         18

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    101,629    17.63779    7.641296          0         38

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] * 
>   8.26
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.24 + _b[treated_post_ia3] * 
>  20.10

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |    .093249   .0101648     9.17   0.000     .0733262    .1131717
       _nl_2 |  -.0133384   .0084562    -1.58   0.115    -.0299123    .0032355
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.8
> 1
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.2
> 6
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.2
> 5
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  17.6
> 4

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0821498   .0110645     7.42   0.000     .0604638    .1038358
       _nl_2 |  -.0307337   .0092374    -3.33   0.001    -.0488387   -.0126287
       _nl_3 |   .1360964   .0110291    12.34   0.000     .1144797    .1577131
       _nl_4 |   .0318548   .0108733     2.93   0.003     .0105434    .0531661
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.2
> 5
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  17.6
> 4
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.8
> 1
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.2
> 6

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .1539753   .0146041    10.54   0.000     .1253518    .1825989
       _nl_2 |   .1425932   .0172193     8.28   0.000      .108844    .1763424
       _nl_3 |    .187051   .0123829    15.11   0.000      .162781    .2113209
       _nl_4 |   .1756688   .0145239    12.10   0.000     .1472026    .2041351
       _nl_5 |   .1360964   .0110291    12.34   0.000     .1144797    .1577131
       _nl_6 |   .0318548   .0108733     2.93   0.003     .0105434    .0531661
       _nl_7 |   .0821498   .0110645     7.42   0.000     .0604638    .1038358
       _nl_8 |  -.0307337   .0092374    -3.33   0.001    -.0488387   -.0126287
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_whitec_noIQ_nostem_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2698                         Obs per group: min =         1
       between = 0.2688                                        avg =      10.3
       overall = 0.1475                                        max =        44

                                                F(86,16552)        =    349.55
corr(u_i, Xb)  = -0.9522                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,553 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1419521   .0246566    -5.76   0.000    -.1902817   -.0936225
           treated_ia3 |   .0083024   .0009775     8.49   0.000     .0063864    .0102183
     treated_iasuorv_d |   .1784372   .0425212     4.20   0.000     .0950911    .2617833
           treated_pre |   .0597467   .0099536     6.00   0.000     .0402365    .0792568
       treated_pre_ia2 |  -.0039873   .0085183    -0.47   0.640    -.0206841    .0127095
       treated_pre_ia3 |  -.0035836   .0004764    -7.52   0.000    -.0045173   -.0026499
 treated_pre_iasuorv_d |  -.0683624   .0106115    -6.44   0.000    -.0891621   -.0475627
          treated_post |   .1522988   .0147161    10.35   0.000     .1234536     .181144
      treated_post_ia2 |   .0300725   .0115528     2.60   0.009     .0074278    .0527173
      treated_post_ia3 |  -.0085516   .0006652   -12.86   0.000    -.0098554   -.0072478
treated_post_iasuorv_d |  -.1869295   .0151071   -12.37   0.000     -.216541    -.157318
             interact2 |   .5120009   .0163133    31.39   0.000      .480025    .5439768
             interact3 |  -.0010675   .0004773    -2.24   0.025     -.002003   -.0001319
               suorv_d |  -.0201009   .0224399    -0.90   0.370    -.0640856    .0238838
                   l_0 |  -.7169357   .1247583    -5.75   0.000    -.9614754   -.4723959
                   l_1 |  -.8414513   .1497287    -5.62   0.000    -1.134936    -.547967
                   l_2 |  -1.018714   .1746569    -5.83   0.000    -1.361061   -.6763681
                   l_3 |  -1.180042     .19952    -5.91   0.000    -1.571122   -.7889613
                   l_4 |  -1.342791   .2245148    -5.98   0.000    -1.782864   -.9027178
                   l_5 |   -1.50309   .2494275    -6.03   0.000    -1.991995   -1.014185
                   l_6 |  -1.663228   .2744242    -6.06   0.000    -2.201129   -1.125327
                   l_7 |  -1.825475   .2993251    -6.10   0.000    -2.412185   -1.238766
                   l_8 |  -1.981005   .3242086    -6.11   0.000    -2.616489   -1.345521
                   l_9 |  -2.134853    .349343    -6.11   0.000    -2.819603   -1.450103
                  l_10 |   -2.28968   .3742989    -6.12   0.000    -3.023346   -1.556014
                   f_1 |  -.5647084   .0998022    -5.66   0.000    -.7603314   -.3690854
                   f_2 |  -.4254409   .0748803    -5.68   0.000    -.5722143   -.2786675
                   f_3 |  -.2901793   .0499396    -5.81   0.000    -.3880663   -.1922922
                   f_4 |  -.1490679   .0250779    -5.94   0.000    -.1982233   -.0999124
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .000636   .0040147     0.16   0.874    -.0072333    .0085054
          _Ivuosi_1996 |   .0254626   .0041623     6.12   0.000      .017304    .0336213
          _Ivuosi_1997 |   .0150816   .0045784     3.29   0.001     .0061073    .0240558
          _Ivuosi_1998 |   .0203993   .0050337     4.05   0.000     .0105328    .0302658
          _Ivuosi_1999 |    .032365   .0050985     6.35   0.000     .0223715    .0423585
          _Ivuosi_2000 |   .0360278   .0050865     7.08   0.000     .0260577     .045998
          _Ivuosi_2001 |    .052537   .0049866    10.54   0.000     .0427627    .0623113
          _Ivuosi_2002 |   .0343983   .0043811     7.85   0.000     .0258108    .0429859
          _Ivuosi_2003 |   .0297747   .0041779     7.13   0.000     .0215856    .0379638
          _Ivuosi_2004 |   .0393461   .0041211     9.55   0.000     .0312683    .0474238
          _Ivuosi_2005 |   .0495939   .0038464    12.89   0.000     .0420545    .0571333
          _Ivuosi_2006 |   .0392192   .0037555    10.44   0.000      .031858    .0465804
          _Ivuosi_2007 |   .0439015   .0037359    11.75   0.000     .0365786    .0512243
          _Ivuosi_2008 |    .037711   .0035038    10.76   0.000     .0308432    .0445789
          _Ivuosi_2009 |   .0245371   .0031539     7.78   0.000      .018355    .0307192
          _Ivuosi_2010 |   .0219399   .0029515     7.43   0.000     .0161546    .0277251
          _Ivuosi_2011 |   .0109073   .0023904     4.56   0.000     .0062219    .0155928
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6417036   .0393027    16.33   0.000      .564666    .7187411
             _Iage2_22 |   .9773755   .0634968    15.39   0.000      .852915    1.101836
             _Iage2_23 |   1.290333   .0878642    14.69   0.000      1.11811    1.462556
             _Iage2_24 |   1.608016   .1127332    14.26   0.000     1.387047    1.828985
             _Iage2_25 |   1.945313   .1381204    14.08   0.000     1.674582    2.216044
             _Iage2_26 |   2.259755   .1629033    13.87   0.000     1.940447    2.579063
             _Iage2_27 |   2.541578   .1879478    13.52   0.000      2.17318    2.909976
             _Iage2_28 |    2.80269   .2127762    13.17   0.000     2.385626    3.219754
             _Iage2_29 |   3.038539   .2376933    12.78   0.000     2.572635    3.504444
             _Iage2_30 |   3.259931    .262481    12.42   0.000      2.74544    3.774422
             _Iage2_31 |   3.473827   .2873892    12.09   0.000     2.910513     4.03714
             _Iage2_32 |   3.679586   .3123184    11.78   0.000     3.067408    4.291763
             _Iage2_33 |   3.881915    .337101    11.52   0.000     3.221161    4.542669
             _Iage2_34 |   4.077294   .3620294    11.26   0.000     3.367678    4.786911
             _Iage2_35 |   4.273551   .3869943    11.04   0.000     3.515001    5.032101
             _Iage2_36 |   4.465979   .4119384    10.84   0.000     3.658535    5.273423
             _Iage2_37 |   4.656372   .4369377    10.66   0.000     3.799927    5.512817
             _Iage2_38 |   4.840879   .4618609    10.48   0.000     3.935582    5.746176
             _Iage2_39 |   5.028128   .4867477    10.33   0.000     4.074051    5.982206
             _Iage2_40 |   5.212607   .5116942    10.19   0.000     4.209631    6.215582
             _Iage2_41 |   5.388824   .5365158    10.04   0.000     4.337196    6.440453
             _Iage2_42 |   5.576141   .5614881     9.93   0.000     4.475565    6.676718
             _Iage2_43 |   5.754782   .5864481     9.81   0.000      4.60528    6.904283
             _Iage2_44 |   5.930613   .6113938     9.70   0.000     4.732216    7.129011
             _Iage2_45 |   6.103865   .6363313     9.59   0.000     4.856587    7.351143
             _Iage2_46 |    6.27598    .661298     9.49   0.000     4.979765    7.572195
             _Iage2_47 |    6.44884   .6862426     9.40   0.000     5.103731     7.79395
             _Iage2_48 |   6.616435   .7112064     9.30   0.000     5.222394    8.010475
             _Iage2_49 |   6.780855   .7360741     9.21   0.000     5.338071     8.22364
             _Iage2_50 |    6.94478   .7610354     9.13   0.000     5.453069    8.436491
             _Iage2_51 |    7.10652   .7859735     9.04   0.000     5.565928    8.647113
             _Iage2_52 |   7.277086   .8109315     8.97   0.000     5.687573    8.866599
             _Iage2_53 |   7.439206   .8358388     8.90   0.000     5.800872    9.077539
             _Iage2_54 |   7.601394   .8606494     8.83   0.000     5.914429    9.288359
             _Iage2_55 |   7.765324   .8856537     8.77   0.000     6.029348      9.5013
             _Iage2_56 |    7.92545   .9105825     8.70   0.000      6.14061    9.710289
             _Iage2_57 |   8.069682   .9355383     8.63   0.000     6.235927    9.903438
             _Iage2_58 |   8.218869   .9604874     8.56   0.000     6.336211    10.10153
             _Iage2_59 |   8.344836   .9853211     8.47   0.000     6.413501    10.27617
         firm_size_new |   .0042913   .0007756     5.53   0.000     .0027709    .0058116
                 _cons |   6.219783   .3605092    17.25   0.000     5.513147     6.92642
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8263235
               sigma_e |   .3635118
                   rho |  .96189269   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 16552) =  222.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16552) =  102.69
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 16552) =  215.29
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 16552) =   37.35
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 16552) =   34.38
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 16552) =   34.67
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2698                         Obs per group: min =         1
       between = 0.2686                                        avg =      10.3
       overall = 0.1474                                        max =        44

                                                F(89,16552)        =    341.69
corr(u_i, Xb)  = -0.9522                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,553 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0144901   .0099614    -1.45   0.146    -.0340156    .0050353
           treated_ia2 |  -.1415679   .0247057    -5.73   0.000    -.1899938    -.093142
           treated_ia3 |   .0085477   .0010414     8.21   0.000     .0065065    .0105889
     treated_iasuorv_d |   .1731334   .0428091     4.04   0.000     .0892229    .2570439
           treated_pre |    .060004   .0098804     6.07   0.000     .0406373    .0793707
  treated_pre_iasenior |  -.0040401   .0081616    -0.50   0.621    -.0200377    .0119574
       treated_pre_ia2 |  -.0029161   .0085772    -0.34   0.734    -.0197284    .0138961
       treated_pre_ia3 |  -.0034376   .0005564    -6.18   0.000    -.0045282   -.0023471
 treated_pre_iasuorv_d |  -.0652285   .0130312    -5.01   0.000     -.090771    -.039686
          treated_post |   .1539753   .0146041    10.54   0.000     .1253497     .182601
 treated_post_iasenior |  -.0113821   .0098989    -1.15   0.250    -.0307851    .0080209
      treated_post_ia2 |   .0330756   .0115311     2.87   0.004     .0104735    .0556777
      treated_post_ia3 |  -.0081527     .00073   -11.17   0.000    -.0095836   -.0067219
treated_post_iasuorv_d |  -.1777165   .0169233   -10.50   0.000    -.2108881    -.144545
                senior |   8.360848   .9856811     8.48   0.000     6.428807    10.29289
             interact2 |   .5108994     .01636    31.23   0.000      .478832    .5429668
             interact3 |  -.0013229   .0004849    -2.73   0.006    -.0022733   -.0003725
               suorv_d |  -.0204226    .022426    -0.91   0.362    -.0643801    .0235348
                   l_0 |  -.7190327   .1248039    -5.76   0.000    -.9636618   -.4744037
                   l_1 |  -.8436726     .14978    -5.63   0.000    -1.137257   -.5500878
                   l_2 |  -1.021069   .1747129    -5.84   0.000    -1.363525   -.6786134
                   l_3 |  -1.182511   .1995807    -5.92   0.000     -1.57371   -.7913111
                   l_4 |  -1.345376    .224581    -5.99   0.000    -1.785579   -.9051731
                   l_5 |  -1.505784   .2494985    -6.04   0.000    -1.994828    -1.01674
                   l_6 |  -1.666025   .2745001    -6.07   0.000    -2.204075   -1.127976
                   l_7 |  -1.828401   .2994064    -6.11   0.000     -2.41527   -1.241533
                   l_8 |  -1.984037   .3242957    -6.12   0.000    -2.619691   -1.348383
                   l_9 |   -2.13798   .3494349    -6.12   0.000     -2.82291    -1.45305
                  l_10 |  -2.292831   .3743942    -6.12   0.000    -3.026684   -1.558978
                   f_1 |  -.5655707   .0998271    -5.67   0.000    -.7612425   -.3698989
                   f_2 |  -.4262015   .0749004    -5.69   0.000    -.5730144   -.2793886
                   f_3 |  -.2908178   .0499547    -5.82   0.000    -.3887344   -.1929012
                   f_4 |  -.1495996   .0250877    -5.96   0.000    -.1987742    -.100425
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .000702   .0040182     0.17   0.861    -.0071741    .0085781
          _Ivuosi_1996 |   .0255643   .0041512     6.16   0.000     .0174275    .0337012
          _Ivuosi_1997 |   .0151669   .0045709     3.32   0.001     .0062074    .0241264
          _Ivuosi_1998 |   .0205033   .0050224     4.08   0.000     .0106589    .0303477
          _Ivuosi_1999 |    .032449    .005081     6.39   0.000     .0224898    .0424083
          _Ivuosi_2000 |   .0360683   .0050733     7.11   0.000     .0261242    .0460125
          _Ivuosi_2001 |    .052529   .0049766    10.56   0.000     .0427743    .0622836
          _Ivuosi_2002 |   .0343816   .0043747     7.86   0.000     .0258068    .0429564
          _Ivuosi_2003 |   .0297439   .0041733     7.13   0.000     .0215639     .037924
          _Ivuosi_2004 |   .0393159   .0041189     9.55   0.000     .0312424    .0473894
          _Ivuosi_2005 |   .0495469   .0038461    12.88   0.000     .0420082    .0570856
          _Ivuosi_2006 |     .03919   .0037572    10.43   0.000     .0318255    .0465545
          _Ivuosi_2007 |   .0438645   .0037356    11.74   0.000     .0365423    .0511867
          _Ivuosi_2008 |   .0376663   .0035032    10.75   0.000     .0307996     .044533
          _Ivuosi_2009 |   .0244883   .0031531     7.77   0.000     .0183078    .0306688
          _Ivuosi_2010 |   .0219173   .0029517     7.43   0.000     .0161317    .0277028
          _Ivuosi_2011 |   .0108974   .0023904     4.56   0.000     .0062121    .0155828
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6417693    .039308    16.33   0.000     .5647214    .7188172
             _Iage2_22 |   .9775874    .063506    15.39   0.000     .8531088    1.102066
             _Iage2_23 |   1.290651   .0878777    14.69   0.000     1.118401    1.462901
             _Iage2_24 |   1.608444   .1127521    14.27   0.000     1.387438    1.829451
             _Iage2_25 |   1.945824   .1381421    14.09   0.000     1.675051    2.216597
             _Iage2_26 |    2.26039   .1629281    13.87   0.000     1.941033    2.579746
             _Iage2_27 |   2.542322   .1879764    13.52   0.000     2.173868    2.910776
             _Iage2_28 |   2.803513   .2128064    13.17   0.000      2.38639    3.220637
             _Iage2_29 |   3.039433   .2377254    12.79   0.000     2.573466      3.5054
             _Iage2_30 |   3.260889    .262515    12.42   0.000     2.746331    3.775446
             _Iage2_31 |   3.474793   .2874238    12.09   0.000     2.911412    4.038175
             _Iage2_32 |   3.680563   .3123541    11.78   0.000     3.068315    4.292811
             _Iage2_33 |   3.882892   .3371367    11.52   0.000     3.222068    4.543716
             _Iage2_34 |   4.078272   .3620653    11.26   0.000     3.368585    4.787959
             _Iage2_35 |   4.274512   .3870305    11.04   0.000     3.515891    5.033133
             _Iage2_36 |   4.466918   .4119742    10.84   0.000     3.659405    5.274432
             _Iage2_37 |   4.657287    .436974    10.66   0.000     3.800771    5.513803
             _Iage2_38 |   4.841793   .4618977    10.48   0.000     3.936424    5.747162
             _Iage2_39 |   5.029054   .4867859    10.33   0.000     4.074901    5.983206
             _Iage2_40 |   5.213559   .5117357    10.19   0.000     4.210502    6.216616
             _Iage2_41 |  -2.959454   .4491494    -6.59   0.000    -3.839836   -2.079073
             _Iage2_42 |  -2.772071   .4241596    -6.54   0.000    -3.603469   -1.940672
             _Iage2_43 |  -2.593335   .3991806    -6.50   0.000    -3.375772   -1.810898
             _Iage2_44 |  -2.417366    .374222    -6.46   0.000    -3.150882   -1.683851
             _Iage2_45 |   -2.24392   .3492719    -6.42   0.000    -2.928531    -1.55931
             _Iage2_46 |  -2.071602   .3242854    -6.39   0.000    -2.707236   -1.435968
             _Iage2_47 |  -1.898523   .2993278    -6.34   0.000    -2.485237   -1.311808
             _Iage2_48 |   -1.73069     .27435    -6.31   0.000    -2.268445   -1.192934
             _Iage2_49 |  -1.566038   .2494605    -6.28   0.000    -2.055008   -1.077069
             _Iage2_50 |   -1.40189   .2244911    -6.24   0.000    -1.841917   -.9618631
             _Iage2_51 |  -1.239922   .1995538    -6.21   0.000    -1.631068   -.8487748
             _Iage2_52 |  -1.069135   .1745877    -6.12   0.000    -1.411346   -.7269244
             _Iage2_53 |   -.906807   .1496738    -6.06   0.000    -1.200184   -.6134303
             _Iage2_54 |  -.7444031   .1248667    -5.96   0.000    -.9891553   -.4996509
             _Iage2_55 |  -.5802483   .0998789    -5.81   0.000    -.7760217   -.3844749
             _Iage2_56 |  -.4199254   .0749738    -5.60   0.000     -.566882   -.2729688
             _Iage2_57 |   -.275496   .0500788    -5.50   0.000    -.3736558   -.1773362
             _Iage2_58 |  -.1261555   .0252329    -5.00   0.000    -.1756148   -.0766962
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0042976   .0007765     5.53   0.000     .0027757    .0058196
                 _cons |    6.21914   .3605453    17.25   0.000     5.512433    6.925847
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8274625
               sigma_e |  .36350061
                   rho |  .96194063   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 16552) =   47.56
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 16552) =   60.98
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 16552) =   20.87
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 16552) =   93.44
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16552) =   68.58
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 16552) =  228.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16552) =  106.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 16552) =  146.29
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 16552) =   65.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 16552) =  142.58
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    875228
Group variable: shnro_real                      Number of groups   =     84705

R-sq:  within  = 0.2576                         Obs per group: min =         1
       between = 0.2537                                        avg =      10.3
       overall = 0.1337                                        max =        44

                                                F(74,16544)        =    334.53
corr(u_i, Xb)  = -0.9538                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 16,545 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0183303   .0056315     3.25   0.001     .0072919    .0293686
 treated_post |    .047698   .0082954     5.75   0.000     .0314381     .063958
          l_0 |  -.7362564   .1237401    -5.95   0.000    -.9788002   -.4937126
          l_1 |   -.864992   .1484809    -5.83   0.000     -1.15603   -.5739536
          l_2 |  -1.046965   .1731963    -6.04   0.000    -1.386448   -.7074816
          l_3 |  -1.213209   .1978383    -6.13   0.000    -1.600994   -.8254249
          l_4 |  -1.381191   .2226266    -6.20   0.000    -1.817563   -.9448188
          l_5 |  -1.546398   .2473253    -6.25   0.000    -2.031182   -1.061614
          l_6 |   -1.71104   .2721167    -6.29   0.000    -2.244418   -1.177662
          l_7 |   -1.87871   .2968052    -6.33   0.000     -2.46048   -1.296941
          l_8 |   -2.03994   .3214624    -6.35   0.000    -2.670041   -1.409839
          l_9 |  -2.198226   .3463896    -6.35   0.000    -2.877187   -1.519265
         l_10 |  -2.357578   .3711373    -6.35   0.000    -3.085047   -1.630109
          f_1 |  -.5790472   .0989541    -5.85   0.000    -.7730078   -.3850865
          f_2 |  -.4363676    .074251    -5.88   0.000    -.5819075   -.2908278
          f_3 |  -.2975504   .0495276    -6.01   0.000    -.3946299   -.2004709
          f_4 |   -.153377   .0248813    -6.16   0.000    -.2021471    -.104607
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0007337   .0040982    -0.18   0.858    -.0087665    .0072991
 _Ivuosi_1996 |   .0232667   .0042481     5.48   0.000     .0149398    .0315935
 _Ivuosi_1997 |     .01155    .004717     2.45   0.014     .0023041    .0207958
 _Ivuosi_1998 |   .0155825   .0052273     2.98   0.003     .0053364    .0258286
 _Ivuosi_1999 |   .0268602   .0051753     5.19   0.000     .0167161    .0370043
 _Ivuosi_2000 |   .0283844   .0051634     5.50   0.000     .0182636    .0385053
 _Ivuosi_2001 |   .0449807   .0051131     8.80   0.000     .0349585     .055003
 _Ivuosi_2002 |   .0270563   .0045147     5.99   0.000     .0182071    .0359055
 _Ivuosi_2003 |   .0225132   .0043186     5.21   0.000     .0140483    .0309782
 _Ivuosi_2004 |   .0320639   .0043143     7.43   0.000     .0236075    .0405204
 _Ivuosi_2005 |   .0426878   .0040013    10.67   0.000     .0348449    .0505308
 _Ivuosi_2006 |    .032731   .0039314     8.33   0.000      .025025     .040437
 _Ivuosi_2007 |   .0373497   .0039417     9.48   0.000     .0296235    .0450759
 _Ivuosi_2008 |   .0345891   .0036579     9.46   0.000     .0274192     .041759
 _Ivuosi_2009 |   .0216246   .0032313     6.69   0.000      .015291    .0279582
 _Ivuosi_2010 |   .0195152   .0030012     6.50   0.000     .0136324    .0253979
 _Ivuosi_2011 |    .009823   .0024098     4.08   0.000     .0050995    .0145464
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .6477224   .0391317    16.55   0.000     .5710201    .7244247
    _Iage2_22 |   .9897885   .0630711    15.69   0.000     .8661623    1.113415
    _Iage2_23 |   1.309439   .0872607    15.01   0.000     1.138398    1.480479
    _Iage2_24 |    1.63632   .1119493    14.62   0.000     1.416888    1.855753
    _Iage2_25 |   1.986474   .1372009    14.48   0.000     1.717546    2.255403
    _Iage2_26 |   2.317802   .1617931    14.33   0.000      2.00067    2.634934
    _Iage2_27 |   2.615637   .1866789    14.01   0.000     2.249726    2.981548
    _Iage2_28 |   2.892008   .2113372    13.68   0.000     2.477764    3.306251
    _Iage2_29 |   3.140985   .2360656    13.31   0.000     2.678271    3.603699
    _Iage2_30 |   3.373292   .2606407    12.94   0.000     2.862408    3.884175
    _Iage2_31 |   3.597943   .2853811    12.61   0.000     3.038565     4.15732
    _Iage2_32 |    3.81214   .3100858    12.29   0.000     3.204338    4.419941
    _Iage2_33 |   4.022739   .3346307    12.02   0.000     3.366827    4.678652
    _Iage2_34 |   4.225416   .3593386    11.76   0.000     3.521074    4.929758
    _Iage2_35 |   4.428668   .3840879    11.53   0.000     3.675814    5.181521
    _Iage2_36 |   4.627393   .4088143    11.32   0.000     3.826073    5.428713
    _Iage2_37 |   4.824637   .4336029    11.13   0.000     3.974729    5.674545
    _Iage2_38 |    5.01496   .4583273    10.94   0.000     4.116589     5.91333
    _Iage2_39 |   5.207613    .483005    10.78   0.000     4.260871    6.154355
    _Iage2_40 |   5.396935   .5077446    10.63   0.000     4.401701    6.392169
    _Iage2_41 |   5.578141   .5323587    10.48   0.000     4.534661    6.621621
    _Iage2_42 |   5.769624   .5571023    10.36   0.000     4.677644    6.861605
    _Iage2_43 |   5.952375   .5818643    10.23   0.000     4.811859    7.092892
    _Iage2_44 |    6.13243   .6065912    10.11   0.000     4.943446    7.321414
    _Iage2_45 |   6.309144    .631317     9.99   0.000     5.071695    7.546594
    _Iage2_46 |   6.485423   .6560838     9.89   0.000     5.199428    7.771418
    _Iage2_47 |   6.661501   .6808184     9.78   0.000     5.327024    7.995978
    _Iage2_48 |   6.832359   .7055673     9.68   0.000     5.449371    8.215346
    _Iage2_49 |   6.999729    .730224     9.59   0.000     5.568411    8.431046
    _Iage2_50 |   7.166535   .7549751     9.49   0.000     5.686703    8.646368
    _Iage2_51 |   7.331209    .779714     9.40   0.000     5.802886    8.859532
    _Iage2_52 |   7.503622   .8044703     9.33   0.000     5.926774     9.08047
    _Iage2_53 |   7.668179   .8291711     9.25   0.000     6.042915    9.293443
    _Iage2_54 |   7.832428   .8537641     9.17   0.000     6.158958    9.505897
    _Iage2_55 |    7.99721   .8785628     9.10   0.000     6.275133    9.719288
    _Iage2_56 |   8.158741   .9032849     9.03   0.000     6.388205    9.929276
    _Iage2_57 |   8.304031   .9280301     8.95   0.000     6.484992    10.12307
    _Iage2_58 |   8.454059    .952765     8.87   0.000     6.586537    10.32158
    _Iage2_59 |   8.579445   .9773991     8.78   0.000     6.663638    10.49525
firm_size_new |   .0038554    .000809     4.77   0.000     .0022697     .005441
        _cons |   6.215146   .3583502    17.34   0.000     5.512741     6.91755
--------------+----------------------------------------------------------------
      sigma_u |  1.8693455
      sigma_e |  .36606601
          rho |  .96306851   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    875228
Group variable: shnro_real                      Number of groups   =     84705

R-sq:  within  = 0.2609                         Obs per group: min =         1
       between = 0.2502                                        avg =      10.3
       overall = 0.1318                                        max =        44

                                                F(82,16544)        =    298.89
corr(u_i, Xb)  = -0.9533                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,545 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0089625   .0009358     9.58   0.000     .0071283    .0107968
     treated_iasuorv_d |   .1956234   .0427974     4.57   0.000      .111736    .2795108
           treated_pre |   .0587593   .0091539     6.42   0.000     .0408167    .0767019
       treated_pre_ia3 |  -.0036582   .0004689    -7.80   0.000    -.0045774    -.002739
 treated_pre_iasuorv_d |   -.085383   .0101118    -8.44   0.000    -.1052033   -.0655627
          treated_post |   .1637075   .0142633    11.48   0.000       .13575    .1916651
      treated_post_ia3 |   -.008828   .0006531   -13.52   0.000     -.010108   -.0075479
treated_post_iasuorv_d |  -.2505109   .0148539   -16.86   0.000    -.2796262   -.2213956
             interact3 |  -.0086759   .0004811   -18.03   0.000    -.0096189    -.007733
               suorv_d |  -.0337051   .0230309    -1.46   0.143    -.0788481    .0114379
                   l_0 |  -.7157565   .1245801    -5.75   0.000    -.9599469   -.4715662
                   l_1 |   -.841171    .149502    -5.63   0.000    -1.134211   -.5481311
                   l_2 |  -1.019812   .1743962    -5.85   0.000    -1.361648   -.6779771
                   l_3 |  -1.182634   .1992149    -5.94   0.000    -1.573116    -.792151
                   l_4 |  -1.347111    .224174    -6.01   0.000    -1.786516   -.9077061
                   l_5 |  -1.508902   .2490431    -6.06   0.000    -1.997053   -1.020751
                   l_6 |  -1.670213   .2740073    -6.10   0.000    -2.207297   -1.133129
                   l_7 |  -1.834162   .2988777    -6.14   0.000    -2.419994   -1.248329
                   l_8 |  -1.992066   .3237264    -6.15   0.000    -2.626605   -1.357527
                   l_9 |  -2.146874   .3488259    -6.15   0.000     -2.83061   -1.463138
                  l_10 |  -2.302912   .3737583    -6.16   0.000    -3.035518   -1.570306
                   f_1 |  -.5654342   .0996516    -5.67   0.000     -.760762   -.3701063
                   f_2 |  -.4251647   .0747634    -5.69   0.000     -.571709   -.2786203
                   f_3 |   -.289028   .0498598    -5.80   0.000    -.3867586   -.1912974
                   f_4 |  -.1474765   .0250372    -5.89   0.000    -.1965522   -.0984008
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0009462   .0040937    -0.23   0.817    -.0089703    .0070778
          _Ivuosi_1996 |   .0222975    .004304     5.18   0.000     .0138612    .0307337
          _Ivuosi_1997 |   .0109201   .0047274     2.31   0.021     .0016538    .0201863
          _Ivuosi_1998 |   .0150193   .0051952     2.89   0.004     .0048361    .0252026
          _Ivuosi_1999 |   .0264289   .0052581     5.03   0.000     .0161225    .0367353
          _Ivuosi_2000 |   .0281693    .005222     5.39   0.000     .0179335     .038405
          _Ivuosi_2001 |   .0444956   .0051849     8.58   0.000     .0343326    .0546585
          _Ivuosi_2002 |   .0260509   .0045694     5.70   0.000     .0170945    .0350074
          _Ivuosi_2003 |   .0215044   .0043845     4.90   0.000     .0129103    .0300985
          _Ivuosi_2004 |   .0309441   .0043309     7.14   0.000      .022455    .0394331
          _Ivuosi_2005 |    .041523    .004038    10.28   0.000     .0336081    .0494379
          _Ivuosi_2006 |   .0314993   .0039315     8.01   0.000     .0237931    .0392055
          _Ivuosi_2007 |   .0365568   .0039101     9.35   0.000     .0288926    .0442209
          _Ivuosi_2008 |   .0331117   .0036443     9.09   0.000     .0259686    .0402548
          _Ivuosi_2009 |   .0207663   .0032265     6.44   0.000     .0144419    .0270907
          _Ivuosi_2010 |   .0190436   .0029972     6.35   0.000     .0131688    .0249184
          _Ivuosi_2011 |   .0095409   .0024076     3.96   0.000     .0048216    .0142601
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6464287   .0392419    16.47   0.000     .5695103    .7233471
             _Iage2_22 |   .9863143   .0633456    15.57   0.000     .8621502    1.110478
             _Iage2_23 |   1.303491   .0876768    14.87   0.000     1.131635    1.475347
             _Iage2_24 |   1.628008   .1125246    14.47   0.000     1.407448    1.848569
             _Iage2_25 |   1.974782   .1379074    14.32   0.000     1.704468    2.245095
             _Iage2_26 |   2.303602   .1626446    14.16   0.000     1.984801    2.622403
             _Iage2_27 |    2.59971    .187682    13.85   0.000     2.231834    2.967587
             _Iage2_28 |   2.874785   .2124932    13.53   0.000     2.458276    3.291295
             _Iage2_29 |   3.122959   .2373806    13.16   0.000     2.657667     3.58825
             _Iage2_30 |   3.355307    .262122    12.80   0.000     2.841519    3.869094
             _Iage2_31 |   3.579846   .2870073    12.47   0.000     3.017281    4.142411
             _Iage2_32 |    3.79458   .3118852    12.17   0.000     3.183252    4.405909
             _Iage2_33 |   4.005879   .3366135    11.90   0.000      3.34608    4.665677
             _Iage2_34 |   4.209563   .3614962    11.64   0.000     3.500992    4.918134
             _Iage2_35 |   4.414251   .3864111    11.42   0.000     3.656844    5.171658
             _Iage2_36 |   4.614514   .4113157    11.22   0.000     3.808291    5.420737
             _Iage2_37 |   4.813311   .4362759    11.03   0.000     3.958164    5.668459
             _Iage2_38 |   5.005875   .4611646    10.85   0.000     4.101943    5.909807
             _Iage2_39 |    5.20051   .4860171    10.70   0.000     4.247864    6.153155
             _Iage2_40 |   5.392181   .5109296    10.55   0.000     4.390704    6.393658
             _Iage2_41 |   5.575949   .5357173    10.41   0.000     4.525886    6.626013
             _Iage2_42 |   5.770553   .5606458    10.29   0.000     4.671627    6.869479
             _Iage2_43 |   5.956483   .5855796    10.17   0.000     4.808684    7.104282
             _Iage2_44 |   6.139925   .6104795    10.06   0.000      4.94332    7.336531
             _Iage2_45 |   6.320308   .6353812     9.95   0.000     5.074893    7.565723
             _Iage2_46 |   6.500543   .6603144     9.84   0.000     5.206256    7.794831
             _Iage2_47 |   6.680376   .6852178     9.75   0.000     5.337275    8.023476
             _Iage2_48 |   6.855051   .7101424     9.65   0.000     5.463095    8.247006
             _Iage2_49 |   7.026465   .7349767     9.56   0.000     5.585832    8.467099
             _Iage2_50 |   7.197059   .7599094     9.47   0.000     5.707555    8.686563
             _Iage2_51 |   7.366289   .7848185     9.39   0.000     5.827961    8.904618
             _Iage2_52 |   7.542807   .8097459     9.32   0.000     5.955618    9.129996
             _Iage2_53 |   7.711714   .8346161     9.24   0.000     6.075777    9.347651
             _Iage2_54 |   7.879925    .859388     9.17   0.000     6.195433    9.564418
             _Iage2_55 |   8.050065     .88435     9.10   0.000     6.316644    9.783486
             _Iage2_56 |   8.215878   .9092481     9.04   0.000     6.433654    9.998102
             _Iage2_57 |   8.365845   .9341711     8.96   0.000     6.534769    10.19692
             _Iage2_58 |   8.520676   .9590832     8.88   0.000      6.64077    10.40058
             _Iage2_59 |    8.65215   .9838894     8.79   0.000     6.723621    10.58068
         firm_size_new |   .0039033   .0007953     4.91   0.000     .0023444    .0054622
                 _cons |   6.233883   .3601159    17.31   0.000     5.528017    6.939748
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8651147
               sigma_e |  .36524058
                   rho |  .96306791   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16544) =  126.89
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 16544) =   39.34
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    875228
Group variable: shnro_real                      Number of groups   =     84705

R-sq:  within  = 0.2581                         Obs per group: min =         1
       between = 0.2514                                        avg =      10.3
       overall = 0.1322                                        max =        44

                                                F(79,16544)        =    318.56
corr(u_i, Xb)  = -0.9553                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 16,545 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0314272   .0106873     2.94   0.003     .0104789    .0523755
          treated_pre |   .0276483   .0077587     3.56   0.000     .0124405    .0428561
 treated_pre_iasenior |  -.0249469   .0088152    -2.83   0.005    -.0422256   -.0076682
         treated_post |   .0779252   .0116356     6.70   0.000     .0551182    .1007321
treated_post_iasenior |    -.06374   .0120538    -5.29   0.000    -.0873667   -.0401132
               senior |          0  (omitted)
         pre_iasenior |  -.0172889   .0057294    -3.02   0.003    -.0285191   -.0060588
        post_iasenior |  -.0431659    .007881    -5.48   0.000    -.0586135   -.0277183
                  l_0 |  -.7365943   .1237951    -5.95   0.000     -.979246   -.4939426
                  l_1 |  -.8677954   .1485099    -5.84   0.000    -1.158891   -.5766999
                  l_2 |  -1.052475   .1732054    -6.08   0.000    -1.391977   -.7129743
                  l_3 |  -1.221488   .1978315    -6.17   0.000    -1.609259   -.8337175
                  l_4 |  -1.392253   .2226048    -6.25   0.000    -1.828582   -.9559232
                  l_5 |  -1.560339   .2472887    -6.31   0.000    -2.045052   -1.075627
                  l_6 |  -1.727875   .2720659    -6.35   0.000    -2.261153   -1.194597
                  l_7 |  -1.898503   .2967447    -6.40   0.000    -2.480154   -1.316852
                  l_8 |  -2.062639   .3213905    -6.42   0.000    -2.692599   -1.432679
                  l_9 |   -2.22403   .3462986    -6.42   0.000    -2.902812   -1.545247
                 l_10 |  -2.386347   .3710318    -6.43   0.000    -3.113609   -1.659085
                  f_1 |  -.5859716   .0989588    -5.92   0.000    -.7799414   -.3920018
                  f_2 |  -.4400057   .0742851    -5.92   0.000    -.5856123    -.294399
                  f_3 |  -.2979439   .0496048    -6.01   0.000    -.3951746   -.2007132
                  f_4 |  -.1505736   .0250708    -6.01   0.000    -.1997151   -.1014321
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0003153   .0041126    -0.08   0.939    -.0083765    .0077459
         _Ivuosi_1996 |   .0237002   .0042419     5.59   0.000     .0153857    .0320148
         _Ivuosi_1997 |   .0120246   .0046854     2.57   0.010     .0028408    .0212084
         _Ivuosi_1998 |   .0164165   .0051799     3.17   0.002     .0062633    .0265697
         _Ivuosi_1999 |   .0278727   .0051358     5.43   0.000      .017806    .0379393
         _Ivuosi_2000 |   .0287147   .0051332     5.59   0.000      .018653    .0387763
         _Ivuosi_2001 |   .0450497   .0050765     8.87   0.000     .0350993    .0550001
         _Ivuosi_2002 |   .0270579   .0044879     6.03   0.000     .0182611    .0358548
         _Ivuosi_2003 |   .0225021   .0042999     5.23   0.000     .0140739    .0309304
         _Ivuosi_2004 |   .0318295   .0043075     7.39   0.000     .0233863    .0402727
         _Ivuosi_2005 |   .0426878   .0039762    10.74   0.000      .034894    .0504815
         _Ivuosi_2006 |   .0327581   .0039179     8.36   0.000     .0250787    .0404376
         _Ivuosi_2007 |   .0372686   .0039232     9.50   0.000     .0295787    .0449585
         _Ivuosi_2008 |   .0341908   .0036343     9.41   0.000     .0270671    .0413144
         _Ivuosi_2009 |   .0214305   .0032159     6.66   0.000     .0151271     .027734
         _Ivuosi_2010 |   .0197044   .0029922     6.59   0.000     .0138394    .0255694
         _Ivuosi_2011 |   .0099204   .0024057     4.12   0.000      .005205    .0146358
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .6478249   .0391179    16.56   0.000     .5711498    .7245001
            _Iage2_22 |    .989742   .0630444    15.70   0.000     .8661682    1.113316
            _Iage2_23 |   1.309523    .087218    15.01   0.000     1.138566     1.48048
            _Iage2_24 |   1.636548   .1118949    14.63   0.000     1.417222    1.855874
            _Iage2_25 |   1.986848   .1371242    14.49   0.000      1.71807    2.255626
            _Iage2_26 |   2.318522   .1616982    14.34   0.000     2.001576    2.635467
            _Iage2_27 |   2.616895   .1865721    14.03   0.000     2.251193    2.982596
            _Iage2_28 |   2.893776   .2112122    13.70   0.000     2.479777    3.307774
            _Iage2_29 |   3.143246   .2359232    13.32   0.000     2.680811    3.605681
            _Iage2_30 |   3.376183   .2604851    12.96   0.000     2.865604    3.886762
            _Iage2_31 |   3.601505   .2852083    12.63   0.000     3.042466    4.160544
            _Iage2_32 |   3.816404   .3098984    12.32   0.000      3.20897    4.423838
            _Iage2_33 |    4.02783   .3344283    12.04   0.000     3.372315    4.683345
            _Iage2_34 |   4.231433   .3591231    11.78   0.000     3.527513    4.935353
            _Iage2_35 |    4.43559    .383858    11.56   0.000     3.683187    5.187993
            _Iage2_36 |    4.63521   .4085698    11.34   0.000     3.834369    5.436051
            _Iage2_37 |   4.833653    .433346    11.15   0.000     3.984248    5.683057
            _Iage2_38 |   5.025534   .4580582    10.97   0.000      4.12769    5.923377
            _Iage2_39 |   5.220104   .4827224    10.81   0.000     4.273917    6.166292
            _Iage2_40 |   5.411743   .5074489    10.66   0.000     4.417089    6.406397
            _Iage2_41 |   5.638839   .5321769    10.60   0.000     4.595715    6.681963
            _Iage2_42 |   5.833865   .5569098    10.48   0.000     4.742262    6.925468
            _Iage2_43 |    6.02056   .5816665    10.35   0.000     4.880431    7.160689
            _Iage2_44 |   6.204973   .6063832    10.23   0.000     5.016397    7.393549
            _Iage2_45 |   6.386374   .6310989    10.12   0.000     5.149352    7.623395
            _Iage2_46 |   6.567714   .6558575    10.01   0.000     5.282163    7.853265
            _Iage2_47 |   6.749022   .6805874     9.92   0.000     5.414998    8.083046
            _Iage2_48 |   6.925359    .705328     9.82   0.000      5.54284    8.307878
            _Iage2_49 |   7.098414   .7299798     9.72   0.000     5.667575    8.529252
            _Iage2_50 |   7.270745   .7547244     9.63   0.000     5.791405    8.750086
            _Iage2_51 |   7.441177   .7794575     9.55   0.000     5.913356    8.968997
            _Iage2_52 |   7.619293   .8042064     9.47   0.000     6.042962    9.195624
            _Iage2_53 |   7.789621   .8289017     9.40   0.000     6.164885    9.414357
            _Iage2_54 |   7.959594   .8534888     9.33   0.000     6.286664    9.632524
            _Iage2_55 |   8.131048   .8782824     9.26   0.000      6.40952    9.852576
            _Iage2_56 |   8.298292   .9029948     9.19   0.000     6.528326    10.06826
            _Iage2_57 |   8.449609   .9277313     9.11   0.000     6.631156    10.26806
            _Iage2_58 |   8.605907   .9524584     9.04   0.000     6.738986    10.47283
            _Iage2_59 |   8.738088   .9770851     8.94   0.000     6.822896    10.65328
        firm_size_new |   .0039672   .0008056     4.92   0.000     .0023882    .0055462
                _cons |   6.181698   .3581376    17.26   0.000      5.47971    6.883687
----------------------+----------------------------------------------------------------
              sigma_u |  1.9010386
              sigma_e |  .36593463
                  rho |  .96427073   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16544) =    3.41
            Prob > F =    0.0646

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 16544) =    0.24
            Prob > F =    0.6242
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    875228
Group variable: shnro_real                      Number of groups   =     84705

R-sq:  within  = 0.2702                         Obs per group: min =         1
       between = 0.2687                                        avg =      10.3
       overall = 0.1475                                        max =        44

                                                F(86,16544)        =    349.44
corr(u_i, Xb)  = -0.9524                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,545 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1427874   .0246787    -5.79   0.000    -.1911603   -.0944145
           treated_ia3 |   .0083145   .0009769     8.51   0.000     .0063996    .0102294
     treated_iasuorv_d |   .1783092   .0425197     4.19   0.000     .0949661    .2616523
           treated_pre |   .0598649    .009954     6.01   0.000      .040354    .0793759
       treated_pre_ia2 |  -.0035468   .0085139    -0.42   0.677    -.0202349    .0131413
       treated_pre_ia3 |  -.0035889   .0004762    -7.54   0.000    -.0045224   -.0026554
 treated_pre_iasuorv_d |   -.068282   .0106068    -6.44   0.000    -.0890725   -.0474915
          treated_post |   .1525749    .014725    10.36   0.000     .1237124    .1814374
      treated_post_ia2 |   .0295033   .0115561     2.55   0.011      .006852    .0521545
      treated_post_ia3 |  -.0085741   .0006653   -12.89   0.000    -.0098782     -.00727
treated_post_iasuorv_d |  -.1871408   .0151095   -12.39   0.000    -.2167571   -.1575244
             interact2 |   .5119999   .0163156    31.38   0.000     .4800195    .5439803
             interact3 |  -.0010664   .0004774    -2.23   0.026    -.0020022   -.0001307
               suorv_d |  -.0200572   .0224395    -0.89   0.371     -.064041    .0239266
                   l_0 |  -.7183927   .1248242    -5.76   0.000    -.9630616   -.4737238
                   l_1 |  -.8434499   .1498074    -5.63   0.000    -1.137089   -.5498112
                   l_2 |  -1.021052   .1747495    -5.84   0.000     -1.36358   -.6785247
                   l_3 |  -1.182688   .1996253    -5.92   0.000    -1.573975   -.7914006
                   l_4 |  -1.346001    .224633    -5.99   0.000    -1.786306   -.9056959
                   l_5 |  -1.506467   .2495585    -6.04   0.000    -1.995628   -1.017305
                   l_6 |   -1.66692   .2745678    -6.07   0.000    -2.205103   -1.128738
                   l_7 |  -1.829374   .2994806    -6.11   0.000    -2.416389    -1.24236
                   l_8 |  -1.985337   .3243784    -6.12   0.000    -2.621154   -1.349521
                   l_9 |  -2.139281    .349526    -6.12   0.000    -2.824389   -1.454172
                  l_10 |   -2.29425   .3744947    -6.13   0.000      -3.0283     -1.5602
                   f_1 |  -.5660939   .0998548    -5.67   0.000    -.7618199   -.3703678
                   f_2 |  -.4263977   .0749197    -5.69   0.000    -.5732485    -.279547
                   f_3 |  -.2908651   .0499658    -5.82   0.000    -.3888035   -.1929267
                   f_4 |  -.1494975   .0250909    -5.96   0.000    -.1986784   -.1003166
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0003334   .0039928     0.08   0.933     -.007493    .0081598
          _Ivuosi_1996 |   .0245751   .0041468     5.93   0.000     .0164469    .0327033
          _Ivuosi_1997 |   .0141421   .0045564     3.10   0.002      .005211    .0230731
          _Ivuosi_1998 |   .0192849   .0049999     3.86   0.000     .0094847    .0290852
          _Ivuosi_1999 |   .0306691   .0050195     6.11   0.000     .0208303    .0405079
          _Ivuosi_2000 |   .0344275   .0050142     6.87   0.000     .0245991     .044256
          _Ivuosi_2001 |   .0515953   .0049567    10.41   0.000     .0418795     .061311
          _Ivuosi_2002 |   .0333085   .0043456     7.66   0.000     .0247907    .0418264
          _Ivuosi_2003 |   .0289537   .0041598     6.96   0.000        .0208    .0371075
          _Ivuosi_2004 |   .0386812   .0041106     9.41   0.000      .030624    .0467384
          _Ivuosi_2005 |   .0490125   .0038343    12.78   0.000     .0414969    .0565282
          _Ivuosi_2006 |   .0387127   .0037468    10.33   0.000     .0313684    .0460569
          _Ivuosi_2007 |   .0434158   .0037277    11.65   0.000     .0361091    .0507224
          _Ivuosi_2008 |   .0373481   .0034987    10.67   0.000     .0304902    .0442059
          _Ivuosi_2009 |   .0242572   .0031508     7.70   0.000     .0180814     .030433
          _Ivuosi_2010 |   .0217187   .0029506     7.36   0.000     .0159352    .0275022
          _Ivuosi_2011 |   .0108179   .0023902     4.53   0.000     .0061328    .0155029
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6422422   .0393415    16.32   0.000     .5651286    .7193558
             _Iage2_22 |   .9780992   .0635499    15.39   0.000     .8535346    1.102664
             _Iage2_23 |   1.291346   .0879302    14.69   0.000     1.118994    1.463699
             _Iage2_24 |    1.60928    .112811    14.27   0.000     1.388158    1.830402
             _Iage2_25 |   1.946645   .1382142    14.08   0.000     1.675731     2.21756
             _Iage2_26 |   2.261645   .1630111    13.87   0.000     1.942126    2.581164
             _Iage2_27 |   2.543795   .1880685    13.53   0.000      2.17516    2.912429
             _Iage2_28 |    2.80474   .2129111    13.17   0.000     2.387412    3.222069
             _Iage2_29 |   3.040915   .2378412    12.79   0.000     2.574721     3.50711
             _Iage2_30 |    3.26253   .2626431    12.42   0.000     2.747721    3.777339
             _Iage2_31 |    3.47693   .2875646    12.09   0.000     2.913273    4.040588
             _Iage2_32 |   3.682803   .3125068    11.78   0.000     3.070256     4.29535
             _Iage2_33 |   3.885279   .3373027    11.52   0.000     3.224129    4.546429
             _Iage2_34 |      4.081   .3622443    11.27   0.000     3.370963    4.791038
             _Iage2_35 |   4.277632   .3872216    11.05   0.000     3.518636    5.036627
             _Iage2_36 |   4.470159   .4121797    10.85   0.000     3.662243    5.278076
             _Iage2_37 |   4.660839    .437192    10.66   0.000     3.803896    5.517782
             _Iage2_38 |   4.845768   .4621282    10.49   0.000     3.939947    5.751589
             _Iage2_39 |   5.033176   .4870275    10.33   0.000      4.07855    5.987803
             _Iage2_40 |   5.217688   .5119877    10.19   0.000     4.214137    6.221239
             _Iage2_41 |   5.394169   .5368223    10.05   0.000     4.341939    6.446398
             _Iage2_42 |   5.581423   .5618056     9.93   0.000     4.480224    6.682622
             _Iage2_43 |   5.760422   .5867806     9.82   0.000      4.61027    6.910575
             _Iage2_44 |   5.936782   .6117397     9.70   0.000     4.737707    7.135858
             _Iage2_45 |   6.110068   .6366903     9.60   0.000     4.862087     7.35805
             _Iage2_46 |   6.282826   .6616717     9.50   0.000     4.985879    7.579774
             _Iage2_47 |   6.455913   .6866298     9.40   0.000     5.110045    7.801781
             _Iage2_48 |   6.623854   .7116076     9.31   0.000     5.229027    8.018681
             _Iage2_49 |   6.788685   .7364869     9.22   0.000     5.345091    8.232278
             _Iage2_50 |   6.952335   .7614611     9.13   0.000      5.45979     8.44488
             _Iage2_51 |   7.114893   .7864135     9.05   0.000     5.573438    8.656348
             _Iage2_52 |   7.285108   .8113828     8.98   0.000      5.69471    8.875505
             _Iage2_53 |    7.44792   .8363038     8.91   0.000     5.808675    9.087165
             _Iage2_54 |   7.610278   .8611281     8.84   0.000     5.922374    9.298181
             _Iage2_55 |   7.774751   .8861456     8.77   0.000      6.03781    9.511692
             _Iage2_56 |   7.935065   .9110876     8.71   0.000     6.149235    9.720894
             _Iage2_57 |   8.079569   .9360567     8.63   0.000     6.244797    9.914341
             _Iage2_58 |   8.229117   .9610192     8.56   0.000     6.345416    10.11282
             _Iage2_59 |   8.355194    .985866     8.47   0.000      6.42279     10.2876
         firm_size_new |   .0040879   .0007826     5.22   0.000     .0025539    .0056219
                 _cons |   6.216267   .3608483    17.23   0.000     5.508966    6.923569
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8290018
               sigma_e |  .36294478
                   rho |  .96211395   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 16544) =  221.53
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16544) =  102.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 16544) =  214.51
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 16544) =   38.16
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 16544) =   34.52
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 16544) =   35.46
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    875228
Group variable: shnro_real                      Number of groups   =     84705

R-sq:  within  = 0.2610                         Obs per group: min =         1
       between = 0.2503                                        avg =      10.3
       overall = 0.1319                                        max =        44

                                                F(85,16544)        =    291.56
corr(u_i, Xb)  = -0.9532                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,545 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0282638   .0100836    -2.80   0.005    -.0480287   -.0084989
           treated_ia3 |    .009617   .0009939     9.68   0.000     .0076689    .0115652
     treated_iasuorv_d |   .1960947    .042981     4.56   0.000     .1118473    .2803422
           treated_pre |    .059101   .0090567     6.53   0.000     .0413488    .0768532
  treated_pre_iasenior |  -.0022065   .0081714    -0.27   0.787    -.0182233    .0138102
       treated_pre_ia3 |  -.0035391   .0005324    -6.65   0.000    -.0045827   -.0024955
 treated_pre_iasuorv_d |   -.082616   .0122323    -6.75   0.000    -.1065926   -.0586395
          treated_post |   .1663617   .0142923    11.64   0.000     .1383473    .1943761
 treated_post_iasenior |   .0069506   .0101606     0.68   0.494    -.0129652    .0268665
      treated_post_ia3 |  -.0089937   .0007037   -12.78   0.000    -.0103731   -.0076144
treated_post_iasuorv_d |  -.2534304   .0163572   -15.49   0.000    -.2854922   -.2213685
                senior |   8.654244   .9844287     8.79   0.000     6.724658    10.58383
             interact3 |  -.0089236   .0004884   -18.27   0.000    -.0098809   -.0079664
               suorv_d |  -.0336459   .0230318    -1.46   0.144    -.0787907    .0114989
                   l_0 |  -.7162888   .1246515    -5.75   0.000    -.9606191   -.4719585
                   l_1 |  -.8415097   .1495834    -5.63   0.000    -1.134709     -.54831
                   l_2 |  -1.019957   .1744872    -5.85   0.000    -1.361971   -.6779436
                   l_3 |  -1.182564   .1993153    -5.93   0.000    -1.573243   -.7918844
                   l_4 |  -1.346827   .2242846    -6.00   0.000    -1.786449    -.907205
                   l_5 |  -1.508398   .2491643    -6.05   0.000    -1.996787    -1.02001
                   l_6 |  -1.669488   .2741382    -6.09   0.000    -2.206829   -1.132148
                   l_7 |  -1.833219   .2990193    -6.13   0.000    -2.419329    -1.24711
                   l_8 |  -1.990885   .3238784    -6.15   0.000    -2.625722   -1.356049
                   l_9 |  -2.145429   .3489887    -6.15   0.000    -2.829484   -1.461374
                  l_10 |  -2.301156   .3739299    -6.15   0.000    -3.034099   -1.568213
                   f_1 |  -.5649838    .099696    -5.67   0.000    -.7603987   -.3695689
                   f_2 |  -.4249643    .074798    -5.68   0.000    -.5715764   -.2783523
                   f_3 |  -.2890726    .049885    -5.79   0.000    -.3868525   -.1912926
                   f_4 |  -.1477657   .0250529    -5.90   0.000     -.196872   -.0986593
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0009537   .0040918    -0.23   0.816    -.0089741    .0070667
          _Ivuosi_1996 |   .0222752   .0042927     5.19   0.000     .0138611    .0306893
          _Ivuosi_1997 |   .0108949   .0047247     2.31   0.021      .001634    .0201558
          _Ivuosi_1998 |   .0149602   .0051958     2.88   0.004     .0047758    .0251446
          _Ivuosi_1999 |   .0263439   .0052554     5.01   0.000     .0160427    .0366451
          _Ivuosi_2000 |   .0281024   .0052242     5.38   0.000     .0178624    .0383424
          _Ivuosi_2001 |   .0444428   .0051891     8.56   0.000     .0342717     .054614
          _Ivuosi_2002 |   .0259942   .0045737     5.68   0.000     .0170292    .0349591
          _Ivuosi_2003 |   .0214395   .0043894     4.88   0.000     .0128359    .0300431
          _Ivuosi_2004 |    .030886   .0043367     7.12   0.000     .0223856    .0393864
          _Ivuosi_2005 |   .0414142   .0040447    10.24   0.000     .0334861    .0493422
          _Ivuosi_2006 |   .0314006   .0039359     7.98   0.000     .0236858    .0391154
          _Ivuosi_2007 |   .0364872   .0039127     9.33   0.000     .0288179    .0441564
          _Ivuosi_2008 |   .0330795   .0036484     9.07   0.000     .0259284    .0402307
          _Ivuosi_2009 |   .0207185   .0032297     6.42   0.000      .014388    .0270489
          _Ivuosi_2010 |   .0189921   .0029977     6.34   0.000     .0131162     .024868
          _Ivuosi_2011 |   .0095135   .0024076     3.95   0.000     .0047944    .0142326
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6462715   .0392499    16.47   0.000     .5693374    .7232057
             _Iage2_22 |   .9860171    .063363    15.56   0.000     .8618188    1.110215
             _Iage2_23 |   1.303019    .087701    14.86   0.000     1.131116    1.474923
             _Iage2_24 |   1.627415   .1125571    14.46   0.000     1.406791    1.848039
             _Iage2_25 |   1.974044   .1379465    14.31   0.000     1.703654    2.244434
             _Iage2_26 |   2.302789   .1626914    14.15   0.000     1.983896    2.621681
             _Iage2_27 |   2.598797    .187737    13.84   0.000     2.230813    2.966782
             _Iage2_28 |   2.873761   .2125543    13.52   0.000     2.457131     3.29039
             _Iage2_29 |   3.121816   .2374485    13.15   0.000     2.656391     3.58724
             _Iage2_30 |   3.354044   .2621968    12.79   0.000      2.84011    3.867978
             _Iage2_31 |   3.578454   .2870878    12.46   0.000     3.015732    4.141177
             _Iage2_32 |   3.793066   .3119716    12.16   0.000     3.181568    4.404563
             _Iage2_33 |   4.004237   .3367053    11.89   0.000     3.344259    4.664216
             _Iage2_34 |   4.207801   .3615931    11.64   0.000     3.499039    4.916562
             _Iage2_35 |   4.412376   .3865135    11.42   0.000     3.654768    5.169984
             _Iage2_36 |   4.612517   .4114232    11.21   0.000     3.806083     5.41895
             _Iage2_37 |    4.81115   .4363891    11.02   0.000      3.95578    5.666519
             _Iage2_38 |   5.003542   .4612834    10.85   0.000     4.099377    5.907707
             _Iage2_39 |    5.19795   .4861426    10.69   0.000     4.245058    6.150842
             _Iage2_40 |   5.389345   .5110641    10.55   0.000     4.387605    6.391086
             _Iage2_41 |  -3.069378   .4486169    -6.84   0.000    -3.948715    -2.19004
             _Iage2_42 |  -2.875127   .4236643    -6.79   0.000    -3.705555     -2.0447
             _Iage2_43 |  -2.689574    .398706    -6.75   0.000     -3.47108   -1.908067
             _Iage2_44 |  -2.506498   .3737881    -6.71   0.000    -3.239163   -1.773833
             _Iage2_45 |  -2.326468   .3488678    -6.67   0.000    -3.010287    -1.64265
             _Iage2_46 |  -2.146617   .3239099    -6.63   0.000    -2.781515   -1.511719
             _Iage2_47 |  -1.967165   .2989881    -6.58   0.000    -2.553214   -1.381116
             _Iage2_48 |  -1.792867   .2740439    -6.54   0.000    -2.330023   -1.255712
             _Iage2_49 |  -1.621854   .2491824    -6.51   0.000    -2.110278   -1.133429
             _Iage2_50 |  -1.451648   .2242354    -6.47   0.000    -1.891174   -1.012123
             _Iage2_51 |  -1.282791   .1993225    -6.44   0.000    -1.673485   -.8920977
             _Iage2_52 |  -1.106655    .174381    -6.35   0.000    -1.448461     -.76485
             _Iage2_53 |  -.9381025   .1494989    -6.27   0.000    -1.231136   -.6450685
             _Iage2_54 |  -.7702494   .1247251    -6.18   0.000    -1.014724   -.5257749
             _Iage2_55 |   -.600487   .0997728    -6.02   0.000    -.7960525   -.4049216
             _Iage2_56 |  -.4350451   .0748923    -5.81   0.000     -.581842   -.2882482
             _Iage2_57 |  -.2854587   .0500256    -5.71   0.000    -.3835144   -.1874031
             _Iage2_58 |  -.1310708   .0252098    -5.20   0.000    -.1804848   -.0816568
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0038893   .0007964     4.88   0.000     .0023283    .0054504
                 _cons |   6.236226   .3602245    17.31   0.000     5.530147    6.942304
-----------------------+----------------------------------------------------------------
               sigma_u |   1.862486
               sigma_e |  .36522821
                   rho |  .96296986   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 16544) =   66.40
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 16544) =   95.37
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 16544) =   44.18
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 16544) =  163.34
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16544) =  117.12
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16544) =  129.24
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 16544) =  113.34
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    875228
Group variable: shnro_real                      Number of groups   =     84705

R-sq:  within  = 0.2703                         Obs per group: min =         1
       between = 0.2686                                        avg =      10.3
       overall = 0.1474                                        max =        44

                                                F(89,16544)        =    341.48
corr(u_i, Xb)  = -0.9525                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,545 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0145522   .0099612    -1.46   0.144    -.0340773    .0049729
           treated_ia2 |  -.1424622    .024726    -5.76   0.000    -.1909278   -.0939966
           treated_ia3 |   .0085543   .0010407     8.22   0.000     .0065144    .0105941
     treated_iasuorv_d |   .1726365    .042802     4.03   0.000     .0887401     .256533
           treated_pre |   .0600974   .0098793     6.08   0.000     .0407328     .079462
  treated_pre_iasenior |  -.0044084   .0081607    -0.54   0.589    -.0204043    .0115874
       treated_pre_ia2 |  -.0024006   .0085708    -0.28   0.779    -.0192003    .0143992
       treated_pre_ia3 |  -.0034296   .0005562    -6.17   0.000    -.0045198   -.0023394
 treated_pre_iasuorv_d |  -.0648694   .0130267    -4.98   0.000    -.0904031   -.0393356
          treated_post |   .1542663    .014608    10.56   0.000      .125633    .1828996
 treated_post_iasenior |  -.0121182   .0098885    -1.23   0.220    -.0315007    .0072644
      treated_post_ia2 |   .0326634    .011531     2.83   0.005     .0100613    .0552655
      treated_post_ia3 |  -.0081498   .0007296   -11.17   0.000    -.0095799   -.0067198
treated_post_iasuorv_d |  -.1773706   .0169143   -10.49   0.000    -.2105245   -.1442167
                senior |   8.372013   .9862287     8.49   0.000     6.438899    10.30513
             interact2 |   .5108788    .016363    31.22   0.000     .4788055    .5429522
             interact3 |  -.0013287   .0004849    -2.74   0.006    -.0022792   -.0003783
               suorv_d |  -.0203914   .0224251    -0.91   0.363    -.0643471    .0235643
                   l_0 |   -.720593   .1248701    -5.77   0.000    -.9653518   -.4758343
                   l_1 |  -.8457867   .1498589    -5.64   0.000    -1.139526    -.552047
                   l_2 |  -1.023535   .1748058    -5.86   0.000    -1.366173   -.6808972
                   l_3 |  -1.185296   .1996863    -5.94   0.000    -1.576702   -.7938889
                   l_4 |  -1.348736   .2246996    -6.00   0.000    -1.789172   -.9083011
                   l_5 |  -1.509323     .24963    -6.05   0.000    -1.998625   -1.020021
                   l_6 |  -1.669892   .2746442    -6.08   0.000    -2.208224    -1.13156
                   l_7 |  -1.832487   .2995625    -6.12   0.000    -2.419662   -1.245313
                   l_8 |  -1.988568   .3244661    -6.13   0.000    -2.624557    -1.35258
                   l_9 |  -2.142621   .3496186    -6.13   0.000    -2.827911   -1.457331
                  l_10 |  -2.297624   .3745907    -6.13   0.000    -3.031862   -1.563386
                   f_1 |  -.5670155   .0998798    -5.68   0.000    -.7627906   -.3712404
                   f_2 |  -.4272061     .07494    -5.70   0.000    -.5740966   -.2803157
                   f_3 |  -.2915388    .049981    -5.83   0.000    -.3895068   -.1935707
                   f_4 |  -.1500529   .0251008    -5.98   0.000    -.1992531   -.1008527
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0004052   .0039965     0.10   0.919    -.0074284    .0082388
          _Ivuosi_1996 |   .0246846   .0041359     5.97   0.000     .0165779    .0327914
          _Ivuosi_1997 |   .0142354    .004549     3.13   0.002     .0053188     .023152
          _Ivuosi_1998 |   .0193979   .0049886     3.89   0.000     .0096197    .0291762
          _Ivuosi_1999 |   .0307603   .0050017     6.15   0.000     .0209563    .0405642
          _Ivuosi_2000 |    .034472   .0050006     6.89   0.000     .0246703    .0442738
          _Ivuosi_2001 |   .0515894   .0049463    10.43   0.000     .0418941    .0612847
          _Ivuosi_2002 |   .0332945    .004339     7.67   0.000     .0247897    .0417994
          _Ivuosi_2003 |   .0289239   .0041551     6.96   0.000     .0207795    .0370683
          _Ivuosi_2004 |   .0386516   .0041084     9.41   0.000     .0305987    .0467046
          _Ivuosi_2005 |   .0489653   .0038339    12.77   0.000     .0414504    .0564801
          _Ivuosi_2006 |   .0386839   .0037486    10.32   0.000     .0313362    .0460316
          _Ivuosi_2007 |   .0433778   .0037273    11.64   0.000     .0360719    .0506838
          _Ivuosi_2008 |   .0373018    .003498    10.66   0.000     .0304452    .0441583
          _Ivuosi_2009 |   .0242074   .0031499     7.69   0.000     .0180333    .0303815
          _Ivuosi_2010 |   .0216961   .0029508     7.35   0.000     .0159123    .0274799
          _Ivuosi_2011 |   .0108081   .0023901     4.52   0.000     .0061232    .0154929
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6423199    .039347    16.32   0.000     .5651956    .7194443
             _Iage2_22 |   .9783357   .0635594    15.39   0.000     .8537525    1.102919
             _Iage2_23 |   1.291701    .087944    14.69   0.000     1.119321    1.464081
             _Iage2_24 |   1.609756   .1128303    14.27   0.000     1.388597    1.830916
             _Iage2_25 |   1.947214   .1382364    14.09   0.000     1.676256    2.218172
             _Iage2_26 |   2.262348   .1630363    13.88   0.000     1.942779    2.581916
             _Iage2_27 |   2.544617   .1880976    13.53   0.000     2.175926    2.913308
             _Iage2_28 |   2.805651   .2129419    13.18   0.000     2.388262     3.22304
             _Iage2_29 |   3.041905   .2378738    12.79   0.000     2.575647    3.508163
             _Iage2_30 |   3.263593   .2626777    12.42   0.000     2.748717     3.77847
             _Iage2_31 |    3.47801   .2875997    12.09   0.000     2.914283    4.041736
             _Iage2_32 |   3.683899   .3125431    11.79   0.000     3.071281    4.296517
             _Iage2_33 |   3.886381   .3373389    11.52   0.000     3.225161    4.547602
             _Iage2_34 |   4.082111   .3622808    11.27   0.000     3.372001     4.79222
             _Iage2_35 |   4.278731   .3872583    11.05   0.000     3.519663    5.037799
             _Iage2_36 |   4.471241    .412216    10.85   0.000     3.663254    5.279229
             _Iage2_37 |   4.661903   .4372288    10.66   0.000     3.804887    5.518918
             _Iage2_38 |   4.846837   .4621655    10.49   0.000     3.940943    5.752731
             _Iage2_39 |   5.034263   .4870662    10.34   0.000     4.079561    5.988965
             _Iage2_40 |    5.21881   .5120298    10.19   0.000     4.215176    6.222443
             _Iage2_41 |  -2.964782   .4493891    -6.60   0.000    -3.845633   -2.083931
             _Iage2_42 |   -2.77745   .4243878    -6.54   0.000    -3.609295   -1.945604
             _Iage2_43 |   -2.59834   .3993939    -6.51   0.000    -3.381195   -1.815485
             _Iage2_44 |  -2.421828   .3744222    -6.47   0.000    -3.155736    -1.68792
             _Iage2_45 |   -2.24833   .3494586    -6.43   0.000    -2.933306   -1.563354
             _Iage2_46 |  -2.075351   .3244574    -6.40   0.000    -2.711322   -1.439379
             _Iage2_47 |  -1.902026   .2994863    -6.35   0.000    -2.489051   -1.315001
             _Iage2_48 |  -1.733828   .2744944    -6.32   0.000    -2.271866   -1.195789
             _Iage2_49 |  -1.568747   .2495934    -6.29   0.000    -2.057977   -1.079517
             _Iage2_50 |  -1.404854   .2246108    -6.25   0.000    -1.845116   -.9645931
             _Iage2_51 |  -1.242049   .1996592    -6.22   0.000    -1.633402   -.8506952
             _Iage2_52 |  -1.071595   .1746815    -6.13   0.000    -1.413989   -.7292003
             _Iage2_53 |  -.9085561   .1497541    -6.07   0.000     -1.20209    -.615022
             _Iage2_54 |  -.7459647   .1249331    -5.97   0.000     -.990847   -.5010825
             _Iage2_55 |  -.5812467   .0999319    -5.82   0.000    -.7771239   -.3853694
             _Iage2_56 |  -.4207185   .0750131    -5.61   0.000    -.5677522   -.2736847
             _Iage2_57 |  -.2759999   .0501054    -5.51   0.000    -.3742118    -.177788
             _Iage2_58 |  -.1262828   .0252452    -5.00   0.000    -.1757662   -.0767995
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0040939   .0007835     5.23   0.000     .0025582    .0056297
                 _cons |   6.215512   .3608851    17.22   0.000     5.508138    6.922885
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8302683
               sigma_e |  .36293284
                   rho |  .96216677   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 16544) =   47.37
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 16544) =   60.59
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 16544) =   20.91
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 16544) =   93.10
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 16544) =   68.26
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 16544) =  227.80
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16544) =  107.33
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 16544) =  145.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 16544) =   65.22
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 16544) =  141.44
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    876131
Group variable: shnro_real                      Number of groups   =     84810

R-sq:  within  = 0.2698                         Obs per group: min =         1
       between = 0.2688                                        avg =      10.3
       overall = 0.1475                                        max =        44

                                                F(86,16552)        =    349.55
corr(u_i, Xb)  = -0.9522                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 16,553 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.1419521   .0246566    -5.76   0.000    -.1902817   -.0936225
           treated_ia3 |   .0083024   .0009775     8.49   0.000     .0063864    .0102183
     treated_iasuorv_d |   .1784372   .0425212     4.20   0.000     .0950911    .2617833
           treated_pre |   .0597467   .0099536     6.00   0.000     .0402365    .0792568
       treated_pre_ia2 |  -.0039873   .0085183    -0.47   0.640    -.0206841    .0127095
       treated_pre_ia3 |  -.0035836   .0004764    -7.52   0.000    -.0045173   -.0026499
 treated_pre_iasuorv_d |  -.0683624   .0106115    -6.44   0.000    -.0891621   -.0475627
          treated_post |   .1522988   .0147161    10.35   0.000     .1234536     .181144
      treated_post_ia2 |   .0300725   .0115528     2.60   0.009     .0074278    .0527173
      treated_post_ia3 |  -.0085516   .0006652   -12.86   0.000    -.0098554   -.0072478
treated_post_iasuorv_d |  -.1869295   .0151071   -12.37   0.000     -.216541    -.157318
             interact2 |   .5120009   .0163133    31.39   0.000      .480025    .5439768
             interact3 |  -.0010675   .0004773    -2.24   0.025     -.002003   -.0001319
               suorv_d |  -.0201009   .0224399    -0.90   0.370    -.0640856    .0238838
                   l_0 |  -.7169357   .1247583    -5.75   0.000    -.9614754   -.4723959
                   l_1 |  -.8414513   .1497287    -5.62   0.000    -1.134936    -.547967
                   l_2 |  -1.018714   .1746569    -5.83   0.000    -1.361061   -.6763681
                   l_3 |  -1.180042     .19952    -5.91   0.000    -1.571122   -.7889613
                   l_4 |  -1.342791   .2245148    -5.98   0.000    -1.782864   -.9027178
                   l_5 |   -1.50309   .2494275    -6.03   0.000    -1.991995   -1.014185
                   l_6 |  -1.663228   .2744242    -6.06   0.000    -2.201129   -1.125327
                   l_7 |  -1.825475   .2993251    -6.10   0.000    -2.412185   -1.238766
                   l_8 |  -1.981005   .3242086    -6.11   0.000    -2.616489   -1.345521
                   l_9 |  -2.134853    .349343    -6.11   0.000    -2.819603   -1.450103
                  l_10 |   -2.28968   .3742989    -6.12   0.000    -3.023346   -1.556014
                   f_1 |  -.5647084   .0998022    -5.66   0.000    -.7603314   -.3690854
                   f_2 |  -.4254409   .0748803    -5.68   0.000    -.5722143   -.2786675
                   f_3 |  -.2901793   .0499396    -5.81   0.000    -.3880663   -.1922922
                   f_4 |  -.1490679   .0250779    -5.94   0.000    -.1982233   -.0999124
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .000636   .0040147     0.16   0.874    -.0072333    .0085054
          _Ivuosi_1996 |   .0254626   .0041623     6.12   0.000      .017304    .0336213
          _Ivuosi_1997 |   .0150816   .0045784     3.29   0.001     .0061073    .0240558
          _Ivuosi_1998 |   .0203993   .0050337     4.05   0.000     .0105328    .0302658
          _Ivuosi_1999 |    .032365   .0050985     6.35   0.000     .0223715    .0423585
          _Ivuosi_2000 |   .0360278   .0050865     7.08   0.000     .0260577     .045998
          _Ivuosi_2001 |    .052537   .0049866    10.54   0.000     .0427627    .0623113
          _Ivuosi_2002 |   .0343983   .0043811     7.85   0.000     .0258108    .0429859
          _Ivuosi_2003 |   .0297747   .0041779     7.13   0.000     .0215856    .0379638
          _Ivuosi_2004 |   .0393461   .0041211     9.55   0.000     .0312683    .0474238
          _Ivuosi_2005 |   .0495939   .0038464    12.89   0.000     .0420545    .0571333
          _Ivuosi_2006 |   .0392192   .0037555    10.44   0.000      .031858    .0465804
          _Ivuosi_2007 |   .0439015   .0037359    11.75   0.000     .0365786    .0512243
          _Ivuosi_2008 |    .037711   .0035038    10.76   0.000     .0308432    .0445789
          _Ivuosi_2009 |   .0245371   .0031539     7.78   0.000      .018355    .0307192
          _Ivuosi_2010 |   .0219399   .0029515     7.43   0.000     .0161546    .0277251
          _Ivuosi_2011 |   .0109073   .0023904     4.56   0.000     .0062219    .0155928
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6417036   .0393027    16.33   0.000      .564666    .7187411
             _Iage2_22 |   .9773755   .0634968    15.39   0.000      .852915    1.101836
             _Iage2_23 |   1.290333   .0878642    14.69   0.000      1.11811    1.462556
             _Iage2_24 |   1.608016   .1127332    14.26   0.000     1.387047    1.828985
             _Iage2_25 |   1.945313   .1381204    14.08   0.000     1.674582    2.216044
             _Iage2_26 |   2.259755   .1629033    13.87   0.000     1.940447    2.579063
             _Iage2_27 |   2.541578   .1879478    13.52   0.000      2.17318    2.909976
             _Iage2_28 |    2.80269   .2127762    13.17   0.000     2.385626    3.219754
             _Iage2_29 |   3.038539   .2376933    12.78   0.000     2.572635    3.504444
             _Iage2_30 |   3.259931    .262481    12.42   0.000      2.74544    3.774422
             _Iage2_31 |   3.473827   .2873892    12.09   0.000     2.910513     4.03714
             _Iage2_32 |   3.679586   .3123184    11.78   0.000     3.067408    4.291763
             _Iage2_33 |   3.881915    .337101    11.52   0.000     3.221161    4.542669
             _Iage2_34 |   4.077294   .3620294    11.26   0.000     3.367678    4.786911
             _Iage2_35 |   4.273551   .3869943    11.04   0.000     3.515001    5.032101
             _Iage2_36 |   4.465979   .4119384    10.84   0.000     3.658535    5.273423
             _Iage2_37 |   4.656372   .4369377    10.66   0.000     3.799927    5.512817
             _Iage2_38 |   4.840879   .4618609    10.48   0.000     3.935582    5.746176
             _Iage2_39 |   5.028128   .4867477    10.33   0.000     4.074051    5.982206
             _Iage2_40 |   5.212607   .5116942    10.19   0.000     4.209631    6.215582
             _Iage2_41 |   5.388824   .5365158    10.04   0.000     4.337196    6.440453
             _Iage2_42 |   5.576141   .5614881     9.93   0.000     4.475565    6.676718
             _Iage2_43 |   5.754782   .5864481     9.81   0.000      4.60528    6.904283
             _Iage2_44 |   5.930613   .6113938     9.70   0.000     4.732216    7.129011
             _Iage2_45 |   6.103865   .6363313     9.59   0.000     4.856587    7.351143
             _Iage2_46 |    6.27598    .661298     9.49   0.000     4.979765    7.572195
             _Iage2_47 |    6.44884   .6862426     9.40   0.000     5.103731     7.79395
             _Iage2_48 |   6.616435   .7112064     9.30   0.000     5.222394    8.010475
             _Iage2_49 |   6.780855   .7360741     9.21   0.000     5.338071     8.22364
             _Iage2_50 |    6.94478   .7610354     9.13   0.000     5.453069    8.436491
             _Iage2_51 |    7.10652   .7859735     9.04   0.000     5.565928    8.647113
             _Iage2_52 |   7.277086   .8109315     8.97   0.000     5.687573    8.866599
             _Iage2_53 |   7.439206   .8358388     8.90   0.000     5.800872    9.077539
             _Iage2_54 |   7.601394   .8606494     8.83   0.000     5.914429    9.288359
             _Iage2_55 |   7.765324   .8856537     8.77   0.000     6.029348      9.5013
             _Iage2_56 |    7.92545   .9105825     8.70   0.000      6.14061    9.710289
             _Iage2_57 |   8.069682   .9355383     8.63   0.000     6.235927    9.903438
             _Iage2_58 |   8.218869   .9604874     8.56   0.000     6.336211    10.10153
             _Iage2_59 |   8.344836   .9853211     8.47   0.000     6.413501    10.27617
         firm_size_new |   .0042913   .0007756     5.53   0.000     .0027709    .0058116
                 _cons |   6.219783   .3605092    17.25   0.000     5.513147     6.92642
-----------------------+----------------------------------------------------------------
               sigma_u |  1.8263235
               sigma_e |   .3635118
                   rho |  .96189269   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 16552) =  222.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 16552) =  102.69
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 16552) =  215.29
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 16552) =   37.35
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 16552) =   34.38
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 16552) =   34.67
            Prob > F =    0.0000
O:\returns
lnwage_whitec_age_short_noIQ_nostem_G.xls
dir : seeout
lnwage_whitec_age_top3_noIQ_nostem_G.xls
dir : seeout
(1,313,205 real changes made, 1,312,628 to missing)
(31,849 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |    884,365       97.34       97.34
         12 |      5,891        0.65       97.99
         22 |     13,507        1.49       99.47
         24 |      1,388        0.15       99.63
         25 |      1,635        0.18       99.81
         99 |      1,771        0.19      100.00
------------+-----------------------------------
      Total |    908,557      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =    867,741
                                                F(87, 86001)      =     246.23
                                                Prob > F          =     0.0000
                                                R-squared         =     0.2060
                                                Root MSE          =     .14444

                                      (Std. Err. adjusted for 86,002 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |    .040436   .0029722    13.60   0.000     .0346105    .0462614
     treated_ia1_4145 |  -.0846038   .0036524   -23.16   0.000    -.0917624   -.0774451
     treated_ia1_4650 |  -.0992418   .0034338   -28.90   0.000     -.105972   -.0925117
     treated_ia1_5160 |  -.1033137   .0035813   -28.85   0.000     -.110333   -.0962943
          treated_pre |  -.0251274   .0027675    -9.08   0.000    -.0305517   -.0197032
 treated_pre_ia1_4145 |   .0732814   .0035563    20.61   0.000      .066311    .0802517
 treated_pre_ia1_4650 |   .0810686   .0032948    24.60   0.000     .0746108    .0875265
 treated_pre_ia1_5155 |   .0804667   .0033079    24.33   0.000     .0739832    .0869501
 treated_pre_ia1_5660 |   .0785853   .0037203    21.12   0.000     .0712935    .0858771
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0421411   .0029533   -14.27   0.000    -.0479295   -.0363527
treated_post_ia1_4145 |    .093447   .0036298    25.74   0.000     .0863327    .1005614
treated_post_ia1_4650 |   .1053304   .0034079    30.91   0.000      .098651    .1120099
treated_post_ia1_5155 |   .1074727   .0035608    30.18   0.000     .1004936    .1144518
treated_post_ia1_5660 |   .1015868   .0039216    25.90   0.000     .0939004    .1092731
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0763911    .001648   -46.35   0.000    -.0796212   -.0731609
                  l_1 |  -.0553519   .0016946   -32.66   0.000    -.0586732   -.0520305
                  l_2 |  -.0482858   .0017074   -28.28   0.000    -.0516323   -.0449394
                  l_3 |  -.0427987   .0017102   -25.02   0.000    -.0461507   -.0394466
                  l_4 |  -.0374725   .0017169   -21.83   0.000    -.0408375   -.0341074
                  l_5 |  -.0348344   .0017093   -20.38   0.000    -.0381846   -.0314842
                  l_6 |  -.0341124   .0016727   -20.39   0.000    -.0373908   -.0308339
                  l_7 |  -.0355616   .0015848   -22.44   0.000    -.0386679   -.0324554
                  l_8 |   -.036126   .0015854   -22.79   0.000    -.0392334   -.0330185
                  l_9 |  -.0368394   .0015864   -23.22   0.000    -.0399487   -.0337302
                 l_10 |  -.0376898   .0015948   -23.63   0.000    -.0408155   -.0345641
                  f_1 |  -.0628049   .0016619   -37.79   0.000    -.0660622   -.0595475
                  f_2 |  -.0608512   .0016589   -36.68   0.000    -.0641027   -.0575998
                  f_3 |   -.051247   .0016469   -31.12   0.000     -.054475    -.048019
                  f_4 |  -.0307284   .0016209   -18.96   0.000    -.0339055   -.0275514
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0137775   .0024323    -5.66   0.000    -.0185447   -.0090102
         _Ivuosi_1996 |   .0327347   .0024816    13.19   0.000     .0278708    .0375987
         _Ivuosi_1997 |   .0267996   .0024584    10.90   0.000     .0219812     .031618
         _Ivuosi_1998 |   .0060187   .0023958     2.51   0.012     .0013229    .0107144
         _Ivuosi_1999 |   -.002766   .0023374    -1.18   0.237    -.0073473    .0018154
         _Ivuosi_2000 |  -.0198828   .0021949    -9.06   0.000    -.0241847   -.0155809
         _Ivuosi_2001 |  -.0942804   .0019667   -47.94   0.000     -.098135   -.0904257
         _Ivuosi_2002 |  -.0913336   .0019681   -46.41   0.000    -.0951912   -.0874761
         _Ivuosi_2003 |  -.0913277   .0019749   -46.24   0.000    -.0951985   -.0874569
         _Ivuosi_2004 |  -.0883177   .0019669   -44.90   0.000    -.0921728   -.0844625
         _Ivuosi_2005 |  -.0885878   .0019632   -45.12   0.000    -.0924356   -.0847399
         _Ivuosi_2006 |  -.0869116   .0019886   -43.70   0.000    -.0908092   -.0830139
         _Ivuosi_2007 |   -.080525   .0019908   -40.45   0.000     -.084427    -.076623
         _Ivuosi_2008 |  -.0783393   .0019906   -39.35   0.000    -.0822409   -.0744377
         _Ivuosi_2009 |  -.0779807   .0020072   -38.85   0.000    -.0819147   -.0740467
         _Ivuosi_2010 |  -.0780361   .0019956   -39.10   0.000    -.0819474   -.0741247
         _Ivuosi_2011 |  -.0812263   .0020206   -40.20   0.000    -.0851866    -.077266
         _Ivuosi_2012 |  -.0824986   .0020155   -40.93   0.000     -.086449   -.0785481
            _Iage2_21 |  -.1273651   .0062546   -20.36   0.000     -.139624   -.1151062
            _Iage2_22 |  -.1822744   .0063253   -28.82   0.000     -.194672   -.1698768
            _Iage2_23 |  -.2258594   .0061768   -36.57   0.000    -.2379659    -.213753
            _Iage2_24 |  -.2697936   .0060026   -44.95   0.000    -.2815585   -.2580286
            _Iage2_25 |  -.3027944    .005835   -51.89   0.000     -.314231   -.2913578
            _Iage2_26 |  -.3213979   .0057405   -55.99   0.000    -.3326492   -.3101466
            _Iage2_27 |  -.3367884   .0056678   -59.42   0.000    -.3478972   -.3256795
            _Iage2_28 |  -.3465807   .0056208   -61.66   0.000    -.3575974   -.3355639
            _Iage2_29 |  -.3521608   .0055928   -62.97   0.000    -.3631227   -.3411988
            _Iage2_30 |  -.3566187   .0055739   -63.98   0.000    -.3675434   -.3456939
            _Iage2_31 |  -.3594077   .0055633   -64.60   0.000    -.3703117   -.3485037
            _Iage2_32 |  -.3600168   .0055601   -64.75   0.000    -.3709145    -.349119
            _Iage2_33 |  -.3608315    .005556   -64.94   0.000    -.3717212   -.3499417
            _Iage2_34 |  -.3627041   .0055469   -65.39   0.000    -.3735759   -.3518322
            _Iage2_35 |  -.3639927   .0055415   -65.68   0.000     -.374854   -.3531314
            _Iage2_36 |   -.363051   .0055445   -65.48   0.000    -.3739181   -.3521839
            _Iage2_37 |  -.3646101   .0055362   -65.86   0.000     -.375461   -.3537592
            _Iage2_38 |  -.3636499   .0055404   -65.64   0.000     -.374509   -.3527909
            _Iage2_39 |  -.3642203   .0055379   -65.77   0.000    -.3750745   -.3533661
            _Iage2_40 |  -.3652741   .0055352   -65.99   0.000    -.3761231   -.3544251
            _Iage2_41 |  -.3640073   .0055478   -65.61   0.000    -.3748809   -.3531338
            _Iage2_42 |  -.3654897   .0055431   -65.94   0.000    -.3763542   -.3546252
            _Iage2_43 |  -.3649771   .0055459   -65.81   0.000     -.375847   -.3541072
            _Iage2_44 |  -.3660584   .0055468   -65.99   0.000    -.3769301   -.3551867
            _Iage2_45 |  -.3666879   .0055441   -66.14   0.000    -.3775543   -.3558215
            _Iage2_46 |  -.3650024   .0055492   -65.78   0.000    -.3758788    -.354126
            _Iage2_47 |  -.3650224    .005551   -65.76   0.000    -.3759023   -.3541425
            _Iage2_48 |  -.3644089   .0055608   -65.53   0.000     -.375308   -.3535098
            _Iage2_49 |  -.3652843    .005563   -65.66   0.000    -.3761878   -.3543809
            _Iage2_50 |  -.3632192   .0055786   -65.11   0.000    -.3741532   -.3522853
            _Iage2_51 |  -.3623135   .0055875   -64.84   0.000     -.373265    -.351362
            _Iage2_52 |  -.3625377   .0055786   -64.99   0.000    -.3734716   -.3516037
            _Iage2_53 |  -.3609806   .0055785   -64.71   0.000    -.3719144   -.3500469
            _Iage2_54 |  -.3593534    .005574   -64.47   0.000    -.3702784   -.3484285
            _Iage2_55 |  -.3541268   .0055835   -63.42   0.000    -.3650704   -.3431833
            _Iage2_56 |  -.3470671    .005636   -61.58   0.000    -.3581135   -.3360206
            _Iage2_57 |  -.3446221    .005651   -60.98   0.000    -.3556981   -.3335462
            _Iage2_58 |  -.3340639    .005757   -58.03   0.000    -.3453476   -.3227802
            _Iage2_59 |   -.330148   .0058291   -56.64   0.000     -.341573   -.3187229
        firm_size_new |  -.0001149   .0001703    -0.67   0.500    -.0004488    .0002189
                _cons |   .4790855   .0058944    81.28   0.000     .4675324    .4906386
---------------------------------------------------------------------------------------
(1,321,595 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.51163  .0253107  39.82553  .5171179   .215017   13.0203
      sd |  .7238702  .1570671  10.15408  .4997075  .4108346  8.972671
     p50 |  10.59694         0        40         1         0        12
       N |    433853    436970    436970    436970    436970    363818
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.58821   .028716   40.0787  .5368839  .2223641   13.4936
      sd |  .7882526  .1670072  10.20795  .4986383  .4158349  9.015654
     p50 |  10.67862         0        40         1         0        12
       N |    427071    430771    430771    430771    430771    356556
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.51163  .0253107  39.82553  .5171179   .215017   13.0203
         |  .7238702  .1570671  10.15408  .4997075  .4108346  8.972671
         |  10.59694         0        40         1         0        12
         |    433853    436970    436970    436970    436970    363818
---------+------------------------------------------------------------
       1 |  10.58821   .028716   40.0787  .5368839  .2223641   13.4936
         |  .7882526  .1670072  10.20795  .4986383  .4158349  9.015654
         |  10.67862         0        40         1         0        12
         |    427071    430771    430771    430771    430771    356556
---------+------------------------------------------------------------
   Total |  10.54962  .0270011  39.95121  .5269303  .2186643  13.25456
         |  .7574611  .1620867  10.18164  .4992745  .4133406  8.997078
         |  10.63484         0        40         1         0        12
         |    860924    867741    867741    867741    867741    720374
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQ.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =    720,374
                                                F(1, 720372)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.5937
                                                Root MSE          =     5.7352

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7134409   .0007514   949.44   0.000     .7119682    .7149137
       _cons |  -14.37174   .0256102  -561.17   0.000    -14.42194   -14.32155
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.6925   1.0000 
             |   0.0000
             |
(2,189,336 missing values generated)
(83,932 real changes made)
(2105404 missing values generated)
(726710 missing values generated)
(0 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1783                         Obs per group: min =         1
       between = 0.0033                                        avg =      11.0
       overall = 0.0064                                        max =        44

                                                F(74,14889)        =     79.64
corr(u_i, Xb)  = -0.8347                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 14,890 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   -.005796   .0040604    -1.43   0.153    -.0137549    .0021629
 treated_post |  -.0148614   .0050361    -2.95   0.003    -.0247328     -.00499
          l_0 |  -.1424154   .0518234    -2.75   0.006    -.2439956   -.0408353
          l_1 |  -.1402506   .0621058    -2.26   0.024    -.2619856   -.0185156
          l_2 |  -.1528832   .0724389    -2.11   0.035    -.2948723   -.0108941
          l_3 |  -.1674542   .0828106    -2.02   0.043    -.3297733   -.0051352
          l_4 |  -.1820059   .0931779    -1.95   0.051    -.3646461    .0006342
          l_5 |  -.2000705   .1034903    -1.93   0.053    -.4029243    .0027833
          l_6 |  -.2190844   .1138299    -1.92   0.054    -.4422051    .0040363
          l_7 |  -.2418549   .1241607    -1.95   0.051    -.4852252    .0015153
          l_8 |  -.2613395   .1344888    -1.94   0.052    -.5249541     .002275
          l_9 |    -.28037   .1448463    -1.94   0.053    -.5642866    .0035467
         l_10 |  -.3024708   .1551594    -1.95   0.051    -.6066023    .0016607
          f_1 |  -.1137258   .0415225    -2.74   0.006     -.195115   -.0323366
          f_2 |  -.0929586   .0311643    -2.98   0.003    -.1540445   -.0318727
          f_3 |  -.0674196   .0208116    -3.24   0.001    -.1082129   -.0266262
          f_4 |   -.035672   .0105653    -3.38   0.001    -.0563814   -.0149627
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0260342   .0054072    -4.81   0.000    -.0366329   -.0154354
 _Ivuosi_1996 |   .0197601   .0039674     4.98   0.000     .0119835    .0275367
 _Ivuosi_1997 |   .0206052   .0038147     5.40   0.000     .0131278    .0280825
 _Ivuosi_1998 |   .0098945   .0035041     2.82   0.005     .0030259     .016763
 _Ivuosi_1999 |   .0065302   .0035825     1.82   0.068    -.0004919    .0135524
 _Ivuosi_2000 |  -.0070031   .0038044    -1.84   0.066    -.0144601     .000454
 _Ivuosi_2001 |   -.052569   .0031699   -16.58   0.000    -.0587823   -.0463557
 _Ivuosi_2002 |  -.0472156   .0028651   -16.48   0.000    -.0528316   -.0415996
 _Ivuosi_2003 |  -.0436808   .0026763   -16.32   0.000    -.0489267   -.0384349
 _Ivuosi_2004 |  -.0379898   .0023831   -15.94   0.000    -.0426609   -.0333186
 _Ivuosi_2005 |  -.0343045   .0021257   -16.14   0.000    -.0384711   -.0301379
 _Ivuosi_2006 |  -.0282307   .0017988   -15.69   0.000    -.0317565   -.0247048
 _Ivuosi_2007 |  -.0204038   .0015219   -13.41   0.000    -.0233869   -.0174206
 _Ivuosi_2008 |  -.0145334   .0012056   -12.06   0.000    -.0168964   -.0121703
 _Ivuosi_2009 |   -.010459   .0009876   -10.59   0.000    -.0123949   -.0085232
 _Ivuosi_2010 |  -.0063185   .0007055    -8.96   0.000    -.0077013   -.0049357
 _Ivuosi_2011 |  -.0041329   .0003725   -11.10   0.000    -.0048631   -.0034028
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1481609   .0150195    -9.86   0.000     -.177601   -.1187208
    _Iage2_22 |  -.2068145   .0240738    -8.59   0.000     -.254002    -.159627
    _Iage2_23 |  -.2431065   .0338836    -7.17   0.000    -.3095225   -.1766905
    _Iage2_24 |  -.2774458   .0439066    -6.32   0.000    -.3635081   -.1913835
    _Iage2_25 |  -.2993617   .0542231    -5.52   0.000    -.4056457   -.1930778
    _Iage2_26 |  -.3055318    .064403    -4.74   0.000    -.4317696   -.1792939
    _Iage2_27 |   -.310181    .074662    -4.15   0.000    -.4565277   -.1638343
    _Iage2_28 |  -.3079613   .0849013    -3.63   0.000    -.4743783   -.1415443
    _Iage2_29 |  -.3032991   .0951668    -3.19   0.001    -.4898378   -.1167603
    _Iage2_30 |  -.2967264   .1054359    -2.81   0.005    -.5033938   -.0900589
    _Iage2_31 |  -.2879196   .1157906    -2.49   0.013    -.5148834   -.0609558
    _Iage2_32 |  -.2765948   .1260753    -2.19   0.028    -.5237179   -.0294716
    _Iage2_33 |  -.2647833   .1363504    -1.94   0.052     -.532047    .0024804
    _Iage2_34 |  -.2528034   .1466676    -1.72   0.085    -.5402899    .0346831
    _Iage2_35 |   -.239569   .1569632    -1.53   0.127    -.5472363    .0680983
    _Iage2_36 |  -.2242251   .1672833    -1.34   0.180     -.552121    .1036708
    _Iage2_37 |  -.2102369   .1775875    -1.18   0.236    -.5583302    .1378564
    _Iage2_38 |  -.1936145   .1878893    -1.03   0.303    -.5619006    .1746716
    _Iage2_39 |  -.1783123   .1982083    -0.90   0.368    -.5668249    .2102004
    _Iage2_40 |  -.1629782   .2085327    -0.78   0.434    -.5717281    .2457716
    _Iage2_41 |  -.1457552   .2188707    -0.67   0.505    -.5747688    .2832585
    _Iage2_42 |  -.1304437   .2291841    -0.57   0.569    -.5796729    .3187855
    _Iage2_43 |   -.113231   .2395177    -0.47   0.636    -.5827153    .3562534
    _Iage2_44 |  -.0969617   .2498481    -0.39   0.698    -.5866948    .3927714
    _Iage2_45 |  -.0808749   .2601514    -0.31   0.756    -.5908037    .4290538
    _Iage2_46 |   -.063978    .270498    -0.24   0.813    -.5941875    .4662316
    _Iage2_47 |  -.0468879   .2808248    -0.17   0.867    -.5973393    .5035634
    _Iage2_48 |  -.0285516    .291127    -0.10   0.922    -.5991965    .5420933
    _Iage2_49 |  -.0111493    .301463    -0.04   0.970     -.602054    .5797554
    _Iage2_50 |   .0083697   .3118053     0.03   0.979    -.6028072    .6195466
    _Iage2_51 |   .0250187   .3221402     0.08   0.938    -.6064158    .6564531
    _Iage2_52 |   .0417854   .3324668     0.13   0.900    -.6098905    .6934614
    _Iage2_53 |    .060071   .3428013     0.18   0.861    -.6118619    .7320039
    _Iage2_54 |   .0792253   .3531291     0.22   0.822    -.6129513    .7714019
    _Iage2_55 |   .1004502   .3634716     0.28   0.782     -.611999    .8128994
    _Iage2_56 |   .1207662   .3738005     0.32   0.747    -.6119289    .8534613
    _Iage2_57 |   .1411958   .3841296     0.37   0.713    -.6117456    .8941373
    _Iage2_58 |   .1697746    .394466     0.43   0.667    -.6034275    .9429767
    _Iage2_59 |   .1926103   .4048219     0.48   0.634    -.6008906    .9861111
firm_size_new |   .0001943   .0003237     0.60   0.548    -.0004402    .0008287
        _cons |   .3168624   .1465534     2.16   0.031     .0295996    .6041252
--------------+----------------------------------------------------------------
      sigma_u |  .17526345
      sigma_e |  .12156643
          rho |  .67516919   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1797                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.0
       overall = 0.0091                                        max =        44

                                                F(79,14889)        =     75.54
corr(u_i, Xb)  = -0.8071                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 14,890 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0101389   .0061513    -1.65   0.099    -.0221961    .0019184
          treated_pre |  -.0079086   .0057049    -1.39   0.166     -.019091    .0032738
 treated_pre_iasenior |   .0060656   .0061162     0.99   0.321    -.0059228     .018054
         treated_post |  -.0209094   .0078485    -2.66   0.008    -.0362934   -.0055255
treated_post_iasenior |   .0147482   .0080613     1.83   0.067    -.0010528    .0305493
               senior |          0  (omitted)
         pre_iasenior |   .0411061   .0033803    12.16   0.000     .0344802    .0477319
        post_iasenior |   .0351965   .0041465     8.49   0.000     .0270688    .0433241
                  l_0 |  -.1484428   .0517202    -2.87   0.004    -.2498209   -.0470648
                  l_1 |  -.1450481   .0619542    -2.34   0.019    -.2664859   -.0236102
                  l_2 |   -.156465   .0722413    -2.17   0.030    -.2980669   -.0148631
                  l_3 |  -.1697961   .0825676    -2.06   0.040    -.3316387   -.0079535
                  l_4 |  -.1831109   .0928918    -1.97   0.049    -.3651902   -.0010315
                  l_5 |  -.1998842   .1031624    -1.94   0.053    -.4020952    .0023268
                  l_6 |  -.2175877   .1134584    -1.92   0.055    -.4399801    .0048048
                  l_7 |  -.2390536   .1237492    -1.93   0.053    -.4816172      .00351
                  l_8 |  -.2573006   .1340374    -1.92   0.055    -.5200305    .0054293
                  l_9 |  -.2750712   .1443525    -1.91   0.057    -.5580199    .0078776
                 l_10 |  -.2959271   .1546254    -1.91   0.056    -.5990118    .0071577
                  f_1 |  -.1235683   .0414024    -2.98   0.003    -.2047221   -.0424145
                  f_2 |  -.1039323    .031103    -3.34   0.001     -.164898   -.0429665
                  f_3 |  -.0795018   .0208326    -3.82   0.000    -.1203362   -.0386674
                  f_4 |  -.0487913   .0107339    -4.55   0.000    -.0698311   -.0277515
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0265483   .0053685    -4.95   0.000    -.0370712   -.0160253
         _Ivuosi_1996 |   .0195211    .003964     4.92   0.000     .0117511     .027291
         _Ivuosi_1997 |   .0207088   .0038242     5.42   0.000     .0132128    .0282047
         _Ivuosi_1998 |   .0100709   .0035105     2.87   0.004     .0031899    .0169519
         _Ivuosi_1999 |   .0065664    .003574     1.84   0.066    -.0004392    .0135719
         _Ivuosi_2000 |   -.006733   .0037956    -1.77   0.076    -.0141728    .0007067
         _Ivuosi_2001 |  -.0525429   .0031611   -16.62   0.000     -.058739   -.0463469
         _Ivuosi_2002 |  -.0472548   .0028603   -16.52   0.000    -.0528614   -.0416482
         _Ivuosi_2003 |  -.0437755   .0026737   -16.37   0.000    -.0490162   -.0385348
         _Ivuosi_2004 |  -.0378525   .0023778   -15.92   0.000    -.0425133   -.0331916
         _Ivuosi_2005 |  -.0339813   .0021158   -16.06   0.000    -.0381285   -.0298341
         _Ivuosi_2006 |  -.0280119   .0017987   -15.57   0.000    -.0315376   -.0244862
         _Ivuosi_2007 |  -.0203396   .0015205   -13.38   0.000    -.0233201   -.0173592
         _Ivuosi_2008 |  -.0145087   .0012025   -12.07   0.000    -.0168657   -.0121518
         _Ivuosi_2009 |  -.0104759   .0009849   -10.64   0.000    -.0124065   -.0085453
         _Ivuosi_2010 |  -.0063706   .0007033    -9.06   0.000     -.007749   -.0049921
         _Ivuosi_2011 |  -.0041617   .0003713   -11.21   0.000    -.0048894    -.003434
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1482749   .0149939    -9.89   0.000    -.1776647   -.1188851
            _Iage2_22 |  -.2071365   .0240107    -8.63   0.000    -.2542005   -.1600725
            _Iage2_23 |  -.2438495   .0337836    -7.22   0.000    -.3100696   -.1776295
            _Iage2_24 |   -.278702   .0437743    -6.37   0.000     -.364505    -.192899
            _Iage2_25 |   -.301245   .0540552    -5.57   0.000    -.4071999   -.1952901
            _Iage2_26 |  -.3080103    .064204    -4.80   0.000    -.4338581   -.1821625
            _Iage2_27 |  -.3134922   .0744303    -4.21   0.000    -.4593848   -.1675997
            _Iage2_28 |  -.3119967   .0846365    -3.69   0.000    -.4778947   -.1460987
            _Iage2_29 |  -.3082201   .0948696    -3.25   0.001    -.4941763    -.122264
            _Iage2_30 |  -.3025672   .1051038    -2.88   0.004    -.5085836   -.0965508
            _Iage2_31 |  -.2946867   .1154266    -2.55   0.011     -.520937   -.0684364
            _Iage2_32 |   -.284192   .1256777    -2.26   0.024    -.5305358   -.0378482
            _Iage2_33 |  -.2732612   .1359199    -2.01   0.044    -.5396809   -.0068416
            _Iage2_34 |  -.2621412   .1462044    -1.79   0.073      -.54872    .0244375
            _Iage2_35 |  -.2498021   .1564663    -1.60   0.110    -.5564953    .0568911
            _Iage2_36 |  -.2353283   .1667535    -1.41   0.158    -.5621856    .0915291
            _Iage2_37 |   -.222266   .1770239    -1.26   0.209    -.5692547    .1247227
            _Iage2_38 |  -.2066425   .1872913    -1.10   0.270    -.5737565    .1604716
            _Iage2_39 |  -.1923298   .1975762    -0.97   0.330    -.5796036     .194944
            _Iage2_40 |  -.1779759   .2078655    -0.86   0.392    -.5854178    .2294661
            _Iage2_41 |  -.1974508   .2181091    -0.91   0.365    -.6249716    .2300699
            _Iage2_42 |  -.1835263   .2283851    -0.80   0.422    -.6311893    .2641367
            _Iage2_43 |  -.1676649   .2386789    -0.70   0.482    -.6355049    .3001752
            _Iage2_44 |  -.1528995   .2489671    -0.61   0.539    -.6409058    .3351068
            _Iage2_45 |  -.1383865   .2592309    -0.53   0.593     -.646511    .3697381
            _Iage2_46 |  -.1231656    .269533    -0.46   0.648    -.6514836    .4051524
            _Iage2_47 |   -.107736   .2798178    -0.39   0.700    -.6562134    .4407414
            _Iage2_48 |  -.0910681   .2900761    -0.31   0.754    -.6596531    .4775169
            _Iage2_49 |  -.0754796   .3003675    -0.25   0.802    -.6642369    .5132777
            _Iage2_50 |  -.0576122   .3106644    -0.19   0.853    -.6665528    .5513283
            _Iage2_51 |  -.0428536   .3209543    -0.13   0.894    -.6719637    .5862565
            _Iage2_52 |    -.02784   .3312348    -0.08   0.933     -.677101    .6214211
            _Iage2_53 |  -.0114909   .3415253    -0.03   0.973    -.6809227    .6579408
            _Iage2_54 |   .0059036   .3518094     0.02   0.987    -.6836862    .6954935
            _Iage2_55 |   .0241117   .3621027     0.07   0.947    -.6856544    .7338777
            _Iage2_56 |    .042918   .3723879     0.12   0.908    -.6870082    .7728442
            _Iage2_57 |   .0619087   .3826724     0.16   0.871    -.6881763    .8119937
            _Iage2_58 |   .0889983   .3929638     0.23   0.821    -.6812591    .8592558
            _Iage2_59 |   .1104274   .4032743     0.27   0.784    -.6800399    .9008947
        firm_size_new |   .0001551   .0003217     0.48   0.630    -.0004753    .0007856
                _cons |   .3414781   .1460744     2.34   0.019     .0551542     .627802
----------------------+----------------------------------------------------------------
              sigma_u |  .16356484
              sigma_e |  .12146267
                  rho |  .64455851   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14889) =    5.08
            Prob > F =    0.0242

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 14889) =    0.44
            Prob > F =    0.5055
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1804                         Obs per group: min =         1
       between = 0.0054                                        avg =      11.0
       overall = 0.0047                                        max =        44

                                                F(82,14889)        =     72.75
corr(u_i, Xb)  = -0.8501                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,890 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0041207    .000421    -9.79   0.000     -.004946   -.0032954
     treated_iasuorv_d |  -.0434802   .0158305    -2.75   0.006    -.0745099   -.0124504
           treated_pre |  -.0491738   .0071174    -6.91   0.000    -.0631247   -.0352229
       treated_pre_ia3 |   .0039344   .0003604    10.92   0.000      .003228    .0046407
 treated_pre_iasuorv_d |   .0624189   .0066959     9.32   0.000     .0492941    .0755437
          treated_post |  -.0620458   .0094399    -6.57   0.000    -.0805492   -.0435425
      treated_post_ia3 |   .0040591   .0004332     9.37   0.000       .00321    .0049083
treated_post_iasuorv_d |   .0837573    .008449     9.91   0.000     .0671963    .1003184
             interact3 |   .0008978   .0001525     5.89   0.000     .0005989    .0011967
               suorv_d |  -.0198541   .0094906    -2.09   0.036    -.0384568   -.0012513
                   l_0 |  -.1492324   .0515021    -2.90   0.004    -.2501829    -.048282
                   l_1 |  -.1481828   .0617181    -2.40   0.016    -.2691579   -.0272077
                   l_2 |  -.1618771   .0719821    -2.25   0.025    -.3029709   -.0207832
                   l_3 |  -.1775505   .0822836    -2.16   0.031    -.3388365   -.0162645
                   l_4 |  -.1931895   .0925839    -2.09   0.037    -.3746653   -.0117137
                   l_5 |  -.2122899   .1028277    -2.06   0.039    -.4138449    -.010735
                   l_6 |  -.2323058   .1130945    -2.05   0.040     -.453985   -.0106266
                   l_7 |  -.2561963   .1233589    -2.08   0.038     -.497995   -.0143976
                   l_8 |  -.2768315   .1336217    -2.07   0.038    -.5387464   -.0149165
                   l_9 |  -.2969234    .143911    -2.06   0.039    -.5790067   -.0148402
                  l_10 |  -.3201275   .1541546    -2.08   0.038    -.6222895   -.0179655
                   f_1 |  -.1187048   .0412474    -2.88   0.004    -.1995548   -.0378548
                   f_2 |  -.0968518   .0309645    -3.13   0.002    -.1575461   -.0361575
                   f_3 |  -.0701702   .0206859    -3.39   0.001     -.110717   -.0296233
                   f_4 |  -.0372089   .0105077    -3.54   0.000    -.0578052   -.0166125
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0261758   .0053888    -4.86   0.000    -.0367384   -.0156132
          _Ivuosi_1996 |   .0197122   .0039728     4.96   0.000      .011925    .0274995
          _Ivuosi_1997 |   .0206811   .0038331     5.40   0.000     .0131677    .0281945
          _Ivuosi_1998 |   .0100591   .0035141     2.86   0.004     .0031709    .0169472
          _Ivuosi_1999 |    .006479   .0036041     1.80   0.072    -.0005854    .0135435
          _Ivuosi_2000 |  -.0071919   .0037979    -1.89   0.058    -.0146364    .0002525
          _Ivuosi_2001 |  -.0526928   .0031924   -16.51   0.000    -.0589504   -.0464352
          _Ivuosi_2002 |   -.047198   .0028817   -16.38   0.000    -.0528464   -.0415495
          _Ivuosi_2003 |   -.043698   .0026894   -16.25   0.000    -.0489695   -.0384265
          _Ivuosi_2004 |  -.0378843   .0023946   -15.82   0.000    -.0425781   -.0331905
          _Ivuosi_2005 |   -.034038   .0021342   -15.95   0.000    -.0382213   -.0298547
          _Ivuosi_2006 |  -.0282947   .0018132   -15.60   0.000    -.0318488   -.0247406
          _Ivuosi_2007 |  -.0204083   .0015328   -13.31   0.000    -.0234127   -.0174038
          _Ivuosi_2008 |  -.0144644   .0012109   -11.95   0.000    -.0168379   -.0120909
          _Ivuosi_2009 |    -.01045   .0009894   -10.56   0.000    -.0123893   -.0085106
          _Ivuosi_2010 |  -.0063126   .0007019    -8.99   0.000    -.0076884   -.0049368
          _Ivuosi_2011 |  -.0041217    .000371   -11.11   0.000     -.004849   -.0033945
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1462671   .0149546    -9.78   0.000      -.17558   -.1169542
             _Iage2_22 |  -.2029195   .0239374    -8.48   0.000    -.2498398   -.1559992
             _Iage2_23 |  -.2376537   .0336631    -7.06   0.000    -.3036376   -.1716698
             _Iage2_24 |  -.2704696   .0436318    -6.20   0.000    -.3559934   -.1849458
             _Iage2_25 |  -.2907905   .0538706    -5.40   0.000    -.3963834   -.1851975
             _Iage2_26 |  -.2958379   .0639917    -4.62   0.000    -.4212695   -.1704064
             _Iage2_27 |  -.2992852    .074187    -4.03   0.000    -.4447008   -.1538696
             _Iage2_28 |   -.295829   .0843636    -3.51   0.000    -.4611921    -.130466
             _Iage2_29 |   -.290053   .0945592    -3.07   0.002    -.4754006   -.1047053
             _Iage2_30 |  -.2825243   .1047514    -2.70   0.007      -.48785   -.0771986
             _Iage2_31 |  -.2727741   .1150385    -2.37   0.018    -.4982637   -.0472845
             _Iage2_32 |  -.2605435   .1252531    -2.08   0.038    -.5060549    -.015032
             _Iage2_33 |  -.2479231   .1354559    -1.83   0.067    -.5134334    .0175872
             _Iage2_34 |    -.23512   .1457033    -1.61   0.107    -.5207164    .0504765
             _Iage2_35 |  -.2211707   .1559263    -1.42   0.156    -.5268055     .084464
             _Iage2_36 |  -.2050319   .1661742    -1.23   0.217    -.5307538      .12069
             _Iage2_37 |  -.1903591   .1764055    -1.08   0.281    -.5361356    .1554175
             _Iage2_38 |  -.1731275    .186637    -0.93   0.354     -.538959    .1927041
             _Iage2_39 |  -.1572393    .196878    -0.80   0.424    -.5431444    .2286659
             _Iage2_40 |  -.1413874   .2071262    -0.68   0.495    -.5473803    .2646055
             _Iage2_41 |  -.1235941   .2173885    -0.57   0.570    -.5497024    .3025142
             _Iage2_42 |  -.1078999   .2276249    -0.47   0.635    -.5540728     .338273
             _Iage2_43 |  -.0902627   .2378822    -0.38   0.704    -.5565412    .3760158
             _Iage2_44 |  -.0736253   .2481351    -0.30   0.767    -.5600007    .4127501
             _Iage2_45 |  -.0571948   .2583621    -0.22   0.825    -.5636164    .4492269
             _Iage2_46 |  -.0399945   .2686293    -0.15   0.882    -.5665411    .4865521
             _Iage2_47 |  -.0226689   .2788777    -0.08   0.935    -.5693036    .5239658
             _Iage2_48 |  -.0040893   .2890995    -0.01   0.989      -.57076    .5625815
             _Iage2_49 |   .0134766   .2993556     0.05   0.964    -.5732973    .6002504
             _Iage2_50 |   .0332951   .3096182     0.11   0.914    -.5735948    .6401851
             _Iage2_51 |   .0499664   .3198714     0.16   0.876    -.5770211    .6769538
             _Iage2_52 |   .0668653   .3301172     0.20   0.839    -.5802052    .7139358
             _Iage2_53 |     .08514   .3403732     0.25   0.802    -.5820334    .7523134
             _Iage2_54 |   .1044469   .3506229     0.30   0.766    -.5828173    .7917111
             _Iage2_55 |    .124817    .360878     0.35   0.729    -.5825484    .8321825
             _Iage2_56 |   .1452759   .3711245     0.39   0.695    -.5821739    .8727258
             _Iage2_57 |    .165798   .3813711     0.43   0.664    -.5817364    .9133324
             _Iage2_58 |   .1944263   .3916231     0.50   0.620    -.5732032    .9620558
             _Iage2_59 |    .217237   .4018928     0.54   0.589    -.5705225    1.004996
         firm_size_new |   .0002029   .0003202     0.63   0.526    -.0004247    .0008305
                 _cons |   .3190391   .1455963     2.19   0.028     .0336525    .6044258
-----------------------+----------------------------------------------------------------
               sigma_u |  .18385882
               sigma_e |  .12141367
                   rho |  .69633998   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14889) =   41.13
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 14889) =   44.32
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1804                         Obs per group: min =         1
       between = 0.0054                                        avg =      11.0
       overall = 0.0047                                        max =        44

                                                F(85,14889)        =     70.51
corr(u_i, Xb)  = -0.8502                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,890 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0061278   .0043428    -1.41   0.158    -.0146402    .0023846
           treated_ia3 |  -.0038482   .0004149    -9.27   0.000    -.0046614   -.0030349
     treated_iasuorv_d |  -.0373787   .0164605    -2.27   0.023    -.0696434   -.0051141
           treated_pre |  -.0480789   .0070336    -6.84   0.000    -.0618657   -.0342921
  treated_pre_iasenior |   .0121174   .0044824     2.70   0.007     .0033313    .0209036
       treated_pre_ia3 |   .0034749   .0003517     9.88   0.000     .0027856    .0041643
 treated_pre_iasuorv_d |   .0533074     .00739     7.21   0.000     .0388221    .0677926
          treated_post |  -.0614242   .0094559    -6.50   0.000    -.0799589   -.0428895
 treated_post_iasenior |   .0076716   .0052036     1.47   0.140     -.002528    .0178713
      treated_post_ia3 |   .0037572   .0004011     9.37   0.000      .002971    .0045433
treated_post_iasuorv_d |   .0779111    .008647     9.01   0.000     .0609619    .0948602
                senior |   .2166084   .4020181     0.54   0.590    -.5713966    1.004613
             interact3 |   .0009199   .0001522     6.04   0.000     .0006216    .0012183
               suorv_d |  -.0198554   .0094784    -2.09   0.036    -.0384342   -.0012765
                   l_0 |  -.1491359   .0515194    -2.89   0.004    -.2501204   -.0481514
                   l_1 |   -.148086   .0617394    -2.40   0.016    -.2691028   -.0270692
                   l_2 |  -.1617833   .0720063    -2.25   0.025    -.3029245   -.0206422
                   l_3 |  -.1774641   .0823103    -2.16   0.031    -.3388026   -.0161257
                   l_4 |  -.1931134   .0926133    -2.09   0.037     -.374647   -.0115799
                   l_5 |  -.2122229     .10286    -2.06   0.039    -.4138412   -.0106046
                   l_6 |  -.2322433   .1131292    -2.05   0.040    -.4539905   -.0104961
                   l_7 |  -.2561374   .1233964    -2.08   0.038    -.4980096   -.0142651
                   l_8 |  -.2767856   .1336616    -2.07   0.038    -.5387788   -.0147923
                   l_9 |  -.2968977   .1439537    -2.06   0.039    -.5790647   -.0147306
                  l_10 |  -.3201255   .1542002    -2.08   0.038    -.6223769    -.017874
                   f_1 |  -.1187126   .0412611    -2.88   0.004    -.1995894   -.0378358
                   f_2 |  -.0968382   .0309751    -3.13   0.002    -.1575532   -.0361233
                   f_3 |  -.0701348   .0206943    -3.39   0.001    -.1106981   -.0295715
                   f_4 |  -.0371578   .0105133    -3.53   0.000    -.0577652   -.0165504
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0262467   .0053812    -4.88   0.000    -.0367945   -.0156989
          _Ivuosi_1996 |   .0196863   .0039698     4.96   0.000     .0119051    .0274676
          _Ivuosi_1997 |   .0206782    .003832     5.40   0.000     .0131671    .0281894
          _Ivuosi_1998 |   .0100646   .0035136     2.86   0.004     .0031776    .0169516
          _Ivuosi_1999 |   .0064919   .0036003     1.80   0.071    -.0005651    .0135489
          _Ivuosi_2000 |  -.0071426   .0037966    -1.88   0.060    -.0145845    .0002992
          _Ivuosi_2001 |   -.052698   .0031891   -16.52   0.000     -.058949   -.0464469
          _Ivuosi_2002 |  -.0472332   .0028796   -16.40   0.000    -.0528774   -.0415889
          _Ivuosi_2003 |  -.0437292    .002688   -16.27   0.000    -.0489979   -.0384605
          _Ivuosi_2004 |  -.0378951   .0023934   -15.83   0.000    -.0425864   -.0332038
          _Ivuosi_2005 |   -.034014   .0021321   -15.95   0.000    -.0381932   -.0298347
          _Ivuosi_2006 |  -.0282662   .0018119   -15.60   0.000    -.0318178   -.0247147
          _Ivuosi_2007 |  -.0204034   .0015316   -13.32   0.000    -.0234056   -.0174012
          _Ivuosi_2008 |  -.0144729    .001211   -11.95   0.000    -.0168466   -.0120992
          _Ivuosi_2009 |  -.0104531   .0009893   -10.57   0.000    -.0123923   -.0085139
          _Ivuosi_2010 |  -.0063095   .0007016    -8.99   0.000    -.0076847   -.0049344
          _Ivuosi_2011 |  -.0041202   .0003709   -11.11   0.000    -.0048473   -.0033932
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1462895   .0149623    -9.78   0.000    -.1756175   -.1169614
             _Iage2_22 |  -.2029442   .0239509    -8.47   0.000    -.2498908   -.1559975
             _Iage2_23 |  -.2376823   .0336798    -7.06   0.000    -.3036989   -.1716657
             _Iage2_24 |   -.270496   .0436521    -6.20   0.000    -.3560596   -.1849324
             _Iage2_25 |   -.290811   .0538942    -5.40   0.000    -.3964503   -.1851717
             _Iage2_26 |  -.2958715   .0640183    -4.62   0.000    -.4213551   -.1703878
             _Iage2_27 |  -.2993252   .0742162    -4.03   0.000    -.4447981   -.1538522
             _Iage2_28 |  -.2958659   .0843951    -3.51   0.000    -.4612907   -.1304412
             _Iage2_29 |  -.2901036   .0945936    -3.07   0.002    -.4755186   -.1046885
             _Iage2_30 |  -.2825802   .1047878    -2.70   0.007    -.4879771   -.0771832
             _Iage2_31 |  -.2728471   .1150774    -2.37   0.018     -.498413   -.0472811
             _Iage2_32 |  -.2606275   .1252944    -2.08   0.038    -.5062199   -.0150351
             _Iage2_33 |  -.2480118   .1354995    -1.83   0.067    -.5136075    .0175839
             _Iage2_34 |  -.2352199   .1457492    -1.61   0.107    -.5209062    .0504664
             _Iage2_35 |  -.2212822    .155974    -1.42   0.156    -.5270105    .0844461
             _Iage2_36 |  -.2051692   .1662243    -1.23   0.217    -.5309894     .120651
             _Iage2_37 |   -.190494   .1764581    -1.08   0.280    -.5363737    .1553857
             _Iage2_38 |  -.1732547   .1866922    -0.93   0.353    -.5391945    .1926851
             _Iage2_39 |  -.1573399   .1969366    -0.80   0.424      -.54336    .2286802
             _Iage2_40 |  -.1414399    .207188    -0.68   0.495    -.5475538    .2646741
             _Iage2_41 |   -.341396   .1847179    -1.85   0.065    -.7034659    .0206738
             _Iage2_42 |  -.3256871   .1744656    -1.87   0.062    -.6676612     .016287
             _Iage2_43 |  -.3080035   .1641935    -1.88   0.061     -.629843    .0138361
             _Iage2_44 |  -.2913358   .1539269    -1.89   0.058    -.5930516    .0103799
             _Iage2_45 |  -.2748731   .1436871    -1.91   0.056    -.5565176    .0067713
             _Iage2_46 |  -.2576492   .1334087    -1.93   0.053    -.5191467    .0038482
             _Iage2_47 |  -.2402823   .1231505    -1.95   0.051    -.4816726    .0011079
             _Iage2_48 |  -.2216711   .1129179    -1.96   0.050     -.443004   -.0003381
             _Iage2_49 |  -.2040666   .1026547    -1.99   0.047    -.4052824   -.0028508
             _Iage2_50 |  -.1841968   .0923853    -1.99   0.046    -.3652835   -.0031102
             _Iage2_51 |  -.1675072   .0821273    -2.04   0.041    -.3284869   -.0065275
             _Iage2_52 |  -.1505815   .0718778    -2.09   0.036    -.2914708   -.0096922
             _Iage2_53 |  -.1322952   .0616222    -2.15   0.032    -.2530822   -.0115081
             _Iage2_54 |  -.1129625   .0513714    -2.20   0.028    -.2136569   -.0122681
             _Iage2_55 |  -.0926349   .0411175    -2.25   0.024    -.1732303   -.0120395
             _Iage2_56 |  -.0721291   .0308833    -2.34   0.020    -.1326643    -.011594
             _Iage2_57 |   -.051553   .0206735    -2.49   0.013    -.0920756   -.0110304
             _Iage2_58 |  -.0228666   .0103552    -2.21   0.027    -.0431641   -.0025691
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0002044   .0003202     0.64   0.523    -.0004233    .0008321
                 _cons |   .3186586   .1456437     2.19   0.029      .033179    .6041383
-----------------------+----------------------------------------------------------------
               sigma_u |  .18391679
               sigma_e |  .12141094
                   rho |  .69648282   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 14889) =   34.11
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 14889) =   49.34
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 14889) =   97.63
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 14889) =   87.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14889) =   36.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14889) =   39.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 14889) =   34.72
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1843                         Obs per group: min =         1
       between = 0.0031                                        avg =      11.0
       overall = 0.0057                                        max =        44

                                                F(89,14889)        =     68.37
corr(u_i, Xb)  = -0.8545                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,890 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0008743   .0045087    -0.19   0.846    -.0097119    .0079632
           treated_ia2 |  -.0188624   .0124524    -1.51   0.130    -.0432706    .0055457
           treated_ia3 |  -.0041787   .0004812    -8.68   0.000    -.0051219   -.0032355
     treated_iasuorv_d |  -.0511872   .0168269    -3.04   0.002      -.08417   -.0182044
           treated_pre |  -.0584995   .0077923    -7.51   0.000    -.0737733   -.0432258
  treated_pre_iasenior |   .0047553   .0045939     1.04   0.301    -.0042494      .01376
       treated_pre_ia2 |   .0381497   .0048885     7.80   0.000     .0285676    .0477318
       treated_pre_ia3 |   .0038059    .000382     9.96   0.000     .0030572    .0045546
 treated_pre_iasuorv_d |   .0643743   .0085106     7.56   0.000     .0476924    .0810562
          treated_post |  -.0728145   .0101052    -7.21   0.000    -.0926219   -.0530071
 treated_post_iasenior |   .0014389   .0052894     0.27   0.786    -.0089289    .0118066
      treated_post_ia2 |   .0414059   .0054965     7.53   0.000     .0306321    .0521797
      treated_post_ia3 |   .0041327   .0004471     9.24   0.000     .0032563    .0050091
treated_post_iasuorv_d |   .0827911   .0099473     8.32   0.000     .0632932    .1022889
                senior |   .2494088   .4011689     0.62   0.534    -.5369318    1.035749
             interact2 |  -.0937058   .0073458   -12.76   0.000    -.1081044   -.0793071
             interact3 |  -.0005635   .0001512    -3.73   0.000    -.0008599   -.0002672
               suorv_d |  -.0201587   .0095566    -2.11   0.035    -.0388908   -.0014265
                   l_0 |  -.1447142   .0514029    -2.82   0.005    -.2454702   -.0439582
                   l_1 |  -.1431134   .0615998    -2.32   0.020    -.2638566   -.0223703
                   l_2 |  -.1563111   .0718423    -2.18   0.030    -.2971309   -.0154914
                   l_3 |  -.1714982    .082121    -2.09   0.037    -.3324655   -.0105309
                   l_4 |  -.1866219   .0923988    -2.02   0.043    -.3677349   -.0055088
                   l_5 |  -.2051855   .1026237    -2.00   0.046    -.4063406   -.0040304
                   l_6 |  -.2246322   .1128667    -1.99   0.047    -.4458649   -.0033995
                   l_7 |  -.2479726   .1231122    -2.01   0.044    -.4892878   -.0066575
                   l_8 |  -.2681842   .1333564    -2.01   0.044    -.5295793   -.0067892
                   l_9 |  -.2877072   .1436221    -2.00   0.045    -.5692242   -.0061903
                  l_10 |  -.3102998    .153843    -2.02   0.044     -.611851   -.0087487
                   f_1 |   -.115195    .041155    -2.80   0.005    -.1958639   -.0345261
                   f_2 |  -.0939772   .0308966    -3.04   0.002    -.1545384   -.0334161
                   f_3 |  -.0679352   .0206402    -3.29   0.001    -.1083926   -.0274779
                   f_4 |   -.035749   .0104793    -3.41   0.001    -.0562897   -.0152083
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0265763   .0053675    -4.95   0.000    -.0370973   -.0160553
          _Ivuosi_1996 |   .0194138   .0039546     4.91   0.000     .0116623    .0271653
          _Ivuosi_1997 |   .0202615   .0038235     5.30   0.000      .012767     .027756
          _Ivuosi_1998 |   .0096389   .0034978     2.76   0.006     .0027827     .016495
          _Ivuosi_1999 |   .0058007    .003596     1.61   0.107    -.0012478    .0128492
          _Ivuosi_2000 |  -.0077559   .0037826    -2.05   0.040    -.0151703   -.0003416
          _Ivuosi_2001 |  -.0533669   .0031702   -16.83   0.000    -.0595809    -.047153
          _Ivuosi_2002 |  -.0480481   .0028538   -16.84   0.000    -.0536419   -.0424543
          _Ivuosi_2003 |  -.0445708   .0026644   -16.73   0.000    -.0497933   -.0393483
          _Ivuosi_2004 |  -.0387852   .0023631   -16.41   0.000    -.0434171   -.0341534
          _Ivuosi_2005 |   -.035046   .0021127   -16.59   0.000    -.0391871   -.0309049
          _Ivuosi_2006 |  -.0293271   .0017988   -16.30   0.000     -.032853   -.0258013
          _Ivuosi_2007 |  -.0214076   .0015241   -14.05   0.000     -.024395   -.0184202
          _Ivuosi_2008 |  -.0150537   .0012031   -12.51   0.000    -.0174119   -.0126954
          _Ivuosi_2009 |  -.0109655   .0009839   -11.14   0.000    -.0128942   -.0090369
          _Ivuosi_2010 |  -.0067139   .0006969    -9.63   0.000    -.0080799   -.0053479
          _Ivuosi_2011 |  -.0043143   .0003691   -11.69   0.000    -.0050377    -.003591
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.145683   .0149324    -9.76   0.000    -.1749524   -.1164136
             _Iage2_22 |  -.2016241   .0238987    -8.44   0.000    -.2484684   -.1547797
             _Iage2_23 |  -.2359813    .033594    -7.02   0.000    -.3018297    -.170133
             _Iage2_24 |  -.2677844   .0435488    -6.15   0.000    -.3531455   -.1824234
             _Iage2_25 |  -.2862869   .0537655    -5.32   0.000    -.3916739   -.1808999
             _Iage2_26 |  -.2889958   .0638709    -4.52   0.000    -.4141907   -.1638008
             _Iage2_27 |  -.2898728    .074049    -3.91   0.000    -.4350179   -.1447277
             _Iage2_28 |  -.2840887   .0842053    -3.37   0.001    -.4491414   -.1190359
             _Iage2_29 |  -.2765152   .0943834    -2.93   0.003    -.4615183   -.0915121
             _Iage2_30 |  -.2674025   .1045566    -2.56   0.011    -.4723463   -.0624588
             _Iage2_31 |  -.2563164    .114826    -2.23   0.026    -.4813895   -.0312432
             _Iage2_32 |  -.2430107    .125019    -1.94   0.052    -.4880634     .002042
             _Iage2_33 |  -.2293341   .1352022    -1.70   0.090     -.494347    .0356789
             _Iage2_34 |  -.2156417    .145429    -1.48   0.138    -.5007006    .0694171
             _Iage2_35 |  -.2008006   .1556329    -1.29   0.197    -.5058602    .1042589
             _Iage2_36 |  -.1839787   .1658612    -1.11   0.267    -.5090872    .1411297
             _Iage2_37 |  -.1684569    .176072    -0.96   0.339    -.5135797     .176666
             _Iage2_38 |   -.150544   .1862827    -0.81   0.419    -.5156811    .2145931
             _Iage2_39 |  -.1339948   .1965048    -0.68   0.495    -.5191685    .2511789
             _Iage2_40 |  -.1175305   .2067354    -0.57   0.570    -.5227573    .2876964
             _Iage2_41 |  -.3492257     .18434    -1.89   0.058     -.710555    .0121035
             _Iage2_42 |  -.3328411   .1741116    -1.91   0.056    -.6741213     .008439
             _Iage2_43 |  -.3145772    .163859    -1.92   0.055    -.6357611    .0066068
             _Iage2_44 |  -.2973735   .1536144    -1.94   0.053    -.5984767    .0037297
             _Iage2_45 |  -.2802783   .1433938    -1.95   0.051    -.5613479    .0007913
             _Iage2_46 |  -.2624415   .1331391    -1.97   0.049    -.5234105   -.0014724
             _Iage2_47 |  -.2444907   .1229011    -1.99   0.047     -.485392   -.0035894
             _Iage2_48 |  -.2253659   .1126892    -2.00   0.046    -.4462506   -.0044812
             _Iage2_49 |  -.2072789   .1024463    -2.02   0.043    -.4080863   -.0064715
             _Iage2_50 |  -.1868654   .0921972    -2.03   0.043    -.3675832   -.0061477
             _Iage2_51 |  -.1696615     .08196    -2.07   0.038    -.3303132   -.0090098
             _Iage2_52 |   -.152309   .0717318    -2.12   0.034    -.2929122   -.0117059
             _Iage2_53 |  -.1336048   .0614944    -2.17   0.030    -.2541415   -.0130681
             _Iage2_54 |   -.113933   .0512655    -2.22   0.026    -.2144197   -.0134463
             _Iage2_55 |   -.093415    .041033    -2.28   0.023    -.1738448   -.0129853
             _Iage2_56 |  -.0726403   .0308204    -2.36   0.018    -.1330522   -.0122284
             _Iage2_57 |  -.0518527   .0206319    -2.51   0.012    -.0922937   -.0114117
             _Iage2_58 |  -.0230218   .0103342    -2.23   0.026    -.0432782   -.0027654
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001797   .0003182     0.56   0.572    -.0004439    .0008034
                 _cons |   .3326841   .1452894     2.29   0.022      .047899    .6174691
-----------------------+----------------------------------------------------------------
               sigma_u |   .1864715
               sigma_e |  .12112184
                   rho |   .7032793   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 14889) =   20.10
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 14889) =   26.78
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 14889) =   52.92
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 14889) =   44.47
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14889) =   43.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 14889) =   19.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14889) =   49.91
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 14889) =   15.91
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 14889) =   41.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 14889) =   13.08
            Prob > F =    0.0003

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    453,500    .1870033    .3899146          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    414,241    .2346122    .4237567          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    413,159    8.124393    5.309447          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    307,215    20.15389    8.300768          0         42

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    328,467    8.609544    5.484208          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    210,195    21.29781    8.346931          0         42

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     84,692    6.242797    4.052326          0         18

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     97,020    17.67555    7.632902          0         38

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.19 + _b[treated_post_ia3] *   8.12
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.23 + _b[treated_post_ia3] *  20.15

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0313897   .0065348    -4.80   0.000    -.0441976   -.0185818
       _nl_2 |   .0214221   .0038421     5.58   0.000     .0138917    .0289525
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.61
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.30
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.24
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  17.68

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0372318   .0070541    -5.28   0.000    -.0510575    -.023406
       _nl_2 |   .0166514   .0042553     3.91   0.000     .0083111    .0249916
       _nl_3 |  -.0056204   .0055602    -1.01   0.312    -.0165182    .0052774
       _nl_4 |   .0430968   .0044431     9.70   0.000     .0343885    .0518052
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.24
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  17.68
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.61
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.30

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0728145   .0101052    -7.21   0.000    -.0926203   -.0530087
       _nl_2 |  -.0713757     .01079    -6.61   0.000    -.0925237   -.0502276
       _nl_3 |  -.0314086   .0071735    -4.38   0.000    -.0454683   -.0173489
       _nl_4 |  -.0299697   .0075143    -3.99   0.000    -.0446974   -.0152421
       _nl_5 |  -.0056204   .0055602    -1.01   0.312    -.0165182    .0052774
       _nl_6 |   .0430968   .0044431     9.70   0.000     .0343885    .0518052
       _nl_7 |  -.0372318   .0070541    -5.28   0.000    -.0510575    -.023406
       _nl_8 |   .0166514   .0042553     3.91   0.000     .0083111    .0249916
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_whitec_noIQ_nostem_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1843                         Obs per group: min =         1
       between = 0.0031                                        avg =      11.0
       overall = 0.0057                                        max =        44

                                                F(86,14889)        =     70.19
corr(u_i, Xb)  = -0.8539                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,890 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0190755   .0124977    -1.53   0.127    -.0435725    .0054215
           treated_ia3 |  -.0042417   .0004651    -9.12   0.000    -.0051534     -.00333
     treated_iasuorv_d |  -.0533692   .0159838    -3.34   0.001    -.0846994    -.022039
           treated_pre |  -.0592081    .007804    -7.59   0.000    -.0745049   -.0439114
       treated_pre_ia2 |   .0390502   .0047816     8.17   0.000     .0296776    .0484228
       treated_pre_ia3 |   .0039929   .0003617    11.04   0.000     .0032839    .0047018
 treated_pre_iasuorv_d |   .0683365   .0072645     9.41   0.000     .0540971    .0825759
          treated_post |  -.0731532   .0100978    -7.24   0.000    -.0929461   -.0533603
      treated_post_ia2 |   .0417741   .0054643     7.64   0.000     .0310633    .0524848
      treated_post_ia3 |   .0042062   .0004436     9.48   0.000     .0033366    .0050758
treated_post_iasuorv_d |   .0842903   .0090632     9.30   0.000     .0665254    .1020552
             interact2 |  -.0938836   .0073459   -12.78   0.000    -.1082825   -.0794848
             interact3 |  -.0005783   .0001514    -3.82   0.000    -.0008752   -.0002815
               suorv_d |  -.0201358   .0095647    -2.11   0.035    -.0388837   -.0013878
                   l_0 |  -.1446047   .0513873    -2.81   0.005    -.2453301   -.0438792
                   l_1 |  -.1429719   .0615808    -2.32   0.020    -.2636778    -.022266
                   l_2 |  -.1561371   .0718206    -2.17   0.030    -.2969143   -.0153598
                   l_3 |  -.1712889    .082097    -2.09   0.037    -.3322092   -.0103685
                   l_4 |  -.1863757   .0923724    -2.02   0.044    -.3674371   -.0053143
                   l_5 |  -.2049034   .1025951    -2.00   0.046    -.4060024   -.0038044
                   l_6 |  -.2243164   .1128361    -1.99   0.047    -.4454891   -.0031438
                   l_7 |   -.247621    .123079    -2.01   0.044     -.488871    -.006371
                   l_8 |  -.2677944   .1333211    -2.01   0.045    -.5291202   -.0064686
                   l_9 |  -.2872738   .1435839    -2.00   0.045     -.568716   -.0058316
                  l_10 |  -.3098222   .1538022    -2.01   0.044    -.6112936   -.0083509
                   f_1 |  -.1150642   .0411427    -2.80   0.005    -.1957091   -.0344194
                   f_2 |  -.0938882   .0308873    -3.04   0.002     -.154431   -.0333454
                   f_3 |  -.0678911    .020633    -3.29   0.001    -.1083342    -.027448
                   f_4 |  -.0357466   .0104745    -3.41   0.001     -.056278   -.0152152
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0265584   .0053713    -4.94   0.000    -.0370868   -.0160299
          _Ivuosi_1996 |   .0194141   .0039568     4.91   0.000     .0116583      .02717
          _Ivuosi_1997 |   .0202509   .0038245     5.30   0.000     .0127543    .0277474
          _Ivuosi_1998 |   .0096208   .0034986     2.75   0.006     .0027632    .0164784
          _Ivuosi_1999 |   .0057727   .0035984     1.60   0.109    -.0012807     .012826
          _Ivuosi_2000 |  -.0077813   .0037842    -2.06   0.040    -.0151989   -.0003638
          _Ivuosi_2001 |  -.0533741   .0031723   -16.83   0.000    -.0595922    -.047156
          _Ivuosi_2002 |  -.0480461   .0028557   -16.82   0.000    -.0536438   -.0424485
          _Ivuosi_2003 |   -.044568    .002666   -16.72   0.000    -.0497938   -.0393422
          _Ivuosi_2004 |  -.0387913   .0023645   -16.41   0.000     -.043426   -.0341566
          _Ivuosi_2005 |  -.0350667   .0021142   -16.59   0.000    -.0392107   -.0309227
          _Ivuosi_2006 |  -.0293443   .0017998   -16.30   0.000    -.0328721   -.0258164
          _Ivuosi_2007 |  -.0214161   .0015249   -14.04   0.000     -.024405   -.0184271
          _Ivuosi_2008 |  -.0150516   .0012026   -12.52   0.000    -.0174088   -.0126943
          _Ivuosi_2009 |  -.0109661   .0009838   -11.15   0.000    -.0128944   -.0090378
          _Ivuosi_2010 |   -.006719   .0006973    -9.64   0.000    -.0080858   -.0053522
          _Ivuosi_2011 |  -.0043172   .0003692   -11.69   0.000    -.0050409   -.0035935
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1456996    .014925    -9.76   0.000    -.1749546   -.1164447
             _Iage2_22 |  -.2016674   .0238863    -8.44   0.000    -.2484875   -.1548472
             _Iage2_23 |  -.2360505   .0335784    -7.03   0.000    -.3018684   -.1702326
             _Iage2_24 |  -.2678776   .0435304    -6.15   0.000    -.3532025   -.1825527
             _Iage2_25 |  -.2864034   .0537443    -5.33   0.000    -.3917488    -.181058
             _Iage2_26 |  -.2891285   .0638475    -4.53   0.000    -.4142775   -.1639795
             _Iage2_27 |  -.2900226   .0740239    -3.92   0.000    -.4351185   -.1449266
             _Iage2_28 |  -.2842572   .0841787    -3.38   0.001    -.4492579   -.1192566
             _Iage2_29 |   -.276697    .094355    -2.93   0.003    -.4616444   -.0917495
             _Iage2_30 |  -.2675998   .1045271    -2.56   0.010    -.4724857   -.0627138
             _Iage2_31 |  -.2565222   .1147952    -2.23   0.025     -.481535   -.0315095
             _Iage2_32 |  -.2432256   .1249871    -1.95   0.052    -.4882158    .0017646
             _Iage2_33 |  -.2295594   .1351692    -1.70   0.089    -.4945076    .0353889
             _Iage2_34 |  -.2158744    .145395    -1.48   0.138    -.5008666    .0691178
             _Iage2_35 |  -.2010393    .155598    -1.29   0.196    -.5060306     .103952
             _Iage2_36 |  -.1842213   .1658253    -1.11   0.267    -.5092594    .1408167
             _Iage2_37 |   -.168714   .1760348    -0.96   0.338     -.513764     .176336
             _Iage2_38 |  -.1508239    .186244    -0.81   0.418    -.5158851    .2142373
             _Iage2_39 |  -.1343068    .196464    -0.68   0.494    -.5194005    .2507869
             _Iage2_40 |  -.1178921   .2066922    -0.57   0.568    -.5230343      .28725
             _Iage2_41 |  -.0995254   .2169333    -0.46   0.646    -.5247415    .3256907
             _Iage2_42 |  -.0831864   .2271466    -0.37   0.714    -.5284217    .3620489
             _Iage2_43 |  -.0649893   .2373844    -0.27   0.784     -.530292    .4003135
             _Iage2_44 |   -.047847   .2476153    -0.19   0.847    -.5332035    .4375096
             _Iage2_45 |  -.0308158    .257823    -0.12   0.905    -.5361806    .4745489
             _Iage2_46 |  -.0130461   .2680659    -0.05   0.961    -.5384884    .5123961
             _Iage2_47 |   .0048324   .2782938     0.02   0.986    -.5406577    .5503225
             _Iage2_48 |   .0238846   .2884942     0.08   0.934    -.5415996    .5893689
             _Iage2_49 |   .0418949   .2987292     0.14   0.888    -.5436512    .6274411
             _Iage2_50 |    .062229   .3089716     0.20   0.840    -.5433934    .6678515
             _Iage2_51 |   .0793675   .3192033     0.25   0.804    -.5463103    .7050453
             _Iage2_52 |   .0966524   .3294272     0.29   0.769    -.5490657    .7423704
             _Iage2_53 |   .1152976   .3396647     0.34   0.734     -.550487    .7810822
             _Iage2_54 |   .1349034   .3498924     0.39   0.700    -.5509288    .8207356
             _Iage2_55 |   .1553775   .3601251     0.43   0.666    -.5505122    .8612672
             _Iage2_56 |   .1760784   .3703499     0.48   0.634    -.5498531    .9020099
             _Iage2_57 |   .1967888   .3805749     0.52   0.605     -.549185    .9427626
             _Iage2_58 |   .2255398   .3908052     0.58   0.564    -.5404865    .9915662
             _Iage2_59 |   .2484845   .4010532     0.62   0.536    -.5376293    1.034598
         firm_size_new |   .0001771   .0003181     0.56   0.578    -.0004463    .0008006
                 _cons |    .333249   .1452586     2.29   0.022     .0485242    .6179738
-----------------------+----------------------------------------------------------------
               sigma_u |  .18612417
               sigma_e |   .1211224
                   rho |  .70249868   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 14889) =   20.42
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14889) =   50.64
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 14889) =   17.07
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 14889) =   12.90
            Prob > F =    0.0003

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 14889) =   54.42
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 14889) =    9.19
            Prob > F =    0.0024
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1843                         Obs per group: min =         1
       between = 0.0031                                        avg =      11.0
       overall = 0.0057                                        max =        44

                                                F(89,14889)        =     68.37
corr(u_i, Xb)  = -0.8545                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,890 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0008743   .0045087    -0.19   0.846    -.0097119    .0079632
           treated_ia2 |  -.0188624   .0124524    -1.51   0.130    -.0432706    .0055457
           treated_ia3 |  -.0041787   .0004812    -8.68   0.000    -.0051219   -.0032355
     treated_iasuorv_d |  -.0511872   .0168269    -3.04   0.002      -.08417   -.0182044
           treated_pre |  -.0584995   .0077923    -7.51   0.000    -.0737733   -.0432258
  treated_pre_iasenior |   .0047553   .0045939     1.04   0.301    -.0042494      .01376
       treated_pre_ia2 |   .0381497   .0048885     7.80   0.000     .0285676    .0477318
       treated_pre_ia3 |   .0038059    .000382     9.96   0.000     .0030572    .0045546
 treated_pre_iasuorv_d |   .0643743   .0085106     7.56   0.000     .0476924    .0810562
          treated_post |  -.0728145   .0101052    -7.21   0.000    -.0926219   -.0530071
 treated_post_iasenior |   .0014389   .0052894     0.27   0.786    -.0089289    .0118066
      treated_post_ia2 |   .0414059   .0054965     7.53   0.000     .0306321    .0521797
      treated_post_ia3 |   .0041327   .0004471     9.24   0.000     .0032563    .0050091
treated_post_iasuorv_d |   .0827911   .0099473     8.32   0.000     .0632932    .1022889
                senior |   .2494088   .4011689     0.62   0.534    -.5369318    1.035749
             interact2 |  -.0937058   .0073458   -12.76   0.000    -.1081044   -.0793071
             interact3 |  -.0005635   .0001512    -3.73   0.000    -.0008599   -.0002672
               suorv_d |  -.0201587   .0095566    -2.11   0.035    -.0388908   -.0014265
                   l_0 |  -.1447142   .0514029    -2.82   0.005    -.2454702   -.0439582
                   l_1 |  -.1431134   .0615998    -2.32   0.020    -.2638566   -.0223703
                   l_2 |  -.1563111   .0718423    -2.18   0.030    -.2971309   -.0154914
                   l_3 |  -.1714982    .082121    -2.09   0.037    -.3324655   -.0105309
                   l_4 |  -.1866219   .0923988    -2.02   0.043    -.3677349   -.0055088
                   l_5 |  -.2051855   .1026237    -2.00   0.046    -.4063406   -.0040304
                   l_6 |  -.2246322   .1128667    -1.99   0.047    -.4458649   -.0033995
                   l_7 |  -.2479726   .1231122    -2.01   0.044    -.4892878   -.0066575
                   l_8 |  -.2681842   .1333564    -2.01   0.044    -.5295793   -.0067892
                   l_9 |  -.2877072   .1436221    -2.00   0.045    -.5692242   -.0061903
                  l_10 |  -.3102998    .153843    -2.02   0.044     -.611851   -.0087487
                   f_1 |   -.115195    .041155    -2.80   0.005    -.1958639   -.0345261
                   f_2 |  -.0939772   .0308966    -3.04   0.002    -.1545384   -.0334161
                   f_3 |  -.0679352   .0206402    -3.29   0.001    -.1083926   -.0274779
                   f_4 |   -.035749   .0104793    -3.41   0.001    -.0562897   -.0152083
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0265763   .0053675    -4.95   0.000    -.0370973   -.0160553
          _Ivuosi_1996 |   .0194138   .0039546     4.91   0.000     .0116623    .0271653
          _Ivuosi_1997 |   .0202615   .0038235     5.30   0.000      .012767     .027756
          _Ivuosi_1998 |   .0096389   .0034978     2.76   0.006     .0027827     .016495
          _Ivuosi_1999 |   .0058007    .003596     1.61   0.107    -.0012478    .0128492
          _Ivuosi_2000 |  -.0077559   .0037826    -2.05   0.040    -.0151703   -.0003416
          _Ivuosi_2001 |  -.0533669   .0031702   -16.83   0.000    -.0595809    -.047153
          _Ivuosi_2002 |  -.0480481   .0028538   -16.84   0.000    -.0536419   -.0424543
          _Ivuosi_2003 |  -.0445708   .0026644   -16.73   0.000    -.0497933   -.0393483
          _Ivuosi_2004 |  -.0387852   .0023631   -16.41   0.000    -.0434171   -.0341534
          _Ivuosi_2005 |   -.035046   .0021127   -16.59   0.000    -.0391871   -.0309049
          _Ivuosi_2006 |  -.0293271   .0017988   -16.30   0.000     -.032853   -.0258013
          _Ivuosi_2007 |  -.0214076   .0015241   -14.05   0.000     -.024395   -.0184202
          _Ivuosi_2008 |  -.0150537   .0012031   -12.51   0.000    -.0174119   -.0126954
          _Ivuosi_2009 |  -.0109655   .0009839   -11.14   0.000    -.0128942   -.0090369
          _Ivuosi_2010 |  -.0067139   .0006969    -9.63   0.000    -.0080799   -.0053479
          _Ivuosi_2011 |  -.0043143   .0003691   -11.69   0.000    -.0050377    -.003591
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.145683   .0149324    -9.76   0.000    -.1749524   -.1164136
             _Iage2_22 |  -.2016241   .0238987    -8.44   0.000    -.2484684   -.1547797
             _Iage2_23 |  -.2359813    .033594    -7.02   0.000    -.3018297    -.170133
             _Iage2_24 |  -.2677844   .0435488    -6.15   0.000    -.3531455   -.1824234
             _Iage2_25 |  -.2862869   .0537655    -5.32   0.000    -.3916739   -.1808999
             _Iage2_26 |  -.2889958   .0638709    -4.52   0.000    -.4141907   -.1638008
             _Iage2_27 |  -.2898728    .074049    -3.91   0.000    -.4350179   -.1447277
             _Iage2_28 |  -.2840887   .0842053    -3.37   0.001    -.4491414   -.1190359
             _Iage2_29 |  -.2765152   .0943834    -2.93   0.003    -.4615183   -.0915121
             _Iage2_30 |  -.2674025   .1045566    -2.56   0.011    -.4723463   -.0624588
             _Iage2_31 |  -.2563164    .114826    -2.23   0.026    -.4813895   -.0312432
             _Iage2_32 |  -.2430107    .125019    -1.94   0.052    -.4880634     .002042
             _Iage2_33 |  -.2293341   .1352022    -1.70   0.090     -.494347    .0356789
             _Iage2_34 |  -.2156417    .145429    -1.48   0.138    -.5007006    .0694171
             _Iage2_35 |  -.2008006   .1556329    -1.29   0.197    -.5058602    .1042589
             _Iage2_36 |  -.1839787   .1658612    -1.11   0.267    -.5090872    .1411297
             _Iage2_37 |  -.1684569    .176072    -0.96   0.339    -.5135797     .176666
             _Iage2_38 |   -.150544   .1862827    -0.81   0.419    -.5156811    .2145931
             _Iage2_39 |  -.1339948   .1965048    -0.68   0.495    -.5191685    .2511789
             _Iage2_40 |  -.1175305   .2067354    -0.57   0.570    -.5227573    .2876964
             _Iage2_41 |  -.3492257     .18434    -1.89   0.058     -.710555    .0121035
             _Iage2_42 |  -.3328411   .1741116    -1.91   0.056    -.6741213     .008439
             _Iage2_43 |  -.3145772    .163859    -1.92   0.055    -.6357611    .0066068
             _Iage2_44 |  -.2973735   .1536144    -1.94   0.053    -.5984767    .0037297
             _Iage2_45 |  -.2802783   .1433938    -1.95   0.051    -.5613479    .0007913
             _Iage2_46 |  -.2624415   .1331391    -1.97   0.049    -.5234105   -.0014724
             _Iage2_47 |  -.2444907   .1229011    -1.99   0.047     -.485392   -.0035894
             _Iage2_48 |  -.2253659   .1126892    -2.00   0.046    -.4462506   -.0044812
             _Iage2_49 |  -.2072789   .1024463    -2.02   0.043    -.4080863   -.0064715
             _Iage2_50 |  -.1868654   .0921972    -2.03   0.043    -.3675832   -.0061477
             _Iage2_51 |  -.1696615     .08196    -2.07   0.038    -.3303132   -.0090098
             _Iage2_52 |   -.152309   .0717318    -2.12   0.034    -.2929122   -.0117059
             _Iage2_53 |  -.1336048   .0614944    -2.17   0.030    -.2541415   -.0130681
             _Iage2_54 |   -.113933   .0512655    -2.22   0.026    -.2144197   -.0134463
             _Iage2_55 |   -.093415    .041033    -2.28   0.023    -.1738448   -.0129853
             _Iage2_56 |  -.0726403   .0308204    -2.36   0.018    -.1330522   -.0122284
             _Iage2_57 |  -.0518527   .0206319    -2.51   0.012    -.0922937   -.0114117
             _Iage2_58 |  -.0230218   .0103342    -2.23   0.026    -.0432782   -.0027654
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001797   .0003182     0.56   0.572    -.0004439    .0008034
                 _cons |   .3326841   .1452894     2.29   0.022      .047899    .6174691
-----------------------+----------------------------------------------------------------
               sigma_u |   .1864715
               sigma_e |  .12112184
                   rho |   .7032793   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 14889) =   20.10
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 14889) =   26.78
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 14889) =   52.92
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 14889) =   44.47
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14889) =   43.76
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 14889) =   19.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14889) =   49.91
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 14889) =   15.91
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 14889) =   41.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 14889) =   13.08
            Prob > F =    0.0003
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    841944
Group variable: shnro_real                      Number of groups   =     76857

R-sq:  within  = 0.1786                         Obs per group: min =         1
       between = 0.0027                                        avg =      11.0
       overall = 0.0077                                        max =        44

                                                F(74,14881)        =     79.47
corr(u_i, Xb)  = -0.8227                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 14,882 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0058909   .0040583    -1.45   0.147    -.0138456    .0020638
 treated_post |  -.0147994   .0050343    -2.94   0.003    -.0246672   -.0049316
          l_0 |  -.1390562   .0517908    -2.68   0.007    -.2405725   -.0375398
          l_1 |  -.1363412   .0620681    -2.20   0.028    -.2580024     -.01468
          l_2 |   -.148312   .0723949    -2.05   0.041    -.2902149   -.0064091
          l_3 |  -.1622332   .0827602    -1.96   0.050    -.3244534   -.0000129
          l_4 |  -.1761987   .0931224    -1.89   0.058    -.3587301    .0063327
          l_5 |  -.1935693   .1034278    -1.87   0.061    -.3963006    .0091619
          l_6 |  -.2119492   .1137605    -1.86   0.062    -.4349338    .0110354
          l_7 |  -.2340403   .1240847    -1.89   0.059    -.4772617    .0091811
          l_8 |  -.2528661   .1344063    -1.88   0.060     -.516319    .0105868
          l_9 |  -.2712251    .144757    -1.87   0.061    -.5549667    .0125165
         l_10 |  -.2926677   .1550635    -1.89   0.059    -.5966113    .0112759
          f_1 |  -.1111862   .0414996    -2.68   0.007    -.1925306   -.0298418
          f_2 |  -.0909738   .0311453    -2.92   0.003    -.1520225   -.0299251
          f_3 |  -.0660648   .0207971    -3.18   0.001    -.1068296      -.0253
          f_4 |  -.0349559    .010557    -3.31   0.001    -.0556489   -.0142629
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0250988   .0053883    -4.66   0.000    -.0356605   -.0145372
 _Ivuosi_1996 |   .0204107   .0039602     5.15   0.000     .0126482    .0281731
 _Ivuosi_1997 |   .0211442    .003806     5.56   0.000      .013684    .0286044
 _Ivuosi_1998 |   .0105053    .003481     3.02   0.003     .0036822    .0173285
 _Ivuosi_1999 |   .0069391   .0035737     1.94   0.052    -.0000659     .013944
 _Ivuosi_2000 |   -.006647   .0037932    -1.75   0.080    -.0140822    .0007882
 _Ivuosi_2001 |  -.0521827   .0031542   -16.54   0.000    -.0583652   -.0460001
 _Ivuosi_2002 |  -.0468496   .0028508   -16.43   0.000    -.0524376   -.0412616
 _Ivuosi_2003 |  -.0433461   .0026636   -16.27   0.000     -.048567   -.0381252
 _Ivuosi_2004 |  -.0376911   .0023711   -15.90   0.000    -.0423388   -.0330435
 _Ivuosi_2005 |  -.0340529   .0021154   -16.10   0.000    -.0381993   -.0299065
 _Ivuosi_2006 |  -.0280244   .0017911   -15.65   0.000    -.0315352   -.0245137
 _Ivuosi_2007 |  -.0202308   .0015152   -13.35   0.000    -.0232008   -.0172607
 _Ivuosi_2008 |  -.0143962   .0012007   -11.99   0.000    -.0167498   -.0120427
 _Ivuosi_2009 |  -.0103508   .0009831   -10.53   0.000    -.0122778   -.0084237
 _Ivuosi_2010 |  -.0062679   .0007033    -8.91   0.000    -.0076465   -.0048893
 _Ivuosi_2011 |  -.0041002   .0003715   -11.04   0.000    -.0048284   -.0033719
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1490833   .0150151    -9.93   0.000    -.1785147   -.1196519
    _Iage2_22 |   -.208406   .0240579    -8.66   0.000    -.2555624   -.1612496
    _Iage2_23 |  -.2456396   .0338594    -7.25   0.000    -.3120083   -.1792709
    _Iage2_24 |  -.2802992   .0438827    -6.39   0.000    -.3663148   -.1942837
    _Iage2_25 |  -.3028853   .0541941    -5.59   0.000    -.4091125   -.1966581
    _Iage2_26 |  -.3097379   .0643703    -4.81   0.000    -.4359116   -.1835642
    _Iage2_27 |  -.3149321   .0746237    -4.22   0.000    -.4612038   -.1686605
    _Iage2_28 |  -.3132824   .0848591    -3.69   0.000    -.4796166   -.1469481
    _Iage2_29 |  -.3091744   .0951179    -3.25   0.001    -.4956173   -.1227315
    _Iage2_30 |  -.3032412   .1053804    -2.88   0.004    -.5097998   -.0966827
    _Iage2_31 |  -.2950796   .1157286    -2.55   0.011    -.5219219   -.0682374
    _Iage2_32 |  -.2844612   .1260065    -2.26   0.024    -.5314496   -.0374729
    _Iage2_33 |   -.273278   .1362749    -2.01   0.045    -.5403936   -.0061624
    _Iage2_34 |  -.2618795   .1465876    -1.79   0.074    -.5492093    .0254504
    _Iage2_35 |  -.2491999    .156878    -1.59   0.112    -.5567001    .0583002
    _Iage2_36 |  -.2345038   .1671913    -1.40   0.161    -.5622195    .0932118
    _Iage2_37 |  -.2211344   .1774889    -1.25   0.213    -.5690345    .1267658
    _Iage2_38 |  -.2050881   .1877866    -1.09   0.275     -.573173    .1629967
    _Iage2_39 |  -.1904536   .1980981    -0.96   0.336    -.5787504    .1978432
    _Iage2_40 |  -.1757377   .2084177    -0.84   0.399    -.5842621    .2327867
    _Iage2_41 |  -.1591306   .2187498    -0.73   0.467    -.5879072     .269646
    _Iage2_42 |  -.1444087   .2290581    -0.63   0.528    -.5933909    .3045735
    _Iage2_43 |  -.1278174   .2393857    -0.53   0.593    -.5970428    .3414081
    _Iage2_44 |  -.1121617   .2497103    -0.45   0.653    -.6016247    .3773012
    _Iage2_45 |  -.0967028   .2600074    -0.37   0.710    -.6063494    .4129438
    _Iage2_46 |  -.0804281   .2703483    -0.30   0.766    -.6103441    .4494879
    _Iage2_47 |  -.0639525   .2806692    -0.23   0.820    -.6140988    .4861938
    _Iage2_48 |  -.0462358   .2909654    -0.16   0.874    -.6165638    .5240922
    _Iage2_49 |  -.0294556   .3012953    -0.10   0.922    -.6200316    .5611203
    _Iage2_50 |   -.010555   .3116317    -0.03   0.973    -.6213916    .6002815
    _Iage2_51 |   .0054313   .3219606     0.02   0.987    -.6256511    .6365138
    _Iage2_52 |   .0215669   .3322811     0.06   0.948    -.6297452    .6728789
    _Iage2_53 |   .0392678   .3426099     0.11   0.909    -.6322898    .7108254
    _Iage2_54 |   .0577935   .3529316     0.16   0.870     -.633996     .749583
    _Iage2_55 |   .0784093   .3632684     0.22   0.829    -.6336415    .7904601
    _Iage2_56 |   .0981096   .3735914     0.26   0.793    -.6341756    .8303948
    _Iage2_57 |   .1179193   .3839146     0.31   0.759    -.6346007    .8704393
    _Iage2_58 |   .1458849   .3942449     0.37   0.711    -.6268838    .9186537
    _Iage2_59 |   .1680659   .4045944     0.42   0.678     -.624989    .9611208
firm_size_new |   .0001773     .00033     0.54   0.591    -.0004695    .0008242
        _cons |   .3252748   .1465413     2.22   0.026     .0380358    .6125138
--------------+----------------------------------------------------------------
      sigma_u |  .16957682
      sigma_e |  .12141133
          rho |  .66110975   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    841944
Group variable: shnro_real                      Number of groups   =     76857

R-sq:  within  = 0.1807                         Obs per group: min =         1
       between = 0.0047                                        avg =      11.0
       overall = 0.0057                                        max =        44

                                                F(82,14881)        =     72.62
corr(u_i, Xb)  = -0.8398                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,882 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0041347    .000421    -9.82   0.000    -.0049598   -.0033096
     treated_iasuorv_d |  -.0433312   .0158284    -2.74   0.006    -.0743569   -.0123056
           treated_pre |  -.0493551   .0071128    -6.94   0.000     -.063297   -.0354133
       treated_pre_ia3 |   .0039419   .0003602    10.94   0.000     .0032358     .004648
 treated_pre_iasuorv_d |   .0626423   .0066916     9.36   0.000      .049526    .0757586
          treated_post |  -.0617537   .0094364    -6.54   0.000    -.0802503   -.0432571
      treated_post_ia3 |   .0040514   .0004331     9.35   0.000     .0032024    .0049005
treated_post_iasuorv_d |   .0834254   .0084469     9.88   0.000     .0668683    .0999824
             interact3 |   .0009025   .0001525     5.92   0.000     .0006036    .0012015
               suorv_d |  -.0198894   .0094901    -2.10   0.036    -.0384912   -.0012876
                   l_0 |  -.1459068   .0514695    -2.83   0.005    -.2467935   -.0450201
                   l_1 |  -.1443032   .0616803    -2.34   0.019    -.2652043   -.0234021
                   l_2 |  -.1573332   .0719379    -2.19   0.029    -.2983403   -.0163261
                   l_3 |  -.1723541   .0822328    -2.10   0.036    -.3335405   -.0111677
                   l_4 |   -.187404   .0925278    -2.03   0.043      -.36877    -.006038
                   l_5 |  -.2058084   .1027645    -2.00   0.045    -.4072395   -.0043773
                   l_6 |  -.2251883   .1130243    -1.99   0.046    -.4467299   -.0036468
                   l_7 |  -.2483961    .123282    -2.01   0.044    -.4900441   -.0067481
                   l_8 |  -.2683697   .1335381    -2.01   0.044     -.530121   -.0066185
                   l_9 |  -.2877873   .1438205    -2.00   0.045    -.5696933   -.0058813
                  l_10 |  -.3103301   .1540575    -2.01   0.044    -.6123018   -.0083584
                   f_1 |  -.1161702   .0412243    -2.82   0.005    -.1969749   -.0353655
                   f_2 |   -.094872   .0309454    -3.07   0.002    -.1555288   -.0342152
                   f_3 |  -.0688212   .0206712    -3.33   0.001    -.1093392   -.0283031
                   f_4 |  -.0364982   .0104993    -3.48   0.001    -.0570781   -.0159182
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0252382     .00537    -4.70   0.000    -.0357641   -.0147123
          _Ivuosi_1996 |   .0203636   .0039661     5.13   0.000     .0125896    .0281375
          _Ivuosi_1997 |   .0212253   .0038251     5.55   0.000     .0137276    .0287229
          _Ivuosi_1998 |   .0106757   .0034915     3.06   0.002      .003832    .0175194
          _Ivuosi_1999 |   .0068938   .0035957     1.92   0.055    -.0001543    .0139418
          _Ivuosi_2000 |  -.0068291    .003787    -1.80   0.071    -.0142521    .0005939
          _Ivuosi_2001 |  -.0523001   .0031769   -16.46   0.000    -.0585271   -.0460731
          _Ivuosi_2002 |  -.0468256   .0028675   -16.33   0.000    -.0524462   -.0412051
          _Ivuosi_2003 |  -.0433572   .0026766   -16.20   0.000    -.0486038   -.0381107
          _Ivuosi_2004 |  -.0375799   .0023825   -15.77   0.000    -.0422499   -.0329098
          _Ivuosi_2005 |  -.0337828   .0021237   -15.91   0.000    -.0379455   -.0296201
          _Ivuosi_2006 |  -.0280831   .0018056   -15.55   0.000    -.0316222    -.024544
          _Ivuosi_2007 |  -.0202324   .0015261   -13.26   0.000    -.0232238   -.0172411
          _Ivuosi_2008 |  -.0143263    .001206   -11.88   0.000    -.0166902   -.0119625
          _Ivuosi_2009 |  -.0103409   .0009848   -10.50   0.000    -.0122713   -.0084105
          _Ivuosi_2010 |  -.0062611   .0006997    -8.95   0.000    -.0076326   -.0048896
          _Ivuosi_2011 |  -.0040886     .00037   -11.05   0.000    -.0048139   -.0033633
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1471877   .0149504    -9.85   0.000    -.1764922   -.1178831
             _Iage2_22 |  -.2045164   .0239215    -8.55   0.000    -.2514054   -.1576274
             _Iage2_23 |  -.2402017   .0336386    -7.14   0.000    -.3061375   -.1742659
             _Iage2_24 |   -.273344   .0436075    -6.27   0.000    -.3588202   -.1878678
             _Iage2_25 |  -.2943436   .0538409    -5.47   0.000    -.3998783   -.1888088
             _Iage2_26 |  -.3000799    .063958    -4.69   0.000    -.4254455   -.1747143
             _Iage2_27 |  -.3040784   .0741476    -4.10   0.000    -.4494168     -.15874
             _Iage2_28 |  -.3011969   .0843202    -3.57   0.000    -.4664749    -.135919
             _Iage2_29 |  -.2959809    .094509    -3.13   0.002    -.4812302   -.1107317
             _Iage2_30 |  -.2890949   .1046944    -2.76   0.006    -.4943088   -.0838809
             _Iage2_31 |  -.2799944   .1149748    -2.44   0.015    -.5053592   -.0546296
             _Iage2_32 |  -.2684748   .1251825    -2.14   0.032    -.5138479   -.0231016
             _Iage2_33 |  -.2564858   .1353784    -1.89   0.058    -.5218442    .0088726
             _Iage2_34 |  -.2442664   .1456214    -1.68   0.093    -.5297022    .0411695
             _Iage2_35 |  -.2308729   .1558389    -1.48   0.138    -.5363364    .0745906
             _Iage2_36 |  -.2153834   .1660801    -1.30   0.195    -.5409208     .110154
             _Iage2_37 |  -.2013314   .1763046    -1.14   0.253    -.5469103    .1442474
             _Iage2_38 |  -.1846762    .186532    -0.99   0.322    -.5503019    .1809495
             _Iage2_39 |  -.1694567   .1967654    -0.86   0.389    -.5551412    .2162278
             _Iage2_40 |  -.1542223   .2070087    -0.75   0.456    -.5599849    .2515402
             _Iage2_41 |  -.1370456    .217265    -0.63   0.528    -.5629119    .2888206
             _Iage2_42 |  -.1219394   .2274963    -0.54   0.592    -.5678602    .3239814
             _Iage2_43 |  -.1049223   .2377475    -0.44   0.659    -.5709368    .3610921
             _Iage2_44 |   -.088896   .2479945    -0.36   0.720     -.574996    .3972039
             _Iage2_45 |    -.07309   .2582154    -0.28   0.777    -.5792241    .4330441
             _Iage2_46 |  -.0565087   .2684768    -0.21   0.833    -.5827563     .469739
             _Iage2_47 |  -.0397941   .2787193    -0.14   0.886    -.5861183      .50653
             _Iage2_48 |  -.0218328    .288935    -0.08   0.940    -.5881811    .5445155
             _Iage2_49 |  -.0048818    .299185    -0.02   0.987    -.5913212    .5815577
             _Iage2_50 |    .014323   .3094417     0.05   0.963     -.592221     .620867
             _Iage2_51 |   .0303373    .319689     0.09   0.924    -.5962926    .6569671
             _Iage2_52 |   .0466106   .3299287     0.14   0.888    -.6000903    .6933115
             _Iage2_53 |   .0643075   .3401788     0.19   0.850    -.6024849       .7311
             _Iage2_54 |    .082993   .3504226     0.24   0.813    -.6038785    .7698645
             _Iage2_55 |   .1027589   .3606718     0.28   0.776    -.6042024    .8097203
             _Iage2_56 |   .1226117   .3709125     0.33   0.741    -.6044227     .849646
             _Iage2_57 |   .1425246   .3811533     0.37   0.708    -.6045829    .8896321
             _Iage2_58 |    .170554   .3913993     0.44   0.663     -.596637     .937745
             _Iage2_59 |   .1927275   .4016628     0.48   0.631    -.5945812    .9800361
         firm_size_new |   .0001867   .0003263     0.57   0.567    -.0004528    .0008263
                 _cons |   .3274786   .1455812     2.25   0.024     .0421215    .6128357
-----------------------+----------------------------------------------------------------
               sigma_u |  .17813348
               sigma_e |  .12125892
                   rho |  .68335001   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14881) =   40.76
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 14881) =   44.72
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    841944
Group variable: shnro_real                      Number of groups   =     76857

R-sq:  within  = 0.1801                         Obs per group: min =         1
       between = 0.0020                                        avg =      11.0
       overall = 0.0109                                        max =        44

                                                F(79,14881)        =     75.38
corr(u_i, Xb)  = -0.7927                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 14,882 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0101352   .0061484    -1.65   0.099    -.0221868    .0019165
          treated_pre |  -.0080732   .0057017    -1.42   0.157    -.0192492    .0031028
 treated_pre_iasenior |   .0062326   .0061125     1.02   0.308    -.0057486    .0182138
         treated_post |  -.0207831   .0078478    -2.65   0.008    -.0361657   -.0054005
treated_post_iasenior |   .0146238   .0080606     1.81   0.070    -.0011761    .0304236
               senior |          0  (omitted)
         pre_iasenior |    .041064   .0033799    12.15   0.000     .0344391     .047689
        post_iasenior |   .0350848   .0041466     8.46   0.000     .0269571    .0432126
                  l_0 |  -.1451041   .0516874    -2.81   0.005    -.2464178   -.0437905
                  l_1 |  -.1411692   .0619162    -2.28   0.023    -.2625326   -.0198057
                  l_2 |  -.1519346    .072197    -2.10   0.035    -.2934496   -.0104195
                  l_3 |   -.164627   .0825168    -2.00   0.046    -.3263701   -.0028838
                  l_4 |  -.1773669   .0928359    -1.91   0.056    -.3593368    .0046029
                  l_5 |   -.193458   .1030995    -1.88   0.061    -.3955457    .0086298
                  l_6 |  -.2105385   .1133886    -1.86   0.063    -.4327942    .0117172
                  l_7 |  -.2313363   .1236728    -1.87   0.061    -.4737503    .0110777
                  l_8 |  -.2489357   .1339545    -1.86   0.063     -.511503    .0136317
                  l_9 |  -.2660456   .1442628    -1.84   0.065    -.5488185    .0167272
                 l_10 |  -.2862545   .1545291    -1.85   0.064    -.5891505    .0166416
                  f_1 |  -.1210647   .0413796    -2.93   0.003    -.2021738   -.0399556
                  f_2 |  -.1019694   .0310841    -3.28   0.001    -.1628981   -.0410407
                  f_3 |  -.0781547    .020818    -3.75   0.000    -.1189606   -.0373488
                  f_4 |  -.0480683   .0107256    -4.48   0.000    -.0690919   -.0270448
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0256156   .0053498    -4.79   0.000    -.0361019   -.0151293
         _Ivuosi_1996 |    .020171   .0039575     5.10   0.000     .0124138    .0279282
         _Ivuosi_1997 |   .0212502   .0038163     5.57   0.000     .0137697    .0287307
         _Ivuosi_1998 |   .0106868   .0034882     3.06   0.002     .0038495    .0175241
         _Ivuosi_1999 |   .0069807   .0035659     1.96   0.050    -8.85e-06    .0139702
         _Ivuosi_2000 |  -.0063728    .003785    -1.68   0.092    -.0137918    .0010462
         _Ivuosi_2001 |  -.0521555   .0031458   -16.58   0.000    -.0583217   -.0459894
         _Ivuosi_2002 |  -.0468885   .0028465   -16.47   0.000    -.0524679   -.0413091
         _Ivuosi_2003 |  -.0434402   .0026613   -16.32   0.000    -.0486566   -.0382238
         _Ivuosi_2004 |   -.037553   .0023661   -15.87   0.000    -.0421908   -.0329151
         _Ivuosi_2005 |   -.033727   .0021056   -16.02   0.000    -.0378542   -.0295997
         _Ivuosi_2006 |  -.0278029   .0017912   -15.52   0.000    -.0313139   -.0242918
         _Ivuosi_2007 |  -.0201651    .001514   -13.32   0.000    -.0231327   -.0171975
         _Ivuosi_2008 |  -.0143722   .0011977   -12.00   0.000    -.0167199   -.0120245
         _Ivuosi_2009 |   -.010368   .0009805   -10.57   0.000      -.01229    -.008446
         _Ivuosi_2010 |  -.0063188   .0007012    -9.01   0.000    -.0076932   -.0049445
         _Ivuosi_2011 |  -.0041283   .0003703   -11.15   0.000    -.0048542   -.0034025
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1491933   .0149896    -9.95   0.000    -.1785748   -.1198117
            _Iage2_22 |  -.2087211    .023995    -8.70   0.000    -.2557542   -.1616879
            _Iage2_23 |  -.2463745   .0337595    -7.30   0.000    -.3125473   -.1802016
            _Iage2_24 |  -.2815449   .0437504    -6.44   0.000    -.3673012   -.1957887
            _Iage2_25 |  -.3047548   .0540262    -5.64   0.000    -.4106528   -.1988568
            _Iage2_26 |  -.3122017   .0641711    -4.87   0.000     -.437985   -.1864183
            _Iage2_27 |  -.3182255   .0743917    -4.28   0.000    -.4640425   -.1724086
            _Iage2_28 |  -.3172965   .0845939    -3.75   0.000    -.4831111    -.151482
            _Iage2_29 |  -.3140715   .0948202    -3.31   0.001    -.4999308   -.1282122
            _Iage2_30 |  -.3090545   .1050477    -2.94   0.003     -.514961   -.1031481
            _Iage2_31 |  -.3018161   .1153638    -2.62   0.009    -.5279435   -.0756888
            _Iage2_32 |  -.2920248   .1256081    -2.32   0.020    -.5382322   -.0458173
            _Iage2_33 |  -.2817184   .1358434    -2.07   0.038    -.5479881   -.0154486
            _Iage2_34 |  -.2711754   .1461235    -1.86   0.064    -.5575955    .0152447
            _Iage2_35 |  -.2593872   .1563798    -1.66   0.097    -.5659109    .0471366
            _Iage2_36 |  -.2455567   .1666603    -1.47   0.141    -.5722314     .081118
            _Iage2_37 |  -.2331079    .176924    -1.32   0.188    -.5799008    .1136849
            _Iage2_38 |  -.2180533   .1871872    -1.16   0.244    -.5849633    .1488567
            _Iage2_39 |  -.2044001   .1974647    -1.04   0.301    -.5914553     .182655
            _Iage2_40 |  -.1906537    .207749    -0.92   0.359    -.5978674      .21656
            _Iage2_41 |  -.2106248   .2179867    -0.97   0.334    -.6379056     .216656
            _Iage2_42 |   -.197276   .2282576    -0.86   0.387    -.6446892    .2501371
            _Iage2_43 |  -.1820206   .2385454    -0.76   0.445    -.6495991    .2855579
            _Iage2_44 |  -.1678519    .248828    -0.67   0.500    -.6555855    .3198817
            _Iage2_45 |  -.1539483   .2590857    -0.59   0.552    -.6617883    .3538917
            _Iage2_46 |  -.1393299   .2693822    -0.52   0.605    -.6673522    .3886924
            _Iage2_47 |  -.1244942   .2796612    -0.45   0.656    -.6726647    .4236763
            _Iage2_48 |  -.1084252   .2899136    -0.37   0.708    -.6766917    .4598413
            _Iage2_49 |   -.093436   .3001991    -0.31   0.756    -.6818632    .4949913
            _Iage2_50 |  -.0761647   .3104903    -0.25   0.806     -.684764    .5324346
            _Iage2_51 |   -.062047   .3207744    -0.19   0.847    -.6908045    .5667105
            _Iage2_52 |  -.0476423    .331049    -0.14   0.886    -.6965392    .6012545
            _Iage2_53 |  -.0318564   .3413338    -0.09   0.926    -.7009128    .6372001
            _Iage2_54 |  -.0150682   .3516121    -0.04   0.966    -.7042712    .6741349
            _Iage2_55 |   .0025513   .3618997     0.01   0.994    -.7068168    .7119195
            _Iage2_56 |   .0207659   .3721792     0.06   0.956    -.7087513    .7502831
            _Iage2_57 |   .0391615    .382458     0.10   0.918    -.7105034    .7888264
            _Iage2_58 |   .0656646   .3927436     0.17   0.867    -.7041614    .8354905
            _Iage2_59 |   .0864679    .403048     0.21   0.830    -.7035559    .8764917
        firm_size_new |   .0001391   .0003278     0.42   0.671    -.0005034    .0007817
                _cons |   .3497874   .1460618     2.39   0.017     .0634882    .6360866
----------------------+----------------------------------------------------------------
              sigma_u |  .15813201
              sigma_e |  .12130743
                  rho |  .62953072   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14881) =    5.09
            Prob > F =    0.0241

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 14881) =    0.44
            Prob > F =    0.5055
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    841944
Group variable: shnro_real                      Number of groups   =     76857

R-sq:  within  = 0.1847                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.0
       overall = 0.0068                                        max =        44

                                                F(86,14881)        =     70.05
corr(u_i, Xb)  = -0.8445                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,882 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0192173   .0125073    -1.54   0.124    -.0437331    .0052985
           treated_ia3 |  -.0042547   .0004651    -9.15   0.000    -.0051663   -.0033431
     treated_iasuorv_d |  -.0531878   .0159806    -3.33   0.001    -.0845118   -.0218638
           treated_pre |  -.0594027   .0077982    -7.62   0.000    -.0746882   -.0441172
       treated_pre_ia2 |   .0391533   .0047786     8.19   0.000     .0297867    .0485199
       treated_pre_ia3 |   .0039998   .0003615    11.06   0.000     .0032912    .0047085
 treated_pre_iasuorv_d |   .0685751   .0072596     9.45   0.000     .0543454    .0828049
          treated_post |  -.0727839   .0100873    -7.22   0.000    -.0925563   -.0530115
      treated_post_ia2 |   .0416329    .005457     7.63   0.000     .0309366    .0523293
      treated_post_ia3 |   .0041962   .0004434     9.46   0.000      .003327    .0050653
treated_post_iasuorv_d |    .083887   .0090546     9.26   0.000     .0661388    .1016352
             interact2 |  -.0938093   .0073454   -12.77   0.000    -.1082071   -.0794115
             interact3 |  -.0005732   .0001514    -3.79   0.000    -.0008699   -.0002764
               suorv_d |  -.0201739    .009564    -2.11   0.035    -.0389205   -.0014273
                   l_0 |  -.1413248   .0513556    -2.75   0.006    -.2419882   -.0406615
                   l_1 |  -.1391438   .0615439    -2.26   0.024    -.2597775   -.0185101
                   l_2 |  -.1516499   .0717773    -2.11   0.035    -.2923423   -.0109575
                   l_3 |  -.1661575   .0820473    -2.03   0.043    -.3269804   -.0053347
                   l_4 |  -.1806627   .0923176    -1.96   0.050    -.3616165    .0002911
                   l_5 |  -.1985024   .1025332    -1.94   0.053      -.39948    .0024752
                   l_6 |   -.217286   .1127672    -1.93   0.054    -.4383237    .0037516
                   l_7 |  -.2399161   .1230036    -1.95   0.051    -.4810182    .0011861
                   l_8 |  -.2594368   .1332392    -1.95   0.052    -.5206021    .0017285
                   l_9 |  -.2782499   .1434952    -1.94   0.053    -.5595183    .0030185
                  l_10 |  -.3001449    .153707    -1.95   0.051    -.6014296    .0011398
                   f_1 |  -.1125628   .0411201    -2.74   0.006    -.1931633   -.0319624
                   f_2 |  -.0919317   .0308685    -2.98   0.003    -.1524377   -.0314257
                   f_3 |  -.0665578   .0206185    -3.23   0.001    -.1069726   -.0261431
                   f_4 |  -.0350445   .0104663    -3.35   0.001    -.0555597   -.0145293
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    -.02563   .0053526    -4.79   0.000    -.0361218   -.0151382
          _Ivuosi_1996 |   .0200509     .00395     5.08   0.000     .0123084    .0277934
          _Ivuosi_1997 |   .0207795   .0038164     5.44   0.000      .013299    .0282601
          _Ivuosi_1998 |   .0102227   .0034758     2.94   0.003     .0034096    .0170357
          _Ivuosi_1999 |   .0061728   .0035899     1.72   0.086    -.0008638    .0132095
          _Ivuosi_2000 |  -.0074313   .0037733    -1.97   0.049    -.0148274   -.0000353
          _Ivuosi_2001 |  -.0529949   .0031568   -16.79   0.000    -.0591825   -.0468073
          _Ivuosi_2002 |  -.0476868   .0028415   -16.78   0.000    -.0532565    -.042117
          _Ivuosi_2003 |  -.0442391   .0026533   -16.67   0.000    -.0494399   -.0390382
          _Ivuosi_2004 |  -.0384983   .0023523   -16.37   0.000    -.0431092   -.0338874
          _Ivuosi_2005 |  -.0348193   .0021036   -16.55   0.000    -.0389425    -.030696
          _Ivuosi_2006 |  -.0291401   .0017921   -16.26   0.000    -.0326528   -.0256274
          _Ivuosi_2007 |  -.0212464   .0015182   -13.99   0.000    -.0242223   -.0182705
          _Ivuosi_2008 |  -.0149185   .0011977   -12.46   0.000    -.0172661   -.0125708
          _Ivuosi_2009 |  -.0108599   .0009792   -11.09   0.000    -.0127793   -.0089405
          _Ivuosi_2010 |  -.0066694   .0006951    -9.59   0.000     -.008032   -.0053068
          _Ivuosi_2011 |   -.004285   .0003682   -11.64   0.000    -.0050067   -.0035633
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1466091   .0149212    -9.83   0.000    -.1758565   -.1173618
             _Iage2_22 |  -.2032512   .0238709    -8.51   0.000    -.2500412   -.1564612
             _Iage2_23 |  -.2385744   .0335545    -7.11   0.000    -.3043453   -.1728035
             _Iage2_24 |   -.270734   .0435067    -6.22   0.000    -.3560125   -.1854556
             _Iage2_25 |  -.2899426    .053715    -5.40   0.000    -.3952306   -.1846546
             _Iage2_26 |  -.2933475   .0638143    -4.60   0.000    -.4184314   -.1682636
             _Iage2_27 |  -.2947905   .0739851    -3.98   0.000    -.4398105   -.1497705
             _Iage2_28 |  -.2895899   .0841362    -3.44   0.001    -.4545072   -.1246726
             _Iage2_29 |  -.2825859   .0943058    -3.00   0.003    -.4674368   -.0977349
             _Iage2_30 |  -.2741279   .1044711    -2.62   0.009     -.478904   -.0693517
             _Iage2_31 |  -.2636935   .1147327    -2.30   0.022    -.4885838   -.0388033
             _Iage2_32 |  -.2511015   .1249179    -2.01   0.044     -.495956    -.006247
             _Iage2_33 |  -.2380606   .1350931    -1.76   0.078    -.5028599    .0267386
             _Iage2_34 |  -.2249551   .1453147    -1.55   0.122    -.5097898    .0598796
             _Iage2_35 |  -.2106689   .1555124    -1.35   0.176    -.5154924    .0941546
             _Iage2_36 |  -.1944923   .1657331    -1.17   0.241    -.5193496    .1303651
             _Iage2_37 |  -.1795987   .1759361    -1.02   0.307    -.5244551    .1652577
             _Iage2_38 |   -.162278   .1861411    -0.87   0.383    -.5271376    .2025816
             _Iage2_39 |  -.1464218   .1963538    -0.75   0.456    -.5312995    .2384558
             _Iage2_40 |  -.1306166   .2065772    -0.63   0.527    -.5355333    .2743001
             _Iage2_41 |  -.1128588   .2168125    -0.52   0.603    -.5378381    .3121205
             _Iage2_42 |     -.0971   .2270208    -0.43   0.669    -.5420888    .3478887
             _Iage2_43 |   -.079516   .2372527    -0.34   0.738    -.5445605    .3855285
             _Iage2_44 |  -.0629773   .2474779    -0.25   0.799    -.5480645    .4221099
             _Iage2_45 |   -.046564   .2576795    -0.18   0.857    -.5516476    .4585197
             _Iage2_46 |  -.0294055   .2679168    -0.11   0.913    -.5545555    .4957445
             _Iage2_47 |  -.0121302   .2781389    -0.04   0.965    -.5573168    .5330564
             _Iage2_48 |   .0063115   .2883334     0.02   0.983    -.5588576    .5714806
             _Iage2_49 |   .0237141   .2985625     0.08   0.937    -.5615053    .6089335
             _Iage2_50 |   .0434431   .3087992     0.14   0.888    -.5618414    .6487276
             _Iage2_51 |   .0599318    .319025     0.19   0.851    -.5653967    .6852602
             _Iage2_52 |   .0765998   .3292431     0.23   0.816    -.5687572    .7219568
             _Iage2_53 |   .0946748   .3394748     0.28   0.780    -.5707378    .7600874
             _Iage2_54 |   .1136672   .3496967     0.33   0.745    -.5717814    .7991158
             _Iage2_55 |    .133545   .3599238     0.37   0.711      -.57195    .8390401
             _Iage2_56 |   .1536476   .3701429     0.42   0.678    -.5718782    .8791734
             _Iage2_57 |    .173758   .3803623     0.46   0.648     -.571799     .919315
             _Iage2_58 |   .2019196   .3905868     0.52   0.605    -.5636787    .9675179
             _Iage2_59 |   .2242362   .4008288     0.56   0.576    -.5614377     1.00991
         firm_size_new |   .0001593   .0003239     0.49   0.623    -.0004755    .0007941
                 _cons |   .3416116   .1452437     2.35   0.019     .0569159    .6263072
-----------------------+----------------------------------------------------------------
               sigma_u |  .18058153
               sigma_e |  .12096716
                   rho |  .69025818   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 14881) =   20.13
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14881) =   50.22
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 14881) =   16.80
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 14881) =   13.03
            Prob > F =    0.0003

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 14881) =   54.88
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 14881) =    9.29
            Prob > F =    0.0023
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    841944
Group variable: shnro_real                      Number of groups   =     76857

R-sq:  within  = 0.1808                         Obs per group: min =         1
       between = 0.0047                                        avg =      11.0
       overall = 0.0056                                        max =        44

                                                F(85,14881)        =     70.39
corr(u_i, Xb)  = -0.8400                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,882 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.006057   .0043382    -1.40   0.163    -.0145603    .0024464
           treated_ia3 |  -.0038638   .0004148    -9.32   0.000    -.0046768   -.0030508
     treated_iasuorv_d |  -.0372271   .0164576    -2.26   0.024     -.069486   -.0049682
           treated_pre |  -.0482498   .0070289    -6.86   0.000    -.0620274   -.0344723
  treated_pre_iasenior |   .0121876    .004479     2.72   0.007     .0034082    .0209671
       treated_pre_ia3 |   .0034793   .0003515     9.90   0.000     .0027902    .0041684
 treated_pre_iasuorv_d |   .0534616   .0073866     7.24   0.000     .0389828    .0679403
          treated_post |  -.0611229   .0094528    -6.47   0.000    -.0796516   -.0425942
 treated_post_iasenior |   .0075411   .0051997     1.45   0.147    -.0026509    .0177331
      treated_post_ia3 |   .0037528   .0004008     9.36   0.000     .0029672    .0045384
treated_post_iasuorv_d |   .0776453   .0086421     8.98   0.000     .0607056    .0945849
                senior |   .1922637   .4017902     0.48   0.632    -.5952946     .979822
             interact3 |   .0009246   .0001523     6.07   0.000     .0006261     .001223
               suorv_d |  -.0198954    .009478    -2.10   0.036    -.0384733   -.0013174
                   l_0 |  -.1458291   .0514871    -2.83   0.005    -.2467502    -.044908
                   l_1 |  -.1442289   .0617019    -2.34   0.019    -.2651722   -.0232857
                   l_2 |  -.1572655   .0719623    -2.19   0.029    -.2983205   -.0162104
                   l_3 |  -.1722974   .0822599    -2.09   0.036     -.333537   -.0110578
                   l_4 |  -.1873615   .0925577    -2.02   0.043     -.368786   -.0059369
                   l_5 |  -.2057788   .1027973    -2.00   0.045    -.4072742   -.0042833
                   l_6 |  -.2251668   .1130595    -1.99   0.046    -.4467775   -.0035562
                   l_7 |  -.2483821   .1233202    -2.01   0.044    -.4901048   -.0066593
                   l_8 |  -.2683728   .1335788    -2.01   0.045    -.5302037   -.0065419
                   l_9 |  -.2878145    .143864    -2.00   0.045    -.5698058   -.0058232
                  l_10 |   -.310385   .1541039    -2.01   0.044    -.6124477   -.0083223
                   f_1 |  -.1161931   .0412382    -2.82   0.005     -.197025   -.0353611
                   f_2 |  -.0948693   .0309561    -3.06   0.002     -.155547   -.0341915
                   f_3 |  -.0687924   .0206797    -3.33   0.001    -.1093271   -.0282577
                   f_4 |  -.0364495   .0105049    -3.47   0.001    -.0570405   -.0158585
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   -.025309   .0053624    -4.72   0.000    -.0358199   -.0147981
          _Ivuosi_1996 |   .0203388    .003963     5.13   0.000     .0125708    .0281067
          _Ivuosi_1997 |   .0212237    .003824     5.55   0.000     .0137283    .0287191
          _Ivuosi_1998 |   .0106834   .0034909     3.06   0.002     .0038408     .017526
          _Ivuosi_1999 |   .0069091   .0035919     1.92   0.054    -.0001315    .0139497
          _Ivuosi_2000 |   -.006778   .0037857    -1.79   0.073    -.0141985    .0006424
          _Ivuosi_2001 |  -.0523045   .0031735   -16.48   0.000    -.0585249   -.0460841
          _Ivuosi_2002 |  -.0468605   .0028652   -16.35   0.000    -.0524767   -.0412442
          _Ivuosi_2003 |  -.0433882   .0026752   -16.22   0.000    -.0486318   -.0381446
          _Ivuosi_2004 |  -.0375904   .0023812   -15.79   0.000    -.0422578    -.032923
          _Ivuosi_2005 |  -.0337576   .0021216   -15.91   0.000    -.0379161   -.0295991
          _Ivuosi_2006 |  -.0280539   .0018042   -15.55   0.000    -.0315904   -.0245174
          _Ivuosi_2007 |  -.0202271   .0015249   -13.26   0.000    -.0232161   -.0172381
          _Ivuosi_2008 |   -.014335   .0012061   -11.89   0.000     -.016699   -.0119709
          _Ivuosi_2009 |   -.010344   .0009848   -10.50   0.000    -.0122743   -.0084138
          _Ivuosi_2010 |  -.0062577   .0006994    -8.95   0.000    -.0076285   -.0048869
          _Ivuosi_2011 |  -.0040869   .0003699   -11.05   0.000     -.004812   -.0033618
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1472066   .0149583    -9.84   0.000    -.1765266   -.1178865
             _Iage2_22 |  -.2045346   .0239352    -8.55   0.000    -.2514505   -.1576187
             _Iage2_23 |  -.2402213   .0336557    -7.14   0.000    -.3061906    -.174252
             _Iage2_24 |  -.2733588   .0436282    -6.27   0.000    -.3588755   -.1878421
             _Iage2_25 |  -.2943499   .0538649    -5.46   0.000    -.3999318   -.1887679
             _Iage2_26 |  -.3000976   .0639851    -4.69   0.000    -.4255163   -.1746789
             _Iage2_27 |  -.3041002   .0741773    -4.10   0.000    -.4494969   -.1587034
             _Iage2_28 |  -.3012135   .0843522    -3.57   0.000    -.4665542   -.1358728
             _Iage2_29 |  -.2960092   .0945439    -3.13   0.002    -.4813269   -.1106915
             _Iage2_30 |  -.2891261   .1047313    -2.76   0.006    -.4944123   -.0838398
             _Iage2_31 |  -.2800412   .1150144    -2.43   0.015    -.5054836   -.0545989
             _Iage2_32 |  -.2685312   .1252244    -2.14   0.032    -.5139864    -.023076
             _Iage2_33 |  -.2565452   .1354226    -1.89   0.058    -.5219902    .0088997
             _Iage2_34 |  -.2443355   .1456678    -1.68   0.093    -.5298624    .0411914
             _Iage2_35 |  -.2309524   .1558873    -1.48   0.138    -.5365106    .0746059
             _Iage2_36 |  -.2154875   .1661308    -1.30   0.195    -.5411244    .1101495
             _Iage2_37 |  -.2014314   .1763579    -1.14   0.253    -.5471147    .1442518
             _Iage2_38 |  -.1847662   .1865878    -0.99   0.322    -.5505014     .180969
             _Iage2_39 |   -.169517   .1968248    -0.86   0.389    -.5553179    .2162838
             _Iage2_40 |  -.1542304   .2070712    -0.74   0.456    -.5601156    .2516547
             _Iage2_41 |  -.3304552   .1846137    -1.79   0.073     -.692321    .0314105
             _Iage2_42 |  -.3153295   .1743665    -1.81   0.071    -.6571093    .0264504
             _Iage2_43 |  -.2982605   .1641004    -1.82   0.069    -.6199176    .0233965
             _Iage2_44 |  -.2821982   .1538395    -1.83   0.067    -.5837426    .0193461
             _Iage2_45 |  -.2663538   .1436057    -1.85   0.064    -.5478387    .0151311
             _Iage2_46 |  -.2497424    .133333    -1.87   0.061    -.5110914    .0116067
             _Iage2_47 |  -.2329797   .1230806    -1.89   0.058    -.4742329    .0082734
             _Iage2_48 |  -.2149796   .1128539    -1.90   0.057    -.4361871    .0062279
             _Iage2_49 |  -.1979828   .1025966    -1.93   0.054    -.3990849    .0031192
             _Iage2_50 |  -.1787197   .0923331    -1.94   0.053    -.3597039    .0022645
             _Iage2_51 |  -.1626804   .0820809    -1.98   0.048     -.323569   -.0017918
             _Iage2_52 |  -.1463735   .0718372    -2.04   0.042    -.2871834   -.0055636
             _Iage2_53 |  -.1286587   .0615873    -2.09   0.037    -.2493774   -.0079399
             _Iage2_54 |  -.1099409   .0513426    -2.14   0.032    -.2105786   -.0093032
             _Iage2_55 |   -.090211   .0410943    -2.20   0.028     -.170761   -.0096611
             _Iage2_56 |  -.0703048   .0308659    -2.28   0.023    -.1308057   -.0098039
             _Iage2_57 |  -.0503309   .0206618    -2.44   0.015    -.0908305   -.0098313
             _Iage2_58 |  -.0222364   .0103492    -2.15   0.032    -.0425221   -.0019506
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001886   .0003263     0.58   0.563     -.000451    .0008283
                 _cons |   .3270567   .1456295     2.25   0.025     .0416048    .6125085
-----------------------+----------------------------------------------------------------
               sigma_u |  .17822805
               sigma_e |  .12125609
                   rho |  .68358975   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 14881) =   34.29
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 14881) =   49.45
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 14881) =   97.95
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 14881) =   87.67
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14881) =   36.79
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14881) =   39.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 14881) =   34.57
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    841944
Group variable: shnro_real                      Number of groups   =     76857

R-sq:  within  = 0.1847                         Obs per group: min =         1
       between = 0.0026                                        avg =      11.0
       overall = 0.0068                                        max =        44

                                                F(89,14881)        =     68.23
corr(u_i, Xb)  = -0.8452                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,882 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0008044   .0045022    -0.18   0.858    -.0096292    .0080204
           treated_ia2 |  -.0190215   .0124615    -1.53   0.127    -.0434476    .0054047
           treated_ia3 |  -.0041936    .000481    -8.72   0.000    -.0051364   -.0032507
     treated_iasuorv_d |  -.0510117   .0168224    -3.03   0.002    -.0839856   -.0180378
           treated_pre |   -.058684   .0077863    -7.54   0.000    -.0739462   -.0434218
  treated_pre_iasenior |   .0048014   .0045892     1.05   0.295    -.0041941    .0137969
       treated_pre_ia2 |   .0382428   .0048853     7.83   0.000     .0286671    .0478185
       treated_pre_ia3 |   .0038108   .0003818     9.98   0.000     .0030625    .0045591
 treated_pre_iasuorv_d |   .0645636   .0085066     7.59   0.000     .0478896    .0812376
          treated_post |  -.0724442   .0100949    -7.18   0.000    -.0922314    -.052657
 treated_post_iasenior |   .0013367   .0052826     0.25   0.800    -.0090179    .0116913
      treated_post_ia2 |   .0412798   .0054882     7.52   0.000     .0305222    .0520374
      treated_post_ia3 |   .0041255   .0004466     9.24   0.000     .0032501    .0050008
treated_post_iasuorv_d |   .0824457   .0099343     8.30   0.000     .0629733    .1019182
                senior |   .2252764   .4009463     0.56   0.574    -.5606278    1.011181
             interact2 |  -.0936238   .0073452   -12.75   0.000    -.1080212   -.0792264
             interact3 |  -.0005582   .0001512    -3.69   0.000    -.0008545   -.0002619
               suorv_d |  -.0201993   .0095559    -2.11   0.035    -.0389301   -.0014685
                   l_0 |  -.1414481   .0513714    -2.75   0.006    -.2421425   -.0407538
                   l_1 |  -.1393018   .0615632    -2.26   0.024    -.2599733   -.0186304
                   l_2 |  -.1518432   .0717993    -2.11   0.034    -.2925787   -.0111076
                   l_3 |  -.1663888   .0820716    -2.03   0.043    -.3272593   -.0055182
                   l_4 |  -.1809337   .0923443    -1.96   0.050      -.36194    .0000726
                   l_5 |   -.198812   .1025623    -1.94   0.053    -.3998467    .0022227
                   l_6 |   -.217632   .1127984    -1.93   0.054    -.4387308    .0034667
                   l_7 |  -.2403007   .1230374    -1.95   0.051    -.4814693    .0008678
                   l_8 |  -.2598625   .1332752    -1.95   0.051    -.5210983    .0013732
                   l_9 |  -.2787223   .1435341    -1.94   0.052    -.5600669    .0026222
                  l_10 |  -.3006644   .1537485    -1.96   0.051    -.6020305    .0007017
                   f_1 |  -.1127048   .0411326    -2.74   0.006    -.1933298   -.0320799
                   f_2 |  -.0920289    .030878    -2.98   0.003    -.1525536   -.0315042
                   f_3 |   -.066607   .0206258    -3.23   0.001    -.1070362   -.0261778
                   f_4 |  -.0350488   .0104711    -3.35   0.001    -.0555734   -.0145242
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0256475   .0053487    -4.80   0.000    -.0361317   -.0151633
          _Ivuosi_1996 |   .0200517   .0039477     5.08   0.000     .0123137    .0277898
          _Ivuosi_1997 |   .0207915   .0038153     5.45   0.000     .0133131      .02827
          _Ivuosi_1998 |   .0102428   .0034751     2.95   0.003     .0034312    .0170544
          _Ivuosi_1999 |   .0062031   .0035875     1.73   0.084    -.0008288     .013235
          _Ivuosi_2000 |  -.0074042   .0037716    -1.96   0.050     -.014797   -.0000114
          _Ivuosi_2001 |  -.0529865   .0031546   -16.80   0.000    -.0591698   -.0468032
          _Ivuosi_2002 |  -.0476877   .0028395   -16.79   0.000    -.0532534   -.0421219
          _Ivuosi_2003 |   -.044241   .0026515   -16.69   0.000    -.0494384   -.0390437
          _Ivuosi_2004 |  -.0384913   .0023508   -16.37   0.000    -.0430992   -.0338834
          _Ivuosi_2005 |  -.0347975    .002102   -16.55   0.000    -.0389177   -.0306772
          _Ivuosi_2006 |  -.0291221   .0017911   -16.26   0.000    -.0326328   -.0256114
          _Ivuosi_2007 |  -.0212373   .0015174   -14.00   0.000    -.0242116   -.0182631
          _Ivuosi_2008 |  -.0149204   .0011982   -12.45   0.000     -.017269   -.0125718
          _Ivuosi_2009 |  -.0108593   .0009794   -11.09   0.000     -.012779   -.0089395
          _Ivuosi_2010 |  -.0066639   .0006947    -9.59   0.000    -.0080257   -.0053022
          _Ivuosi_2011 |   -.004282   .0003681   -11.63   0.000    -.0050034   -.0035605
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1465897   .0149287    -9.82   0.000    -.1758518   -.1173275
             _Iage2_22 |  -.2032025   .0238835    -8.51   0.000    -.2500171   -.1563878
             _Iage2_23 |  -.2384976   .0335703    -7.10   0.000    -.3042996   -.1726956
             _Iage2_24 |   -.270631   .0435255    -6.22   0.000    -.3559463   -.1853157
             _Iage2_25 |  -.2898142   .0537367    -5.39   0.000    -.3951446   -.1844837
             _Iage2_26 |  -.2932012   .0638382    -4.59   0.000     -.418332   -.1680704
             _Iage2_27 |  -.2946254   .0740107    -3.98   0.000    -.4396955   -.1495553
             _Iage2_28 |  -.2894042   .0841633    -3.44   0.001    -.4543747   -.1244338
             _Iage2_29 |  -.2823855   .0943347    -2.99   0.003    -.4672932   -.0974778
             _Iage2_30 |  -.2739102   .1045012    -2.62   0.009    -.4787454    -.069075
             _Iage2_31 |  -.2634661   .1147642    -2.30   0.022     -.488418   -.0385142
             _Iage2_32 |  -.2508639   .1249504    -2.01   0.045    -.4957822   -.0059457
             _Iage2_33 |  -.2378115   .1351268    -1.76   0.078    -.5026768    .0270538
             _Iage2_34 |  -.2246974   .1453494    -1.55   0.122    -.5096002    .0602053
             _Iage2_35 |  -.2104044   .1555479    -1.35   0.176    -.5152975    .0944887
             _Iage2_36 |  -.1942229   .1657698    -1.17   0.241    -.5191521    .1307063
             _Iage2_37 |  -.1793137    .175974    -1.02   0.308    -.5242443     .165617
             _Iage2_38 |  -.1619687   .1861807    -0.87   0.384    -.5269058    .2029684
             _Iage2_39 |  -.1460782   .1963955    -0.74   0.457    -.5310376    .2388811
             _Iage2_40 |  -.1302205   .2066213    -0.63   0.529    -.5352237    .2747828
             _Iage2_41 |  -.3383964   .1842385    -1.84   0.066    -.6995267    .0227338
             _Iage2_42 |  -.3225886    .174015    -1.85   0.064    -.6636794    .0185022
             _Iage2_43 |  -.3049336   .1637683    -1.86   0.063    -.6259396    .0160724
             _Iage2_44 |  -.2883294   .1535292    -1.88   0.060    -.5892654    .0126067
             _Iage2_45 |  -.2718474   .1433145    -1.90   0.058    -.5527615    .0090667
             _Iage2_46 |   -.254617   .1330653    -1.91   0.056    -.5154414    .0062074
             _Iage2_47 |  -.2372645    .122833    -1.93   0.053    -.4780323    .0035032
             _Iage2_48 |  -.2187451   .1126269    -1.94   0.052    -.4395076    .0020175
             _Iage2_49 |  -.2012605   .1023898    -1.97   0.049    -.4019571   -.0005638
             _Iage2_50 |  -.1814469   .0921462    -1.97   0.049    -.3620648   -.0008289
             _Iage2_51 |  -.1648878   .0819148    -2.01   0.044    -.3254508   -.0043247
             _Iage2_52 |  -.1481472   .0716924    -2.07   0.039    -.2886731   -.0076214
             _Iage2_53 |  -.1300086   .0614606    -2.12   0.034    -.2504789   -.0095383
             _Iage2_54 |  -.1109454   .0512374    -2.17   0.030     -.211377   -.0105138
             _Iage2_55 |   -.091019   .0410104    -2.22   0.026    -.1714045   -.0106334
             _Iage2_56 |  -.0708377   .0308035    -2.30   0.021    -.1312163   -.0104591
             _Iage2_57 |  -.0506452   .0206205    -2.46   0.014    -.0910638   -.0102265
             _Iage2_58 |  -.0223987   .0103284    -2.17   0.030    -.0426436   -.0021538
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001623    .000324     0.50   0.616    -.0004728    .0007973
                 _cons |   .3410144   .1452754     2.35   0.019     .0562568    .6257721
-----------------------+----------------------------------------------------------------
               sigma_u |  .18095281
               sigma_e |  .12096655
                   rho |  .69113789   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 14881) =   20.19
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 14881) =   26.86
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 14881) =   53.15
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 14881) =   44.41
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 14881) =   43.59
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 14881) =   18.88
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14881) =   49.48
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 14881) =   15.80
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 14881) =   41.80
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 14881) =   12.97
            Prob > F =    0.0003
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    842888
Group variable: shnro_real                      Number of groups   =     76960

R-sq:  within  = 0.1843                         Obs per group: min =         1
       between = 0.0031                                        avg =      11.0
       overall = 0.0057                                        max =        44

                                                F(86,14889)        =     70.19
corr(u_i, Xb)  = -0.8539                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 14,890 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0190755   .0124977    -1.53   0.127    -.0435725    .0054215
           treated_ia3 |  -.0042417   .0004651    -9.12   0.000    -.0051534     -.00333
     treated_iasuorv_d |  -.0533692   .0159838    -3.34   0.001    -.0846994    -.022039
           treated_pre |  -.0592081    .007804    -7.59   0.000    -.0745049   -.0439114
       treated_pre_ia2 |   .0390502   .0047816     8.17   0.000     .0296776    .0484228
       treated_pre_ia3 |   .0039929   .0003617    11.04   0.000     .0032839    .0047018
 treated_pre_iasuorv_d |   .0683365   .0072645     9.41   0.000     .0540971    .0825759
          treated_post |  -.0731532   .0100978    -7.24   0.000    -.0929461   -.0533603
      treated_post_ia2 |   .0417741   .0054643     7.64   0.000     .0310633    .0524848
      treated_post_ia3 |   .0042062   .0004436     9.48   0.000     .0033366    .0050758
treated_post_iasuorv_d |   .0842903   .0090632     9.30   0.000     .0665254    .1020552
             interact2 |  -.0938836   .0073459   -12.78   0.000    -.1082825   -.0794848
             interact3 |  -.0005783   .0001514    -3.82   0.000    -.0008752   -.0002815
               suorv_d |  -.0201358   .0095647    -2.11   0.035    -.0388837   -.0013878
                   l_0 |  -.1446047   .0513873    -2.81   0.005    -.2453301   -.0438792
                   l_1 |  -.1429719   .0615808    -2.32   0.020    -.2636778    -.022266
                   l_2 |  -.1561371   .0718206    -2.17   0.030    -.2969143   -.0153598
                   l_3 |  -.1712889    .082097    -2.09   0.037    -.3322092   -.0103685
                   l_4 |  -.1863757   .0923724    -2.02   0.044    -.3674371   -.0053143
                   l_5 |  -.2049034   .1025951    -2.00   0.046    -.4060024   -.0038044
                   l_6 |  -.2243164   .1128361    -1.99   0.047    -.4454891   -.0031438
                   l_7 |   -.247621    .123079    -2.01   0.044     -.488871    -.006371
                   l_8 |  -.2677944   .1333211    -2.01   0.045    -.5291202   -.0064686
                   l_9 |  -.2872738   .1435839    -2.00   0.045     -.568716   -.0058316
                  l_10 |  -.3098222   .1538022    -2.01   0.044    -.6112936   -.0083509
                   f_1 |  -.1150642   .0411427    -2.80   0.005    -.1957091   -.0344194
                   f_2 |  -.0938882   .0308873    -3.04   0.002     -.154431   -.0333454
                   f_3 |  -.0678911    .020633    -3.29   0.001    -.1083342    -.027448
                   f_4 |  -.0357466   .0104745    -3.41   0.001     -.056278   -.0152152
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0265584   .0053713    -4.94   0.000    -.0370868   -.0160299
          _Ivuosi_1996 |   .0194141   .0039568     4.91   0.000     .0116583      .02717
          _Ivuosi_1997 |   .0202509   .0038245     5.30   0.000     .0127543    .0277474
          _Ivuosi_1998 |   .0096208   .0034986     2.75   0.006     .0027632    .0164784
          _Ivuosi_1999 |   .0057727   .0035984     1.60   0.109    -.0012807     .012826
          _Ivuosi_2000 |  -.0077813   .0037842    -2.06   0.040    -.0151989   -.0003638
          _Ivuosi_2001 |  -.0533741   .0031723   -16.83   0.000    -.0595922    -.047156
          _Ivuosi_2002 |  -.0480461   .0028557   -16.82   0.000    -.0536438   -.0424485
          _Ivuosi_2003 |   -.044568    .002666   -16.72   0.000    -.0497938   -.0393422
          _Ivuosi_2004 |  -.0387913   .0023645   -16.41   0.000     -.043426   -.0341566
          _Ivuosi_2005 |  -.0350667   .0021142   -16.59   0.000    -.0392107   -.0309227
          _Ivuosi_2006 |  -.0293443   .0017998   -16.30   0.000    -.0328721   -.0258164
          _Ivuosi_2007 |  -.0214161   .0015249   -14.04   0.000     -.024405   -.0184271
          _Ivuosi_2008 |  -.0150516   .0012026   -12.52   0.000    -.0174088   -.0126943
          _Ivuosi_2009 |  -.0109661   .0009838   -11.15   0.000    -.0128944   -.0090378
          _Ivuosi_2010 |   -.006719   .0006973    -9.64   0.000    -.0080858   -.0053522
          _Ivuosi_2011 |  -.0043172   .0003692   -11.69   0.000    -.0050409   -.0035935
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1456996    .014925    -9.76   0.000    -.1749546   -.1164447
             _Iage2_22 |  -.2016674   .0238863    -8.44   0.000    -.2484875   -.1548472
             _Iage2_23 |  -.2360505   .0335784    -7.03   0.000    -.3018684   -.1702326
             _Iage2_24 |  -.2678776   .0435304    -6.15   0.000    -.3532025   -.1825527
             _Iage2_25 |  -.2864034   .0537443    -5.33   0.000    -.3917488    -.181058
             _Iage2_26 |  -.2891285   .0638475    -4.53   0.000    -.4142775   -.1639795
             _Iage2_27 |  -.2900226   .0740239    -3.92   0.000    -.4351185   -.1449266
             _Iage2_28 |  -.2842572   .0841787    -3.38   0.001    -.4492579   -.1192566
             _Iage2_29 |   -.276697    .094355    -2.93   0.003    -.4616444   -.0917495
             _Iage2_30 |  -.2675998   .1045271    -2.56   0.010    -.4724857   -.0627138
             _Iage2_31 |  -.2565222   .1147952    -2.23   0.025     -.481535   -.0315095
             _Iage2_32 |  -.2432256   .1249871    -1.95   0.052    -.4882158    .0017646
             _Iage2_33 |  -.2295594   .1351692    -1.70   0.089    -.4945076    .0353889
             _Iage2_34 |  -.2158744    .145395    -1.48   0.138    -.5008666    .0691178
             _Iage2_35 |  -.2010393    .155598    -1.29   0.196    -.5060306     .103952
             _Iage2_36 |  -.1842213   .1658253    -1.11   0.267    -.5092594    .1408167
             _Iage2_37 |   -.168714   .1760348    -0.96   0.338     -.513764     .176336
             _Iage2_38 |  -.1508239    .186244    -0.81   0.418    -.5158851    .2142373
             _Iage2_39 |  -.1343068    .196464    -0.68   0.494    -.5194005    .2507869
             _Iage2_40 |  -.1178921   .2066922    -0.57   0.568    -.5230343      .28725
             _Iage2_41 |  -.0995254   .2169333    -0.46   0.646    -.5247415    .3256907
             _Iage2_42 |  -.0831864   .2271466    -0.37   0.714    -.5284217    .3620489
             _Iage2_43 |  -.0649893   .2373844    -0.27   0.784     -.530292    .4003135
             _Iage2_44 |   -.047847   .2476153    -0.19   0.847    -.5332035    .4375096
             _Iage2_45 |  -.0308158    .257823    -0.12   0.905    -.5361806    .4745489
             _Iage2_46 |  -.0130461   .2680659    -0.05   0.961    -.5384884    .5123961
             _Iage2_47 |   .0048324   .2782938     0.02   0.986    -.5406577    .5503225
             _Iage2_48 |   .0238846   .2884942     0.08   0.934    -.5415996    .5893689
             _Iage2_49 |   .0418949   .2987292     0.14   0.888    -.5436512    .6274411
             _Iage2_50 |    .062229   .3089716     0.20   0.840    -.5433934    .6678515
             _Iage2_51 |   .0793675   .3192033     0.25   0.804    -.5463103    .7050453
             _Iage2_52 |   .0966524   .3294272     0.29   0.769    -.5490657    .7423704
             _Iage2_53 |   .1152976   .3396647     0.34   0.734     -.550487    .7810822
             _Iage2_54 |   .1349034   .3498924     0.39   0.700    -.5509288    .8207356
             _Iage2_55 |   .1553775   .3601251     0.43   0.666    -.5505122    .8612672
             _Iage2_56 |   .1760784   .3703499     0.48   0.634    -.5498531    .9020099
             _Iage2_57 |   .1967888   .3805749     0.52   0.605     -.549185    .9427626
             _Iage2_58 |   .2255398   .3908052     0.58   0.564    -.5404865    .9915662
             _Iage2_59 |   .2484845   .4010532     0.62   0.536    -.5376293    1.034598
         firm_size_new |   .0001771   .0003181     0.56   0.578    -.0004463    .0008006
                 _cons |    .333249   .1452586     2.29   0.022     .0485242    .6179738
-----------------------+----------------------------------------------------------------
               sigma_u |  .18612417
               sigma_e |   .1211224
                   rho |  .70249868   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 14889) =   20.42
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 14889) =   50.64
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 14889) =   17.07
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 14889) =   12.90
            Prob > F =    0.0003

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 14889) =   54.42
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 14889) =    9.19
            Prob > F =    0.0024
O:\returns
ue_d_whitec_age_short_noIQ_nostem_G.xls
dir : seeout
ue_d_whitec_age_top3_noIQ_nostem_G.xls
dir : seeout
(158,781 observations deleted)
(2,226,633 real changes made)
(125,863 missing values generated)
(109,634 missing values generated)
(2,359,420 missing values generated)
(132,787 real changes made)
(31352 missing values generated)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(132,787 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(131,256 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,482 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(120,577 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(112,699 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(101,528 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(91,521 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(83,326 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(73,920 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,735 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(58,518 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,590 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(64,666 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(60,269 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,329 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,729 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,730 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,612 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(36,899 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(32,832 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(29,257 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,816 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,068 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(127,171 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(63,858 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(111,821 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,234 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(99,849 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,232 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(90,150 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,354 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(81,749 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,121 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(70,990 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(35,747 real changes made)
(31,352 missing values generated)
(586,163 real changes made, 586,163 to missing)
(39,835 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,101,349 real changes made)
       panel variable:  shnro_real (unbalanced)
(1,990,724 real changes made)
(368,696 missing values generated)
(368,696 missing values generated)
(2,359,420 missing values generated)
(1,949,094 real changes made)
(348,275 real changes made)
(368,696 missing values generated)
(340,975 real changes made)
(2359420 missing values generated)
(2,359,420 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------
(2,298,270 real changes made, 759,409 to missing)
(17,890 real changes made)
(759,409 missing values generated)
(759,409 missing values generated)
(759,409 missing values generated)
(2,359,420 missing values generated)
(1,507,269 real changes made)
(263,250 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                       924,865
        from master                   368,696  (_merge==1)
        from using                    556,169  (_merge==2)

    matched                         1,990,724  (_merge==3)
    -----------------------------------------
(368,696 real changes made)
(2,915,589 missing values generated)
(0 real changes made)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,394,643 real changes made)
(2,915,589 missing values generated)
(1,449,732 real changes made)
(2,915,589 missing values generated)
(1,450,739 real changes made)

 educ_level |      Freq.     Percent        Cum.
------------+-----------------------------------
          3 |    938,921       89.06       89.06
          4 |      8,738        0.83       89.89
          5 |     59,983        5.69       95.58
          6 |     34,259        3.25       98.83
          7 |     12,018        1.14       99.97
          8 |        302        0.03      100.00
------------+-----------------------------------
      Total |  1,054,221      100.00

edu_science |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    606,555       43.41       43.41
          1 |    790,710       56.59      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
(556,169 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.31655         0
      sd |  .5138305         0
     p50 |   10.3931         0
       N |   1396204   1370791
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.13271         0
    1995 |  10.15073         0
    1996 |  10.23919         0
    1997 |  10.24643         0
    1998 |  10.26955         0
    1999 |  10.26382         0
    2000 |  10.25705         0
    2001 |  10.31154         0
    2002 |  10.30962         0
    2003 |  10.32062         0
    2004 |  10.33804         0
    2005 |  10.34308         0
    2006 |  10.35423         0
    2007 |  10.37464         0
    2008 |  10.38888         0
    2009 |   10.3658         0
    2010 |   10.3691         0
    2011 |   10.4054         0
    2012 |   10.4114         0
---------+--------------------
   Total |  10.31655         0
------------------------------
(2,915,589 missing values generated)
(1,258,071 real changes made)
(641,640 real changes made)
(551,053 real changes made)
(616,431 real changes made)
(550,296 real changes made)
(1,101,349 real changes made)
(166,195 real changes made)
(2,915,589 missing values generated)
(556,169 missing values generated)
(556169 missing values generated)
(1,712,953 real changes made)
(1,712,953 real changes made)
(1,047,003 real changes made)
(328,997 real changes made)
(336,953 real changes made)
(338,486 real changes made)
(1,047,003 real changes made)
(311,952 real changes made)
(250,307 real changes made)
(146,258 real changes made)
(0 real changes made)
(665,950 real changes made)
(1,047,003 real changes made)
(17,890 real changes made)
(148,305 real changes made)
(1,315,578 missing values generated)
(1,315,578 real changes made)
(39 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(698,282 real changes made)
(2,915,589 missing values generated)
(380,201 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,397,265 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,397,265      100.00      100.00
------------+-----------------------------------
      Total |  1,397,265      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =  1,396,204
                                                F(87, 132786)     =    1013.03
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1748
                                                Root MSE          =     .46677

                                     (Std. Err. adjusted for 132,787 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0423798   .0050172     8.45   0.000     .0325461    .0522135
     treated_ia1_4145 |   .0535652   .0077676     6.90   0.000     .0383409    .0687895
     treated_ia1_4650 |   .0691297   .0073993     9.34   0.000     .0546272    .0836322
     treated_ia1_5160 |   .0775772   .0096085     8.07   0.000     .0587447    .0964097
          treated_pre |  -.0186429   .0047216    -3.95   0.000    -.0278971   -.0093887
 treated_pre_ia1_4145 |   .0019518    .007421     0.26   0.793    -.0125932    .0164968
 treated_pre_ia1_4650 |  -.0121899   .0069279    -1.76   0.078    -.0257684    .0013886
 treated_pre_ia1_5155 |  -.0129322   .0085555    -1.51   0.131    -.0297009    .0038365
 treated_pre_ia1_5660 |  -.0117491   .0113409    -1.04   0.300    -.0339769    .0104788
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0233092   .0051601     4.52   0.000     .0131956    .0334228
treated_post_ia1_4145 |  -.0544743   .0080068    -6.80   0.000    -.0701674   -.0387812
treated_post_ia1_4650 |  -.0794655     .00759   -10.47   0.000    -.0943418   -.0645892
treated_post_ia1_5155 |  -.0901185   .0096864    -9.30   0.000    -.1091038   -.0711333
treated_post_ia1_5660 |  -.0880004   .0099809    -8.82   0.000    -.1075629    -.068438
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |   .0146798   .0032632     4.50   0.000     .0082839    .0210757
                  l_1 |   .1001061   .0032457    30.84   0.000     .0937446    .1064677
                  l_2 |   .0854588   .0033384    25.60   0.000     .0789157    .0920019
                  l_3 |   .0845706    .003444    24.56   0.000     .0778204    .0913207
                  l_4 |   .0877166   .0035426    24.76   0.000     .0807731    .0946601
                  l_5 |   .0940054   .0036512    25.75   0.000     .0868492    .1011617
                  l_6 |   .0952305   .0037719    25.25   0.000     .0878378    .1026233
                  l_7 |   .1026044     .00389    26.38   0.000     .0949801    .1102287
                  l_8 |   .1121028   .0040301    27.82   0.000     .1042039    .1200017
                  l_9 |   .1181731   .0041893    28.21   0.000     .1099623     .126384
                 l_10 |   .1189629   .0043916    27.09   0.000     .1103554    .1275704
                  f_1 |   .0476632   .0030982    15.38   0.000     .0415908    .0537356
                  f_2 |   .0375225   .0030743    12.21   0.000     .0314969     .043548
                  f_3 |   .0223809   .0030929     7.24   0.000     .0163187     .028443
                  f_4 |   .0139307   .0030697     4.54   0.000     .0079141    .0199472
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0152067   .0025885     5.87   0.000     .0101333    .0202801
         _Ivuosi_1996 |   .0799775   .0025082    31.89   0.000     .0750616    .0848935
         _Ivuosi_1997 |   .0855693   .0025674    33.33   0.000     .0805372    .0906014
         _Ivuosi_1998 |   .1099254   .0025935    42.38   0.000     .1048421    .1150086
         _Ivuosi_1999 |    .098334   .0026673    36.87   0.000     .0931061    .1035619
         _Ivuosi_2000 |   .1019564   .0027179    37.51   0.000     .0966294    .1072834
         _Ivuosi_2001 |   .1345142   .0027115    49.61   0.000     .1291998    .1398286
         _Ivuosi_2002 |   .1272244   .0027802    45.76   0.000     .1217753    .1326735
         _Ivuosi_2003 |   .1334055   .0028579    46.68   0.000     .1278041    .1390069
         _Ivuosi_2004 |   .1539817   .0029489    52.22   0.000     .1482019    .1597615
         _Ivuosi_2005 |   .1680824   .0030376    55.33   0.000     .1621286    .1740361
         _Ivuosi_2006 |   .1772794   .0031486    56.31   0.000     .1711083    .1834505
         _Ivuosi_2007 |   .1951604   .0032216    60.58   0.000     .1888461    .2014747
         _Ivuosi_2008 |   .1961996   .0033234    59.04   0.000     .1896858    .2027134
         _Ivuosi_2009 |    .155373   .0035718    43.50   0.000     .1483723    .1623737
         _Ivuosi_2010 |    .153004   .0037362    40.95   0.000     .1456812    .1603268
         _Ivuosi_2011 |   .1695838   .0038005    44.62   0.000     .1621349    .1770327
         _Ivuosi_2012 |   .1680421   .0040004    42.01   0.000     .1602014    .1758827
            _Iage2_21 |   .5278657   .0070544    74.83   0.000     .5140393    .5416922
            _Iage2_22 |   .6980411   .0068516   101.88   0.000     .6846119    .7114702
            _Iage2_23 |   .7869773     .00681   115.56   0.000     .7736299    .8003248
            _Iage2_24 |   .8622638   .0067653   127.45   0.000      .849004    .8755237
            _Iage2_25 |   .9355434   .0066895   139.85   0.000     .9224321    .9486547
            _Iage2_26 |   1.003832   .0066232   151.56   0.000     .9908507    1.016813
            _Iage2_27 |   1.044906    .006639   157.39   0.000     1.031894    1.057918
            _Iage2_28 |   1.084032   .0066424   163.20   0.000     1.071013    1.097051
            _Iage2_29 |   1.116063   .0066171   168.66   0.000     1.103094    1.129033
            _Iage2_30 |    1.13679   .0066231   171.64   0.000     1.123809    1.149772
            _Iage2_31 |   1.154466   .0066254   174.25   0.000      1.14148    1.167451
            _Iage2_32 |   1.164926   .0066429   175.36   0.000     1.151906    1.177946
            _Iage2_33 |   1.172164   .0066579   176.06   0.000     1.159115    1.185213
            _Iage2_34 |   1.178716    .006664   176.88   0.000     1.165654    1.191777
            _Iage2_35 |   1.186563   .0066361   178.80   0.000     1.173556     1.19957
            _Iage2_36 |   1.189788   .0066482   178.96   0.000     1.176758    1.202819
            _Iage2_37 |   1.191631   .0066658   178.77   0.000     1.178566    1.204696
            _Iage2_38 |   1.196214   .0066478   179.94   0.000     1.183185    1.209244
            _Iage2_39 |   1.202655   .0066471   180.93   0.000     1.189627    1.215683
            _Iage2_40 |   1.205746   .0066483   181.36   0.000     1.192715    1.218776
            _Iage2_41 |   1.199533   .0068455   175.23   0.000     1.186116     1.21295
            _Iage2_42 |   1.203218     .00685   175.65   0.000     1.189792    1.216644
            _Iage2_43 |   1.209309   .0068386   176.84   0.000     1.195905    1.222712
            _Iage2_44 |    1.21035   .0068393   176.97   0.000     1.196945    1.223755
            _Iage2_45 |   1.211449   .0068418   177.07   0.000      1.19804    1.224859
            _Iage2_46 |    1.21782   .0068622   177.47   0.000      1.20437     1.23127
            _Iage2_47 |   1.215343   .0068841   176.54   0.000     1.201851    1.228836
            _Iage2_48 |   1.219029    .006868   177.50   0.000     1.205568    1.232491
            _Iage2_49 |   1.218189   .0068695   177.33   0.000     1.204725    1.231653
            _Iage2_50 |   1.213794   .0068844   176.31   0.000     1.200301    1.227287
            _Iage2_51 |   1.213634   .0069621   174.32   0.000     1.199988    1.227279
            _Iage2_52 |   1.207627   .0070073   172.34   0.000     1.193893    1.221361
            _Iage2_53 |   1.202942   .0070291   171.14   0.000     1.189165    1.216719
            _Iage2_54 |   1.198956   .0070542   169.96   0.000     1.185129    1.212782
            _Iage2_55 |   1.191262   .0071603   166.37   0.000     1.177228    1.205296
            _Iage2_56 |   1.178245   .0075626   155.80   0.000     1.163422    1.193067
            _Iage2_57 |    1.15562   .0076777   150.52   0.000     1.140571    1.170668
            _Iage2_58 |   1.126937   .0079394   141.94   0.000     1.111376    1.142498
            _Iage2_59 |   1.085135   .0083766   129.54   0.000     1.068717    1.101553
        firm_size_new |   -.002125   .0004912    -4.33   0.000    -.0030878   -.0011623
                _cons |   8.961746   .0070724  1267.15   0.000     8.947884    8.975607
---------------------------------------------------------------------------------------
(1,519,385 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.28636         0  39.10183  .0711265  .0445782  14.81516
      sd |  .5064421         0  10.38652  .2570362   .206376  9.606239
     p50 |  10.36592         0        39         0         0        14
       N |    691571    678071    691571    691571    691571    479247
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.34618         0   39.1707  .0812948  .0516709  14.89104
      sd |  .5192764         0  10.35922  .2732875  .2213618  9.711563
     p50 |  10.42197         0        39         0         0        14
       N |    704633    691719    704633    704633    704633    487581
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.28636         0  39.10183  .0711265  .0445782  14.81516
         |  .5064421         0  10.38652  .2570362   .206376  9.606239
         |  10.36592         0        39         0         0        14
         |    691571    678071    691571    691571    691571    479247
---------+------------------------------------------------------------
       1 |  10.34618         0   39.1707  .0812948  .0516709  14.89104
         |  .5192764         0  10.35922  .2732875  .2213618  9.711563
         |  10.42197         0        39         0         0        14
         |    704633    691719    704633    704633    704633    487581
---------+------------------------------------------------------------
   Total |  10.31655         0  39.13658  .0762582  .0481577  14.85342
         |  .5138305         0  10.37281  .2654109  .2140995  9.659568
         |   10.3931         0        39         0         0        14
         |   1396204   1369790   1396204   1396204   1396204    966828
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQ.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    966,828
                                                F(1, 966826)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6436
                                                Root MSE          =     5.7664

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8220703   .0007411  1109.27   0.000     .8206178    .8235229
       _cons |  -15.33007   .0235315  -651.47   0.000    -15.37619   -15.28395
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7539   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
(1,304,790 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1790                         Obs per group: min =         1
       between = 0.1877                                        avg =       9.3
       overall = 0.0931                                        max =        16

                                                F(74,11982)        =    264.27
corr(u_i, Xb)  = -0.9073                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 11,983 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0169174   .0073811    -2.29   0.022    -.0313855   -.0024494
 treated_post |   .0053673   .0100595     0.53   0.594    -.0143508    .0250855
          l_0 |  -.3009885   .0825643    -3.65   0.000    -.4628279   -.1391492
          l_1 |  -.3360593   .0988187    -3.40   0.001    -.5297601   -.1423586
          l_2 |  -.4416756   .1152196    -3.83   0.000    -.6675248   -.2158265
          l_3 |  -.5280452   .1316383    -4.01   0.000    -.7860775   -.2700129
          l_4 |  -.6038529   .1480656    -4.08   0.000    -.8940853   -.3136204
          l_5 |  -.6806534   .1644027    -4.14   0.000    -1.002909   -.3583975
          l_6 |  -.7541688   .1810122    -4.17   0.000    -1.108982   -.3993555
          l_7 |  -.8281713   .1972943    -4.20   0.000      -1.2149   -.4414426
          l_8 |  -.8966206   .2136346    -4.20   0.000    -1.315379   -.4778621
          l_9 |  -.9680726   .2300809    -4.21   0.000    -1.419068   -.5170767
         l_10 |   -1.03477   .2465174    -4.20   0.000    -1.517984   -.5515555
          f_1 |  -.2330545    .066024    -3.53   0.000    -.3624722   -.1036367
          f_2 |  -.1728216   .0497485    -3.47   0.001    -.2703368   -.0753064
          f_3 |  -.1217629   .0334916    -3.64   0.000    -.1874119    -.056114
          f_4 |  -.0587232   .0172647    -3.40   0.001    -.0925649   -.0248816
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0186804   .0043636     4.28   0.000     .0101271    .0272337
 _Ivuosi_1996 |   .0448831    .004851     9.25   0.000     .0353743     .054392
 _Ivuosi_1997 |   .0462312   .0050878     9.09   0.000     .0362584     .056204
 _Ivuosi_1998 |    .054513    .005537     9.85   0.000     .0436596    .0653664
 _Ivuosi_1999 |   .0407522   .0050388     8.09   0.000     .0308754     .050629
 _Ivuosi_2000 |   .0406367    .005756     7.06   0.000     .0293539    .0519194
 _Ivuosi_2001 |   .0538864   .0054696     9.85   0.000     .0431652    .0646076
 _Ivuosi_2002 |   .0348293   .0049142     7.09   0.000     .0251967    .0444619
 _Ivuosi_2003 |   .0345859   .0048889     7.07   0.000     .0250029    .0441688
 _Ivuosi_2004 |    .047585   .0046427    10.25   0.000     .0384845    .0566856
 _Ivuosi_2005 |   .0557931   .0045355    12.30   0.000     .0469028    .0646834
 _Ivuosi_2006 |   .0563629   .0047934    11.76   0.000      .046967    .0657588
 _Ivuosi_2007 |   .0725301   .0047688    15.21   0.000     .0631825    .0818777
 _Ivuosi_2008 |   .0639752   .0046534    13.75   0.000     .0548537    .0730966
 _Ivuosi_2009 |   .0095157   .0048482     1.96   0.050     .0000124    .0190191
 _Ivuosi_2010 |   .0082399    .004485     1.84   0.066    -.0005514    .0170313
 _Ivuosi_2011 |   .0110288   .0035865     3.08   0.002     .0039987    .0180589
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5992866    .026121    22.94   0.000     .5480853     .650488
    _Iage2_22 |   .8625136   .0421153    20.48   0.000     .7799608    .9450664
    _Iage2_23 |   1.046116   .0580347    18.03   0.000     .9323584    1.159873
    _Iage2_24 |   1.225565   .0743911    16.47   0.000     1.079747    1.371384
    _Iage2_25 |   1.398014    .090972    15.37   0.000     1.219694    1.576334
    _Iage2_26 |   1.562186   .1074532    14.54   0.000      1.35156    1.772812
    _Iage2_27 |   1.704069   .1238652    13.76   0.000     1.461273    1.946865
    _Iage2_28 |   1.836447   .1404173    13.08   0.000     1.561206    2.111688
    _Iage2_29 |   1.966972   .1568471    12.54   0.000     1.659526    2.274418
    _Iage2_30 |   2.081115   .1733307    12.01   0.000     1.741358    2.420871
    _Iage2_31 |    2.19458   .1896634    11.57   0.000     1.822809    2.566351
    _Iage2_32 |   2.297803   .2061125    11.15   0.000      1.89379    2.701817
    _Iage2_33 |   2.393279   .2224519    10.76   0.000     1.957237    2.829321
    _Iage2_34 |   2.494699   .2390018    10.44   0.000     2.026216    2.963181
    _Iage2_35 |   2.595688   .2554614    10.16   0.000     2.094942    3.096434
    _Iage2_36 |    2.68537   .2719104     9.88   0.000     2.152382    3.218359
    _Iage2_37 |   2.780308   .2881507     9.65   0.000     2.215486     3.34513
    _Iage2_38 |   2.871321   .3046717     9.42   0.000     2.274116    3.468527
    _Iage2_39 |   2.963467   .3211144     9.23   0.000      2.33403    3.592903
    _Iage2_40 |   3.051632   .3373893     9.04   0.000     2.390294     3.71297
    _Iage2_41 |   3.137012   .3539518     8.86   0.000     2.443209    3.830815
    _Iage2_42 |   3.226655   .3704263     8.71   0.000      2.50056    3.952751
    _Iage2_43 |   3.317079    .386767     8.58   0.000     2.558953    4.075205
    _Iage2_44 |   3.399267    .403255     8.43   0.000     2.608822    4.189712
    _Iage2_45 |   3.479358   .4195773     8.29   0.000     2.656919    4.301797
    _Iage2_46 |   3.568489    .436076     8.18   0.000     2.713709    4.423268
    _Iage2_47 |    3.64938   .4524932     8.07   0.000      2.76242     4.53634
    _Iage2_48 |     3.7359   .4689481     7.97   0.000     2.816685    4.655114
    _Iage2_49 |    3.81863   .4852766     7.87   0.000     2.867409    4.769851
    _Iage2_50 |   3.894336   .5018634     7.76   0.000     2.910603     4.87807
    _Iage2_51 |   3.973578   .5182819     7.67   0.000     2.957661    4.989494
    _Iage2_52 |   4.050916   .5347219     7.58   0.000     3.002775    5.099057
    _Iage2_53 |   4.125049   .5511944     7.48   0.000     3.044619     5.20548
    _Iage2_54 |   4.200366   .5675293     7.40   0.000     3.087917    5.312815
    _Iage2_55 |   4.272905   .5841181     7.32   0.000     3.127939    5.417871
    _Iage2_56 |   4.339327     .60062     7.22   0.000     3.162014    5.516639
    _Iage2_57 |   4.392511   .6170488     7.12   0.000     3.182996    5.602027
    _Iage2_58 |   4.451937    .633365     7.03   0.000     3.210439    5.693435
    _Iage2_59 |   4.494155   .6499568     6.91   0.000     3.220135    5.768176
firm_size_new |   .0059249   .0016983     3.49   0.000      .002596    .0092538
        _cons |   7.772323   .2172663    35.77   0.000     7.346446      8.1982
--------------+----------------------------------------------------------------
      sigma_u |  1.0700508
      sigma_e |   .3782584
          rho |   .8889211   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1793                         Obs per group: min =         1
       between = 0.1848                                        avg =       9.3
       overall = 0.0912                                        max =        16

                                                F(79,11982)        =    250.60
corr(u_i, Xb)  = -0.9122                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 11,983 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0220179   .0128817     1.71   0.087    -.0032322    .0472681
          treated_pre |  -.0156148   .0097899    -1.59   0.111    -.0348046     .003575
 treated_pre_iasenior |  -.0050403   .0111644    -0.45   0.652    -.0269243    .0168437
         treated_post |   .0149356   .0124746     1.20   0.231    -.0095166    .0393878
treated_post_iasenior |  -.0254484   .0133876    -1.90   0.057    -.0516903    .0007935
               senior |   4.636906   .6502838     7.13   0.000     3.362244    5.911567
         pre_iasenior |  -.0115796    .008455    -1.37   0.171    -.0281527    .0049935
        post_iasenior |  -.0454847   .0103639    -4.39   0.000    -.0657996   -.0251698
                  l_0 |  -.2965617   .0827962    -3.58   0.000    -.4588557   -.1342677
                  l_1 |   -.333792   .0990167    -3.37   0.001    -.5278808   -.1397032
                  l_2 |  -.4420079    .115401    -3.83   0.000    -.6682125   -.2158034
                  l_3 |  -.5309249   .1318084    -4.03   0.000    -.7892907   -.2725592
                  l_4 |  -.6094009   .1482294    -4.11   0.000    -.8999546   -.3188473
                  l_5 |  -.6888614   .1645588    -4.19   0.000    -1.011423   -.3662994
                  l_6 |  -.7650191    .181162    -4.22   0.000    -1.120126   -.4099123
                  l_7 |  -.8418337   .1974423    -4.26   0.000    -1.228853   -.4548149
                  l_8 |  -.9130566   .2137852    -4.27   0.000     -1.33211    -.494003
                  l_9 |  -.9874556   .2302278    -4.29   0.000    -1.438739   -.5361719
                 l_10 |  -1.056869   .2466606    -4.28   0.000    -1.540364   -.5733746
                  f_1 |  -.2406596   .0663387    -3.63   0.000    -.3706941   -.1106251
                  f_2 |  -.1774647   .0501209    -3.54   0.000    -.2757097   -.0792197
                  f_3 |  -.1233261   .0339572    -3.63   0.000    -.1898877   -.0567645
                  f_4 |  -.0571565   .0180019    -3.18   0.002    -.0924432   -.0218698
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0188072   .0043775     4.30   0.000     .0102265    .0273879
         _Ivuosi_1996 |   .0453271   .0048459     9.35   0.000     .0358284    .0548259
         _Ivuosi_1997 |   .0464115   .0050863     9.12   0.000     .0364414    .0563815
         _Ivuosi_1998 |    .055071   .0055622     9.90   0.000     .0441681    .0659739
         _Ivuosi_1999 |   .0415377   .0050206     8.27   0.000     .0316965    .0513788
         _Ivuosi_2000 |   .0408348   .0057508     7.10   0.000     .0295623    .0521074
         _Ivuosi_2001 |   .0536165   .0054543     9.83   0.000     .0429252    .0643077
         _Ivuosi_2002 |    .034565   .0049108     7.04   0.000     .0249391    .0441909
         _Ivuosi_2003 |   .0344435   .0048974     7.03   0.000     .0248439    .0440432
         _Ivuosi_2004 |   .0471055   .0046445    10.14   0.000     .0380016    .0562094
         _Ivuosi_2005 |   .0556939   .0045384    12.27   0.000     .0467979    .0645899
         _Ivuosi_2006 |   .0558874   .0048225    11.59   0.000     .0464346    .0653402
         _Ivuosi_2007 |    .071998    .004779    15.07   0.000     .0626305    .0813655
         _Ivuosi_2008 |   .0634546   .0046665    13.60   0.000     .0543075    .0726017
         _Ivuosi_2009 |   .0090809   .0048878     1.86   0.063       -.0005    .0186618
         _Ivuosi_2010 |   .0079987   .0044955     1.78   0.075    -.0008132    .0168106
         _Ivuosi_2011 |   .0108858   .0035857     3.04   0.002     .0038572    .0179144
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5991989   .0261113    22.95   0.000     .5480165    .6503812
            _Iage2_22 |   .8624691   .0421009    20.49   0.000     .7799445    .9449938
            _Iage2_23 |   1.046225   .0580182    18.03   0.000     .9324995     1.15995
            _Iage2_24 |   1.225989   .0743714    16.48   0.000     1.080209    1.371769
            _Iage2_25 |    1.39899   .0909475    15.38   0.000     1.220718    1.577262
            _Iage2_26 |   1.563971    .107425    14.56   0.000     1.353401    1.774541
            _Iage2_27 |   1.706855   .1238346    13.78   0.000     1.464119    1.949591
            _Iage2_28 |    1.84028   .1403866    13.11   0.000       1.5651    2.115461
            _Iage2_29 |   1.971931   .1568195    12.57   0.000     1.664539    2.279322
            _Iage2_30 |   2.087235   .1733035    12.04   0.000     1.747532    2.426938
            _Iage2_31 |   2.201962   .1896381    11.61   0.000     1.830241    2.573684
            _Iage2_32 |   2.306334   .2060867    11.19   0.000      1.90237    2.710297
            _Iage2_33 |   2.402906   .2224247    10.80   0.000     1.966917    2.838894
            _Iage2_34 |   2.505532   .2389758    10.48   0.000     2.037101    2.973963
            _Iage2_35 |   2.607685   .2554344    10.21   0.000     2.106992    3.108377
            _Iage2_36 |   2.698465    .271879     9.93   0.000     2.165538    3.231392
            _Iage2_37 |   2.794806   .2881201     9.70   0.000     2.230044    3.359568
            _Iage2_38 |    2.88755   .3046419     9.48   0.000     2.290402    3.484697
            _Iage2_39 |    2.98158   .3210846     9.29   0.000     2.352202    3.610957
            _Iage2_40 |   3.072216   .3373623     9.11   0.000     2.410932    3.733501
            _Iage2_41 |  -1.443207    .296562    -4.87   0.000    -2.024517   -.8618974
            _Iage2_42 |  -1.350337   .2800635    -4.82   0.000    -1.899306   -.8013668
            _Iage2_43 |  -1.256098   .2637076    -4.76   0.000    -1.773008   -.7391884
            _Iage2_44 |  -1.170018   .2471928    -4.73   0.000    -1.654556   -.6854804
            _Iage2_45 |  -1.085681   .2308575    -4.70   0.000    -1.538199   -.6331631
            _Iage2_46 |  -.9921991   .2143361    -4.63   0.000    -1.412333   -.5720656
            _Iage2_47 |  -.9067929   .1979087    -4.58   0.000    -1.294726   -.5188599
            _Iage2_48 |  -.8156263   .1814427    -4.50   0.000    -1.171283   -.4599692
            _Iage2_49 |  -.7280687    .165087    -4.41   0.000    -1.051666   -.4044715
            _Iage2_50 |  -.6473274   .1484878    -4.36   0.000    -.9383875   -.3562673
            _Iage2_51 |  -.5631839   .1320578    -4.26   0.000    -.8220385   -.3043293
            _Iage2_52 |   -.480633   .1156181    -4.16   0.000    -.7072632   -.2540027
            _Iage2_53 |  -.4013337    .099137    -4.05   0.000    -.5956582   -.2070092
            _Iage2_54 |  -.3206788   .0828202    -3.87   0.000    -.4830199   -.1583377
            _Iage2_55 |  -.2428189   .0662571    -3.66   0.000    -.3726934   -.1129443
            _Iage2_56 |  -.1712473   .0497571    -3.44   0.001    -.2687792   -.0737153
            _Iage2_57 |  -.1128252   .0333936    -3.38   0.001     -.178282   -.0473684
            _Iage2_58 |  -.0479766    .017428    -2.75   0.006    -.0821384   -.0138148
            _Iage2_59 |          0  (omitted)
        firm_size_new |    .005861   .0016704     3.51   0.000     .0025867    .0091353
                _cons |   7.741762   .2173209    35.62   0.000     7.315778    8.167747
----------------------+----------------------------------------------------------------
              sigma_u |    1.09887
              sigma_e |  .37818208
                  rho |  .89410013   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11982) =    0.91
            Prob > F =    0.3390

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 11982) =    6.24
            Prob > F =    0.0125
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1810                         Obs per group: min =         1
       between = 0.1826                                        avg =       9.3
       overall = 0.0900                                        max =        16

                                                F(82,11982)        =    257.03
corr(u_i, Xb)  = -0.9212                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,983 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0075426   .0013692     5.51   0.000     .0048588    .0102263
     treated_iasuorv_d |   .1625846   .0337543     4.82   0.000     .0964208    .2287484
           treated_pre |   .0017556   .0153976     0.11   0.909    -.0284261    .0319373
       treated_pre_ia3 |  -.0017614   .0008893    -1.98   0.048    -.0035047   -.0000182
 treated_pre_iasuorv_d |  -.0175838   .0151344    -1.16   0.245    -.0472497    .0120821
          treated_post |   .1600996   .0184619     8.67   0.000     .1239113    .1962878
      treated_post_ia3 |  -.0089243   .0010123    -8.82   0.000    -.0109084   -.0069401
treated_post_iasuorv_d |  -.1915081   .0174844   -10.95   0.000    -.2257803   -.1572359
             interact3 |  -.0009364   .0006913    -1.35   0.176    -.0022914    .0004187
               suorv_d |   -.103309    .019203    -5.38   0.000      -.14095   -.0656679
                   l_0 |  -.3487518   .0833085    -4.19   0.000      -.51205   -.1854537
                   l_1 |  -.3920806     .09972    -3.93   0.000    -.5875479   -.1966133
                   l_2 |  -.5067313   .1162689    -4.36   0.000    -.7346372   -.2788255
                   l_3 |  -.6021644    .132848    -4.53   0.000     -.862568   -.3417607
                   l_4 |  -.6873991   .1494363    -4.60   0.000    -.9803186   -.3944797
                   l_5 |  -.7734994   .1658997    -4.66   0.000     -1.09869   -.4483091
                   l_6 |  -.8565117    .182652    -4.69   0.000    -1.214539   -.4984842
                   l_7 |  -.9400526   .1990914    -4.72   0.000    -1.330304   -.5498011
                   l_8 |  -1.018166   .2155995    -4.72   0.000    -1.440776    -.595556
                   l_9 |  -1.099448   .2321886    -4.74   0.000    -1.554575   -.6443206
                  l_10 |  -1.175817   .2487384    -4.73   0.000    -1.663385   -.6882497
                   f_1 |  -.2707567   .0666168    -4.06   0.000    -.4013364   -.1401771
                   f_2 |  -.2011181   .0502043    -4.01   0.000    -.2995266   -.1027096
                   f_3 |  -.1409997   .0337848    -4.17   0.000    -.2072233    -.074776
                   f_4 |  -.0686339   .0174159    -3.94   0.000    -.1027718    -.034496
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .019646   .0043833     4.48   0.000      .011054     .028238
          _Ivuosi_1996 |   .0457581   .0048619     9.41   0.000      .036228    .0552882
          _Ivuosi_1997 |   .0467444   .0050942     9.18   0.000      .036759    .0567299
          _Ivuosi_1998 |   .0558289   .0055538    10.05   0.000     .0449426    .0667151
          _Ivuosi_1999 |    .042553   .0049641     8.57   0.000     .0328225    .0522835
          _Ivuosi_2000 |   .0420627   .0056958     7.38   0.000      .030898    .0532273
          _Ivuosi_2001 |   .0546579   .0054134    10.10   0.000     .0440467    .0652691
          _Ivuosi_2002 |   .0354615   .0048977     7.24   0.000     .0258611    .0450618
          _Ivuosi_2003 |   .0352301   .0048784     7.22   0.000     .0256677    .0447926
          _Ivuosi_2004 |   .0478868   .0046481    10.30   0.000     .0387757    .0569978
          _Ivuosi_2005 |   .0564725   .0045477    12.42   0.000     .0475583    .0653867
          _Ivuosi_2006 |   .0565221   .0048369    11.69   0.000      .047041    .0660031
          _Ivuosi_2007 |   .0726196   .0047924    15.15   0.000     .0632257    .0820135
          _Ivuosi_2008 |   .0641705   .0046811    13.71   0.000     .0549948    .0733462
          _Ivuosi_2009 |   .0094683   .0048705     1.94   0.052    -.0000787    .0190152
          _Ivuosi_2010 |   .0080907   .0044832     1.80   0.071    -.0006972    .0168786
          _Ivuosi_2011 |   .0107977   .0035936     3.00   0.003     .0037537    .0178417
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6035434   .0262009    23.04   0.000     .5521854    .6549013
             _Iage2_22 |   .8706097   .0422843    20.59   0.000     .7877256    .9534938
             _Iage2_23 |   1.058836   .0583315    18.15   0.000     .9444973    1.173176
             _Iage2_24 |   1.243966   .0748259    16.62   0.000     1.097295    1.390637
             _Iage2_25 |   1.422939   .0915465    15.54   0.000     1.243493    1.602385
             _Iage2_26 |   1.594373   .1081511    14.74   0.000     1.382379    1.806366
             _Iage2_27 |   1.743824   .1247059    13.98   0.000      1.49938    1.988268
             _Iage2_28 |   1.884192   .1414114    13.32   0.000     1.607003    2.161381
             _Iage2_29 |   2.022947    .158015    12.80   0.000     1.713213    2.332682
             _Iage2_30 |   2.145355   .1746132    12.29   0.000     1.803085    2.487625
             _Iage2_31 |   2.267279   .1910988    11.86   0.000     1.892695    2.641864
             _Iage2_32 |   2.379016   .2076925    11.45   0.000     1.971905    2.786127
             _Iage2_33 |   2.483178   .2241677    11.08   0.000     2.043774    2.922583
             _Iage2_34 |   2.593612   .2408791    10.77   0.000      2.12145    3.065774
             _Iage2_35 |   2.703632   .2574862    10.50   0.000     2.198917    3.208347
             _Iage2_36 |   2.802655    .274073    10.23   0.000     2.265427    3.339882
             _Iage2_37 |   2.907085    .290469    10.01   0.000     2.337719    3.476452
             _Iage2_38 |   3.007896   .3071513     9.79   0.000      2.40583    3.609963
             _Iage2_39 |   3.109769   .3237196     9.61   0.000     2.475226    3.744312
             _Iage2_40 |   3.207958   .3401412     9.43   0.000     2.541226     3.87469
             _Iage2_41 |   3.303504   .3568511     9.26   0.000     2.604018     4.00299
             _Iage2_42 |    3.40335   .3734895     9.11   0.000      2.67125     4.13545
             _Iage2_43 |   3.504431   .3899752     8.99   0.000     2.740017    4.268846
             _Iage2_44 |    3.59711   .4066139     8.85   0.000     2.800081    4.394139
             _Iage2_45 |   3.687932     .42309     8.72   0.000     2.858607    4.517257
             _Iage2_46 |   3.787712   .4397337     8.61   0.000     2.925763    4.649661
             _Iage2_47 |   3.879422   .4563028     8.50   0.000     2.984994    4.773849
             _Iage2_48 |   3.976714   .4729097     8.41   0.000     3.049735    4.903694
             _Iage2_49 |   4.070521   .4893845     8.32   0.000     3.111248    5.029794
             _Iage2_50 |   4.157178   .5061381     8.21   0.000     3.165066    5.149291
             _Iage2_51 |   4.247311   .5227015     8.13   0.000     3.222731    5.271891
             _Iage2_52 |   4.335792   .5393077     8.04   0.000     3.278662    5.392923
             _Iage2_53 |   4.421138   .5559223     7.95   0.000      3.33144    5.510836
             _Iage2_54 |   4.507739   .5724078     7.88   0.000     3.385727    5.629751
             _Iage2_55 |   4.591431   .5891525     7.79   0.000     3.436597    5.746265
             _Iage2_56 |   4.668944   .6058118     7.71   0.000     3.481454    5.856433
             _Iage2_57 |    4.73352   .6223965     7.61   0.000     3.513522    5.953518
             _Iage2_58 |   4.804347    .638851     7.52   0.000     3.552095    6.056598
             _Iage2_59 |   4.858353   .6556266     7.41   0.000     3.573219    6.143488
         firm_size_new |   .0056854   .0015347     3.70   0.000     .0026772    .0086936
                 _cons |   7.675449   .2182654    35.17   0.000     7.247614    8.103285
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1567244
               sigma_e |  .37779967
                   rho |  .90360751   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11982) =   71.70
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11982) =    0.00
            Prob > F =    0.9997
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1810                         Obs per group: min =         1
       between = 0.1829                                        avg =       9.3
       overall = 0.0902                                        max =        16

                                                F(85,11982)        =    248.44
corr(u_i, Xb)  = -0.9209                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,983 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0142211   .0107503     1.32   0.186    -.0068511    .0352934
           treated_ia3 |   .0072876   .0013802     5.28   0.000     .0045822    .0099931
     treated_iasuorv_d |     .15998   .0347844     4.60   0.000      .091797    .2281629
           treated_pre |  -.0016902    .015453    -0.11   0.913    -.0319805    .0286001
  treated_pre_iasenior |   -.015011   .0083268    -1.80   0.071    -.0313329     .001311
       treated_pre_ia3 |  -.0012477   .0009188    -1.36   0.174    -.0030486    .0005532
 treated_pre_iasuorv_d |  -.0067149   .0168934    -0.40   0.691    -.0398287     .026399
          treated_post |   .1573377   .0184863     8.51   0.000     .1211016    .1935738
 treated_post_iasenior |   .0016943    .010149     0.17   0.867    -.0181994     .021588
      treated_post_ia3 |   -.008958   .0010054    -8.91   0.000    -.0109288   -.0069872
treated_post_iasuorv_d |  -.1923013    .019056   -10.09   0.000    -.2296541   -.1549484
                senior |   3.296969   .3568763     9.24   0.000     2.597433    3.996504
             interact3 |  -.0009247   .0006969    -1.33   0.185    -.0022907    .0004413
               suorv_d |  -.1031252   .0191886    -5.37   0.000     -.140738   -.0655125
                   l_0 |  -.3463709     .08331    -4.16   0.000     -.509672   -.1830697
                   l_1 |   -.389521   .0997182    -3.91   0.000    -.5849848   -.1940572
                   l_2 |  -.5039559   .1162649    -4.33   0.000    -.7318538   -.2760579
                   l_3 |  -.5991957   .1328415    -4.51   0.000    -.8595866   -.3388049
                   l_4 |  -.6842245   .1494273    -4.58   0.000    -.9771262   -.3913229
                   l_5 |  -.7701151   .1658891    -4.64   0.000    -1.095285   -.4449457
                   l_6 |  -.8529333   .1826382    -4.67   0.000    -1.210934   -.4949328
                   l_7 |  -.9362592   .1990749    -4.70   0.000    -1.326478   -.5460401
                   l_8 |  -1.014147   .2155809    -4.70   0.000    -1.436721    -.591574
                   l_9 |  -1.095203   .2321675    -4.72   0.000    -1.550289   -.6401175
                  l_10 |  -1.171387   .2487136    -4.71   0.000    -1.658906    -.683868
                   f_1 |  -.2693486   .0666125    -4.04   0.000    -.3999198   -.1387773
                   f_2 |  -.1999693   .0502033    -3.98   0.000     -.298376   -.1015627
                   f_3 |  -.1401518   .0337848    -4.15   0.000    -.2063754   -.0739282
                   f_4 |  -.0680979   .0174175    -3.91   0.000     -.102239   -.0339568
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0196464   .0043879     4.48   0.000     .0110453    .0282474
          _Ivuosi_1996 |   .0457438   .0048589     9.41   0.000     .0362196     .055268
          _Ivuosi_1997 |   .0466528   .0050931     9.16   0.000     .0366694    .0566362
          _Ivuosi_1998 |   .0557273   .0055555    10.03   0.000     .0448375     .066617
          _Ivuosi_1999 |   .0424608   .0049688     8.55   0.000     .0327212    .0522005
          _Ivuosi_2000 |   .0419771   .0056952     7.37   0.000     .0308137    .0531406
          _Ivuosi_2001 |   .0546744   .0054133    10.10   0.000     .0440634    .0652854
          _Ivuosi_2002 |   .0354257   .0048932     7.24   0.000     .0258342    .0450172
          _Ivuosi_2003 |   .0351785   .0048754     7.22   0.000     .0256219    .0447352
          _Ivuosi_2004 |   .0478728   .0046447    10.31   0.000     .0387684    .0569773
          _Ivuosi_2005 |   .0564159   .0045448    12.41   0.000     .0475074    .0653243
          _Ivuosi_2006 |   .0564924   .0048293    11.70   0.000     .0470263    .0659586
          _Ivuosi_2007 |   .0725926   .0047895    15.16   0.000     .0632044    .0819807
          _Ivuosi_2008 |   .0641615   .0046771    13.72   0.000     .0549937    .0733293
          _Ivuosi_2009 |   .0094725   .0048649     1.95   0.052    -.0000636    .0190085
          _Ivuosi_2010 |    .008088   .0044817     1.80   0.071    -.0006969    .0168729
          _Ivuosi_2011 |   .0107957   .0035934     3.00   0.003     .0037521    .0178393
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6035389   .0261963    23.04   0.000     .5521898    .6548879
             _Iage2_22 |   .8705384   .0422793    20.59   0.000     .7876642    .9534127
             _Iage2_23 |    1.05872   .0583229    18.15   0.000     .9443972    1.173042
             _Iage2_24 |   1.243828   .0748156    16.63   0.000     1.097177    1.390479
             _Iage2_25 |   1.422761   .0915345    15.54   0.000     1.243339    1.602184
             _Iage2_26 |   1.594151   .1081383    14.74   0.000     1.382183     1.80612
             _Iage2_27 |   1.743562   .1246916    13.98   0.000     1.499147    1.987978
             _Iage2_28 |   1.883911   .1413959    13.32   0.000     1.606753     2.16107
             _Iage2_29 |   2.022639   .1579974    12.80   0.000     1.712938     2.33234
             _Iage2_30 |   2.145022   .1745939    12.29   0.000     1.802789    2.487254
             _Iage2_31 |    2.26694   .1910774    11.86   0.000     1.892398    2.641483
             _Iage2_32 |   2.378671   .2076707    11.45   0.000     1.971603    2.785739
             _Iage2_33 |   2.482842   .2241437    11.08   0.000     2.043484      2.9222
             _Iage2_34 |   2.593272   .2408531    10.77   0.000     2.121161    3.065383
             _Iage2_35 |    2.70333     .25746    10.50   0.000     2.198667    3.207993
             _Iage2_36 |   2.802385   .2740455    10.23   0.000     2.265211    3.339559
             _Iage2_37 |   2.906814   .2904391    10.01   0.000     2.337506    3.476122
             _Iage2_38 |   3.007617   .3071195     9.79   0.000     2.405613    3.609621
             _Iage2_39 |   3.109397   .3236854     9.61   0.000     2.474921    3.743873
             _Iage2_40 |   3.207486   .3401048     9.43   0.000     2.540825    3.874146
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0996626   .0169633     5.88   0.000     .0664117    .1329134
             _Iage2_43 |   .2004238   .0333371     6.01   0.000     .1350777    .2657698
             _Iage2_44 |   .2928096   .0499419     5.86   0.000     .1949153    .3907039
             _Iage2_45 |   .3832608   .0664193     5.77   0.000     .2530683    .5134534
             _Iage2_46 |    .482687   .0830369     5.81   0.000     .3199213    .6454527
             _Iage2_47 |   .5739924   .0995997     5.76   0.000     .3787609    .7692239
             _Iage2_48 |   .6709138   .1162051     5.77   0.000      .443133    .8986946
             _Iage2_49 |   .7642914   .1326787     5.76   0.000     .5042196    1.024363
             _Iage2_50 |   .8505269   .1494445     5.69   0.000     .5575915    1.143462
             _Iage2_51 |   .9402325   .1660051     5.66   0.000     .6148356     1.26563
             _Iage2_52 |   1.028261   .1826183     5.63   0.000     .6702995    1.386222
             _Iage2_53 |    1.11314    .199235     5.59   0.000     .7226074    1.503673
             _Iage2_54 |   1.199261   .2157176     5.56   0.000     .7764193    1.622102
             _Iage2_55 |   1.282593    .232473     5.52   0.000     .8269082    1.738278
             _Iage2_56 |   1.359607    .249128     5.46   0.000     .8712762    1.847938
             _Iage2_57 |    1.42368   .2657194     5.36   0.000     .9028265    1.944533
             _Iage2_58 |   1.493962   .2821714     5.29   0.000     .9408607    2.047064
             _Iage2_59 |   1.547371   .2989608     5.18   0.000     .9613597    2.133383
         firm_size_new |    .005708   .0015392     3.71   0.000      .002691     .008725
                 _cons |   7.676546   .2182145    35.18   0.000      7.24881    8.104282
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1546879
               sigma_e |  .37779312
                   rho |  .90330314   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 11982) =   57.70
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11982) =   84.14
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 11982) =    1.84
            Prob > F =    0.1745

 ( 1)  treated_post_ia3 = 0

       F(  1, 11982) =   79.38
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11982) =   56.71
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11982) =   68.87
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11982) =   53.48
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1909                         Obs per group: min =         1
       between = 0.1803                                        avg =       9.3
       overall = 0.0894                                        max =        16

                                                F(89,11982)        =    260.00
corr(u_i, Xb)  = -0.9261                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,983 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0310956   .0107203     2.90   0.004     .0100821    .0521091
           treated_ia2 |   .0394819   .0377897     1.04   0.296    -.0345922    .1135559
           treated_ia3 |   .0105334   .0013966     7.54   0.000     .0077959    .0132709
     treated_iasuorv_d |   .0954579   .0345875     2.76   0.006     .0276608    .1632551
           treated_pre |  -.0145571   .0158514    -0.92   0.358    -.0456284    .0165141
  treated_pre_iasenior |  -.0231037   .0083227    -2.78   0.006    -.0394174   -.0067899
       treated_pre_ia2 |   .0082459   .0185097     0.45   0.656    -.0280361    .0445279
       treated_pre_ia3 |  -.0012892    .000907    -1.42   0.155     -.003067    .0004886
 treated_pre_iasuorv_d |   .0138645   .0171811     0.81   0.420    -.0198133    .0475422
          treated_post |   .0876867   .0187817     4.67   0.000     .0508716    .1245017
 treated_post_iasenior |  -.0285132   .0101877    -2.80   0.005    -.0484827   -.0085437
      treated_post_ia2 |   .0486186   .0215955     2.25   0.024     .0062879    .0909493
      treated_post_ia3 |  -.0078098   .0009752    -8.01   0.000    -.0097213   -.0058984
treated_post_iasuorv_d |  -.0901705   .0194169    -4.64   0.000    -.1282307   -.0521102
                senior |    3.31821     .35801     9.27   0.000     2.616453    4.019968
             interact2 |   .5276562   .0251568    20.97   0.000     .4783448    .5769676
             interact3 |   .0035306   .0006588     5.36   0.000     .0022392    .0048219
               suorv_d |  -.0914193   .0194986    -4.69   0.000    -.1296398   -.0531989
                   l_0 |  -.3706499   .0835946    -4.43   0.000    -.5345088    -.206791
                   l_1 |  -.4220229   .1001009    -4.22   0.000    -.6182369   -.2258089
                   l_2 |  -.5429776    .116718    -4.65   0.000    -.7717639   -.3141914
                   l_3 |  -.6450611    .133378    -4.84   0.000    -.9065035   -.3836186
                   l_4 |  -.7370737   .1500364    -4.91   0.000    -1.031169   -.4429782
                   l_5 |  -.8300527   .1665832    -4.98   0.000    -1.156583   -.5035225
                   l_6 |  -.9203279   .1834109    -5.02   0.000    -1.279843   -.5608129
                   l_7 |  -1.010441   .1999344    -5.05   0.000    -1.402344   -.6185369
                   l_8 |  -1.095648   .2164851    -5.06   0.000    -1.519994   -.6713018
                   l_9 |  -1.183611    .233156    -5.08   0.000    -1.640634   -.7265875
                  l_10 |  -1.267169   .2497892    -5.07   0.000    -1.756797   -.7775421
                   f_1 |  -.2929459    .066864    -4.38   0.000    -.4240102   -.1618817
                   f_2 |  -.2168425   .0503818    -4.30   0.000    -.3155989   -.1180861
                   f_3 |  -.1507882    .033892    -4.45   0.000     -.217222   -.0843544
                   f_4 |  -.0726405   .0174613    -4.16   0.000    -.1068674   -.0384136
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0217337   .0043928     4.95   0.000     .0131231    .0303442
          _Ivuosi_1996 |    .046899   .0048494     9.67   0.000     .0373933    .0564047
          _Ivuosi_1997 |   .0486831   .0051096     9.53   0.000     .0386675    .0586988
          _Ivuosi_1998 |   .0589777   .0055713    10.59   0.000      .048057    .0698983
          _Ivuosi_1999 |   .0464682   .0049982     9.30   0.000     .0366709    .0562654
          _Ivuosi_2000 |   .0475209    .005717     8.31   0.000     .0363146    .0587271
          _Ivuosi_2001 |   .0600311   .0053866    11.14   0.000     .0494725    .0705896
          _Ivuosi_2002 |   .0406829   .0048243     8.43   0.000     .0312265    .0501393
          _Ivuosi_2003 |    .040813   .0047749     8.55   0.000     .0314534    .0501725
          _Ivuosi_2004 |   .0538699   .0045247    11.91   0.000     .0450007    .0627391
          _Ivuosi_2005 |   .0615936   .0043922    14.02   0.000     .0529842    .0702031
          _Ivuosi_2006 |   .0617869   .0046226    13.37   0.000     .0527259     .070848
          _Ivuosi_2007 |   .0779586   .0046219    16.87   0.000     .0688988    .0870183
          _Ivuosi_2008 |   .0684534   .0045229    15.13   0.000     .0595878     .077319
          _Ivuosi_2009 |   .0132353   .0047103     2.81   0.005     .0040023    .0224682
          _Ivuosi_2010 |   .0113258   .0044105     2.57   0.010     .0026805     .019971
          _Ivuosi_2011 |   .0131575   .0035465     3.71   0.000     .0062058    .0201093
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6059271    .026239    23.09   0.000     .5544944    .6573598
             _Iage2_22 |   .8756268   .0423453    20.68   0.000     .7926232    .9586305
             _Iage2_23 |   1.063978   .0583953    18.22   0.000     .9495141    1.178443
             _Iage2_24 |   1.245714   .0749191    16.63   0.000      1.09886    1.392567
             _Iage2_25 |   1.419525   .0916532    15.49   0.000      1.23987    1.599181
             _Iage2_26 |   1.583674   .1083364    14.62   0.000     1.371317    1.796031
             _Iage2_27 |   1.729915   .1249403    13.85   0.000     1.485011    1.974818
             _Iage2_28 |   1.868929   .1416769    13.19   0.000      1.59122    2.146639
             _Iage2_29 |   2.007319   .1583625    12.68   0.000     1.696903    2.317736
             _Iage2_30 |   2.130864   .1750187    12.18   0.000     1.787799    2.473929
             _Iage2_31 |   2.254295   .1915837    11.77   0.000      1.87876     2.62983
             _Iage2_32 |   2.367915   .2082236    11.37   0.000     1.959763    2.776067
             _Iage2_33 |     2.4749   .2247726    11.01   0.000      2.03431    2.915491
             _Iage2_34 |   2.587481   .2415272    10.71   0.000     2.114049    3.060914
             _Iage2_35 |   2.700805    .258194    10.46   0.000     2.194703    3.206907
             _Iage2_36 |   2.803105   .2748573    10.20   0.000      2.26434     3.34187
             _Iage2_37 |   2.910751   .2912984     9.99   0.000     2.339759    3.481743
             _Iage2_38 |   3.014442   .3080454     9.79   0.000     2.410623    3.618261
             _Iage2_39 |   3.119723   .3246886     9.61   0.000      2.48328    3.756165
             _Iage2_40 |   3.221565   .3411698     9.44   0.000     2.552817    3.890313
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .1039531    .017033     6.10   0.000     .0705656    .1373406
             _Iage2_43 |   .2089109    .033477     6.24   0.000     .1432905    .2745313
             _Iage2_44 |    .305733   .0501641     6.09   0.000     .2074033    .4040627
             _Iage2_45 |   .4008916   .0667195     6.01   0.000     .2701107    .5316726
             _Iage2_46 |    .505196   .0834072     6.06   0.000     .3417045    .6686876
             _Iage2_47 |   .6013366   .1000431     6.01   0.000      .405236    .7974373
             _Iage2_48 |   .7032295    .116717     6.03   0.000     .4744454    .9320137
             _Iage2_49 |   .8017483   .1332663     6.02   0.000     .5405248    1.062972
             _Iage2_50 |   .8932673   .1501033     5.95   0.000     .5990404    1.187494
             _Iage2_51 |   .9883255   .1667374     5.93   0.000     .6614933    1.315158
             _Iage2_52 |    1.08194   .1834291     5.90   0.000     .7223896    1.441491
             _Iage2_53 |   1.172462   .2001061     5.86   0.000     .7802221    1.564703
             _Iage2_54 |   1.264108   .2166735     5.83   0.000     .8393932    1.688824
             _Iage2_55 |   1.353056    .233497     5.79   0.000     .8953636    1.810748
             _Iage2_56 |   1.435735   .2502259     5.74   0.000     .9452514    1.926218
             _Iage2_57 |   1.505534   .2668906     5.64   0.000     .9823851    2.028683
             _Iage2_58 |   1.581583   .2834163     5.58   0.000     1.026041    2.137125
             _Iage2_59 |    1.64087   .3002843     5.46   0.000     1.052264    2.229476
         firm_size_new |    .005548   .0015809     3.51   0.000     .0024492    .0086468
                 _cons |   7.629024   .2189416    34.85   0.000     7.199863    8.058185
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1972955
               sigma_e |  .37550997
                   rho |  .91044422   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 11982) =   25.60
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 11982) =   36.59
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 11982) =    1.08
            Prob > F =    0.3393

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11982) =   34.19
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11982) =    7.50
            Prob > F =    0.0062

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11982) =   32.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11982) =   19.16
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 11982) =   18.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11982) =    5.94
            Prob > F =    0.0148

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11982) =   16.23
            Prob > F =    0.0001

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    315,003    .0876373    .2827671          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    290,986    .0512568    .2205214          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    182,661    8.699958    5.768067          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     70,087    21.90155    8.645312          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    155,210    8.899066    5.803674          0         25

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     56,779    22.16008      8.7668          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     27,451    7.574187    5.426836          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     13,308    20.79854    8.013698          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.09 + _b[treated_post_ia3] *   8.70
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.05 + _b[treated_post_ia3] *  21.90

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0241169   .0149947     1.61   0.108    -.0052721     .053506
       _nl_2 |  -.1094306   .0198208    -5.52   0.000    -.1482787   -.0705826
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.90
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  22.16
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.57
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.80

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0181793   .0156197     1.16   0.244    -.0124347    .0487933
       _nl_2 |  -.1138921   .0203045    -5.61   0.000    -.1536881   -.0740961
       _nl_3 |   .0771849   .0213266     3.62   0.000     .0353856    .1189843
       _nl_4 |  -.0546522   .0232428    -2.35   0.019    -.1002072   -.0090971
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.57
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.80
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.90
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  22.16

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0876867   .0187817     4.67   0.000     .0508753     .124498
       _nl_2 |   .0591734   .0216073     2.74   0.006     .0168239    .1015229
       _nl_3 |   .1363052   .0237623     5.74   0.000     .0897319    .1828786
       _nl_4 |    .107792   .0252907     4.26   0.000     .0582232    .1573609
       _nl_5 |   .0771849   .0213266     3.62   0.000     .0353856    .1189843
       _nl_6 |  -.0546522   .0232428    -2.35   0.019    -.1002072   -.0090971
       _nl_7 |   .0181793   .0156197     1.16   0.244    -.0124347    .0487933
       _nl_8 |  -.1138921   .0203045    -5.61   0.000    -.1536881   -.0740961
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_bluec_noIQ_nostem_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1909                         Obs per group: min =         1
       between = 0.1805                                        avg =       9.3
       overall = 0.0896                                        max =        16

                                                F(86,11982)        =    268.61
corr(u_i, Xb)  = -0.9258                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,983 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |    .042129   .0377293     1.12   0.264    -.0318264    .1160845
           treated_ia3 |   .0113878   .0013841     8.23   0.000     .0086747     .014101
     treated_iasuorv_d |    .110278    .033502     3.29   0.001     .0446087    .1759474
           treated_pre |  -.0111637   .0157867    -0.71   0.479    -.0421081    .0197808
       treated_pre_ia2 |   .0062197    .018524     0.34   0.737    -.0300904    .0425298
       treated_pre_ia3 |  -.0019719   .0008763    -2.25   0.024    -.0036895   -.0002543
 treated_pre_iasuorv_d |  -.0007759   .0153771    -0.05   0.960    -.0309174    .0293656
          treated_post |   .0911384   .0187474     4.86   0.000     .0543905    .1278863
      treated_post_ia2 |   .0462655   .0214921     2.15   0.031     .0041375    .0883934
      treated_post_ia3 |  -.0085902   .0009826    -8.74   0.000    -.0105163   -.0066641
treated_post_iasuorv_d |  -.1071235   .0176474    -6.07   0.000    -.1417152   -.0725318
             interact2 |   .5265466   .0251408    20.94   0.000     .4772665    .5758267
             interact3 |   .0034153   .0006553     5.21   0.000     .0021308    .0046998
               suorv_d |  -.0909752   .0194948    -4.67   0.000     -.129188   -.0527623
                   l_0 |  -.3698126   .0836065    -4.42   0.000    -.5336949   -.2059303
                   l_1 |  -.4209606   .1001184    -4.20   0.000    -.6172089   -.2247123
                   l_2 |  -.5416762   .1167395    -4.64   0.000    -.7705045   -.3128479
                   l_3 |  -.6435332   .1334043    -4.82   0.000    -.9050273   -.3820391
                   l_4 |  -.7353043   .1500678    -4.90   0.000    -1.029462    -.441147
                   l_5 |  -.8280422   .1666193    -4.97   0.000    -1.154643   -.5014413
                   l_6 |  -.9180813   .1834529    -5.00   0.000    -1.277679    -.558484
                   l_7 |  -1.007939    .199982    -5.04   0.000    -1.399937   -.6159423
                   l_8 |  -1.092909   .2165375    -5.05   0.000    -1.517358   -.6684608
                   l_9 |  -1.180622   .2332139    -5.06   0.000    -1.637759    -.723485
                  l_10 |  -1.263944   .2498524    -5.06   0.000    -1.753695   -.7741929
                   f_1 |  -.2920833   .0668782    -4.37   0.000    -.4231754   -.1609913
                   f_2 |  -.2162277   .0503903    -4.29   0.000    -.3150008   -.1174546
                   f_3 |  -.1504386   .0338966    -4.44   0.000    -.2168816   -.0839957
                   f_4 |  -.0725534   .0174645    -4.15   0.000    -.1067867   -.0383201
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0217019   .0043804     4.95   0.000     .0131156    .0302882
          _Ivuosi_1996 |   .0467921   .0048513     9.65   0.000     .0372829    .0563014
          _Ivuosi_1997 |   .0486875   .0051074     9.53   0.000     .0386762    .0586989
          _Ivuosi_1998 |   .0589509   .0055644    10.59   0.000     .0480437    .0698581
          _Ivuosi_1999 |   .0463826   .0049936     9.29   0.000     .0365944    .0561709
          _Ivuosi_2000 |   .0475178   .0057092     8.32   0.000     .0363269    .0587087
          _Ivuosi_2001 |   .0599883   .0053791    11.15   0.000     .0494444    .0705321
          _Ivuosi_2002 |   .0406663   .0048194     8.44   0.000     .0312196     .050113
          _Ivuosi_2003 |   .0407929    .004767     8.56   0.000     .0314488    .0501369
          _Ivuosi_2004 |   .0538757   .0045211    11.92   0.000     .0450136    .0627379
          _Ivuosi_2005 |   .0615784   .0043883    14.03   0.000     .0529766    .0701802
          _Ivuosi_2006 |   .0618028   .0046192    13.38   0.000     .0527484    .0708573
          _Ivuosi_2007 |   .0779797   .0046175    16.89   0.000     .0689286    .0870308
          _Ivuosi_2008 |   .0684789   .0045204    15.15   0.000     .0596182    .0773396
          _Ivuosi_2009 |   .0132528   .0047067     2.82   0.005     .0040269    .0224787
          _Ivuosi_2010 |   .0113264   .0044096     2.57   0.010     .0026828      .01997
          _Ivuosi_2011 |   .0131574   .0035468     3.71   0.000     .0062052    .0201097
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6059346   .0262438    23.09   0.000     .5544925    .6573767
             _Iage2_22 |   .8755484   .0423539    20.67   0.000     .7925279     .958569
             _Iage2_23 |   1.063817   .0584082    18.21   0.000     .9493278    1.178307
             _Iage2_24 |   1.245488   .0749368    16.62   0.000       1.0986    1.392376
             _Iage2_25 |    1.41926    .091676    15.48   0.000     1.239561     1.59896
             _Iage2_26 |    1.58333   .1083632    14.61   0.000      1.37092    1.795739
             _Iage2_27 |     1.7295   .1249716    13.84   0.000     1.484536    1.974465
             _Iage2_28 |   1.868408   .1417124    13.18   0.000     1.590629    2.146188
             _Iage2_29 |   2.006712   .1584018    12.67   0.000     1.696219    2.317206
             _Iage2_30 |   2.130174    .175062    12.17   0.000     1.787024    2.473323
             _Iage2_31 |   2.253539   .1916315    11.76   0.000      1.87791    2.629167
             _Iage2_32 |   2.367074   .2082758    11.37   0.000      1.95882    2.775328
             _Iage2_33 |   2.473986     .22483    11.00   0.000     2.033283    2.914689
             _Iage2_34 |   2.586497   .2415894    10.71   0.000     2.112942    3.060051
             _Iage2_35 |   2.699761   .2582601    10.45   0.000     2.193529    3.205992
             _Iage2_36 |   2.802022   .2749287    10.19   0.000     2.263117    3.340926
             _Iage2_37 |   2.909615   .2913752     9.99   0.000     2.338473    3.480758
             _Iage2_38 |   3.013217   .3081277     9.78   0.000     2.409236    3.617197
             _Iage2_39 |   3.118428   .3247765     9.60   0.000     2.481814    3.755043
             _Iage2_40 |   3.220087   .3412633     9.44   0.000     2.551156    3.889018
             _Iage2_41 |   3.319241   .3580566     9.27   0.000     2.617392     4.02109
             _Iage2_42 |   3.422932   .3747717     9.13   0.000     2.688318    4.157545
             _Iage2_43 |   3.527599   .3913288     9.01   0.000     2.760531    4.294667
             _Iage2_44 |   3.624107   .4080518     8.88   0.000      2.82426    4.423955
             _Iage2_45 |   3.718936   .4246088     8.76   0.000     2.886634    4.551238
             _Iage2_46 |   3.822868   .4413262     8.66   0.000     2.957797    4.687939
             _Iage2_47 |   3.918645   .4579692     8.56   0.000     3.020952    4.816339
             _Iage2_48 |    4.02013    .474646     8.47   0.000     3.089747    4.950513
             _Iage2_49 |   4.118244   .4911996     8.38   0.000     3.155414    5.081075
             _Iage2_50 |   4.209284   .5080269     8.29   0.000     3.213469    5.205099
             _Iage2_51 |   4.303916   .5246671     8.20   0.000     3.275484    5.332349
             _Iage2_52 |   4.397036   .5413524     8.12   0.000     3.335898    5.458175
             _Iage2_53 |   4.487096    .558029     8.04   0.000     3.393268    5.580923
             _Iage2_54 |   4.578291   .5746009     7.97   0.000      3.45198    5.704602
             _Iage2_55 |   4.666616   .5914147     7.89   0.000     3.507347    5.825885
             _Iage2_56 |   4.748869    .608149     7.81   0.000     3.556799     5.94094
             _Iage2_57 |    4.81826   .6248071     7.71   0.000     3.593537    6.042983
             _Iage2_58 |   4.893887   .6413346     7.63   0.000     3.636767    6.151007
             _Iage2_59 |   4.952733   .6581876     7.52   0.000     3.662579    6.242887
         firm_size_new |   .0055442   .0015795     3.51   0.000     .0024481    .0086403
                 _cons |   7.628873    .219024    34.83   0.000      7.19955    8.058195
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1950118
               sigma_e |  .37551347
                   rho |  .91013088   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11982) =   33.78
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11982) =   20.52
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11982) =   30.87
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 11982) =    0.06
            Prob > F =    0.8107

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11982) =    0.75
            Prob > F =    0.3869

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 11982) =    0.12
            Prob > F =    0.7314
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1909                         Obs per group: min =         1
       between = 0.1803                                        avg =       9.3
       overall = 0.0894                                        max =        16

                                                F(89,11982)        =    260.00
corr(u_i, Xb)  = -0.9261                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,983 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0310956   .0107203     2.90   0.004     .0100821    .0521091
           treated_ia2 |   .0394819   .0377897     1.04   0.296    -.0345922    .1135559
           treated_ia3 |   .0105334   .0013966     7.54   0.000     .0077959    .0132709
     treated_iasuorv_d |   .0954579   .0345875     2.76   0.006     .0276608    .1632551
           treated_pre |  -.0145571   .0158514    -0.92   0.358    -.0456284    .0165141
  treated_pre_iasenior |  -.0231037   .0083227    -2.78   0.006    -.0394174   -.0067899
       treated_pre_ia2 |   .0082459   .0185097     0.45   0.656    -.0280361    .0445279
       treated_pre_ia3 |  -.0012892    .000907    -1.42   0.155     -.003067    .0004886
 treated_pre_iasuorv_d |   .0138645   .0171811     0.81   0.420    -.0198133    .0475422
          treated_post |   .0876867   .0187817     4.67   0.000     .0508716    .1245017
 treated_post_iasenior |  -.0285132   .0101877    -2.80   0.005    -.0484827   -.0085437
      treated_post_ia2 |   .0486186   .0215955     2.25   0.024     .0062879    .0909493
      treated_post_ia3 |  -.0078098   .0009752    -8.01   0.000    -.0097213   -.0058984
treated_post_iasuorv_d |  -.0901705   .0194169    -4.64   0.000    -.1282307   -.0521102
                senior |    3.31821     .35801     9.27   0.000     2.616453    4.019968
             interact2 |   .5276562   .0251568    20.97   0.000     .4783448    .5769676
             interact3 |   .0035306   .0006588     5.36   0.000     .0022392    .0048219
               suorv_d |  -.0914193   .0194986    -4.69   0.000    -.1296398   -.0531989
                   l_0 |  -.3706499   .0835946    -4.43   0.000    -.5345088    -.206791
                   l_1 |  -.4220229   .1001009    -4.22   0.000    -.6182369   -.2258089
                   l_2 |  -.5429776    .116718    -4.65   0.000    -.7717639   -.3141914
                   l_3 |  -.6450611    .133378    -4.84   0.000    -.9065035   -.3836186
                   l_4 |  -.7370737   .1500364    -4.91   0.000    -1.031169   -.4429782
                   l_5 |  -.8300527   .1665832    -4.98   0.000    -1.156583   -.5035225
                   l_6 |  -.9203279   .1834109    -5.02   0.000    -1.279843   -.5608129
                   l_7 |  -1.010441   .1999344    -5.05   0.000    -1.402344   -.6185369
                   l_8 |  -1.095648   .2164851    -5.06   0.000    -1.519994   -.6713018
                   l_9 |  -1.183611    .233156    -5.08   0.000    -1.640634   -.7265875
                  l_10 |  -1.267169   .2497892    -5.07   0.000    -1.756797   -.7775421
                   f_1 |  -.2929459    .066864    -4.38   0.000    -.4240102   -.1618817
                   f_2 |  -.2168425   .0503818    -4.30   0.000    -.3155989   -.1180861
                   f_3 |  -.1507882    .033892    -4.45   0.000     -.217222   -.0843544
                   f_4 |  -.0726405   .0174613    -4.16   0.000    -.1068674   -.0384136
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0217337   .0043928     4.95   0.000     .0131231    .0303442
          _Ivuosi_1996 |    .046899   .0048494     9.67   0.000     .0373933    .0564047
          _Ivuosi_1997 |   .0486831   .0051096     9.53   0.000     .0386675    .0586988
          _Ivuosi_1998 |   .0589777   .0055713    10.59   0.000      .048057    .0698983
          _Ivuosi_1999 |   .0464682   .0049982     9.30   0.000     .0366709    .0562654
          _Ivuosi_2000 |   .0475209    .005717     8.31   0.000     .0363146    .0587271
          _Ivuosi_2001 |   .0600311   .0053866    11.14   0.000     .0494725    .0705896
          _Ivuosi_2002 |   .0406829   .0048243     8.43   0.000     .0312265    .0501393
          _Ivuosi_2003 |    .040813   .0047749     8.55   0.000     .0314534    .0501725
          _Ivuosi_2004 |   .0538699   .0045247    11.91   0.000     .0450007    .0627391
          _Ivuosi_2005 |   .0615936   .0043922    14.02   0.000     .0529842    .0702031
          _Ivuosi_2006 |   .0617869   .0046226    13.37   0.000     .0527259     .070848
          _Ivuosi_2007 |   .0779586   .0046219    16.87   0.000     .0688988    .0870183
          _Ivuosi_2008 |   .0684534   .0045229    15.13   0.000     .0595878     .077319
          _Ivuosi_2009 |   .0132353   .0047103     2.81   0.005     .0040023    .0224682
          _Ivuosi_2010 |   .0113258   .0044105     2.57   0.010     .0026805     .019971
          _Ivuosi_2011 |   .0131575   .0035465     3.71   0.000     .0062058    .0201093
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6059271    .026239    23.09   0.000     .5544944    .6573598
             _Iage2_22 |   .8756268   .0423453    20.68   0.000     .7926232    .9586305
             _Iage2_23 |   1.063978   .0583953    18.22   0.000     .9495141    1.178443
             _Iage2_24 |   1.245714   .0749191    16.63   0.000      1.09886    1.392567
             _Iage2_25 |   1.419525   .0916532    15.49   0.000      1.23987    1.599181
             _Iage2_26 |   1.583674   .1083364    14.62   0.000     1.371317    1.796031
             _Iage2_27 |   1.729915   .1249403    13.85   0.000     1.485011    1.974818
             _Iage2_28 |   1.868929   .1416769    13.19   0.000      1.59122    2.146639
             _Iage2_29 |   2.007319   .1583625    12.68   0.000     1.696903    2.317736
             _Iage2_30 |   2.130864   .1750187    12.18   0.000     1.787799    2.473929
             _Iage2_31 |   2.254295   .1915837    11.77   0.000      1.87876     2.62983
             _Iage2_32 |   2.367915   .2082236    11.37   0.000     1.959763    2.776067
             _Iage2_33 |     2.4749   .2247726    11.01   0.000      2.03431    2.915491
             _Iage2_34 |   2.587481   .2415272    10.71   0.000     2.114049    3.060914
             _Iage2_35 |   2.700805    .258194    10.46   0.000     2.194703    3.206907
             _Iage2_36 |   2.803105   .2748573    10.20   0.000      2.26434     3.34187
             _Iage2_37 |   2.910751   .2912984     9.99   0.000     2.339759    3.481743
             _Iage2_38 |   3.014442   .3080454     9.79   0.000     2.410623    3.618261
             _Iage2_39 |   3.119723   .3246886     9.61   0.000      2.48328    3.756165
             _Iage2_40 |   3.221565   .3411698     9.44   0.000     2.552817    3.890313
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .1039531    .017033     6.10   0.000     .0705656    .1373406
             _Iage2_43 |   .2089109    .033477     6.24   0.000     .1432905    .2745313
             _Iage2_44 |    .305733   .0501641     6.09   0.000     .2074033    .4040627
             _Iage2_45 |   .4008916   .0667195     6.01   0.000     .2701107    .5316726
             _Iage2_46 |    .505196   .0834072     6.06   0.000     .3417045    .6686876
             _Iage2_47 |   .6013366   .1000431     6.01   0.000      .405236    .7974373
             _Iage2_48 |   .7032295    .116717     6.03   0.000     .4744454    .9320137
             _Iage2_49 |   .8017483   .1332663     6.02   0.000     .5405248    1.062972
             _Iage2_50 |   .8932673   .1501033     5.95   0.000     .5990404    1.187494
             _Iage2_51 |   .9883255   .1667374     5.93   0.000     .6614933    1.315158
             _Iage2_52 |    1.08194   .1834291     5.90   0.000     .7223896    1.441491
             _Iage2_53 |   1.172462   .2001061     5.86   0.000     .7802221    1.564703
             _Iage2_54 |   1.264108   .2166735     5.83   0.000     .8393932    1.688824
             _Iage2_55 |   1.353056    .233497     5.79   0.000     .8953636    1.810748
             _Iage2_56 |   1.435735   .2502259     5.74   0.000     .9452514    1.926218
             _Iage2_57 |   1.505534   .2668906     5.64   0.000     .9823851    2.028683
             _Iage2_58 |   1.581583   .2834163     5.58   0.000     1.026041    2.137125
             _Iage2_59 |    1.64087   .3002843     5.46   0.000     1.052264    2.229476
         firm_size_new |    .005548   .0015809     3.51   0.000     .0024492    .0086468
                 _cons |   7.629024   .2189416    34.85   0.000     7.199863    8.058185
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1972955
               sigma_e |  .37550997
                   rho |  .91044422   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 11982) =   25.60
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 11982) =   36.59
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 11982) =    1.08
            Prob > F =    0.3393

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11982) =   34.19
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11982) =    7.50
            Prob > F =    0.0062

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11982) =   32.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11982) =   19.16
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 11982) =   18.17
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11982) =    5.94
            Prob > F =    0.0148

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11982) =   16.23
            Prob > F =    0.0001
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605838
Group variable: shnro_real                      Number of groups   =     65206

R-sq:  within  = 0.1789                         Obs per group: min =         1
       between = 0.1877                                        avg =       9.3
       overall = 0.0930                                        max =        16

                                                F(74,11977)        =    264.12
corr(u_i, Xb)  = -0.9075                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 11,978 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0168505   .0073817    -2.28   0.022    -.0313199   -.0023811
 treated_post |   .0053126    .010064     0.53   0.598    -.0144145    .0250397
          l_0 |  -.3013242   .0825833    -3.65   0.000    -.4632008   -.1394476
          l_1 |  -.3365007   .0988413    -3.40   0.001    -.5302456   -.1427558
          l_2 |  -.4421812   .1152454    -3.84   0.000    -.6680809   -.2162815
          l_3 |  -.5286159   .1316675    -4.01   0.000    -.7867054   -.2705263
          l_4 |  -.6045036   .1480981    -4.08   0.000    -.8947999   -.3142073
          l_5 |  -.6813322   .1644385    -4.14   0.000    -1.003658   -.3590061
          l_6 |  -.7549696    .181052    -4.17   0.000    -1.109861   -.4000784
          l_7 |  -.8290312   .1973376    -4.20   0.000    -1.215845   -.4422176
          l_8 |  -.8975984   .2136813    -4.20   0.000    -1.316448   -.4787485
          l_9 |  -.9691682   .2301318    -4.21   0.000    -1.420264   -.5180725
         l_10 |  -1.035985   .2465719    -4.20   0.000    -1.519306   -.5526647
          f_1 |  -.2333827   .0660394    -3.53   0.000    -.3628306   -.1039348
          f_2 |   -.173063     .04976    -3.48   0.001    -.2706007   -.0755253
          f_3 |  -.1218195   .0334986    -3.64   0.000    -.1874822   -.0561568
          f_4 |  -.0588139   .0172684    -3.41   0.001    -.0926628    -.024965
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |    .018733   .0043645     4.29   0.000     .0101778    .0272882
 _Ivuosi_1996 |   .0447227   .0048532     9.22   0.000     .0352096    .0542357
 _Ivuosi_1997 |   .0460528   .0050886     9.05   0.000     .0360783    .0560273
 _Ivuosi_1998 |   .0543337   .0055373     9.81   0.000     .0434797    .0651877
 _Ivuosi_1999 |   .0405498   .0050404     8.04   0.000     .0306698    .0504297
 _Ivuosi_2000 |   .0404371   .0057571     7.02   0.000     .0291522     .051722
 _Ivuosi_2001 |   .0537106   .0054696     9.82   0.000     .0429893    .0644319
 _Ivuosi_2002 |   .0346814   .0049149     7.06   0.000     .0250473    .0443154
 _Ivuosi_2003 |   .0344718   .0048895     7.05   0.000     .0248875    .0440561
 _Ivuosi_2004 |   .0474435   .0046432    10.22   0.000      .038342     .056545
 _Ivuosi_2005 |    .055686   .0045367    12.27   0.000     .0467933    .0645786
 _Ivuosi_2006 |   .0562681   .0047944    11.74   0.000     .0468704    .0656658
 _Ivuosi_2007 |   .0724228   .0047692    15.19   0.000     .0630744    .0817712
 _Ivuosi_2008 |   .0638874   .0046539    13.73   0.000     .0547649    .0730098
 _Ivuosi_2009 |    .009475   .0048489     1.95   0.051    -.0000295    .0189796
 _Ivuosi_2010 |   .0082192   .0044854     1.83   0.067    -.0005728    .0170113
 _Ivuosi_2011 |   .0110153   .0035866     3.07   0.002      .003985    .0180456
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5994317   .0261276    22.94   0.000     .5482173    .6506461
    _Iage2_22 |   .8628497   .0421261    20.48   0.000     .7802758    .9454237
    _Iage2_23 |   1.046335   .0580478    18.03   0.000     .9325519    1.160118
    _Iage2_24 |   1.225735   .0744075    16.47   0.000     1.079885    1.371586
    _Iage2_25 |   1.398334   .0909923    15.37   0.000     1.219974    1.576693
    _Iage2_26 |   1.562515   .1074754    14.54   0.000     1.351846    1.773184
    _Iage2_27 |   1.704448   .1238916    13.76   0.000       1.4616    1.947296
    _Iage2_28 |   1.836895   .1404475    13.08   0.000     1.561595    2.112195
    _Iage2_29 |   1.967563    .156882    12.54   0.000     1.660049    2.275077
    _Iage2_30 |   2.081709   .1733683    12.01   0.000     1.741879    2.421539
    _Iage2_31 |    2.19517   .1897054    11.57   0.000     1.823317    2.567023
    _Iage2_32 |   2.298455   .2061571    11.15   0.000     1.894354    2.702556
    _Iage2_33 |   2.394029   .2224999    10.76   0.000     1.957894    2.830165
    _Iage2_34 |   2.495453   .2390531    10.44   0.000     2.026871    2.964036
    _Iage2_35 |   2.596485   .2555171    10.16   0.000      2.09563     3.09734
    _Iage2_36 |   2.686403   .2719702     9.88   0.000     2.153297    3.219509
    _Iage2_37 |   2.781346   .2882133     9.65   0.000     2.216402    3.346291
    _Iage2_38 |   2.872408   .3047381     9.43   0.000     2.275072    3.469744
    _Iage2_39 |   2.964645   .3211846     9.23   0.000     2.335071    3.594219
    _Iage2_40 |   3.052808   .3374628     9.05   0.000     2.391326     3.71429
    _Iage2_41 |   3.138276   .3540288     8.86   0.000     2.444322     3.83223
    _Iage2_42 |      3.228    .370507     8.71   0.000     2.501746    3.954254
    _Iage2_43 |   3.318509   .3868512     8.58   0.000     2.560218      4.0768
    _Iage2_44 |   3.400768   .4033427     8.43   0.000     2.610151    4.191385
    _Iage2_45 |   3.480921   .4196684     8.29   0.000     2.658303    4.303539
    _Iage2_46 |   3.570142   .4361704     8.19   0.000     2.715177    4.425106
    _Iage2_47 |   3.651092   .4525911     8.07   0.000      2.76394    4.538244
    _Iage2_48 |    3.73769   .4690496     7.97   0.000     2.818276    4.657103
    _Iage2_49 |   3.820507   .4853817     7.87   0.000      2.86908    4.771934
    _Iage2_50 |   3.896296   .5019723     7.76   0.000     2.912349    4.880243
    _Iage2_51 |   3.975617   .5183944     7.67   0.000      2.95948    4.991754
    _Iage2_52 |   4.053032   .5348379     7.58   0.000     3.004663    5.101401
    _Iage2_53 |   4.127237    .551314     7.49   0.000     3.046573    5.207902
    _Iage2_54 |   4.202623   .5676524     7.40   0.000     3.089932    5.315313
    _Iage2_55 |   4.275242   .5842449     7.32   0.000     3.130028    5.420457
    _Iage2_56 |   4.341745   .6007503     7.23   0.000     3.164177    5.519313
    _Iage2_57 |   4.394999   .6171826     7.12   0.000     3.185221    5.604777
    _Iage2_58 |   4.454558   .6335028     7.03   0.000      3.21279    5.696327
    _Iage2_59 |   4.496792   .6500979     6.92   0.000     3.222495    5.771089
firm_size_new |   .0058538   .0017135     3.42   0.001     .0024951    .0092125
        _cons |   7.771632   .2173349    35.76   0.000      7.34562    8.197643
--------------+----------------------------------------------------------------
      sigma_u |  1.0707558
      sigma_e |   .3782436
          rho |  .88905882   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605838
Group variable: shnro_real                      Number of groups   =     65206

R-sq:  within  = 0.1809                         Obs per group: min =         1
       between = 0.1826                                        avg =       9.3
       overall = 0.0900                                        max =        16

                                                F(82,11977)        =    256.92
corr(u_i, Xb)  = -0.9214                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,978 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0075396   .0013695     5.51   0.000     .0048551    .0102241
     treated_iasuorv_d |   .1624721   .0337538     4.81   0.000     .0963092     .228635
           treated_pre |   .0020759    .015397     0.13   0.893    -.0281047    .0322566
       treated_pre_ia3 |  -.0017776   .0008891    -2.00   0.046    -.0035204   -.0000347
 treated_pre_iasuorv_d |  -.0179042   .0151305    -1.18   0.237    -.0475624     .011754
          treated_post |   .1599523   .0184657     8.66   0.000     .1237567     .196148
      treated_post_ia3 |    -.00892   .0010124    -8.81   0.000    -.0109044   -.0069356
treated_post_iasuorv_d |  -.1913565   .0174852   -10.94   0.000    -.2256303   -.1570828
             interact3 |  -.0009294   .0006912    -1.34   0.179    -.0022843    .0004254
               suorv_d |   -.103331   .0192036    -5.38   0.000    -.1409733   -.0656888
                   l_0 |  -.3491577   .0833279    -4.19   0.000    -.5124938   -.1858216
                   l_1 |  -.3926103    .099743    -3.94   0.000    -.5881226   -.1970979
                   l_2 |  -.5073446   .1162952    -4.36   0.000     -.735302   -.2793873
                   l_3 |    -.60286   .1328777    -4.54   0.000    -.8633219   -.3423981
                   l_4 |  -.6881903   .1494695    -4.60   0.000    -.9811748   -.3952058
                   l_5 |  -.7743329   .1659362    -4.67   0.000    -1.099595    -.449071
                   l_6 |  -.8574803   .1826925    -4.69   0.000    -1.215587   -.4993734
                   l_7 |  -.9410938   .1991354    -4.73   0.000    -1.331431   -.5507561
                   l_8 |  -1.019339   .2156469    -4.73   0.000    -1.442042    -.596636
                   l_9 |   -1.10075   .2322403    -4.74   0.000    -1.555979   -.6455217
                  l_10 |  -1.177254   .2487936    -4.73   0.000     -1.66493   -.6895783
                   f_1 |  -.2711447   .0666323    -4.07   0.000    -.4017548   -.1405346
                   f_2 |  -.2014031   .0502159    -4.01   0.000    -.2998344   -.1029717
                   f_3 |  -.1410891    .033792    -4.18   0.000     -.207327   -.0748513
                   f_4 |  -.0687345   .0174197    -3.95   0.000    -.1028798   -.0345891
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0196997   .0043844     4.49   0.000     .0111056    .0282939
          _Ivuosi_1996 |   .0456071   .0048642     9.38   0.000     .0360725    .0551417
          _Ivuosi_1997 |   .0465829   .0050951     9.14   0.000     .0365956    .0565702
          _Ivuosi_1998 |   .0556762    .005554    10.02   0.000     .0447894    .0665629
          _Ivuosi_1999 |   .0423725   .0049662     8.53   0.000     .0326378    .0521071
          _Ivuosi_2000 |   .0418799   .0056973     7.35   0.000     .0307124    .0530474
          _Ivuosi_2001 |      .0545   .0054141    10.07   0.000     .0438874    .0651125
          _Ivuosi_2002 |   .0353298    .004899     7.21   0.000      .025727    .0449326
          _Ivuosi_2003 |   .0351299   .0048794     7.20   0.000     .0255654    .0446943
          _Ivuosi_2004 |   .0477587    .004649    10.27   0.000     .0386459    .0568715
          _Ivuosi_2005 |    .056377   .0045492    12.39   0.000     .0474599    .0652942
          _Ivuosi_2006 |   .0564383   .0048381    11.67   0.000     .0469549    .0659217
          _Ivuosi_2007 |    .072523    .004793    15.13   0.000     .0631279    .0819181
          _Ivuosi_2008 |   .0640901   .0046817    13.69   0.000     .0549132    .0732671
          _Ivuosi_2009 |   .0094327   .0048711     1.94   0.053    -.0001153    .0189808
          _Ivuosi_2010 |    .008073   .0044836     1.80   0.072    -.0007156    .0168615
          _Ivuosi_2011 |   .0107861   .0035937     3.00   0.003     .0037419    .0178303
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6037083   .0262075    23.04   0.000     .5523372    .6550793
             _Iage2_22 |    .870978    .042295    20.59   0.000     .7880728    .9538831
             _Iage2_23 |   1.059113   .0583445    18.15   0.000     .9447486    1.173478
             _Iage2_24 |   1.244236   .0748424    16.62   0.000     1.097533    1.390939
             _Iage2_25 |   1.423385   .0915671    15.54   0.000     1.243898    1.602871
             _Iage2_26 |   1.594852   .1081738    14.74   0.000     1.382814     1.80689
             _Iage2_27 |    1.74437   .1247329    13.98   0.000     1.499873    1.988866
             _Iage2_28 |   1.884819    .141442    13.33   0.000      1.60757    2.162069
             _Iage2_29 |   2.023733   .1580502    12.80   0.000     1.713929    2.333537
             _Iage2_30 |   2.146161   .1746512    12.29   0.000     1.803816    2.488506
             _Iage2_31 |   2.268095   .1911412    11.87   0.000     1.893427    2.642762
             _Iage2_32 |   2.379907   .2077376    11.46   0.000     1.972707    2.787106
             _Iage2_33 |   2.484181   .2242162    11.08   0.000     2.044681    2.923681
             _Iage2_34 |   2.594633   .2409309    10.77   0.000      2.12237    3.066897
             _Iage2_35 |   2.704711   .2575425    10.50   0.000     2.199886    3.209536
             _Iage2_36 |    2.80398   .2741334    10.23   0.000     2.266634    3.341326
             _Iage2_37 |   2.908428   .2905322    10.01   0.000     2.338938    3.477919
             _Iage2_38 |   3.009302   .3072184     9.80   0.000     2.407104    3.611499
             _Iage2_39 |   3.111278   .3237905     9.61   0.000     2.476596     3.74596
             _Iage2_40 |   3.209473   .3402153     9.43   0.000     2.542596    3.876351
             _Iage2_41 |    3.30512   .3569287     9.26   0.000     2.605482    4.004758
             _Iage2_42 |   3.405057   .3735709     9.11   0.000     2.672798    4.137317
             _Iage2_43 |   3.506233   .3900601     8.99   0.000     2.741652    4.270814
             _Iage2_44 |   3.598992   .4067023     8.85   0.000      2.80179    4.396195
             _Iage2_45 |   3.689886   .4231818     8.72   0.000     2.860381    4.519391
             _Iage2_46 |   3.789765   .4398289     8.62   0.000     2.927629    4.651901
             _Iage2_47 |   3.881543   .4564014     8.50   0.000     2.986922    4.776164
             _Iage2_48 |   3.978924   .4730119     8.41   0.000     3.051744    4.906104
             _Iage2_49 |   4.072827   .4894904     8.32   0.000     3.113347    5.032308
             _Iage2_50 |   4.159577   .5062477     8.22   0.000      3.16725    5.151905
             _Iage2_51 |     4.2498   .5228148     8.13   0.000     3.224998    5.274601
             _Iage2_52 |   4.338367   .5394245     8.04   0.000     3.281007    5.395727
             _Iage2_53 |   4.423795   .5560427     7.96   0.000     3.333861    5.513729
             _Iage2_54 |   4.510474   .5725317     7.88   0.000     3.388219    5.632729
             _Iage2_55 |   4.594259     .58928     7.80   0.000     3.439175    5.749343
             _Iage2_56 |   4.671862   .6059429     7.71   0.000     3.484116    5.859608
             _Iage2_57 |   4.736514   .6225311     7.61   0.000     3.516253    5.956776
             _Iage2_58 |   4.807484   .6389896     7.52   0.000     3.554961    6.060007
             _Iage2_59 |   4.861516   .6557684     7.41   0.000     3.576104    6.146929
         firm_size_new |   .0056157   .0015493     3.62   0.000     .0025788    .0086527
                 _cons |   7.674559   .2183343    35.15   0.000     7.246588    8.102529
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1575797
               sigma_e |  .37778689
                   rho |  .90374208   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11977) =   71.53
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11977) =    0.00
            Prob > F =    0.9839
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605838
Group variable: shnro_real                      Number of groups   =     65206

R-sq:  within  = 0.1792                         Obs per group: min =         1
       between = 0.1848                                        avg =       9.3
       overall = 0.0912                                        max =        16

                                                F(79,11977)        =    250.48
corr(u_i, Xb)  = -0.9124                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 11,978 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0219389   .0128817     1.70   0.089    -.0033113     .047189
          treated_pre |  -.0154933   .0097916    -1.58   0.114    -.0346864    .0036998
 treated_pre_iasenior |  -.0051616   .0111635    -0.46   0.644    -.0270437    .0167206
         treated_post |   .0148698   .0124796     1.19   0.233    -.0095922    .0393318
treated_post_iasenior |  -.0253857    .013388    -1.90   0.058    -.0516282    .0008569
               senior |   4.639769   .6504256     7.13   0.000      3.36483    5.914709
         pre_iasenior |  -.0116152   .0084544    -1.37   0.170    -.0281871    .0049568
        post_iasenior |   -.045607   .0103648    -4.40   0.000    -.0659238   -.0252902
                  l_0 |  -.2968655   .0828148    -3.58   0.000     -.459196    -.134535
                  l_1 |   -.334204   .0990389    -3.37   0.001    -.5283362   -.1400717
                  l_2 |  -.4424879   .1154264    -3.83   0.000    -.6687423   -.2162335
                  l_3 |  -.5314732   .1318372    -4.03   0.000    -.7898954    -.273051
                  l_4 |   -.610032   .1482616    -4.11   0.000    -.9006487   -.3194152
                  l_5 |  -.6895233   .1645943    -4.19   0.000    -1.012155   -.3668918
                  l_6 |  -.7658057   .1812014    -4.23   0.000     -1.12099   -.4106217
                  l_7 |   -.842682   .1974852    -4.27   0.000    -1.229785   -.4555791
                  l_8 |   -.914025   .2138315    -4.27   0.000    -1.333169   -.4948807
                  l_9 |  -.9885441   .2302783    -4.29   0.000    -1.439927   -.5371613
                 l_10 |  -1.058081   .2467146    -4.29   0.000    -1.541681   -.5744799
                  f_1 |  -.2409884   .0663539    -3.63   0.000    -.3710527   -.1109241
                  f_2 |  -.1777034   .0501322    -3.54   0.000    -.2759706   -.0794362
                  f_3 |  -.1233777    .033964    -3.63   0.000    -.1899527   -.0568027
                  f_4 |  -.0572389   .0180053    -3.18   0.001    -.0925322   -.0219456
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0188603   .0043786     4.31   0.000     .0102775    .0274431
         _Ivuosi_1996 |   .0451676   .0048481     9.32   0.000     .0356646    .0546705
         _Ivuosi_1997 |   .0462342   .0050871     9.09   0.000     .0362626    .0562058
         _Ivuosi_1998 |   .0548953   .0055625     9.87   0.000     .0439919    .0657987
         _Ivuosi_1999 |   .0413374   .0050224     8.23   0.000     .0314928    .0511821
         _Ivuosi_2000 |   .0406355    .005752     7.06   0.000     .0293606    .0519105
         _Ivuosi_2001 |   .0534418   .0054544     9.80   0.000     .0427502    .0641334
         _Ivuosi_2002 |   .0344175   .0049116     7.01   0.000       .02479    .0440449
         _Ivuosi_2003 |   .0343295   .0048981     7.01   0.000     .0247284    .0439306
         _Ivuosi_2004 |   .0469637    .004645    10.11   0.000     .0378587    .0560686
         _Ivuosi_2005 |   .0555863   .0045397    12.24   0.000     .0466877    .0644848
         _Ivuosi_2006 |    .055792   .0048235    11.57   0.000     .0463372    .0652468
         _Ivuosi_2007 |   .0718901   .0047794    15.04   0.000     .0625217    .0812585
         _Ivuosi_2008 |   .0633658   .0046671    13.58   0.000     .0542175     .072514
         _Ivuosi_2009 |   .0090397   .0048885     1.85   0.064    -.0005425    .0186219
         _Ivuosi_2010 |   .0079776   .0044959     1.77   0.076     -.000835    .0167903
         _Ivuosi_2011 |   .0108722   .0035859     3.03   0.002     .0038433     .017901
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5993445   .0261179    22.95   0.000     .5481492    .6505398
            _Iage2_22 |    .862806   .0421117    20.49   0.000     .7802603    .9453518
            _Iage2_23 |   1.046445   .0580311    18.03   0.000     .9326947    1.160195
            _Iage2_24 |   1.226166   .0743877    16.48   0.000     1.080355    1.371978
            _Iage2_25 |   1.399321   .0909677    15.38   0.000     1.221009    1.577632
            _Iage2_26 |   1.564314   .1074471    14.56   0.000     1.353701    1.774928
            _Iage2_27 |    1.70725    .123861    13.78   0.000     1.464462    1.950037
            _Iage2_28 |   1.840745   .1404167    13.11   0.000     1.565505    2.115984
            _Iage2_29 |    1.97254   .1568542    12.58   0.000      1.66508    2.279999
            _Iage2_30 |   2.087849   .1733409    12.04   0.000     1.748073    2.427626
            _Iage2_31 |   2.202575   .1896799    11.61   0.000     1.830772    2.574378
            _Iage2_32 |   2.307009   .2061311    11.19   0.000     1.902958    2.711059
            _Iage2_33 |   2.403681   .2224725    10.80   0.000     1.967599    2.839763
            _Iage2_34 |   2.506313   .2390268    10.49   0.000     2.037782    2.974844
            _Iage2_35 |   2.608511   .2554898    10.21   0.000     2.107709    3.109312
            _Iage2_36 |   2.699529   .2719386     9.93   0.000     2.166485    3.232573
            _Iage2_37 |   2.795877   .2881824     9.70   0.000     2.230992    3.360761
            _Iage2_38 |   2.888673   .3047081     9.48   0.000     2.291396    3.485951
            _Iage2_39 |   2.982798   .3211545     9.29   0.000     2.353283    3.612313
            _Iage2_40 |   3.073433   .3374354     9.11   0.000     2.412005    3.734861
            _Iage2_41 |  -1.444639    .296626    -4.87   0.000    -2.026074   -.8632044
            _Iage2_42 |  -1.351685   .2801237    -4.83   0.000    -1.900773   -.8025975
            _Iage2_43 |  -1.257359   .2637644    -4.77   0.000     -1.77438   -.7403376
            _Iage2_44 |  -1.171205    .247246    -4.74   0.000    -1.655847   -.6865628
            _Iage2_45 |  -1.086803   .2309073    -4.71   0.000    -1.539418   -.6341868
            _Iage2_46 |  -.9932269   .2143826    -4.63   0.000    -1.413452   -.5730023
            _Iage2_47 |  -.9077582   .1979517    -4.59   0.000    -1.295776   -.5197407
            _Iage2_48 |  -.8165097   .1814822    -4.50   0.000    -1.172244   -.4607751
            _Iage2_49 |  -.7288618   .1651228    -4.41   0.000    -1.052529   -.4051943
            _Iage2_50 |  -.6480353   .1485199    -4.36   0.000    -.9391583   -.3569123
            _Iage2_51 |  -.5638086   .1320863    -4.27   0.000    -.8227191   -.3048981
            _Iage2_52 |  -.4811778   .1156431    -4.16   0.000    -.7078569   -.2544987
            _Iage2_53 |  -.4018029   .0991584    -4.05   0.000    -.5961694   -.2074364
            _Iage2_54 |   -.321076   .0828382    -3.88   0.000    -.4834522   -.1586998
            _Iage2_55 |    -.24313   .0662713    -3.67   0.000    -.3730325   -.1132274
            _Iage2_56 |  -.1714745   .0497678    -3.45   0.001    -.2690274   -.0739216
            _Iage2_57 |  -.1129821   .0334008    -3.38   0.001    -.1784531    -.047511
            _Iage2_58 |  -.0479964   .0174313    -2.75   0.006    -.0821645   -.0138282
            _Iage2_59 |          0  (omitted)
        firm_size_new |   .0057894   .0016856     3.43   0.001     .0024854    .0090934
                _cons |   7.741007   .2173895    35.61   0.000     7.314889    8.167126
----------------------+----------------------------------------------------------------
              sigma_u |  1.0996083
              sigma_e |  .37816735
                  rho |  .89423462   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11977) =    0.91
            Prob > F =    0.3390

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 11977) =    6.24
            Prob > F =    0.0125
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605838
Group variable: shnro_real                      Number of groups   =     65206

R-sq:  within  = 0.1908                         Obs per group: min =         1
       between = 0.1805                                        avg =       9.3
       overall = 0.0895                                        max =        16

                                                F(86,11977)        =    268.43
corr(u_i, Xb)  = -0.9259                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,978 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0411955   .0377395     1.09   0.275    -.0327801     .115171
           treated_ia3 |   .0113666   .0013845     8.21   0.000     .0086529    .0140804
     treated_iasuorv_d |   .1102455   .0335008     3.29   0.001     .0445785    .1759126
           treated_pre |  -.0108309   .0157867    -0.69   0.493    -.0417754    .0201136
       treated_pre_ia2 |   .0061119   .0185255     0.33   0.741     -.030201    .0424248
       treated_pre_ia3 |  -.0019852   .0008761    -2.27   0.023    -.0037025   -.0002679
 treated_pre_iasuorv_d |  -.0011126   .0153735    -0.07   0.942    -.0312471    .0290218
          treated_post |   .0911894   .0187525     4.86   0.000     .0544316    .1279473
      treated_post_ia2 |   .0463087   .0214932     2.15   0.031     .0041786    .0884387
      treated_post_ia3 |  -.0085864   .0009827    -8.74   0.000    -.0105127   -.0066602
treated_post_iasuorv_d |  -.1071753   .0176477    -6.07   0.000    -.1417677   -.0725829
             interact2 |   .5265527   .0251408    20.94   0.000     .4772727    .5758327
             interact3 |   .0034155   .0006553     5.21   0.000     .0021311    .0046999
               suorv_d |  -.0909687   .0194951    -4.67   0.000    -.1291824   -.0527551
                   l_0 |  -.3701773    .083625    -4.43   0.000    -.5340959   -.2062588
                   l_1 |  -.4214214   .1001405    -4.21   0.000     -.617713   -.2251299
                   l_2 |  -.5422052   .1167647    -4.64   0.000    -.7710829   -.3133275
                   l_3 |  -.6441272   .1334329    -4.83   0.000    -.9056772   -.3825772
                   l_4 |  -.7359732   .1500997    -4.90   0.000    -1.030193   -.4417535
                   l_5 |  -.8287355   .1666543    -4.97   0.000    -1.155405   -.5020661
                   l_6 |  -.9188861   .1834917    -5.01   0.000     -1.27856   -.5592126
                   l_7 |  -1.008797   .2000242    -5.04   0.000    -1.400877    -.616717
                   l_8 |  -1.093881    .216583    -5.05   0.000    -1.518419   -.6693433
                   l_9 |  -1.181678   .2332634    -5.07   0.000    -1.638912   -.7244436
                  l_10 |  -1.265107   .2499054    -5.06   0.000    -1.754962   -.7752521
                   f_1 |  -.2924114   .0668929    -4.37   0.000    -.4235323   -.1612905
                   f_2 |  -.2164645   .0504014    -4.29   0.000    -.3152593   -.1176697
                   f_3 |   -.150509   .0339035    -4.44   0.000    -.2169653   -.0840528
                   f_4 |    -.07264   .0174682    -4.16   0.000    -.1068804   -.0383995
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0217388    .004382     4.96   0.000     .0131493    .0303283
          _Ivuosi_1996 |   .0466655   .0048538     9.61   0.000     .0371513    .0561797
          _Ivuosi_1997 |    .048549   .0051086     9.50   0.000     .0385353    .0585626
          _Ivuosi_1998 |   .0588145   .0055647    10.57   0.000     .0479067    .0697223
          _Ivuosi_1999 |   .0462277   .0049951     9.25   0.000     .0364364     .056019
          _Ivuosi_2000 |   .0473598   .0057098     8.29   0.000     .0361676     .058552
          _Ivuosi_2001 |   .0598529    .005379    11.13   0.000     .0493092    .0703966
          _Ivuosi_2002 |   .0405566     .00482     8.41   0.000     .0311086    .0500046
          _Ivuosi_2003 |   .0407112   .0047676     8.54   0.000     .0313658    .0500566
          _Ivuosi_2004 |    .053765   .0045219    11.89   0.000     .0449015    .0626286
          _Ivuosi_2005 |   .0615004   .0043896    14.01   0.000     .0528961    .0701047
          _Ivuosi_2006 |    .061729   .0046203    13.36   0.000     .0526726    .0707855
          _Ivuosi_2007 |   .0779054   .0046181    16.87   0.000     .0688531    .0869577
          _Ivuosi_2008 |   .0684196    .004521    15.13   0.000     .0595577    .0772815
          _Ivuosi_2009 |   .0132218   .0047071     2.81   0.005     .0039951    .0224484
          _Ivuosi_2010 |   .0113088   .0044099     2.56   0.010     .0026648    .0199528
          _Ivuosi_2011 |   .0131464   .0035467     3.71   0.000     .0061943    .0200986
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6060913   .0262504    23.09   0.000     .5546362    .6575464
             _Iage2_22 |   .8758515   .0423646    20.67   0.000     .7928101    .9588929
             _Iage2_23 |   1.064071   .0584211    18.21   0.000      .949556    1.178586
             _Iage2_24 |   1.245723    .074953    16.62   0.000     1.098802    1.392643
             _Iage2_25 |   1.419669   .0916963    15.48   0.000     1.239929    1.599409
             _Iage2_26 |   1.583737   .1083859    14.61   0.000     1.371283    1.796191
             _Iage2_27 |   1.729972   .1249985    13.84   0.000     1.484954    1.974989
             _Iage2_28 |   1.868994   .1417425    13.19   0.000     1.591156    2.146833
             _Iage2_29 |   2.007451   .1584365    12.67   0.000      1.69689    2.318012
             _Iage2_30 |   2.130919   .1750994    12.17   0.000     1.787696    2.474143
             _Iage2_31 |     2.2543   .1916732    11.76   0.000     1.878589     2.63001
             _Iage2_32 |   2.367906     .20832    11.37   0.000     1.959565    2.776247
             _Iage2_33 |   2.474917   .2248775    11.01   0.000     2.034121    2.915714
             _Iage2_34 |   2.587473   .2416404    10.71   0.000     2.113819    3.061128
             _Iage2_35 |   2.700784   .2583153    10.46   0.000     2.194444    3.207123
             _Iage2_36 |   2.803251   .2749877    10.19   0.000     2.264231    3.342271
             _Iage2_37 |   2.910854   .2914369     9.99   0.000     2.339591    3.482118
             _Iage2_38 |   3.014498   .3081933     9.78   0.000      2.41039    3.618607
             _Iage2_39 |   3.119799   .3248457     9.60   0.000     2.483049    3.756549
             _Iage2_40 |   3.221458   .3413356     9.44   0.000     2.552385    3.890531
             _Iage2_41 |   3.320701   .3581323     9.27   0.000     2.618704    4.022699
             _Iage2_42 |   3.424473    .374851     9.14   0.000     2.689705    4.159242
             _Iage2_43 |   3.529224   .3914115     9.02   0.000     2.761994    4.296454
             _Iage2_44 |   3.625801    .408138     8.88   0.000     2.825785    4.425818
             _Iage2_45 |    3.72069   .4246982     8.76   0.000     2.888213    4.553167
             _Iage2_46 |   3.824708   .4414188     8.66   0.000     2.959455     4.68996
             _Iage2_47 |    3.92054   .4580653     8.56   0.000     3.022658    4.818423
             _Iage2_48 |   4.022099   .4747455     8.47   0.000     3.091521    4.952678
             _Iage2_49 |   4.120296   .4913026     8.39   0.000     3.157263    5.083328
             _Iage2_50 |    4.21141   .5081336     8.29   0.000     3.215385    5.207434
             _Iage2_51 |   4.306116   .5247773     8.21   0.000     3.277468    5.334765
             _Iage2_52 |   4.399307   .5414661     8.12   0.000     3.337946    5.460668
             _Iage2_53 |   4.489434   .5581462     8.04   0.000     3.395377    5.583491
             _Iage2_54 |   4.580692   .5747214     7.97   0.000     3.454145    5.707239
             _Iage2_55 |   4.669094   .5915387     7.89   0.000     3.509582    5.828605
             _Iage2_56 |   4.751423   .6082765     7.81   0.000     3.559102    5.943743
             _Iage2_57 |   4.820875    .624938     7.71   0.000     3.595896    6.045855
             _Iage2_58 |    4.89663   .6414694     7.63   0.000     3.639246    6.154014
             _Iage2_59 |   4.955485   .6583255     7.53   0.000     3.665061     6.24591
         firm_size_new |   .0054951   .0015918     3.45   0.001     .0023748    .0086153
                 _cons |   7.628082   .2190916    34.82   0.000     7.198627    8.057537
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1957573
               sigma_e |  .37550685
                   rho |  .91023573   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11977) =   33.82
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11977) =   20.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11977) =   30.91
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 11977) =    0.05
            Prob > F =    0.8191

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11977) =    0.71
            Prob > F =    0.3986

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 11977) =    0.11
            Prob > F =    0.7393
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605838
Group variable: shnro_real                      Number of groups   =     65206

R-sq:  within  = 0.1809                         Obs per group: min =         1
       between = 0.1828                                        avg =       9.3
       overall = 0.0901                                        max =        16

                                                F(85,11977)        =    248.33
corr(u_i, Xb)  = -0.9211                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,978 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0142244   .0107506     1.32   0.186    -.0068486    .0352973
           treated_ia3 |   .0072835   .0013806     5.28   0.000     .0045773    .0099898
     treated_iasuorv_d |   .1598149   .0347839     4.59   0.000     .0916329     .227997
           treated_pre |  -.0013654    .015452    -0.09   0.930    -.0316538    .0289231
  treated_pre_iasenior |  -.0150341   .0083268    -1.81   0.071    -.0313559    .0012877
       treated_pre_ia3 |  -.0012633   .0009185    -1.38   0.169    -.0030638    .0005372
 treated_pre_iasuorv_d |  -.0070253    .016889    -0.42   0.677    -.0401305    .0260799
          treated_post |   .1571917   .0184898     8.50   0.000     .1209486    .1934347
 treated_post_iasenior |   .0015802   .0101484     0.16   0.876    -.0183124    .0214727
      treated_post_ia3 |  -.0089502   .0010056    -8.90   0.000    -.0109213   -.0069792
treated_post_iasuorv_d |  -.1920737   .0190556   -10.08   0.000    -.2294257   -.1547217
                senior |   3.298637   .3569544     9.24   0.000     2.598949    3.998325
             interact3 |  -.0009179   .0006968    -1.32   0.188    -.0022838     .000448
               suorv_d |  -.1031486   .0191893    -5.38   0.000    -.1407628   -.0655345
                   l_0 |  -.3467949   .0833295    -4.16   0.000    -.5101342   -.1834556
                   l_1 |  -.3900705   .0997413    -3.91   0.000    -.5855796   -.1945615
                   l_2 |  -.5045905   .1162912    -4.34   0.000      -.73254   -.2766409
                   l_3 |  -.5999141   .1328712    -4.52   0.000    -.8603633    -.339465
                   l_4 |  -.6850402   .1494605    -4.58   0.000     -.978007   -.3920734
                   l_5 |  -.7709747   .1659256    -4.65   0.000    -1.096216   -.4457335
                   l_6 |  -.8539293   .1826787    -4.67   0.000    -1.212009   -.4958494
                   l_7 |  -.9373297   .1991189    -4.71   0.000    -1.327635   -.5470243
                   l_8 |  -1.015352   .2156282    -4.71   0.000    -1.438018   -.5926853
                   l_9 |  -1.096539   .2322192    -4.72   0.000    -1.551726   -.6413517
                  l_10 |  -1.172859   .2487688    -4.71   0.000    -1.660486   -.6852315
                   f_1 |  -.2697472    .066628    -4.05   0.000    -.4003489   -.1391455
                   f_2 |  -.2002631    .050215    -3.99   0.000    -.2986926   -.1018336
                   f_3 |  -.1402478    .033792    -4.15   0.000    -.2064857     -.07401
                   f_4 |  -.0682028   .0174213    -3.91   0.000    -.1023514   -.0340542
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0197003   .0043891     4.49   0.000      .011097    .0283036
          _Ivuosi_1996 |   .0455939   .0048612     9.38   0.000     .0360652    .0551226
          _Ivuosi_1997 |   .0464921   .0050941     9.13   0.000     .0365069    .0564774
          _Ivuosi_1998 |   .0555754   .0055558    10.00   0.000     .0446852    .0664656
          _Ivuosi_1999 |   .0422819   .0049708     8.51   0.000     .0325383    .0520256
          _Ivuosi_2000 |   .0417958   .0056967     7.34   0.000     .0306294    .0529621
          _Ivuosi_2001 |   .0545174    .005414    10.07   0.000      .043905    .0651298
          _Ivuosi_2002 |   .0352951   .0048945     7.21   0.000     .0257011    .0448892
          _Ivuosi_2003 |   .0350793   .0048765     7.19   0.000     .0255206     .044638
          _Ivuosi_2004 |   .0477455   .0046457    10.28   0.000     .0386392    .0568518
          _Ivuosi_2005 |   .0563214   .0045463    12.39   0.000     .0474099    .0652328
          _Ivuosi_2006 |   .0564092   .0048305    11.68   0.000     .0469406    .0658778
          _Ivuosi_2007 |   .0724965   .0047901    15.13   0.000     .0631071    .0818858
          _Ivuosi_2008 |   .0640815   .0046777    13.70   0.000     .0549125    .0732506
          _Ivuosi_2009 |   .0094371   .0048655     1.94   0.052    -.0001001    .0189744
          _Ivuosi_2010 |   .0080705   .0044821     1.80   0.072    -.0007151    .0168561
          _Ivuosi_2011 |   .0107843   .0035935     3.00   0.003     .0037405    .0178281
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6037039    .026203    23.04   0.000     .5523418     .655066
             _Iage2_22 |   .8709076     .04229    20.59   0.000     .7880123    .9538028
             _Iage2_23 |   1.058998    .058336    18.15   0.000     .9446502    1.173346
             _Iage2_24 |     1.2441   .0748322    16.63   0.000     1.097417    1.390783
             _Iage2_25 |    1.42321   .0915551    15.54   0.000     1.243747    1.602673
             _Iage2_26 |   1.594634    .108161    14.74   0.000     1.382621    1.806647
             _Iage2_27 |   1.744111   .1247186    13.98   0.000     1.499643     1.98858
             _Iage2_28 |   1.884543   .1414266    13.33   0.000     1.607324    2.161762
             _Iage2_29 |   2.023429   .1580327    12.80   0.000     1.713659    2.333198
             _Iage2_30 |   2.145833   .1746319    12.29   0.000     1.803526     2.48814
             _Iage2_31 |   2.267761   .1911199    11.87   0.000     1.893135    2.642386
             _Iage2_32 |   2.379567   .2077158    11.46   0.000     1.972411    2.786724
             _Iage2_33 |    2.48385   .2241922    11.08   0.000     2.044397    2.923303
             _Iage2_34 |     2.5943    .240905    10.77   0.000     2.122087    3.066512
             _Iage2_35 |   2.704415   .2575163    10.50   0.000     2.199641    3.209188
             _Iage2_36 |   2.803716   .2741058    10.23   0.000     2.266424    3.341008
             _Iage2_37 |   2.908163   .2905023    10.01   0.000     2.338731    3.477594
             _Iage2_38 |   3.009028   .3071866     9.80   0.000     2.406892    3.611163
             _Iage2_39 |   3.110911   .3237563     9.61   0.000     2.476296    3.745526
             _Iage2_40 |   3.209008   .3401789     9.43   0.000     2.542202    3.875813
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0997557   .0169672     5.88   0.000     .0664972    .1330141
             _Iage2_43 |   .2006126   .0333443     6.02   0.000     .1352524    .2659728
             _Iage2_44 |   .2930814   .0499527     5.87   0.000      .195166    .3909968
             _Iage2_45 |   .3836066   .0664334     5.77   0.000     .2533864    .5138268
             _Iage2_46 |    .483135   .0830543     5.82   0.000     .3203351     .645935
             _Iage2_47 |    .574512   .0996206     5.77   0.000     .3792395    .7697845
             _Iage2_48 |   .6715241   .1162296     5.78   0.000     .4436952    .8993529
             _Iage2_49 |   .7650016   .1327068     5.76   0.000     .5048747    1.025128
             _Iage2_50 |   .8513334   .1494764     5.70   0.000     .5583354    1.144331
             _Iage2_51 |   .9411321   .1660406     5.67   0.000     .6156656    1.266599
             _Iage2_52 |    1.02925   .1826573     5.63   0.000     .6712121    1.387288
             _Iage2_53 |   1.114215   .1992776     5.59   0.000      .723599    1.504832
             _Iage2_54 |   1.200418   .2157638     5.56   0.000     .7774856    1.623349
             _Iage2_55 |   1.283846   .2325228     5.52   0.000     .8280634    1.739628
             _Iage2_56 |   1.360954   .2491813     5.46   0.000     .8725186     1.84939
             _Iage2_57 |   1.425107   .2657762     5.36   0.000      .904142    1.946071
             _Iage2_58 |   1.495536   .2822321     5.30   0.000     .9423155    2.048757
             _Iage2_59 |   1.548974   .2990249     5.18   0.000     .9628371    2.135111
         firm_size_new |   .0056385   .0015538     3.63   0.000     .0025928    .0086843
                 _cons |   7.675652   .2182833    35.16   0.000     7.247781    8.103522
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1555588
               sigma_e |  .37778043
                   rho |  .90344063   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 11977) =   57.47
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11977) =   83.80
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 11977) =    1.89
            Prob > F =    0.1690

 ( 1)  treated_post_ia3 = 0

       F(  1, 11977) =   79.22
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11977) =   56.52
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11977) =   68.71
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11977) =   53.30
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605838
Group variable: shnro_real                      Number of groups   =     65206

R-sq:  within  = 0.1908                         Obs per group: min =         1
       between = 0.1803                                        avg =       9.3
       overall = 0.0894                                        max =        16

                                                F(89,11977)        =    259.83
corr(u_i, Xb)  = -0.9262                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,978 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   .0310803   .0107204     2.90   0.004     .0100665    .0520941
           treated_ia2 |   .0385457   .0377999     1.02   0.308    -.0355483    .1126396
           treated_ia3 |   .0105118   .0013969     7.53   0.000     .0077737      .01325
     treated_iasuorv_d |   .0954037   .0345862     2.76   0.006     .0276091    .1631984
           treated_pre |   -.014221   .0158509    -0.90   0.370    -.0452912    .0168492
  treated_pre_iasenior |  -.0231068   .0083226    -2.78   0.006    -.0394204   -.0067931
       treated_pre_ia2 |   .0081382    .018511     0.44   0.660    -.0281465    .0444228
       treated_pre_ia3 |  -.0013025   .0009068    -1.44   0.151    -.0030799     .000475
 treated_pre_iasuorv_d |   .0135281   .0171767     0.79   0.431     -.020141    .0471971
          treated_post |     .08774   .0187864     4.67   0.000     .0509156    .1245644
 treated_post_iasenior |  -.0285592   .0101875    -2.80   0.005    -.0485284   -.0085901
      treated_post_ia2 |   .0486659   .0215965     2.25   0.024     .0063333    .0909985
      treated_post_ia3 |  -.0078046   .0009752    -8.00   0.000    -.0097162   -.0058929
treated_post_iasuorv_d |  -.0901901   .0194165    -4.65   0.000    -.1282497   -.0521306
                senior |   3.319695   .3580861     9.27   0.000     2.617788    4.021602
             interact2 |    .527667   .0251568    20.98   0.000     .4783556    .5769783
             interact3 |   .0035306   .0006587     5.36   0.000     .0022394    .0048218
               suorv_d |  -.0914132   .0194991    -4.69   0.000    -.1296345   -.0531919
                   l_0 |  -.3710231   .0836131    -4.44   0.000    -.5349183   -.2071279
                   l_1 |  -.4224928    .100123    -4.22   0.000    -.6187501   -.2262354
                   l_2 |  -.5435164   .1167433    -4.66   0.000    -.7723522   -.3146807
                   l_3 |  -.6456654   .1334066    -4.84   0.000    -.9071639    -.384167
                   l_4 |  -.7377537   .1500682    -4.92   0.000    -1.031912   -.4435957
                   l_5 |  -.8307578   .1666183    -4.99   0.000    -1.157357    -.504159
                   l_6 |  -.9211451   .1834497    -5.02   0.000    -1.280736   -.5615539
                   l_7 |  -1.011311   .1999766    -5.06   0.000    -1.403298   -.6193246
                   l_8 |  -1.096633   .2165306    -5.06   0.000    -1.521068    -.672198
                   l_9 |  -1.184681   .2332054    -5.08   0.000    -1.641801   -.7275605
                  l_10 |  -1.268348   .2498422    -5.08   0.000    -1.758079   -.7786163
                   f_1 |  -.2932788   .0668787    -4.39   0.000    -.4243719   -.1621857
                   f_2 |  -.2170832   .0503928    -4.31   0.000    -.3158614   -.1183051
                   f_3 |  -.1508616   .0338988    -4.45   0.000    -.2173088   -.0844145
                   f_4 |  -.0727292   .0174649    -4.16   0.000    -.1069633   -.0384952
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0217707   .0043944     4.95   0.000     .0131569    .0303845
          _Ivuosi_1996 |   .0467727   .0048519     9.64   0.000     .0372621    .0562833
          _Ivuosi_1997 |   .0485448   .0051108     9.50   0.000     .0385269    .0585627
          _Ivuosi_1998 |   .0588416   .0055716    10.56   0.000     .0479204    .0697628
          _Ivuosi_1999 |   .0463137   .0049997     9.26   0.000     .0365134    .0561139
          _Ivuosi_2000 |   .0473632   .0057177     8.28   0.000     .0361557    .0585708
          _Ivuosi_2001 |   .0598959   .0053865    11.12   0.000     .0493376    .0704543
          _Ivuosi_2002 |   .0405735    .004825     8.41   0.000     .0311158    .0500312
          _Ivuosi_2003 |   .0407316   .0047756     8.53   0.000     .0313707    .0500925
          _Ivuosi_2004 |   .0537594   .0045255    11.88   0.000     .0448887      .06263
          _Ivuosi_2005 |   .0615158   .0043935    14.00   0.000     .0529039    .0701278
          _Ivuosi_2006 |   .0617133   .0046237    13.35   0.000     .0526501    .0707764
          _Ivuosi_2007 |   .0778844   .0046226    16.85   0.000     .0688234    .0869454
          _Ivuosi_2008 |   .0683941   .0045235    15.12   0.000     .0595273    .0772609
          _Ivuosi_2009 |   .0132042   .0047106     2.80   0.005     .0039706    .0224379
          _Ivuosi_2010 |   .0113082   .0044107     2.56   0.010     .0026625     .019954
          _Ivuosi_2011 |   .0131466   .0035465     3.71   0.000     .0061949    .0200983
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6060836   .0262457    23.09   0.000     .5546378    .6575293
             _Iage2_22 |   .8759299    .042356    20.68   0.000     .7929054    .9589545
             _Iage2_23 |   1.064232   .0584082    18.22   0.000     .9497423    1.178721
             _Iage2_24 |   1.245948   .0749354    16.63   0.000     1.099063    1.392834
             _Iage2_25 |   1.419934   .0916736    15.49   0.000     1.240239    1.599629
             _Iage2_26 |   1.584081   .1083592    14.62   0.000      1.37168    1.796483
             _Iage2_27 |   1.730386   .1249672    13.85   0.000      1.48543    1.975342
             _Iage2_28 |   1.869516   .1417071    13.19   0.000     1.591747    2.147284
             _Iage2_29 |   2.008059   .1583972    12.68   0.000     1.697574    2.318543
             _Iage2_30 |    2.13161   .1750561    12.18   0.000     1.788472    2.474749
             _Iage2_31 |   2.255057   .1916253    11.77   0.000      1.87944    2.630673
             _Iage2_32 |   2.368748   .2082678    11.37   0.000     1.960509    2.776986
             _Iage2_33 |   2.475832     .22482    11.01   0.000     2.035148    2.916515
             _Iage2_34 |   2.588458   .2415781    10.71   0.000     2.114926     3.06199
             _Iage2_35 |   2.701828   .2582492    10.46   0.000     2.195617    3.208038
             _Iage2_36 |   2.804334   .2749163    10.20   0.000     2.265454    3.343215
             _Iage2_37 |    2.91199   .2913601     9.99   0.000     2.340877    3.483103
             _Iage2_38 |   3.015723   .3081109     9.79   0.000     2.411776     3.61967
             _Iage2_39 |   3.121093   .3247578     9.61   0.000     2.484516    3.757671
             _Iage2_40 |   3.222936    .341242     9.44   0.000     2.554046    3.891826
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .1040353   .0170368     6.11   0.000     .0706405    .1374302
             _Iage2_43 |   .2090768    .033484     6.24   0.000     .1434427     .274711
             _Iage2_44 |   .3059692   .0501745     6.10   0.000      .207619    .4043194
             _Iage2_45 |   .4011892   .0667332     6.01   0.000     .2703814     .531997
             _Iage2_46 |   .5055804   .0834241     6.06   0.000     .3420556    .6691052
             _Iage2_47 |   .6017777   .1000633     6.01   0.000     .4056373    .7979181
             _Iage2_48 |   .7037466   .1167407     6.03   0.000      .474916    .9325773
             _Iage2_49 |   .8023481   .1332935     6.02   0.000     .5410711    1.063625
             _Iage2_50 |   .8939428   .1501342     5.95   0.000     .5996554     1.18823
             _Iage2_51 |   .9890767   .1667717     5.93   0.000      .662177    1.315976
             _Iage2_52 |   1.082764    .183467     5.90   0.000      .723139    1.442389
             _Iage2_53 |   1.173354   .2001473     5.86   0.000     .7810333    1.565676
             _Iage2_54 |   1.265065   .2167182     5.84   0.000     .8402624    1.689868
             _Iage2_55 |   1.354091   .2335452     5.80   0.000     .8963041    1.811877
             _Iage2_56 |   1.436847   .2502776     5.74   0.000     .9462624    1.927432
             _Iage2_57 |   1.506709   .2669456     5.64   0.000     .9834524    2.029966
             _Iage2_58 |   1.582888   .2834752     5.58   0.000      1.02723    2.138545
             _Iage2_59 |   1.642186   .3003464     5.47   0.000     1.053458    2.230913
         firm_size_new |   .0054989   .0015932     3.45   0.001     .0023759    .0086218
                 _cons |   7.628233    .219009    34.83   0.000      7.19894    8.057526
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1980473
               sigma_e |  .37550335
                   rho |  .91054941   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 11977) =   25.49
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 11977) =   36.46
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 11977) =    1.10
            Prob > F =    0.3329

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11977) =   34.14
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11977) =    7.50
            Prob > F =    0.0062

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11977) =   32.95
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11977) =   19.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 11977) =   18.18
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11977) =    5.94
            Prob > F =    0.0148

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11977) =   16.25
            Prob > F =    0.0001
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605989
Group variable: shnro_real                      Number of groups   =     65226

R-sq:  within  = 0.1909                         Obs per group: min =         1
       between = 0.1805                                        avg =       9.3
       overall = 0.0896                                        max =        16

                                                F(86,11982)        =    268.61
corr(u_i, Xb)  = -0.9258                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,983 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |    .042129   .0377293     1.12   0.264    -.0318264    .1160845
           treated_ia3 |   .0113878   .0013841     8.23   0.000     .0086747     .014101
     treated_iasuorv_d |    .110278    .033502     3.29   0.001     .0446087    .1759474
           treated_pre |  -.0111637   .0157867    -0.71   0.479    -.0421081    .0197808
       treated_pre_ia2 |   .0062197    .018524     0.34   0.737    -.0300904    .0425298
       treated_pre_ia3 |  -.0019719   .0008763    -2.25   0.024    -.0036895   -.0002543
 treated_pre_iasuorv_d |  -.0007759   .0153771    -0.05   0.960    -.0309174    .0293656
          treated_post |   .0911384   .0187474     4.86   0.000     .0543905    .1278863
      treated_post_ia2 |   .0462655   .0214921     2.15   0.031     .0041375    .0883934
      treated_post_ia3 |  -.0085902   .0009826    -8.74   0.000    -.0105163   -.0066641
treated_post_iasuorv_d |  -.1071235   .0176474    -6.07   0.000    -.1417152   -.0725318
             interact2 |   .5265466   .0251408    20.94   0.000     .4772665    .5758267
             interact3 |   .0034153   .0006553     5.21   0.000     .0021308    .0046998
               suorv_d |  -.0909752   .0194948    -4.67   0.000     -.129188   -.0527623
                   l_0 |  -.3698126   .0836065    -4.42   0.000    -.5336949   -.2059303
                   l_1 |  -.4209606   .1001184    -4.20   0.000    -.6172089   -.2247123
                   l_2 |  -.5416762   .1167395    -4.64   0.000    -.7705045   -.3128479
                   l_3 |  -.6435332   .1334043    -4.82   0.000    -.9050273   -.3820391
                   l_4 |  -.7353043   .1500678    -4.90   0.000    -1.029462    -.441147
                   l_5 |  -.8280422   .1666193    -4.97   0.000    -1.154643   -.5014413
                   l_6 |  -.9180813   .1834529    -5.00   0.000    -1.277679    -.558484
                   l_7 |  -1.007939    .199982    -5.04   0.000    -1.399937   -.6159423
                   l_8 |  -1.092909   .2165375    -5.05   0.000    -1.517358   -.6684608
                   l_9 |  -1.180622   .2332139    -5.06   0.000    -1.637759    -.723485
                  l_10 |  -1.263944   .2498524    -5.06   0.000    -1.753695   -.7741929
                   f_1 |  -.2920833   .0668782    -4.37   0.000    -.4231754   -.1609913
                   f_2 |  -.2162277   .0503903    -4.29   0.000    -.3150008   -.1174546
                   f_3 |  -.1504386   .0338966    -4.44   0.000    -.2168816   -.0839957
                   f_4 |  -.0725534   .0174645    -4.15   0.000    -.1067867   -.0383201
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0217019   .0043804     4.95   0.000     .0131156    .0302882
          _Ivuosi_1996 |   .0467921   .0048513     9.65   0.000     .0372829    .0563014
          _Ivuosi_1997 |   .0486875   .0051074     9.53   0.000     .0386762    .0586989
          _Ivuosi_1998 |   .0589509   .0055644    10.59   0.000     .0480437    .0698581
          _Ivuosi_1999 |   .0463826   .0049936     9.29   0.000     .0365944    .0561709
          _Ivuosi_2000 |   .0475178   .0057092     8.32   0.000     .0363269    .0587087
          _Ivuosi_2001 |   .0599883   .0053791    11.15   0.000     .0494444    .0705321
          _Ivuosi_2002 |   .0406663   .0048194     8.44   0.000     .0312196     .050113
          _Ivuosi_2003 |   .0407929    .004767     8.56   0.000     .0314488    .0501369
          _Ivuosi_2004 |   .0538757   .0045211    11.92   0.000     .0450136    .0627379
          _Ivuosi_2005 |   .0615784   .0043883    14.03   0.000     .0529766    .0701802
          _Ivuosi_2006 |   .0618028   .0046192    13.38   0.000     .0527484    .0708573
          _Ivuosi_2007 |   .0779797   .0046175    16.89   0.000     .0689286    .0870308
          _Ivuosi_2008 |   .0684789   .0045204    15.15   0.000     .0596182    .0773396
          _Ivuosi_2009 |   .0132528   .0047067     2.82   0.005     .0040269    .0224787
          _Ivuosi_2010 |   .0113264   .0044096     2.57   0.010     .0026828      .01997
          _Ivuosi_2011 |   .0131574   .0035468     3.71   0.000     .0062052    .0201097
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .6059346   .0262438    23.09   0.000     .5544925    .6573767
             _Iage2_22 |   .8755484   .0423539    20.67   0.000     .7925279     .958569
             _Iage2_23 |   1.063817   .0584082    18.21   0.000     .9493278    1.178307
             _Iage2_24 |   1.245488   .0749368    16.62   0.000       1.0986    1.392376
             _Iage2_25 |    1.41926    .091676    15.48   0.000     1.239561     1.59896
             _Iage2_26 |    1.58333   .1083632    14.61   0.000      1.37092    1.795739
             _Iage2_27 |     1.7295   .1249716    13.84   0.000     1.484536    1.974465
             _Iage2_28 |   1.868408   .1417124    13.18   0.000     1.590629    2.146188
             _Iage2_29 |   2.006712   .1584018    12.67   0.000     1.696219    2.317206
             _Iage2_30 |   2.130174    .175062    12.17   0.000     1.787024    2.473323
             _Iage2_31 |   2.253539   .1916315    11.76   0.000      1.87791    2.629167
             _Iage2_32 |   2.367074   .2082758    11.37   0.000      1.95882    2.775328
             _Iage2_33 |   2.473986     .22483    11.00   0.000     2.033283    2.914689
             _Iage2_34 |   2.586497   .2415894    10.71   0.000     2.112942    3.060051
             _Iage2_35 |   2.699761   .2582601    10.45   0.000     2.193529    3.205992
             _Iage2_36 |   2.802022   .2749287    10.19   0.000     2.263117    3.340926
             _Iage2_37 |   2.909615   .2913752     9.99   0.000     2.338473    3.480758
             _Iage2_38 |   3.013217   .3081277     9.78   0.000     2.409236    3.617197
             _Iage2_39 |   3.118428   .3247765     9.60   0.000     2.481814    3.755043
             _Iage2_40 |   3.220087   .3412633     9.44   0.000     2.551156    3.889018
             _Iage2_41 |   3.319241   .3580566     9.27   0.000     2.617392     4.02109
             _Iage2_42 |   3.422932   .3747717     9.13   0.000     2.688318    4.157545
             _Iage2_43 |   3.527599   .3913288     9.01   0.000     2.760531    4.294667
             _Iage2_44 |   3.624107   .4080518     8.88   0.000      2.82426    4.423955
             _Iage2_45 |   3.718936   .4246088     8.76   0.000     2.886634    4.551238
             _Iage2_46 |   3.822868   .4413262     8.66   0.000     2.957797    4.687939
             _Iage2_47 |   3.918645   .4579692     8.56   0.000     3.020952    4.816339
             _Iage2_48 |    4.02013    .474646     8.47   0.000     3.089747    4.950513
             _Iage2_49 |   4.118244   .4911996     8.38   0.000     3.155414    5.081075
             _Iage2_50 |   4.209284   .5080269     8.29   0.000     3.213469    5.205099
             _Iage2_51 |   4.303916   .5246671     8.20   0.000     3.275484    5.332349
             _Iage2_52 |   4.397036   .5413524     8.12   0.000     3.335898    5.458175
             _Iage2_53 |   4.487096    .558029     8.04   0.000     3.393268    5.580923
             _Iage2_54 |   4.578291   .5746009     7.97   0.000      3.45198    5.704602
             _Iage2_55 |   4.666616   .5914147     7.89   0.000     3.507347    5.825885
             _Iage2_56 |   4.748869    .608149     7.81   0.000     3.556799     5.94094
             _Iage2_57 |    4.81826   .6248071     7.71   0.000     3.593537    6.042983
             _Iage2_58 |   4.893887   .6413346     7.63   0.000     3.636767    6.151007
             _Iage2_59 |   4.952733   .6581876     7.52   0.000     3.662579    6.242887
         firm_size_new |   .0055442   .0015795     3.51   0.000     .0024481    .0086403
                 _cons |   7.628873    .219024    34.83   0.000      7.19955    8.058195
-----------------------+----------------------------------------------------------------
               sigma_u |  1.1950118
               sigma_e |  .37551347
                   rho |  .91013088   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11982) =   33.78
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11982) =   20.52
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11982) =   30.87
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 11982) =    0.06
            Prob > F =    0.8107

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11982) =    0.75
            Prob > F =    0.3869

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 11982) =    0.12
            Prob > F =    0.7314
O:\returns
lnwage_bluec_age_short_noIQ_nostem_G.xls
dir : seeout
lnwage_bluec_age_top3_noIQ_nostem_G.xls
dir : seeout
(1,004,810 real changes made, 1,004,244 to missing)
(29,180 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |    611,165       96.14       96.14
         12 |     11,977        1.88       98.02
         22 |      7,313        1.15       99.17
         24 |      1,697        0.27       99.44
         25 |      1,934        0.30       99.74
         99 |      1,649        0.26      100.00
------------+-----------------------------------
      Total |    635,735      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

Linear regression                               Number of obs     =    617,064
                                                F(87, 65798)      =     216.99
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1659
                                                Root MSE          =     .17636

                                      (Std. Err. adjusted for 65,799 clusters in shnro)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0277221   .0045892     6.04   0.000     .0187272     .036717
     treated_ia1_4145 |  -.0966319   .0065398   -14.78   0.000    -.1094499   -.0838139
     treated_ia1_4650 |  -.0999809   .0061257   -16.32   0.000    -.1119873   -.0879745
     treated_ia1_5160 |   -.118328   .0063647   -18.59   0.000    -.1308028   -.1058531
          treated_pre |  -.0094859   .0042907    -2.21   0.027    -.0178957   -.0010761
 treated_pre_ia1_4145 |    .066188   .0061812    10.71   0.000     .0540729    .0783031
 treated_pre_ia1_4650 |   .0708495   .0058104    12.19   0.000     .0594612    .0822379
 treated_pre_ia1_5155 |   .0843115   .0060611    13.91   0.000     .0724318    .0961913
 treated_pre_ia1_5660 |   .0632115   .0066729     9.47   0.000     .0501327    .0762903
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0354378   .0045913    -7.72   0.000    -.0444366   -.0264389
treated_post_ia1_4145 |   .1056436   .0064876    16.28   0.000     .0929278    .1183593
treated_post_ia1_4650 |   .1129886   .0061027    18.51   0.000     .1010273    .1249499
treated_post_ia1_5155 |   .1283967   .0063514    20.22   0.000     .1159479    .1408454
treated_post_ia1_5660 |    .118494   .0069005    17.17   0.000     .1049691     .132019
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.1306496   .0027368   -47.74   0.000    -.1360137   -.1252855
                  l_1 |  -.0930331   .0028423   -32.73   0.000    -.0986041   -.0874622
                  l_2 |  -.0808272   .0028684   -28.18   0.000    -.0864493   -.0752052
                  l_3 |  -.0728623   .0028746   -25.35   0.000    -.0784965    -.067228
                  l_4 |  -.0663401   .0028877   -22.97   0.000        -.072   -.0606802
                  l_5 |  -.0600496   .0029032   -20.68   0.000      -.06574   -.0543593
                  l_6 |  -.0586851   .0028403   -20.66   0.000    -.0642521   -.0531182
                  l_7 |  -.0651403   .0027065   -24.07   0.000     -.070445   -.0598355
                  l_8 |  -.0646864   .0027108   -23.86   0.000    -.0699996   -.0593732
                  l_9 |  -.0642941   .0027142   -23.69   0.000     -.069614   -.0589743
                 l_10 |  -.0643831   .0027257   -23.62   0.000    -.0697254   -.0590408
                  f_1 |  -.0981713   .0027572   -35.61   0.000    -.1035753   -.0927672
                  f_2 |   -.096199   .0027433   -35.07   0.000     -.101576   -.0908221
                  f_3 |  -.0838441   .0027229   -30.79   0.000    -.0891809   -.0785072
                  f_4 |  -.0490364   .0026769   -18.32   0.000    -.0542831   -.0437896
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0410319   .0024311   -16.88   0.000    -.0457967    -.036267
         _Ivuosi_1996 |   .0360334   .0025456    14.16   0.000      .031044    .0410227
         _Ivuosi_1997 |   .0277758   .0025503    10.89   0.000     .0227773    .0327743
         _Ivuosi_1998 |   .0152503   .0025012     6.10   0.000     .0103479    .0201527
         _Ivuosi_1999 |   .0189932   .0025144     7.55   0.000     .0140649    .0239214
         _Ivuosi_2000 |  -.0192068   .0023272    -8.25   0.000    -.0237681   -.0146455
         _Ivuosi_2001 |  -.1010131   .0020801   -48.56   0.000    -.1050902   -.0969361
         _Ivuosi_2002 |  -.1019592   .0020864   -48.87   0.000    -.1060486   -.0978698
         _Ivuosi_2003 |  -.1048141   .0020875   -50.21   0.000    -.1089056   -.1007226
         _Ivuosi_2004 |  -.1056812   .0020981   -50.37   0.000    -.1097934   -.1015689
         _Ivuosi_2005 |  -.1058799   .0021011   -50.39   0.000    -.1099982   -.1017617
         _Ivuosi_2006 |  -.1037042   .0021177   -48.97   0.000    -.1078549   -.0995535
         _Ivuosi_2007 |  -.1008986   .0021343   -47.27   0.000    -.1050818   -.0967153
         _Ivuosi_2008 |  -.0980754   .0021303   -46.04   0.000    -.1022507      -.0939
         _Ivuosi_2009 |  -.0987031   .0021581   -45.74   0.000    -.1029329   -.0944733
         _Ivuosi_2010 |  -.0987562   .0021549   -45.83   0.000    -.1029799   -.0945325
         _Ivuosi_2011 |  -.1025646   .0021949   -46.73   0.000    -.1068665   -.0982626
         _Ivuosi_2012 |  -.1038627   .0021952   -47.31   0.000    -.1081653     -.09956
            _Iage2_21 |  -.1212018    .004159   -29.14   0.000    -.1293534   -.1130502
            _Iage2_22 |  -.1606001   .0042221   -38.04   0.000    -.1688754   -.1523249
            _Iage2_23 |  -.1807756   .0041473   -43.59   0.000    -.1889044   -.1726468
            _Iage2_24 |  -.2005192   .0040383   -49.65   0.000    -.2084343   -.1926041
            _Iage2_25 |  -.2157177   .0039542   -54.55   0.000     -.223468   -.2079674
            _Iage2_26 |  -.2233157   .0039085   -57.14   0.000    -.2309763   -.2156551
            _Iage2_27 |   -.230858   .0038764   -59.56   0.000    -.2384557   -.2232603
            _Iage2_28 |  -.2380776   .0038432   -61.95   0.000    -.2456102    -.230545
            _Iage2_29 |  -.2400963   .0038481   -62.39   0.000    -.2476386    -.232554
            _Iage2_30 |  -.2436763   .0038308   -63.61   0.000    -.2511846    -.236168
            _Iage2_31 |  -.2465218   .0038165   -64.59   0.000    -.2540021   -.2390416
            _Iage2_32 |  -.2470116   .0038108   -64.82   0.000    -.2544807   -.2395424
            _Iage2_33 |  -.2485917   .0037954   -65.50   0.000    -.2560307   -.2411528
            _Iage2_34 |  -.2506778   .0037814   -66.29   0.000    -.2580894   -.2432663
            _Iage2_35 |  -.2506549   .0037827   -66.26   0.000    -.2580691   -.2432408
            _Iage2_36 |  -.2522381   .0037693   -66.92   0.000    -.2596259   -.2448503
            _Iage2_37 |  -.2537945   .0037652   -67.41   0.000    -.2611743   -.2464147
            _Iage2_38 |  -.2549523   .0037651   -67.71   0.000     -.262332   -.2475727
            _Iage2_39 |  -.2532717   .0037831   -66.95   0.000    -.2606866   -.2458568
            _Iage2_40 |  -.2577749   .0037622   -68.52   0.000    -.2651488    -.250401
            _Iage2_41 |  -.2539062   .0038588   -65.80   0.000    -.2614694    -.246343
            _Iage2_42 |   -.254583   .0038658   -65.85   0.000      -.26216   -.2470059
            _Iage2_43 |  -.2548844    .003872   -65.83   0.000    -.2624735   -.2472952
            _Iage2_44 |  -.2548021   .0038842   -65.60   0.000    -.2624151    -.247189
            _Iage2_45 |  -.2557413   .0038721   -66.05   0.000    -.2633306    -.248152
            _Iage2_46 |  -.2578074   .0038676   -66.66   0.000    -.2653879    -.250227
            _Iage2_47 |   -.259721   .0038592   -67.30   0.000    -.2672851   -.2521569
            _Iage2_48 |  -.2603286   .0038503   -67.61   0.000    -.2678751   -.2527821
            _Iage2_49 |  -.2602483   .0038557   -67.50   0.000    -.2678055    -.252691
            _Iage2_50 |  -.2579074   .0038693   -66.65   0.000    -.2654913   -.2503235
            _Iage2_51 |  -.2546687   .0038755   -65.71   0.000    -.2622646   -.2470728
            _Iage2_52 |  -.2533031    .003865   -65.54   0.000    -.2608785   -.2457278
            _Iage2_53 |  -.2497078   .0038755   -64.43   0.000    -.2573039   -.2421118
            _Iage2_54 |  -.2462286   .0038684   -63.65   0.000    -.2538108   -.2386465
            _Iage2_55 |  -.2395335    .003901   -61.40   0.000    -.2471795   -.2318874
            _Iage2_56 |  -.2235794   .0041776   -53.52   0.000    -.2317675   -.2153914
            _Iage2_57 |  -.2171414   .0042401   -51.21   0.000    -.2254519   -.2088308
            _Iage2_58 |  -.2067103   .0044018   -46.96   0.000    -.2153379   -.1980827
            _Iage2_59 |  -.1965423   .0046333   -42.42   0.000    -.2056235    -.187461
        firm_size_new |  -.0010314   .0001705    -6.05   0.000    -.0013656   -.0006973
                _cons |   .4156126   .0047599    87.32   0.000     .4062831     .424942
---------------------------------------------------------------------------------------
(993,735 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.18812  .0393969  39.22595  .0671822  .0456056  11.99306
      sd |  .6472141  .1945377   11.0659  .2503376  .2086285  8.836669
     p50 |  10.32301         0        39         0         0        10
       N |    305084    309085    309085    309085    309085    131062
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.23116  .0381812  39.32633  .0708328  .0496203  12.16871
      sd |  .6736393  .1916337  11.09256  .2565457  .2171595  9.046558
     p50 |   10.3668         0        40         0         0        10
       N |    304205    307979    307979    307979    307979    126859
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.18812  .0393969  39.22595  .0671822  .0456056  11.99306
         |  .6472141  .1945377   11.0659  .2503376  .2086285  8.836669
         |  10.32301         0        39         0         0        10
         |    305084    309085    309085    309085    309085    131062
---------+------------------------------------------------------------
       1 |  10.23116  .0381812  39.32633  .0708328  .0496203  12.16871
         |  .6736393  .1916337  11.09256  .2565457  .2171595  9.046558
         |   10.3668         0        40         0         0        10
         |    304205    307979    307979    307979    307979    126859
---------+------------------------------------------------------------
   Total |  10.20961  .0387901  39.27605  .0690042  .0476093  12.07945
         |  .6608898  .1930946  11.07932  .2534615  .2129384  8.940933
         |  10.34396         0        39         0         0        10
         |    609289    617064    617064    617064    617064    257921
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQ.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
             |

Linear regression                               Number of obs     =    257,921
                                                F(1, 257919)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6590
                                                Root MSE          =     5.2212

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .7585304   .0014159   535.71   0.000     .7557552    .7613056
       _cons |  -13.95883   .0415619  -335.86   0.000    -14.04029   -13.87737
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7622   1.0000 
             |   0.0000
             |
(1,610,799 missing values generated)
(61,568 real changes made)
(1549231 missing values generated)
(616159 missing values generated)
(0 observations deleted)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1512                         Obs per group: min =         1
       between = 0.0000                                        avg =       9.8
       overall = 0.0092                                        max =        16

                                                F(74,11427)        =     76.70
corr(u_i, Xb)  = -0.7971                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 11,428 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0167168   .0074517     2.24   0.025     .0021101    .0313234
 treated_post |    .015194    .009662     1.57   0.116    -.0037451    .0341332
          l_0 |  -.2152594   .0352924    -6.10   0.000    -.2844386   -.1460801
          l_1 |  -.1972185   .0419224    -4.70   0.000    -.2793936   -.1150434
          l_2 |  -.2043775   .0486051    -4.20   0.000     -.299652   -.1091031
          l_3 |  -.2172929   .0553528    -3.93   0.000    -.3257939    -.108792
          l_4 |  -.2310646   .0620939    -3.72   0.000    -.3527793   -.1093499
          l_5 |  -.2447616   .0688671    -3.55   0.000    -.3797529   -.1097702
          l_6 |   -.261352   .0756524    -3.45   0.001    -.4096437   -.1130602
          l_7 |  -.2880616   .0824654    -3.49   0.000    -.4497079   -.1264153
          l_8 |  -.3087906   .0892825    -3.46   0.001    -.4837996   -.1337815
          l_9 |  -.3283466   .0960967    -3.42   0.001    -.5167126   -.1399806
         l_10 |  -.3502177   .1028757    -3.40   0.001    -.5518716   -.1485637
          f_1 |  -.1640541   .0283362    -5.79   0.000    -.2195978   -.1085103
          f_2 |  -.1397916   .0213637    -6.54   0.000    -.1816681    -.097915
          f_3 |  -.1099313   .0147958    -7.43   0.000    -.1389336   -.0809289
          f_4 |  -.0612975   .0083433    -7.35   0.000    -.0776518   -.0449431
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |  -.0432425   .0048819    -8.86   0.000    -.0528119   -.0336732
 _Ivuosi_1996 |   .0313917   .0035903     8.74   0.000     .0243541    .0384292
 _Ivuosi_1997 |   .0287076   .0033904     8.47   0.000      .022062    .0353533
 _Ivuosi_1998 |    .024473   .0034352     7.12   0.000     .0177394    .0312066
 _Ivuosi_1999 |   .0332564   .0034509     9.64   0.000      .026492    .0400207
 _Ivuosi_2000 |   .0014996   .0041362     0.36   0.717    -.0066081    .0096073
 _Ivuosi_2001 |  -.0531731   .0029583   -17.97   0.000    -.0589718   -.0473744
 _Ivuosi_2002 |  -.0499709   .0027316   -18.29   0.000    -.0553253   -.0446165
 _Ivuosi_2003 |  -.0485779   .0025864   -18.78   0.000    -.0536478   -.0435081
 _Ivuosi_2004 |  -.0458238   .0022039   -20.79   0.000    -.0501439   -.0415038
 _Ivuosi_2005 |  -.0437316   .0020493   -21.34   0.000    -.0477486   -.0397146
 _Ivuosi_2006 |  -.0357607   .0018524   -19.31   0.000    -.0393917   -.0321297
 _Ivuosi_2007 |   -.028438   .0015637   -18.19   0.000    -.0315032   -.0253729
 _Ivuosi_2008 |  -.0203014   .0014771   -13.74   0.000    -.0231968   -.0174061
 _Ivuosi_2009 |  -.0156011   .0010337   -15.09   0.000    -.0176274   -.0135749
 _Ivuosi_2010 |  -.0096941   .0007843   -12.36   0.000    -.0112314   -.0081567
 _Ivuosi_2011 |  -.0058672   .0004435   -13.23   0.000    -.0067366   -.0049978
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1214314   .0107879   -11.26   0.000    -.1425776   -.1002852
    _Iage2_22 |  -.1535161    .017227    -8.91   0.000     -.187284   -.1197483
    _Iage2_23 |  -.1665603   .0238877    -6.97   0.000    -.2133843   -.1197364
    _Iage2_24 |  -.1746002   .0303923    -5.74   0.000    -.2341743    -.115026
    _Iage2_25 |  -.1798086   .0371719    -4.84   0.000    -.2526718   -.1069454
    _Iage2_26 |  -.1763198   .0437127    -4.03   0.000    -.2620042   -.0906355
    _Iage2_27 |  -.1749468   .0503852    -3.47   0.001    -.2737104   -.0761831
    _Iage2_28 |  -.1715891   .0571793    -3.00   0.003    -.2836704   -.0595079
    _Iage2_29 |  -.1627751   .0638657    -2.55   0.011    -.2879628   -.0375874
    _Iage2_30 |   -.155461   .0706305    -2.20   0.028    -.2939089   -.0170131
    _Iage2_31 |  -.1478276   .0774397    -1.91   0.056    -.2996227    .0039674
    _Iage2_32 |  -.1352875   .0842285    -1.61   0.108    -.3003899    .0298149
    _Iage2_33 |  -.1231648   .0910533    -1.35   0.176    -.3016448    .0553152
    _Iage2_34 |  -.1103779   .0976568    -1.13   0.258    -.3018019    .0810461
    _Iage2_35 |   -.095636    .104417    -0.92   0.360    -.3003112    .1090392
    _Iage2_36 |  -.0809202   .1112156    -0.73   0.467    -.2989218    .1370814
    _Iage2_37 |  -.0663855   .1179739    -0.56   0.574    -.2976345    .1648636
    _Iage2_38 |  -.0508558   .1246916    -0.41   0.683    -.2952727     .193561
    _Iage2_39 |  -.0323601   .1315691    -0.25   0.806    -.2902582     .225538
    _Iage2_40 |   -.020014   .1383597    -0.14   0.885    -.2912227    .2511948
    _Iage2_41 |  -.0025816    .145117    -0.02   0.986    -.2870358    .2818726
    _Iage2_42 |   .0149246   .1519095     0.10   0.922    -.2828442    .3126934
    _Iage2_43 |   .0328667   .1587512     0.21   0.836    -.2783129    .3440463
    _Iage2_44 |   .0503168   .1655425     0.30   0.761    -.2741749    .3748085
    _Iage2_45 |   .0675344   .1723259     0.39   0.695    -.2702538    .4053227
    _Iage2_46 |   .0857422   .1791629     0.48   0.632    -.2654478    .4369323
    _Iage2_47 |   .1022538   .1859941     0.55   0.582    -.2623265    .4668341
    _Iage2_48 |   .1197605   .1927997     0.62   0.535      -.25816    .4976811
    _Iage2_49 |    .139009   .1996223     0.70   0.486    -.2522849     .530303
    _Iage2_50 |   .1583643   .2064331     0.77   0.443      -.24628    .5630086
    _Iage2_51 |   .1766681   .2132407     0.83   0.407    -.2413203    .5946564
    _Iage2_52 |   .1942512   .2200583     0.88   0.377    -.2371007    .6256032
    _Iage2_53 |   .2137641   .2269112     0.94   0.346    -.2310208    .6585489
    _Iage2_54 |   .2341305   .2337282     1.00   0.316    -.2240169    .6922779
    _Iage2_55 |   .2580817   .2405666     1.07   0.283    -.2134702    .7296336
    _Iage2_56 |   .2844572   .2473996     1.15   0.250    -.2004885     .769403
    _Iage2_57 |   .3092956    .254224     1.22   0.224    -.1890272    .8076183
    _Iage2_58 |   .3394571    .261024     1.30   0.193    -.1721947     .851109
    _Iage2_59 |   .3705018   .2678365     1.38   0.167    -.1545036    .8955072
firm_size_new |  -.0005798   .0011994    -0.48   0.629    -.0029307    .0017712
        _cons |   .2342558   .0881426     2.66   0.008     .0614813    .4070303
--------------+----------------------------------------------------------------
      sigma_u |  .20145716
      sigma_e |  .15499199
          rho |  .62817761   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1523                         Obs per group: min =         1
       between = 0.0001                                        avg =       9.8
       overall = 0.0129                                        max =        16

                                                F(79,11427)        =     72.73
corr(u_i, Xb)  = -0.7531                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 11,428 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0046396   .0097696     0.47   0.635    -.0145105    .0237897
          treated_pre |   .0198906   .0093425     2.13   0.033     .0015776    .0382036
 treated_pre_iasenior |  -.0078879    .008696    -0.91   0.364    -.0249335    .0091577
         treated_post |   .0145671   .0127807     1.14   0.254    -.0104853    .0396195
treated_post_iasenior |   .0002142   .0113891     0.02   0.985    -.0221104    .0225389
               senior |   .2456548   .2665703     0.92   0.357    -.2768687    .7681783
         pre_iasenior |   .0552141   .0057075     9.67   0.000     .0440265    .0664018
        post_iasenior |   .0605261   .0070694     8.56   0.000      .046669    .0743833
                  l_0 |   -.229129   .0357009    -6.42   0.000    -.2991089   -.1591491
                  l_1 |  -.2095518   .0422555    -4.96   0.000    -.2923799   -.1267237
                  l_2 |  -.2150992   .0488811    -4.40   0.000    -.3109146   -.1192838
                  l_3 |   -.226387   .0555769    -4.07   0.000    -.3353272   -.1174468
                  l_4 |  -.2384384   .0622709    -3.83   0.000       -.3605   -.1163767
                  l_5 |   -.250405   .0690011    -3.63   0.000     -.385659   -.1151511
                  l_6 |  -.2652877   .0757458    -3.50   0.000    -.4137624   -.1168131
                  l_7 |  -.2901968   .0825244    -3.52   0.000    -.4519588   -.1284348
                  l_8 |  -.3092166   .0893073    -3.46   0.001    -.4842742    -.134159
                  l_9 |   -.326951   .0960872    -3.40   0.001    -.5152984   -.1386035
                 l_10 |  -.3471293   .1028351    -3.38   0.001    -.5487038   -.1455549
                  f_1 |  -.1775326   .0285239    -6.22   0.000    -.2334444   -.1216209
                  f_2 |  -.1549556   .0216437    -7.16   0.000     -.197381   -.1125302
                  f_3 |  -.1268049   .0152157    -8.33   0.000    -.1566304   -.0969794
                  f_4 |  -.0798497     .00903    -8.84   0.000    -.0975501   -.0621493
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0436115   .0048252    -9.04   0.000    -.0530697   -.0341533
         _Ivuosi_1996 |   .0310496   .0035717     8.69   0.000     .0240484    .0380508
         _Ivuosi_1997 |   .0289025   .0033766     8.56   0.000     .0222838    .0355211
         _Ivuosi_1998 |   .0245833    .003431     7.17   0.000      .017858    .0313086
         _Ivuosi_1999 |   .0331158    .003451     9.60   0.000     .0263512    .0398805
         _Ivuosi_2000 |   .0018275    .004123     0.44   0.658    -.0062542    .0099092
         _Ivuosi_2001 |  -.0530916   .0029645   -17.91   0.000    -.0589025   -.0472808
         _Ivuosi_2002 |  -.0497046   .0027218   -18.26   0.000    -.0550397   -.0443695
         _Ivuosi_2003 |  -.0482489   .0025737   -18.75   0.000    -.0532938    -.043204
         _Ivuosi_2004 |  -.0454231   .0022057   -20.59   0.000    -.0497467   -.0410995
         _Ivuosi_2005 |  -.0434431   .0020565   -21.12   0.000    -.0474742    -.039412
         _Ivuosi_2006 |  -.0353114   .0018591   -18.99   0.000    -.0389554   -.0316673
         _Ivuosi_2007 |  -.0280539    .001565   -17.93   0.000    -.0311215   -.0249862
         _Ivuosi_2008 |  -.0199562   .0014752   -13.53   0.000    -.0228477   -.0170646
         _Ivuosi_2009 |  -.0153411   .0010345   -14.83   0.000    -.0173689   -.0133132
         _Ivuosi_2010 |  -.0095817   .0007766   -12.34   0.000    -.0111039   -.0080595
         _Ivuosi_2011 |  -.0058002   .0004333   -13.38   0.000    -.0066496   -.0049508
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |  -.1216052   .0107571   -11.30   0.000     -.142691   -.1005194
            _Iage2_22 |  -.1541623    .017182    -8.97   0.000     -.187842   -.1204826
            _Iage2_23 |  -.1678564   .0238297    -7.04   0.000    -.2145668    -.121146
            _Iage2_24 |  -.1765065   .0303218    -5.82   0.000    -.2359425   -.1170705
            _Iage2_25 |  -.1824838   .0370837    -4.92   0.000    -.2551743   -.1097933
            _Iage2_26 |  -.1798622   .0436113    -4.12   0.000    -.2653478   -.0943767
            _Iage2_27 |  -.1795458   .0502683    -3.57   0.000    -.2780804   -.0810112
            _Iage2_28 |   -.177229    .057046    -3.11   0.002     -.289049    -.065409
            _Iage2_29 |   -.169444   .0637141    -2.66   0.008    -.2943346   -.0445534
            _Iage2_30 |   -.163121   .0704626    -2.32   0.021    -.3012398   -.0250023
            _Iage2_31 |  -.1565515   .0772527    -2.03   0.043    -.3079801    -.005123
            _Iage2_32 |  -.1449941   .0840241    -1.73   0.084    -.3096957    .0197075
            _Iage2_33 |  -.1338612   .0908358    -1.47   0.141    -.3119148    .0441925
            _Iage2_34 |   -.122119   .0974216    -1.25   0.210    -.3130821    .0688442
            _Iage2_35 |  -.1083715   .1041662    -1.04   0.298     -.312555    .0958121
            _Iage2_36 |  -.0945732    .110947    -0.85   0.394    -.3120484    .1229019
            _Iage2_37 |  -.0811868   .1176867    -0.69   0.490    -.3118729    .1494992
            _Iage2_38 |  -.0669154    .124385    -0.54   0.591    -.3107314    .1769006
            _Iage2_39 |  -.0495816   .1312416    -0.38   0.706    -.3068376    .2076744
            _Iage2_40 |  -.0387032   .1380113    -0.28   0.779    -.3092292    .2318227
            _Iage2_41 |  -.3262756   .1223034    -2.67   0.008    -.5660113   -.0865398
            _Iage2_42 |  -.3106687   .1155279    -2.69   0.007    -.5371232   -.0842141
            _Iage2_43 |  -.2948405   .1087058    -2.71   0.007    -.5079226   -.0817583
            _Iage2_44 |  -.2795836    .101941    -2.74   0.006    -.4794055   -.0797618
            _Iage2_45 |  -.2646975   .0951796    -2.78   0.005    -.4512658   -.0781293
            _Iage2_46 |   -.249008   .0883701    -2.82   0.005    -.4222285   -.0757876
            _Iage2_47 |  -.2349167   .0815715    -2.88   0.004    -.3948109   -.0750224
            _Iage2_48 |  -.2200398   .0748019    -2.94   0.003    -.3666643   -.0734152
            _Iage2_49 |  -.2033502    .068017    -2.99   0.003    -.3366751   -.0700253
            _Iage2_50 |  -.1869033   .0612377    -3.05   0.002    -.3069398   -.0668668
            _Iage2_51 |  -.1713623   .0544898    -3.14   0.002    -.2781717   -.0645528
            _Iage2_52 |  -.1566378   .0477106    -3.28   0.001    -.2501587   -.0631169
            _Iage2_53 |  -.1399603   .0409141    -3.42   0.001     -.220159   -.0597616
            _Iage2_54 |  -.1224867   .0341638    -3.59   0.000    -.1894537   -.0555197
            _Iage2_55 |  -.1021713   .0273816    -3.73   0.000     -.155844   -.0484987
            _Iage2_56 |  -.0783591   .0206051    -3.80   0.000    -.1187485   -.0379696
            _Iage2_57 |  -.0560374   .0138625    -4.04   0.000    -.0832103   -.0288645
            _Iage2_58 |  -.0284539   .0070401    -4.04   0.000    -.0422538    -.014654
            _Iage2_59 |          0  (omitted)
        firm_size_new |  -.0005348   .0011908    -0.45   0.653     -.002869    .0017995
                _cons |   .2666624   .0878439     3.04   0.002     .0944732    .4388516
----------------------+----------------------------------------------------------------
              sigma_u |   .1845538
              sigma_e |  .15489222
                  rho |  .58672016   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11427) =    3.99
            Prob > F =    0.0457

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 11427) =    3.60
            Prob > F =    0.0576
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1537                         Obs per group: min =         1
       between = 0.0005                                        avg =       9.8
       overall = 0.0163                                        max =        16

                                                F(82,11427)        =     74.58
corr(u_i, Xb)  = -0.7372                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,428 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0072544   .0008969    -8.09   0.000    -.0090125   -.0054964
     treated_iasuorv_d |   -.138442   .0165616    -8.36   0.000    -.1709056   -.1059784
           treated_pre |  -.0663506   .0128151    -5.18   0.000    -.0914704   -.0412307
       treated_pre_ia3 |   .0065507   .0006422    10.20   0.000     .0052918    .0078096
 treated_pre_iasuorv_d |   .0950178   .0111203     8.54   0.000     .0732201    .1168155
          treated_post |  -.1058908   .0169821    -6.24   0.000    -.1391787   -.0726029
      treated_post_ia3 |   .0085415   .0008131    10.50   0.000     .0069477    .0101354
treated_post_iasuorv_d |   .1415175   .0139914    10.11   0.000      .114092     .168943
             interact3 |  -.0007928   .0002617    -3.03   0.002    -.0013057   -.0002799
               suorv_d |   .0348229   .0086304     4.03   0.000     .0179059    .0517399
                   l_0 |  -.1957793   .0353875    -5.53   0.000     -.265145   -.1264137
                   l_1 |  -.1745144   .0420742    -4.15   0.000    -.2569871   -.0920417
                   l_2 |  -.1781826   .0488073    -3.65   0.000    -.2738532    -.082512
                   l_3 |  -.1874962   .0556052    -3.37   0.001     -.296492   -.0785005
                   l_4 |  -.1975263   .0623949    -3.17   0.002    -.3198311   -.0752215
                   l_5 |  -.2074721   .0692173    -3.00   0.003    -.3431499   -.0717943
                   l_6 |  -.2202794   .0760542    -2.90   0.004    -.3693588   -.0712001
                   l_7 |  -.2431443   .0829251    -2.93   0.003    -.4056917   -.0805969
                   l_8 |  -.2600102   .0897941    -2.90   0.004    -.4360221   -.0839984
                   l_9 |  -.2756246     .09666    -2.85   0.004    -.4650949   -.0861544
                  l_10 |  -.2936141   .1034925    -2.84   0.005    -.4964772   -.0907511
                   f_1 |  -.1492406   .0284854    -5.24   0.000    -.2050768   -.0934043
                   f_2 |  -.1286434   .0214502    -6.00   0.000    -.1706896   -.0865973
                   f_3 |   -.102373   .0148293    -6.90   0.000     -.131441    -.073305
                   f_4 |  -.0573584   .0083263    -6.89   0.000    -.0736794   -.0410374
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0437642   .0048578    -9.01   0.000    -.0532864   -.0342421
          _Ivuosi_1996 |   .0309907   .0035759     8.67   0.000     .0239812    .0380002
          _Ivuosi_1997 |   .0285277   .0033624     8.48   0.000     .0219369    .0351186
          _Ivuosi_1998 |    .024181   .0034037     7.10   0.000     .0175091    .0308529
          _Ivuosi_1999 |   .0326583   .0034242     9.54   0.000     .0259462    .0393703
          _Ivuosi_2000 |   .0013295   .0041035     0.32   0.746    -.0067141    .0093731
          _Ivuosi_2001 |  -.0533281   .0029747   -17.93   0.000    -.0591591   -.0474971
          _Ivuosi_2002 |  -.0499503   .0027364   -18.25   0.000    -.0553142   -.0445864
          _Ivuosi_2003 |  -.0484541     .00259   -18.71   0.000    -.0535308   -.0433773
          _Ivuosi_2004 |  -.0457254   .0022219   -20.58   0.000    -.0500807     -.04137
          _Ivuosi_2005 |  -.0437167   .0020667   -21.15   0.000    -.0477677   -.0396657
          _Ivuosi_2006 |  -.0357081   .0018575   -19.22   0.000    -.0393491   -.0320671
          _Ivuosi_2007 |  -.0283815   .0015653   -18.13   0.000    -.0314499   -.0253132
          _Ivuosi_2008 |  -.0203036   .0014762   -13.75   0.000    -.0231972   -.0174101
          _Ivuosi_2009 |  -.0155323   .0010369   -14.98   0.000    -.0175648   -.0134998
          _Ivuosi_2010 |   -.009676   .0007809   -12.39   0.000    -.0112067   -.0081452
          _Ivuosi_2011 |  -.0058226   .0004384   -13.28   0.000     -.006682   -.0049632
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1215191   .0107465   -11.31   0.000    -.1425841   -.1004541
             _Iage2_22 |  -.1542276   .0172153    -8.96   0.000    -.1879725   -.1204827
             _Iage2_23 |  -.1686026   .0239008    -7.05   0.000    -.2154523   -.1217529
             _Iage2_24 |  -.1783552   .0304589    -5.86   0.000    -.2380598   -.1186505
             _Iage2_25 |  -.1858228   .0372936    -4.98   0.000    -.2589247    -.112721
             _Iage2_26 |  -.1848475   .0438988    -4.21   0.000    -.2708966   -.0987983
             _Iage2_27 |  -.1861444   .0506277    -3.68   0.000    -.2853833   -.0869055
             _Iage2_28 |  -.1854872   .0574795    -3.23   0.001    -.2981569   -.0728175
             _Iage2_29 |  -.1794306   .0642124    -2.79   0.005     -.305298   -.0535632
             _Iage2_30 |  -.1749721   .0710272    -2.46   0.014    -.3141976   -.0357466
             _Iage2_31 |  -.1702489   .0778931    -2.19   0.029    -.3229327    -.017565
             _Iage2_32 |  -.1607289   .0847427    -1.90   0.058    -.3268392    .0053813
             _Iage2_33 |  -.1516086   .0916138    -1.65   0.098    -.3311874    .0279701
             _Iage2_34 |  -.1420572   .0982711    -1.45   0.148    -.3346855    .0505711
             _Iage2_35 |  -.1305887    .105079    -1.24   0.214    -.3365616    .0753842
             _Iage2_36 |  -.1193032   .1119307    -1.07   0.287    -.3387066    .1001003
             _Iage2_37 |  -.1082545   .1187368    -0.91   0.362    -.3409991      .12449
             _Iage2_38 |  -.0962979   .1255032    -0.77   0.443    -.3423057    .1497099
             _Iage2_39 |  -.0815044   .1324314    -0.62   0.538    -.3410926    .1780839
             _Iage2_40 |  -.0728075   .1392736    -0.52   0.601    -.3458076    .2001927
             _Iage2_41 |  -.0592427   .1460873    -0.41   0.685     -.345599    .2271135
             _Iage2_42 |   -.045607   .1529346    -0.30   0.766     -.345385    .2541711
             _Iage2_43 |  -.0316274   .1598318    -0.20   0.843    -.3449252    .2816703
             _Iage2_44 |  -.0181486   .1666744    -0.11   0.913    -.3448589    .3085617
             _Iage2_45 |  -.0050288   .1735154    -0.03   0.977    -.3451488    .3350911
             _Iage2_46 |   .0091586    .180408     0.05   0.960     -.344472    .3627892
             _Iage2_47 |   .0215548   .1872924     0.12   0.908    -.3455705      .38868
             _Iage2_48 |    .034926    .194149     0.18   0.857    -.3456394    .4154915
             _Iage2_49 |   .0499611   .2010295     0.25   0.804    -.3440912    .4440133
             _Iage2_50 |   .0649989    .207893     0.31   0.755    -.3425071    .4725049
             _Iage2_51 |   .0790975   .2147562     0.37   0.713    -.3418615    .5000566
             _Iage2_52 |   .0924378   .2216302     0.42   0.677    -.3419953    .5268709
             _Iage2_53 |   .1075884   .2285362     0.47   0.638    -.3403818    .5555586
             _Iage2_54 |   .1236585   .2354081     0.53   0.599    -.3377818    .5850987
             _Iage2_55 |   .1431019   .2422967     0.59   0.555    -.3318413    .6180451
             _Iage2_56 |   .1653163   .2491802     0.66   0.507    -.3231197    .6537523
             _Iage2_57 |   .1858748   .2560567     0.73   0.468    -.3160403    .6877899
             _Iage2_58 |   .2117718     .26291     0.81   0.421    -.3035769    .7271204
             _Iage2_59 |   .2384725    .269775     0.88   0.377    -.2903328    .7672777
         firm_size_new |  -.0004618   .0011488    -0.40   0.688    -.0027137    .0017901
                 _cons |   .3034933   .0885627     3.43   0.001     .1298953    .4770914
-----------------------+----------------------------------------------------------------
               sigma_u |  .17946094
               sigma_e |  .15476026
                   rho |  .57350373   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11427) =   35.56
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11427) =   23.58
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1538                         Obs per group: min =         1
       between = 0.0005                                        avg =       9.8
       overall = 0.0164                                        max =        16

                                                F(85,11427)        =     73.65
corr(u_i, Xb)  = -0.7373                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,428 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0145951   .0076106    -1.92   0.055    -.0295132    .0003229
           treated_ia3 |  -.0068651   .0008885    -7.73   0.000    -.0086068   -.0051234
     treated_iasuorv_d |  -.1310645    .016991    -7.71   0.000    -.1643697   -.0977593
           treated_pre |  -.0638519   .0127433    -5.01   0.000     -.088831   -.0388728
  treated_pre_iasenior |   .0179838   .0067363     2.67   0.008     .0047796    .0311881
       treated_pre_ia3 |   .0059931     .00066     9.08   0.000     .0046994    .0072867
 treated_pre_iasuorv_d |   .0836075    .011997     6.97   0.000     .0600913    .1071237
          treated_post |  -.1040065   .0168823    -6.16   0.000    -.1370988   -.0709142
 treated_post_iasenior |   .0104918   .0080614     1.30   0.193      -.00531    .0262937
      treated_post_ia3 |   .0082265   .0007896    10.42   0.000     .0066789    .0097742
treated_post_iasuorv_d |   .1352148   .0141468     9.56   0.000     .1074847     .162945
                senior |  -.0583878   .1461282    -0.40   0.689    -.3448241    .2280486
             interact3 |  -.0007927   .0002627    -3.02   0.003    -.0013076   -.0002779
               suorv_d |   .0347402   .0086104     4.03   0.000     .0178623    .0516182
                   l_0 |  -.1961526   .0353983    -5.54   0.000    -.2655394   -.1267659
                   l_1 |  -.1748906   .0420795    -4.16   0.000    -.2573736   -.0924077
                   l_2 |   -.178581   .0488079    -3.66   0.000    -.2742528   -.0829093
                   l_3 |  -.1879123   .0555989    -3.38   0.001    -.2968957   -.0789288
                   l_4 |  -.1979551   .0623805    -3.17   0.002    -.3202315   -.0756786
                   l_5 |  -.2079134   .0691951    -3.00   0.003    -.3435478   -.0722791
                   l_6 |  -.2207335   .0760232    -2.90   0.004    -.3697519   -.0717151
                   l_7 |  -.2436067   .0828879    -2.94   0.003    -.4060812   -.0811321
                   l_8 |   -.260497     .08975    -2.90   0.004    -.4364224   -.0845715
                   l_9 |  -.2761342   .0966087    -2.86   0.004    -.4655039   -.0867645
                  l_10 |   -.294134   .1034335    -2.84   0.004    -.4968814   -.0913866
                   f_1 |  -.1494426   .0284786    -5.25   0.000    -.2052657   -.0936196
                   f_2 |  -.1287996    .021452    -6.00   0.000    -.1708492     -.08675
                   f_3 |  -.1024741   .0148358    -6.91   0.000    -.1315548   -.0733934
                   f_4 |  -.0573933   .0083387    -6.88   0.000    -.0737387    -.041048
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0438174   .0048499    -9.03   0.000     -.053324   -.0343108
          _Ivuosi_1996 |   .0309611   .0035693     8.67   0.000     .0239646    .0379576
          _Ivuosi_1997 |    .028583   .0033643     8.50   0.000     .0219884    .0351776
          _Ivuosi_1998 |   .0242364   .0034057     7.12   0.000     .0175607    .0309121
          _Ivuosi_1999 |   .0326842   .0034278     9.53   0.000     .0259651    .0394033
          _Ivuosi_2000 |   .0013734    .004101     0.33   0.738    -.0066653    .0094121
          _Ivuosi_2001 |  -.0533595   .0029783   -17.92   0.000    -.0591976   -.0475215
          _Ivuosi_2002 |  -.0499402   .0027356   -18.26   0.000    -.0553024    -.044578
          _Ivuosi_2003 |  -.0484286   .0025892   -18.70   0.000    -.0535039   -.0433533
          _Ivuosi_2004 |   -.045719   .0022225   -20.57   0.000    -.0500755   -.0413626
          _Ivuosi_2005 |  -.0436923   .0020662   -21.15   0.000    -.0477424   -.0396423
          _Ivuosi_2006 |  -.0356883   .0018544   -19.25   0.000    -.0393231   -.0320534
          _Ivuosi_2007 |  -.0283643   .0015632   -18.14   0.000    -.0314285   -.0253001
          _Ivuosi_2008 |  -.0202936   .0014733   -13.77   0.000    -.0231816   -.0174057
          _Ivuosi_2009 |  -.0155272   .0010348   -15.01   0.000    -.0175556   -.0134989
          _Ivuosi_2010 |  -.0096741   .0007812   -12.38   0.000    -.0112055   -.0081428
          _Ivuosi_2011 |  -.0058216   .0004389   -13.26   0.000    -.0066819   -.0049612
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1215226   .0107463   -11.31   0.000    -.1425872    -.100458
             _Iage2_22 |  -.1542406   .0172086    -8.96   0.000    -.1879724   -.1205087
             _Iage2_23 |  -.1686328   .0238902    -7.06   0.000    -.2154617   -.1218038
             _Iage2_24 |  -.1784277    .030443    -5.86   0.000    -.2381013   -.1187542
             _Iage2_25 |   -.185905   .0372743    -4.99   0.000    -.2589691    -.112841
             _Iage2_26 |  -.1849608   .0438736    -4.22   0.000    -.2709606    -.098961
             _Iage2_27 |  -.1862835   .0505971    -3.68   0.000    -.2854624   -.0871046
             _Iage2_28 |  -.1856704   .0574422    -3.23   0.001    -.2982669   -.0730739
             _Iage2_29 |  -.1796516   .0641699    -2.80   0.005    -.3054356   -.0538676
             _Iage2_30 |  -.1752285   .0709798    -2.47   0.014     -.314361   -.0360959
             _Iage2_31 |  -.1705379   .0778392    -2.19   0.028    -.3231161   -.0179596
             _Iage2_32 |  -.1610554   .0846818    -1.90   0.057    -.3270462    .0049355
             _Iage2_33 |  -.1519852   .0915486    -1.66   0.097    -.3314362    .0274657
             _Iage2_34 |  -.1424652   .0982007    -1.45   0.147    -.3349554     .050025
             _Iage2_35 |  -.1310453   .1050039    -1.25   0.212    -.3368708    .0747803
             _Iage2_36 |  -.1197982   .1118497    -1.07   0.284    -.3390427    .0994464
             _Iage2_37 |  -.1087721   .1186497    -0.92   0.359    -.3413459    .1238017
             _Iage2_38 |  -.0968505   .1254099    -0.77   0.440    -.3426753    .1489744
             _Iage2_39 |  -.0820412   .1323326    -0.62   0.535    -.3414358    .1773534
             _Iage2_40 |  -.0733538   .1391681    -0.53   0.598    -.3461471    .1994395
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0136454   .0069449     1.96   0.049     .0000322    .0272586
             _Iage2_43 |   .0276702   .0138081     2.00   0.045     .0006039    .0547365
             _Iage2_44 |    .041199    .020637     2.00   0.046      .000747     .081651
             _Iage2_45 |   .0543993   .0274698     1.98   0.048     .0005538    .1082448
             _Iage2_46 |   .0686216   .0343591     2.00   0.046     .0012718    .1359713
             _Iage2_47 |   .0811002   .0412389     1.97   0.049     .0002649    .1619354
             _Iage2_48 |   .0945173   .0480905     1.97   0.049     .0002516    .1887831
             _Iage2_49 |    .109632   .0549663     1.99   0.046     .0018886    .2173753
             _Iage2_50 |   .1247252   .0618256     2.02   0.044     .0035364     .245914
             _Iage2_51 |   .1388871    .068684     2.02   0.043     .0042548    .2735194
             _Iage2_52 |   .1522856   .0755555     2.02   0.044     .0041839    .3003873
             _Iage2_53 |   .1675179   .0824577     2.03   0.042     .0058866    .3291492
             _Iage2_54 |   .1836805   .0893268     2.06   0.040     .0085846    .3587763
             _Iage2_55 |   .2030754   .0962078     2.11   0.035     .0144915    .3916592
             _Iage2_56 |   .2254048   .1030909     2.19   0.029     .0233289    .4274807
             _Iage2_57 |   .2460839   .1099668     2.24   0.025       .03053    .4616378
             _Iage2_58 |   .2721238   .1168282     2.33   0.020     .0431205    .5011271
             _Iage2_59 |   .2989896   .1236986     2.42   0.016     .0565191      .54146
         firm_size_new |  -.0004676   .0011513    -0.41   0.685    -.0027244    .0017891
                 _cons |   .3029842   .0885181     3.42   0.001     .1294735    .4764949
-----------------------+----------------------------------------------------------------
               sigma_u |  .17949509
               sigma_e |  .15475483
                   rho |  .57361397   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 11427) =   41.09
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11427) =   54.36
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 11427) =   82.46
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 11427) =  108.56
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11427) =   33.62
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11427) =   34.53
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11427) =   30.28
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1551                         Obs per group: min =         1
       between = 0.0006                                        avg =       9.8
       overall = 0.0166                                        max =        16

                                                F(89,11427)        =     72.54
corr(u_i, Xb)  = -0.7399                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,428 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0165261   .0075817    -2.18   0.029    -.0313875   -.0016647
           treated_ia2 |  -.0108244   .0182391    -0.59   0.553    -.0465761    .0249273
           treated_ia3 |  -.0072074    .000889    -8.11   0.000      -.00895   -.0054647
     treated_iasuorv_d |  -.1267394   .0171263    -7.40   0.000    -.1603098   -.0931689
           treated_pre |  -.0660693    .012996    -5.08   0.000    -.0915437   -.0405949
  treated_pre_iasenior |   .0185283   .0067049     2.76   0.006     .0053857     .031671
       treated_pre_ia2 |   .0272981   .0106854     2.55   0.011      .006353    .0482433
       treated_pre_ia3 |    .005959   .0006622     9.00   0.000     .0046611     .007257
 treated_pre_iasuorv_d |   .0845895   .0121866     6.94   0.000     .0607016    .1084774
          treated_post |  -.1016506   .0171524    -5.93   0.000    -.1352723   -.0680289
 treated_post_iasenior |   .0140291    .007989     1.76   0.079    -.0016307    .0296888
      treated_post_ia2 |    .032129   .0116716     2.75   0.006     .0092506    .0550074
      treated_post_ia3 |   .0080857   .0007911    10.22   0.000     .0065351    .0096364
treated_post_iasuorv_d |   .1277866   .0142987     8.94   0.000     .0997586    .1558145
                senior |   -.056009   .1461778    -0.38   0.702    -.3425426    .2305246
             interact2 |  -.0886735   .0096554    -9.18   0.000    -.1075997   -.0697473
             interact3 |  -.0014657   .0002755    -5.32   0.000    -.0020058   -.0009256
               suorv_d |   .0319919   .0084799     3.77   0.000     .0153699     .048614
                   l_0 |  -.1930563   .0353547    -5.46   0.000    -.2623575   -.1237551
                   l_1 |  -.1709492   .0420387    -4.07   0.000    -.2533522   -.0885462
                   l_2 |  -.1739392   .0487702    -3.57   0.000    -.2695372   -.0783412
                   l_3 |  -.1825468   .0555639    -3.29   0.001    -.2914616   -.0736321
                   l_4 |  -.1918243   .0623452    -3.08   0.002    -.3140315   -.0696171
                   l_5 |  -.2009821   .0691609    -2.91   0.004    -.3365493   -.0654148
                   l_6 |  -.2129729   .0759879    -2.80   0.005    -.3619223   -.0640235
                   l_7 |  -.2350622   .0828517    -2.84   0.005    -.3974658   -.0726586
                   l_8 |  -.2510996   .0897112    -2.80   0.005     -.426949   -.0752501
                   l_9 |  -.2659503   .0965681    -2.75   0.006    -.4552404   -.0766603
                  l_10 |  -.2831298   .1033896    -2.74   0.006    -.4857911   -.0804685
                   f_1 |   -.146684   .0284627    -5.15   0.000    -.2024758   -.0908922
                   f_2 |  -.1267327   .0214368    -5.91   0.000    -.1687526   -.0847128
                   f_3 |  -.1011312   .0148186    -6.82   0.000    -.1301782   -.0720842
                   f_4 |   -.056779   .0083234    -6.82   0.000    -.0730942   -.0404637
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0439683   .0048466    -9.07   0.000    -.0534685   -.0344682
          _Ivuosi_1996 |   .0307121   .0035653     8.61   0.000     .0237235    .0377007
          _Ivuosi_1997 |   .0282918   .0033629     8.41   0.000     .0216999    .0348837
          _Ivuosi_1998 |   .0238602   .0034092     7.00   0.000     .0171775    .0305428
          _Ivuosi_1999 |   .0322262   .0034261     9.41   0.000     .0255105    .0389419
          _Ivuosi_2000 |   .0007961   .0040989     0.19   0.846    -.0072384    .0088306
          _Ivuosi_2001 |   -.053885   .0029756   -18.11   0.000    -.0597177   -.0480523
          _Ivuosi_2002 |  -.0504522   .0027319   -18.47   0.000    -.0558073   -.0450971
          _Ivuosi_2003 |  -.0490014   .0025874   -18.94   0.000    -.0540732   -.0439296
          _Ivuosi_2004 |  -.0463553   .0022226   -20.86   0.000    -.0507119   -.0419986
          _Ivuosi_2005 |  -.0442375   .0020676   -21.40   0.000    -.0482904   -.0401846
          _Ivuosi_2006 |  -.0362986   .0018534   -19.59   0.000    -.0399315   -.0326657
          _Ivuosi_2007 |  -.0289852    .001567   -18.50   0.000    -.0320569   -.0259136
          _Ivuosi_2008 |  -.0207867   .0014706   -14.13   0.000    -.0236694   -.0179041
          _Ivuosi_2009 |  -.0159549   .0010369   -15.39   0.000    -.0179875   -.0139224
          _Ivuosi_2010 |   -.010055   .0007873   -12.77   0.000    -.0115981   -.0085118
          _Ivuosi_2011 |  -.0061218   .0004519   -13.55   0.000    -.0070076   -.0052359
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1214069   .0107515   -11.29   0.000    -.1424817   -.1003322
             _Iage2_22 |  -.1539084   .0172148    -8.94   0.000    -.1876524   -.1201645
             _Iage2_23 |  -.1678374   .0239046    -7.02   0.000    -.2146945   -.1209803
             _Iage2_24 |  -.1768617   .0304579    -5.81   0.000    -.2365643   -.1171591
             _Iage2_25 |  -.1832202   .0372923    -4.91   0.000    -.2563196   -.1101209
             _Iage2_26 |  -.1810997      .0439    -4.13   0.000    -.2671513   -.0950481
             _Iage2_27 |  -.1816389   .0506293    -3.59   0.000     -.280881   -.0823968
             _Iage2_28 |  -.1806569   .0574757    -3.14   0.002    -.2933192   -.0679947
             _Iage2_29 |  -.1743273   .0642051    -2.72   0.007    -.3001804   -.0484742
             _Iage2_30 |  -.1699133   .0710169    -2.39   0.017    -.3091186    -.030708
             _Iage2_31 |  -.1651923   .0778784    -2.12   0.034    -.3178473   -.0125373
             _Iage2_32 |  -.1558263   .0847188    -1.84   0.066    -.3218896     .010237
             _Iage2_33 |  -.1469469   .0915892    -1.60   0.109    -.3264775    .0325837
             _Iage2_34 |  -.1375638   .0982418    -1.40   0.161    -.3301346     .055007
             _Iage2_35 |  -.1264639   .1050464    -1.20   0.229    -.3323729    .0794452
             _Iage2_36 |  -.1155336   .1118936    -1.03   0.302    -.3348642     .103797
             _Iage2_37 |  -.1047936   .1186911    -0.88   0.377    -.3374485    .1278613
             _Iage2_38 |   -.093105    .125454    -0.74   0.458    -.3390164    .1528065
             _Iage2_39 |  -.0786116   .1323761    -0.59   0.553    -.3380914    .1808683
             _Iage2_40 |  -.0702632   .1392104    -0.50   0.614    -.3431396    .2026131
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0132519   .0069437     1.91   0.056    -.0003589    .0268627
             _Iage2_43 |     .02685   .0138045     1.95   0.052    -.0002091    .0539092
             _Iage2_44 |   .0399417   .0206328     1.94   0.053    -.0005022    .0803855
             _Iage2_45 |   .0526808   .0274629     1.92   0.055    -.0011512    .1065128
             _Iage2_46 |   .0664201   .0343505     1.93   0.053    -.0009128    .1337529
             _Iage2_47 |   .0783898   .0412276     1.90   0.057    -.0024233     .159203
             _Iage2_48 |   .0912939   .0480787     1.90   0.058    -.0029485    .1855363
             _Iage2_49 |    .105874   .0549524     1.93   0.054    -.0018422    .2135902
             _Iage2_50 |   .1204027   .0618102     1.95   0.051     -.000756    .2415613
             _Iage2_51 |   .1339888   .0686674     1.95   0.051     -.000611    .2685887
             _Iage2_52 |   .1467875   .0755371     1.94   0.052    -.0012781    .2948532
             _Iage2_53 |   .1613981   .0824378     1.96   0.050    -.0001941    .3229903
             _Iage2_54 |   .1769569   .0893058     1.98   0.048     .0019022    .3520116
             _Iage2_55 |    .195733   .0961849     2.03   0.042      .007194     .384272
             _Iage2_56 |   .2174408    .103065     2.11   0.035     .0154157    .4194659
             _Iage2_57 |   .2374947   .1099393     2.16   0.031     .0219947    .4529946
             _Iage2_58 |   .2629053   .1167993     2.25   0.024     .0339587    .4918519
             _Iage2_59 |   .2891275   .1236668     2.34   0.019     .0467194    .5315356
         firm_size_new |   -.000422   .0011631    -0.36   0.717    -.0027019    .0018579
                 _cons |   .3088031   .0884913     3.49   0.000     .1353449    .4822613
-----------------------+----------------------------------------------------------------
               sigma_u |   .1796893
               sigma_e |  .15463599
                   rho |  .57451848   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 11427) =   19.70
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 11427) =   27.82
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 11427) =   43.55
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11427) =   54.50
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11427) =   28.70
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11427) =   16.02
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11427) =   31.83
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 11427) =   10.04
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11427) =   25.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11427) =    7.80
            Prob > F =    0.0052

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    325,477    .0852687    .2792816          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    291,587    .0508493    .2196903          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    188,704    8.480726     5.79949          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     69,217    21.89055    8.638216          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    161,108    8.644468    5.843616          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     56,040    22.14998    8.758083          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     27,596    7.524786     5.43741          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     13,177     20.7872     8.01573          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.09 + _b[treated_post_ia3] *   8.48
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.05 + _b[treated_post_ia3] *  21.89

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0301919   .0127099    -2.38   0.018    -.0551028    -.005281
       _nl_2 |   .0909818   .0107982     8.43   0.000     .0698176    .1121459
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.64
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  22.15
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.52
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.79

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0317898    .013027    -2.44   0.015    -.0573223   -.0062574
       _nl_2 |   .0914776   .0110325     8.29   0.000     .0698543    .1131009
       _nl_3 |  -.0087168   .0140205    -0.62   0.534    -.0361966    .0187629
       _nl_4 |     .11261   .0132607     8.49   0.000     .0866194    .1386006
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.52
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.79
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.64
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  22.15

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.1016506   .0171524    -5.93   0.000    -.1352688   -.0680325
       _nl_2 |  -.0876216   .0163571    -5.36   0.000     -.119681   -.0555622
       _nl_3 |  -.0695216   .0173679    -4.00   0.000    -.1035622   -.0354811
       _nl_4 |  -.0554926   .0175143    -3.17   0.002    -.0898199   -.0211653
       _nl_5 |  -.0087168   .0140205    -0.62   0.534    -.0361966    .0187629
       _nl_6 |     .11261   .0132607     8.49   0.000     .0866194    .1386006
       _nl_7 |  -.0317898    .013027    -2.44   0.015    -.0573223   -.0062574
       _nl_8 |   .0914776   .0110325     8.29   0.000     .0698543    .1131009
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_bluec_noIQ_nostem_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1551                         Obs per group: min =         1
       between = 0.0006                                        avg =       9.8
       overall = 0.0164                                        max =        16

                                                F(86,11427)        =     73.39
corr(u_i, Xb)  = -0.7418                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,428 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0119696   .0183179    -0.65   0.513    -.0478758    .0239367
           treated_ia3 |  -.0076606   .0008955    -8.55   0.000    -.0094161   -.0059052
     treated_iasuorv_d |  -.1352657   .0167431    -8.08   0.000     -.168085   -.1024464
           treated_pre |  -.0686437   .0130847    -5.25   0.000    -.0942919   -.0429954
       treated_pre_ia2 |   .0288252   .0107381     2.68   0.007     .0077766    .0498737
       treated_pre_ia3 |    .006518   .0006439    10.12   0.000     .0052558    .0077801
 treated_pre_iasuorv_d |   .0962375   .0113415     8.49   0.000     .0740062    .1184688
          treated_post |  -.1036278   .0173051    -5.99   0.000    -.1375488   -.0697068
      treated_post_ia2 |   .0331973   .0117759     2.82   0.005     .0101146    .0562801
      treated_post_ia3 |   .0084876   .0008126    10.44   0.000     .0068947    .0100805
treated_post_iasuorv_d |   .1360717   .0142157     9.57   0.000     .1082066    .1639368
             interact2 |  -.0887188   .0096998    -9.15   0.000     -.107732   -.0697056
             interact3 |  -.0014513   .0002749    -5.28   0.000    -.0019902   -.0009124
               suorv_d |   .0319652    .008493     3.76   0.000     .0153174     .048613
                   l_0 |  -.1930971   .0353454    -5.46   0.000    -.2623802   -.1238141
                   l_1 |  -.1710449   .0420348    -4.07   0.000    -.2534404   -.0886494
                   l_2 |  -.1740779   .0487714    -3.57   0.000    -.2696782   -.0784776
                   l_3 |  -.1827309   .0555723    -3.29   0.001    -.2916621   -.0737997
                   l_4 |  -.1920615    .062362    -3.08   0.002    -.3143017   -.0698213
                   l_5 |  -.2012726   .0691857    -2.91   0.004    -.3368885   -.0656566
                   l_6 |   -.213314   .0760221    -2.81   0.005    -.3623303   -.0642977
                   l_7 |  -.2354612   .0828921    -2.84   0.005    -.3979439   -.0729785
                   l_8 |  -.2515411   .0897587    -2.80   0.005    -.4274836   -.0755987
                   l_9 |  -.2664393    .096623    -2.76   0.006     -.455837   -.0770416
                  l_10 |    -.28367   .1034524    -2.74   0.006    -.4864544   -.0808855
                   f_1 |  -.1467807   .0284707    -5.16   0.000    -.2025881   -.0909733
                   f_2 |  -.1268009   .0214361    -5.92   0.000    -.1688193   -.0847824
                   f_3 |  -.1011752   .0148125    -6.83   0.000    -.1302102   -.0721402
                   f_4 |  -.0568092   .0083108    -6.84   0.000    -.0730998   -.0405185
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0439172   .0048556    -9.04   0.000     -.053435   -.0343994
          _Ivuosi_1996 |   .0307456   .0035714     8.61   0.000      .023745    .0377462
          _Ivuosi_1997 |   .0282389   .0033612     8.40   0.000     .0216505    .0348274
          _Ivuosi_1998 |   .0238135   .0034075     6.99   0.000     .0171342    .0304929
          _Ivuosi_1999 |    .032216   .0034223     9.41   0.000     .0255077    .0389244
          _Ivuosi_2000 |   .0007556   .0041005     0.18   0.854    -.0072821    .0087933
          _Ivuosi_2001 |  -.0538591   .0029714   -18.13   0.000    -.0596836   -.0480347
          _Ivuosi_2002 |  -.0504627   .0027325   -18.47   0.000    -.0558188   -.0451066
          _Ivuosi_2003 |  -.0490245    .002588   -18.94   0.000    -.0540974   -.0439516
          _Ivuosi_2004 |  -.0463662   .0022217   -20.87   0.000    -.0507211   -.0420114
          _Ivuosi_2005 |  -.0442565    .002067   -21.41   0.000    -.0483081   -.0402049
          _Ivuosi_2006 |  -.0363252   .0018545   -19.59   0.000    -.0399603   -.0326901
          _Ivuosi_2007 |  -.0290061   .0015679   -18.50   0.000    -.0320795   -.0259328
          _Ivuosi_2008 |  -.0208029    .001472   -14.13   0.000    -.0236883   -.0179176
          _Ivuosi_2009 |  -.0159653   .0010378   -15.38   0.000    -.0179996   -.0139311
          _Ivuosi_2010 |  -.0100589   .0007871   -12.78   0.000    -.0116018    -.008516
          _Ivuosi_2011 |   -.006124    .000452   -13.55   0.000      -.00701   -.0052381
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1213811   .0107519   -11.29   0.000    -.1424566   -.1003056
             _Iage2_22 |  -.1538454   .0172216    -8.93   0.000    -.1876027   -.1200881
             _Iage2_23 |  -.1677349   .0239151    -7.01   0.000    -.2146127   -.1208571
             _Iage2_24 |  -.1766988   .0304738    -5.80   0.000    -.2364326    -.116965
             _Iage2_25 |   -.183026   .0373118    -4.91   0.000    -.2561636   -.1098885
             _Iage2_26 |  -.1808506   .0439254    -4.12   0.000    -.2669519   -.0947493
             _Iage2_27 |   -.181341   .0506602    -3.58   0.000    -.2806437   -.0820384
             _Iage2_28 |  -.1802912   .0575135    -3.13   0.002    -.2930275   -.0675549
             _Iage2_29 |  -.1739026   .0642482    -2.71   0.007      -.29984   -.0479652
             _Iage2_30 |  -.1694309   .0710649    -2.38   0.017    -.3087304   -.0301315
             _Iage2_31 |  -.1646588   .0779332    -2.11   0.035    -.3174212   -.0118964
             _Iage2_32 |  -.1552389   .0847806    -1.83   0.067    -.3214234    .0109457
             _Iage2_33 |  -.1462937   .0916555    -1.60   0.110    -.3259542    .0333668
             _Iage2_34 |  -.1368627   .0983134    -1.39   0.164    -.3295738    .0558485
             _Iage2_35 |  -.1257053   .1051228    -1.20   0.232     -.331764    .0803533
             _Iage2_36 |   -.114729   .1119762    -1.02   0.306    -.3342215    .1047635
             _Iage2_37 |  -.1039508   .1187797    -0.88   0.382    -.3367795    .1288778
             _Iage2_38 |   -.092205   .1255492    -0.73   0.463    -.3383029    .1538929
             _Iage2_39 |  -.0776982   .1324767    -0.59   0.558    -.3373752    .1819787
             _Iage2_40 |  -.0692975   .1393181    -0.50   0.619    -.3423849    .2037899
             _Iage2_41 |  -.0560481   .1461316    -0.38   0.701    -.3424912     .230395
             _Iage2_42 |  -.0427392   .1529784    -0.28   0.780    -.3426031    .2571246
             _Iage2_43 |  -.0291011    .159874    -0.18   0.856    -.3424817    .2842794
             _Iage2_44 |  -.0159703   .1667167    -0.10   0.924    -.3427636     .310823
             _Iage2_45 |  -.0032129   .1735557    -0.02   0.985    -.3434119    .3369862
             _Iage2_46 |   .0105935   .1804475     0.06   0.953    -.3431145    .3643015
             _Iage2_47 |   .0225893   .1873299     0.12   0.904    -.3446095     .389788
             _Iage2_48 |   .0355574   .1941867     0.18   0.855    -.3450818    .4161966
             _Iage2_49 |   .0501753    .201066     0.25   0.803    -.3439486    .4442991
             _Iage2_50 |    .064772    .207929     0.31   0.755    -.3428046    .4723485
             _Iage2_51 |   .0784145    .214792     0.37   0.715    -.3426147    .4994436
             _Iage2_52 |   .0912865   .2216648     0.41   0.680    -.3432146    .5257877
             _Iage2_53 |   .1059442   .2285703     0.46   0.643    -.3420929    .5539812
             _Iage2_54 |   .1215406   .2354422     0.52   0.606    -.3399664    .5830477
             _Iage2_55 |   .1404982   .2423301     0.58   0.562    -.3345105    .6155069
             _Iage2_56 |   .1622199    .249212     0.65   0.515    -.3262784    .6507181
             _Iage2_57 |   .1822804    .256088     0.71   0.477     -.319696    .6842568
             _Iage2_58 |   .2076843   .2629411     0.79   0.430    -.3077253    .7230939
             _Iage2_59 |   .2338833   .2698045     0.87   0.386    -.2949797    .7627464
         firm_size_new |  -.0004183   .0011615    -0.36   0.719     -.002695    .0018585
                 _cons |    .309045   .0885393     3.49   0.000     .1354929    .4825972
-----------------------+----------------------------------------------------------------
               sigma_u |  .18024477
               sigma_e |   .1546405
                   rho |  .57601249   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11427) =   16.61
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11427) =   32.60
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11427) =   13.75
            Prob > F =    0.0002

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 11427) =    7.37
            Prob > F =    0.0067

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11427) =   24.33
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 11427) =    5.46
            Prob > F =    0.0195
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1551                         Obs per group: min =         1
       between = 0.0006                                        avg =       9.8
       overall = 0.0166                                        max =        16

                                                F(89,11427)        =     72.54
corr(u_i, Xb)  = -0.7399                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,428 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0165261   .0075817    -2.18   0.029    -.0313875   -.0016647
           treated_ia2 |  -.0108244   .0182391    -0.59   0.553    -.0465761    .0249273
           treated_ia3 |  -.0072074    .000889    -8.11   0.000      -.00895   -.0054647
     treated_iasuorv_d |  -.1267394   .0171263    -7.40   0.000    -.1603098   -.0931689
           treated_pre |  -.0660693    .012996    -5.08   0.000    -.0915437   -.0405949
  treated_pre_iasenior |   .0185283   .0067049     2.76   0.006     .0053857     .031671
       treated_pre_ia2 |   .0272981   .0106854     2.55   0.011      .006353    .0482433
       treated_pre_ia3 |    .005959   .0006622     9.00   0.000     .0046611     .007257
 treated_pre_iasuorv_d |   .0845895   .0121866     6.94   0.000     .0607016    .1084774
          treated_post |  -.1016506   .0171524    -5.93   0.000    -.1352723   -.0680289
 treated_post_iasenior |   .0140291    .007989     1.76   0.079    -.0016307    .0296888
      treated_post_ia2 |    .032129   .0116716     2.75   0.006     .0092506    .0550074
      treated_post_ia3 |   .0080857   .0007911    10.22   0.000     .0065351    .0096364
treated_post_iasuorv_d |   .1277866   .0142987     8.94   0.000     .0997586    .1558145
                senior |   -.056009   .1461778    -0.38   0.702    -.3425426    .2305246
             interact2 |  -.0886735   .0096554    -9.18   0.000    -.1075997   -.0697473
             interact3 |  -.0014657   .0002755    -5.32   0.000    -.0020058   -.0009256
               suorv_d |   .0319919   .0084799     3.77   0.000     .0153699     .048614
                   l_0 |  -.1930563   .0353547    -5.46   0.000    -.2623575   -.1237551
                   l_1 |  -.1709492   .0420387    -4.07   0.000    -.2533522   -.0885462
                   l_2 |  -.1739392   .0487702    -3.57   0.000    -.2695372   -.0783412
                   l_3 |  -.1825468   .0555639    -3.29   0.001    -.2914616   -.0736321
                   l_4 |  -.1918243   .0623452    -3.08   0.002    -.3140315   -.0696171
                   l_5 |  -.2009821   .0691609    -2.91   0.004    -.3365493   -.0654148
                   l_6 |  -.2129729   .0759879    -2.80   0.005    -.3619223   -.0640235
                   l_7 |  -.2350622   .0828517    -2.84   0.005    -.3974658   -.0726586
                   l_8 |  -.2510996   .0897112    -2.80   0.005     -.426949   -.0752501
                   l_9 |  -.2659503   .0965681    -2.75   0.006    -.4552404   -.0766603
                  l_10 |  -.2831298   .1033896    -2.74   0.006    -.4857911   -.0804685
                   f_1 |   -.146684   .0284627    -5.15   0.000    -.2024758   -.0908922
                   f_2 |  -.1267327   .0214368    -5.91   0.000    -.1687526   -.0847128
                   f_3 |  -.1011312   .0148186    -6.82   0.000    -.1301782   -.0720842
                   f_4 |   -.056779   .0083234    -6.82   0.000    -.0730942   -.0404637
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0439683   .0048466    -9.07   0.000    -.0534685   -.0344682
          _Ivuosi_1996 |   .0307121   .0035653     8.61   0.000     .0237235    .0377007
          _Ivuosi_1997 |   .0282918   .0033629     8.41   0.000     .0216999    .0348837
          _Ivuosi_1998 |   .0238602   .0034092     7.00   0.000     .0171775    .0305428
          _Ivuosi_1999 |   .0322262   .0034261     9.41   0.000     .0255105    .0389419
          _Ivuosi_2000 |   .0007961   .0040989     0.19   0.846    -.0072384    .0088306
          _Ivuosi_2001 |   -.053885   .0029756   -18.11   0.000    -.0597177   -.0480523
          _Ivuosi_2002 |  -.0504522   .0027319   -18.47   0.000    -.0558073   -.0450971
          _Ivuosi_2003 |  -.0490014   .0025874   -18.94   0.000    -.0540732   -.0439296
          _Ivuosi_2004 |  -.0463553   .0022226   -20.86   0.000    -.0507119   -.0419986
          _Ivuosi_2005 |  -.0442375   .0020676   -21.40   0.000    -.0482904   -.0401846
          _Ivuosi_2006 |  -.0362986   .0018534   -19.59   0.000    -.0399315   -.0326657
          _Ivuosi_2007 |  -.0289852    .001567   -18.50   0.000    -.0320569   -.0259136
          _Ivuosi_2008 |  -.0207867   .0014706   -14.13   0.000    -.0236694   -.0179041
          _Ivuosi_2009 |  -.0159549   .0010369   -15.39   0.000    -.0179875   -.0139224
          _Ivuosi_2010 |   -.010055   .0007873   -12.77   0.000    -.0115981   -.0085118
          _Ivuosi_2011 |  -.0061218   .0004519   -13.55   0.000    -.0070076   -.0052359
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1214069   .0107515   -11.29   0.000    -.1424817   -.1003322
             _Iage2_22 |  -.1539084   .0172148    -8.94   0.000    -.1876524   -.1201645
             _Iage2_23 |  -.1678374   .0239046    -7.02   0.000    -.2146945   -.1209803
             _Iage2_24 |  -.1768617   .0304579    -5.81   0.000    -.2365643   -.1171591
             _Iage2_25 |  -.1832202   .0372923    -4.91   0.000    -.2563196   -.1101209
             _Iage2_26 |  -.1810997      .0439    -4.13   0.000    -.2671513   -.0950481
             _Iage2_27 |  -.1816389   .0506293    -3.59   0.000     -.280881   -.0823968
             _Iage2_28 |  -.1806569   .0574757    -3.14   0.002    -.2933192   -.0679947
             _Iage2_29 |  -.1743273   .0642051    -2.72   0.007    -.3001804   -.0484742
             _Iage2_30 |  -.1699133   .0710169    -2.39   0.017    -.3091186    -.030708
             _Iage2_31 |  -.1651923   .0778784    -2.12   0.034    -.3178473   -.0125373
             _Iage2_32 |  -.1558263   .0847188    -1.84   0.066    -.3218896     .010237
             _Iage2_33 |  -.1469469   .0915892    -1.60   0.109    -.3264775    .0325837
             _Iage2_34 |  -.1375638   .0982418    -1.40   0.161    -.3301346     .055007
             _Iage2_35 |  -.1264639   .1050464    -1.20   0.229    -.3323729    .0794452
             _Iage2_36 |  -.1155336   .1118936    -1.03   0.302    -.3348642     .103797
             _Iage2_37 |  -.1047936   .1186911    -0.88   0.377    -.3374485    .1278613
             _Iage2_38 |   -.093105    .125454    -0.74   0.458    -.3390164    .1528065
             _Iage2_39 |  -.0786116   .1323761    -0.59   0.553    -.3380914    .1808683
             _Iage2_40 |  -.0702632   .1392104    -0.50   0.614    -.3431396    .2026131
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0132519   .0069437     1.91   0.056    -.0003589    .0268627
             _Iage2_43 |     .02685   .0138045     1.95   0.052    -.0002091    .0539092
             _Iage2_44 |   .0399417   .0206328     1.94   0.053    -.0005022    .0803855
             _Iage2_45 |   .0526808   .0274629     1.92   0.055    -.0011512    .1065128
             _Iage2_46 |   .0664201   .0343505     1.93   0.053    -.0009128    .1337529
             _Iage2_47 |   .0783898   .0412276     1.90   0.057    -.0024233     .159203
             _Iage2_48 |   .0912939   .0480787     1.90   0.058    -.0029485    .1855363
             _Iage2_49 |    .105874   .0549524     1.93   0.054    -.0018422    .2135902
             _Iage2_50 |   .1204027   .0618102     1.95   0.051     -.000756    .2415613
             _Iage2_51 |   .1339888   .0686674     1.95   0.051     -.000611    .2685887
             _Iage2_52 |   .1467875   .0755371     1.94   0.052    -.0012781    .2948532
             _Iage2_53 |   .1613981   .0824378     1.96   0.050    -.0001941    .3229903
             _Iage2_54 |   .1769569   .0893058     1.98   0.048     .0019022    .3520116
             _Iage2_55 |    .195733   .0961849     2.03   0.042      .007194     .384272
             _Iage2_56 |   .2174408    .103065     2.11   0.035     .0154157    .4194659
             _Iage2_57 |   .2374947   .1099393     2.16   0.031     .0219947    .4529946
             _Iage2_58 |   .2629053   .1167993     2.25   0.024     .0339587    .4918519
             _Iage2_59 |   .2891275   .1236668     2.34   0.019     .0467194    .5315356
         firm_size_new |   -.000422   .0011631    -0.36   0.717    -.0027019    .0018579
                 _cons |   .3088031   .0884913     3.49   0.000     .1353449    .4822613
-----------------------+----------------------------------------------------------------
               sigma_u |   .1796893
               sigma_e |  .15463599
                   rho |  .57451848   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 11427) =   19.70
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 11427) =   27.82
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 11427) =   43.55
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11427) =   54.50
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11427) =   28.70
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11427) =   16.02
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11427) =   31.83
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 11427) =   10.04
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11427) =   25.54
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11427) =    7.80
            Prob > F =    0.0052
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605018
Group variable: shnro_real                      Number of groups   =     61522

R-sq:  within  = 0.1512                         Obs per group: min =         1
       between = 0.0000                                        avg =       9.8
       overall = 0.0092                                        max =        16

                                                F(74,11422)        =     76.67
corr(u_i, Xb)  = -0.7979                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 11,423 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0166825   .0074507     2.24   0.025     .0020779     .031287
 treated_post |   .0152205   .0096607     1.58   0.115    -.0037161    .0341571
          l_0 |  -.2153761   .0352983    -6.10   0.000    -.2845668   -.1461855
          l_1 |  -.1973751   .0419297    -4.71   0.000    -.2795646   -.1151857
          l_2 |  -.2046113   .0486136    -4.21   0.000    -.2999022   -.1093204
          l_3 |  -.2175461   .0553627    -3.93   0.000    -.3260666   -.1090256
          l_4 |   -.231332   .0621051    -3.72   0.000    -.3530686   -.1095954
          l_5 |   -.245056   .0688797    -3.56   0.000     -.380072   -.1100401
          l_6 |  -.2616703   .0756664    -3.46   0.001    -.4099894   -.1133511
          l_7 |  -.2884205   .0824806    -3.50   0.000    -.4500966   -.1267445
          l_8 |  -.3091785    .089299    -3.46   0.001    -.4842199    -.134137
          l_9 |  -.3287612   .0961145    -3.42   0.001    -.5171621   -.1403604
         l_10 |  -.3506589   .1028948    -3.41   0.001    -.5523503   -.1489674
          f_1 |  -.1641878   .0283407    -5.79   0.000    -.2197405   -.1086351
          f_2 |  -.1398891   .0213669    -6.55   0.000    -.1817718   -.0980063
          f_3 |  -.1099299   .0147981    -7.43   0.000    -.1389367   -.0809231
          f_4 |  -.0613503   .0083437    -7.35   0.000    -.0777054   -.0449951
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   -.043035   .0048827    -8.81   0.000     -.052606    -.033464
 _Ivuosi_1996 |   .0314931   .0035927     8.77   0.000     .0244509    .0385353
 _Ivuosi_1997 |   .0288459   .0033913     8.51   0.000     .0221982    .0354935
 _Ivuosi_1998 |   .0246111   .0034348     7.17   0.000     .0178782    .0313439
 _Ivuosi_1999 |   .0334037   .0034499     9.68   0.000     .0266414     .040166
 _Ivuosi_2000 |   .0015656   .0041358     0.38   0.705    -.0065412    .0096724
 _Ivuosi_2001 |  -.0530833   .0029562   -17.96   0.000     -.058878   -.0472886
 _Ivuosi_2002 |  -.0498932   .0027296   -18.28   0.000    -.0552437   -.0445426
 _Ivuosi_2003 |  -.0485081   .0025846   -18.77   0.000    -.0535744   -.0434417
 _Ivuosi_2004 |  -.0457563   .0022022   -20.78   0.000    -.0500729   -.0414397
 _Ivuosi_2005 |  -.0436745   .0020481   -21.32   0.000    -.0476891   -.0396598
 _Ivuosi_2006 |  -.0357083   .0018513   -19.29   0.000    -.0393371   -.0320795
 _Ivuosi_2007 |  -.0283951   .0015632   -18.16   0.000    -.0314593   -.0253309
 _Ivuosi_2008 |   -.020268   .0014764   -13.73   0.000    -.0231619   -.0173741
 _Ivuosi_2009 |  -.0155792   .0010332   -15.08   0.000    -.0176044   -.0135539
 _Ivuosi_2010 |  -.0096826   .0007839   -12.35   0.000    -.0112191   -.0081461
 _Ivuosi_2011 |  -.0058616   .0004435   -13.22   0.000    -.0067309   -.0049922
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |  -.1214828   .0107924   -11.26   0.000    -.1426378   -.1003279
    _Iage2_22 |  -.1534802    .017232    -8.91   0.000    -.1872578   -.1197025
    _Iage2_23 |   -.166411   .0238944    -6.96   0.000    -.2132481   -.1195739
    _Iage2_24 |  -.1745066   .0304012    -5.74   0.000    -.2340982    -.114915
    _Iage2_25 |   -.179664   .0371814    -4.83   0.000    -.2525459   -.1067821
    _Iage2_26 |  -.1760202   .0437227    -4.03   0.000    -.2617242   -.0903163
    _Iage2_27 |  -.1746435   .0503969    -3.47   0.001    -.2734301   -.0758569
    _Iage2_28 |  -.1713009   .0571926    -3.00   0.003    -.2834082   -.0591937
    _Iage2_29 |  -.1623901   .0638801    -2.54   0.011     -.287606   -.0371741
    _Iage2_30 |  -.1550336   .0706462    -2.19   0.028    -.2935124   -.0165549
    _Iage2_31 |  -.1473433   .0774565    -1.90   0.057    -.2991713    .0044848
    _Iage2_32 |  -.1348399   .0842469    -1.60   0.110    -.2999782    .0302985
    _Iage2_33 |  -.1227078   .0910734    -1.35   0.178    -.3012273    .0558118
    _Iage2_34 |  -.1098207   .0976775    -1.12   0.261    -.3012854     .081644
    _Iage2_35 |  -.0950438   .1044391    -0.91   0.363    -.2997625    .1096748
    _Iage2_36 |  -.0802975    .111239    -0.72   0.470     -.298345      .13775
    _Iage2_37 |  -.0657987   .1179993    -0.56   0.577    -.2970975    .1655001
    _Iage2_38 |  -.0501578   .1247177    -0.40   0.688    -.2946259    .1943102
    _Iage2_39 |  -.0316378   .1315966    -0.24   0.810    -.2895898    .2263141
    _Iage2_40 |  -.0192575   .1383885    -0.14   0.889    -.2905228    .2520079
    _Iage2_41 |  -.0017667    .145147    -0.01   0.990    -.2862797    .2827464
    _Iage2_42 |    .015771   .1519408     0.10   0.917    -.2820592    .3136011
    _Iage2_43 |   .0337293    .158784     0.21   0.832    -.2775146    .3449731
    _Iage2_44 |    .051217   .1655766     0.31   0.757    -.2733415    .3757755
    _Iage2_45 |   .0684641   .1723612     0.40   0.691    -.2693934    .4063217
    _Iage2_46 |   .0867006   .1791996     0.48   0.629    -.2645615    .4379626
    _Iage2_47 |   .1032466   .1860321     0.55   0.579    -.2614083    .4679014
    _Iage2_48 |   .1207882   .1928391     0.63   0.531    -.2572095    .4987859
    _Iage2_49 |   .1400722    .199663     0.70   0.483    -.2513015    .5314459
    _Iage2_50 |   .1594666   .2064751     0.77   0.440      -.24526    .5641932
    _Iage2_51 |   .1778058    .213284     0.83   0.404    -.2402674    .5958789
    _Iage2_52 |   .1954234   .2201028     0.89   0.375    -.2360159    .6268628
    _Iage2_53 |   .2149827    .226957     0.95   0.344    -.2298919    .6598573
    _Iage2_54 |   .2353729   .2337754     1.01   0.314     -.222867    .6936128
    _Iage2_55 |   .2593663   .2406151     1.08   0.281    -.2122806    .7310131
    _Iage2_56 |   .2857815   .2474494     1.15   0.248    -.1992617    .7708248
    _Iage2_57 |   .3106565   .2542751     1.22   0.222    -.1877664    .8090793
    _Iage2_58 |   .3408578   .2610764     1.31   0.192    -.1708968    .8526123
    _Iage2_59 |   .3718163    .267891     1.39   0.165    -.1532961    .8969287
firm_size_new |  -.0005731   .0012052    -0.48   0.634    -.0029355    .0017893
        _cons |   .2336155   .0881727     2.65   0.008     .0607818    .4064492
--------------+----------------------------------------------------------------
      sigma_u |  .20177833
      sigma_e |  .15495615
          rho |  .62902936   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605018
Group variable: shnro_real                      Number of groups   =     61522

R-sq:  within  = 0.1538                         Obs per group: min =         1
       between = 0.0005                                        avg =       9.8
       overall = 0.0163                                        max =        16

                                                F(82,11422)        =     74.55
corr(u_i, Xb)  = -0.7381                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,423 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0072648   .0008969    -8.10   0.000    -.0090228   -.0055067
     treated_iasuorv_d |  -.1383074   .0165606    -8.35   0.000    -.1707689   -.1058459
           treated_pre |  -.0664937   .0128148    -5.19   0.000     -.091613   -.0413743
       treated_pre_ia3 |   .0065584   .0006422    10.21   0.000     .0052995    .0078172
 treated_pre_iasuorv_d |   .0951726   .0111198     8.56   0.000      .073376    .1169693
          treated_post |  -.1056722   .0169807    -6.22   0.000    -.1389573   -.0723871
      treated_post_ia3 |   .0085362   .0008131    10.50   0.000     .0069424    .0101299
treated_post_iasuorv_d |    .141294   .0139885    10.10   0.000     .1138742    .1687138
             interact3 |  -.0007921   .0002617    -3.03   0.002     -.001305   -.0002792
               suorv_d |   .0348085   .0086301     4.03   0.000     .0178919     .051725
                   l_0 |  -.1958941   .0353936    -5.53   0.000    -.2652716   -.1265166
                   l_1 |   -.174662   .0420819    -4.15   0.000    -.2571496   -.0921743
                   l_2 |  -.1784016   .0488161    -3.65   0.000    -.2740895   -.0827137
                   l_3 |  -.1877292   .0556156    -3.38   0.001    -.2967455    -.078713
                   l_4 |   -.197769   .0624067    -3.17   0.002    -.3200968   -.0754412
                   l_5 |  -.2077377   .0692305    -3.00   0.003    -.3434413    -.072034
                   l_6 |  -.2205652   .0760689    -2.90   0.004    -.3696733   -.0714572
                   l_7 |  -.2434667   .0829409    -2.94   0.003    -.4060452   -.0808882
                   l_8 |  -.2603581   .0898113    -2.90   0.004    -.4364037   -.0843124
                   l_9 |  -.2759964   .0966786    -2.85   0.004    -.4655031   -.0864897
                  l_10 |  -.2940089   .1035124    -2.84   0.005     -.496911   -.0911069
                   f_1 |  -.1493604   .0284902    -5.24   0.000    -.2052061   -.0935148
                   f_2 |  -.1287326   .0214536    -6.00   0.000    -.1707853   -.0866798
                   f_3 |   -.102368   .0148317    -6.90   0.000    -.1314408   -.0732952
                   f_4 |  -.0574127   .0083268    -6.89   0.000    -.0737348   -.0410907
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0435616   .0048587    -8.97   0.000    -.0530854   -.0340377
          _Ivuosi_1996 |   .0310878   .0035784     8.69   0.000     .0240736     .038102
          _Ivuosi_1997 |   .0286608   .0033633     8.52   0.000     .0220681    .0352534
          _Ivuosi_1998 |   .0243115   .0034034     7.14   0.000     .0176402    .0309828
          _Ivuosi_1999 |   .0327996   .0034234     9.58   0.000     .0260891    .0395101
          _Ivuosi_2000 |   .0013898   .0041033     0.34   0.735    -.0066535     .009433
          _Ivuosi_2001 |  -.0532452   .0029729   -17.91   0.000    -.0590725   -.0474179
          _Ivuosi_2002 |  -.0498788   .0027346   -18.24   0.000     -.055239   -.0445185
          _Ivuosi_2003 |  -.0483894   .0025882   -18.70   0.000    -.0534628   -.0433161
          _Ivuosi_2004 |  -.0456636   .0022202   -20.57   0.000    -.0500156   -.0413117
          _Ivuosi_2005 |  -.0436637   .0020655   -21.14   0.000    -.0477123    -.039615
          _Ivuosi_2006 |  -.0356602   .0018565   -19.21   0.000    -.0392992   -.0320212
          _Ivuosi_2007 |  -.0283431   .0015649   -18.11   0.000    -.0314106   -.0252756
          _Ivuosi_2008 |  -.0202735   .0014755   -13.74   0.000    -.0231658   -.0173812
          _Ivuosi_2009 |   -.015513   .0010364   -14.97   0.000    -.0175445   -.0134815
          _Ivuosi_2010 |  -.0096664   .0007805   -12.38   0.000    -.0111963   -.0081364
          _Ivuosi_2011 |  -.0058181   .0004385   -13.27   0.000    -.0066775   -.0049587
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   -.121577   .0107509   -11.31   0.000    -.1426506   -.1005033
             _Iage2_22 |  -.1542091   .0172204    -8.96   0.000     -.187964   -.1204542
             _Iage2_23 |  -.1684811   .0239077    -7.05   0.000    -.2153442   -.1216179
             _Iage2_24 |  -.1783014   .0304681    -5.85   0.000    -.2380241   -.1185787
             _Iage2_25 |  -.1857288   .0373036    -4.98   0.000    -.2588503   -.1126072
             _Iage2_26 |  -.1846087   .0439095    -4.20   0.000    -.2706788   -.0985386
             _Iage2_27 |  -.1859066   .0506401    -3.67   0.000    -.2851699   -.0866434
             _Iage2_28 |  -.1852676   .0574935    -3.22   0.001    -.2979647   -.0725706
             _Iage2_29 |  -.1791193   .0642276    -2.79   0.005    -.3050165   -.0532221
             _Iage2_30 |  -.1746233   .0710438    -2.46   0.014    -.3138814   -.0353653
             _Iage2_31 |  -.1698467   .0779108    -2.18   0.029    -.3225652   -.0171282
             _Iage2_32 |  -.1603669   .0847619    -1.89   0.059    -.3265149     .005781
             _Iage2_33 |  -.1512401   .0916348    -1.65   0.099    -.3308602    .0283799
             _Iage2_34 |  -.1415922   .0982929    -1.44   0.150    -.3342631    .0510786
             _Iage2_35 |  -.1300918   .1051022    -1.24   0.216    -.3361101    .0759264
             _Iage2_36 |  -.1187779   .1119552    -1.06   0.289    -.3382293    .1006734
             _Iage2_37 |  -.1077673   .1187633    -0.91   0.364    -.3405637    .1250292
             _Iage2_38 |  -.0957011   .1255305    -0.76   0.446    -.3417624    .1503601
             _Iage2_39 |   -.080885     .13246    -0.61   0.541    -.3405293    .1787594
             _Iage2_40 |  -.0721552   .1393037    -0.52   0.604    -.3452143    .2009039
             _Iage2_41 |  -.0585335   .1461186    -0.40   0.689     -.344951    .2278841
             _Iage2_42 |  -.0448675   .1529672    -0.29   0.769    -.3447095    .2549744
             _Iage2_43 |  -.0308719   .1598659    -0.19   0.847    -.3442364    .2824927
             _Iage2_44 |   -.017356   .1667098    -0.10   0.917    -.3441358    .3094238
             _Iage2_45 |  -.0042069   .1735522    -0.02   0.981    -.3443989    .3359852
             _Iage2_46 |   .0100086   .1804462     0.06   0.956    -.3436968    .3637141
             _Iage2_47 |    .022439   .1873319     0.12   0.905    -.3447637    .3896418
             _Iage2_48 |   .0358447   .1941899     0.18   0.854    -.3448009    .4164904
             _Iage2_49 |   .0509152   .2010717     0.25   0.800    -.3432199    .4450503
             _Iage2_50 |   .0659916   .2079366     0.32   0.751    -.3415999    .4735831
             _Iage2_51 |   .0801252   .2148012     0.37   0.709     -.340922    .5011724
             _Iage2_52 |   .0934998   .2216764     0.42   0.673     -.341024    .5280237
             _Iage2_53 |   .1086968   .2285838     0.48   0.634    -.3393667    .5567603
             _Iage2_54 |    .124791   .2354571     0.53   0.596    -.3367453    .5863273
             _Iage2_55 |   .1442758   .2423471     0.60   0.552     -.330766    .6193177
             _Iage2_56 |   .1665298   .2492319     0.67   0.504    -.3220074    .6550671
             _Iage2_57 |   .1871262   .2561097     0.73   0.465    -.3148929    .6891452
             _Iage2_58 |   .2130634   .2629644     0.81   0.418    -.3023919    .7285186
             _Iage2_59 |   .2396793   .2698315     0.89   0.374    -.2892367    .7685954
         firm_size_new |  -.0004559   .0011547    -0.39   0.693    -.0027194    .0018076
                 _cons |   .3028964   .0885942     3.42   0.001     .1292365    .4765562
-----------------------+----------------------------------------------------------------
               sigma_u |  .17969925
               sigma_e |  .15472535
                   rho |   .5742631   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11422) =   35.41
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11422) =   23.69
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605018
Group variable: shnro_real                      Number of groups   =     61522

R-sq:  within  = 0.1523                         Obs per group: min =         1
       between = 0.0001                                        avg =       9.8
       overall = 0.0128                                        max =        16

                                                F(79,11422)        =     72.71
corr(u_i, Xb)  = -0.7543                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 11,423 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0046599   .0097685     0.48   0.633     -.014488    .0238078
          treated_pre |   .0198215   .0093414     2.12   0.034     .0015108    .0381323
 treated_pre_iasenior |  -.0078041   .0086953    -0.90   0.369    -.0248484    .0092403
         treated_post |   .0146209     .01278     1.14   0.253      -.01043    .0396719
treated_post_iasenior |   .0001499    .011389     0.01   0.989    -.0221744    .0224742
               senior |   .2471111   .2666256     0.93   0.354    -.2755208    .7697431
         pre_iasenior |   .0552064   .0057072     9.67   0.000     .0440193    .0663935
        post_iasenior |   .0605154   .0070687     8.56   0.000     .0466596    .0743712
                  l_0 |  -.2292589   .0357065    -6.42   0.000    -.2992498   -.1592681
                  l_1 |  -.2097238   .0422627    -4.96   0.000    -.2925659   -.1268817
                  l_2 |  -.2153508   .0488894    -4.40   0.000    -.3111824   -.1195192
                  l_3 |  -.2266607   .0555867    -4.08   0.000    -.3356202   -.1177013
                  l_4 |  -.2387293    .062282    -3.83   0.000    -.3608127    -.116646
                  l_5 |   -.250726   .0690135    -3.63   0.000    -.3860043   -.1154476
                  l_6 |  -.2656354   .0757596    -3.51   0.000    -.4141372   -.1171335
                  l_7 |  -.2905882   .0825395    -3.52   0.000    -.4523797   -.1287967
                  l_8 |  -.3096405   .0893236    -3.47   0.001    -.4847301   -.1345508
                  l_9 |  -.3274051   .0961049    -3.41   0.001    -.5157872   -.1390231
                 l_10 |  -.3476133   .1028541    -3.38   0.001     -.549225   -.1460017
                  f_1 |  -.1776764   .0285284    -6.23   0.000     -.233597   -.1217557
                  f_2 |  -.1550599   .0216468    -7.16   0.000    -.1974915   -.1126284
                  f_3 |  -.1268066    .015218    -8.33   0.000    -.1566364   -.0969768
                  f_4 |  -.0799017   .0090304    -8.85   0.000    -.0976029   -.0622006
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |  -.0434052    .004826    -8.99   0.000    -.0528649   -.0339455
         _Ivuosi_1996 |   .0311511   .0035741     8.72   0.000     .0241452     .038157
         _Ivuosi_1997 |   .0290413   .0033776     8.60   0.000     .0224207     .035662
         _Ivuosi_1998 |    .024722   .0034306     7.21   0.000     .0179974    .0314466
         _Ivuosi_1999 |   .0332644   .0034501     9.64   0.000     .0265016    .0400272
         _Ivuosi_2000 |   .0018944   .0041225     0.46   0.646    -.0061864    .0099753
         _Ivuosi_2001 |  -.0530022   .0029624   -17.89   0.000     -.058809   -.0471954
         _Ivuosi_2002 |  -.0496267   .0027198   -18.25   0.000     -.054958   -.0442955
         _Ivuosi_2003 |  -.0481785   .0025718   -18.73   0.000    -.0532198   -.0431373
         _Ivuosi_2004 |  -.0453556   .0022039   -20.58   0.000    -.0496758   -.0410355
         _Ivuosi_2005 |  -.0433852   .0020553   -21.11   0.000    -.0474138   -.0393565
         _Ivuosi_2006 |  -.0352592   .0018579   -18.98   0.000    -.0389009   -.0316175
         _Ivuosi_2007 |  -.0280111   .0015644   -17.90   0.000    -.0310777   -.0249445
         _Ivuosi_2008 |  -.0199228   .0014744   -13.51   0.000    -.0228129   -.0170328
         _Ivuosi_2009 |  -.0153194    .001034   -14.82   0.000    -.0173462   -.0132927
         _Ivuosi_2010 |  -.0095704   .0007761   -12.33   0.000    -.0110917    -.008049
         _Ivuosi_2011 |  -.0057947   .0004333   -13.37   0.000    -.0066441   -.0049453
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   -.121657   .0107616   -11.30   0.000    -.1427515   -.1005624
            _Iage2_22 |  -.1541271    .017187    -8.97   0.000    -.1878165   -.1204376
            _Iage2_23 |  -.1677081   .0238364    -7.04   0.000    -.2144315   -.1209846
            _Iage2_24 |  -.1764146   .0303308    -5.82   0.000    -.2358681   -.1169612
            _Iage2_25 |  -.1823411   .0370933    -4.92   0.000    -.2550504   -.1096319
            _Iage2_26 |  -.1795651   .0436213    -4.12   0.000    -.2650704   -.0940598
            _Iage2_27 |  -.1792441   .0502801    -3.56   0.000    -.2778018   -.0806864
            _Iage2_28 |   -.176941   .0570594    -3.10   0.002    -.2887872   -.0650948
            _Iage2_29 |  -.1690582   .0637286    -2.65   0.008    -.2939772   -.0441393
            _Iage2_30 |  -.1626922   .0704784    -2.31   0.021     -.300842   -.0245423
            _Iage2_31 |  -.1560647   .0772696    -2.02   0.043    -.3075264   -.0046029
            _Iage2_32 |  -.1445431   .0840425    -1.72   0.085    -.3092808    .0201947
            _Iage2_33 |  -.1333995    .090856    -1.47   0.142    -.3114929    .0446939
            _Iage2_34 |  -.1215559   .0974425    -1.25   0.212    -.3125599     .069448
            _Iage2_35 |  -.1077727   .1041884    -1.03   0.301    -.3119998    .0964544
            _Iage2_36 |  -.0939437   .1109705    -0.85   0.397    -.3114649    .1235774
            _Iage2_37 |  -.0805917   .1177121    -0.68   0.494    -.3113277    .1501442
            _Iage2_38 |  -.0662079   .1244112    -0.53   0.595    -.3100753    .1776594
            _Iage2_39 |   -.048848   .1312691    -0.37   0.710     -.306158     .208462
            _Iage2_40 |  -.0379325   .1380403    -0.27   0.783    -.3085151    .2326502
            _Iage2_41 |  -.3268857   .1223282    -2.67   0.008    -.5666699   -.0871015
            _Iage2_42 |  -.3112434   .1155513    -2.69   0.007    -.5377439    -.084743
            _Iage2_43 |  -.2953945   .1087278    -2.72   0.007    -.5085197   -.0822693
            _Iage2_44 |  -.2800951   .1019616    -2.75   0.006    -.4799574   -.0802328
            _Iage2_45 |   -.265174   .0951989    -2.79   0.005    -.4517802   -.0785677
            _Iage2_46 |  -.2494507    .088388    -2.82   0.005    -.4227064    -.076195
            _Iage2_47 |   -.235319   .0815882    -2.88   0.004    -.3952458   -.0753922
            _Iage2_48 |  -.2204016   .0748172    -2.95   0.003    -.3670561    -.073747
            _Iage2_49 |  -.2036702   .0680309    -2.99   0.003    -.3370224   -.0703179
            _Iage2_50 |  -.1871777   .0612504    -3.06   0.002     -.307239   -.0671165
            _Iage2_51 |  -.1715951   .0545011    -3.15   0.002    -.2784267   -.0647635
            _Iage2_52 |  -.1568293   .0477206    -3.29   0.001    -.2503698   -.0632888
            _Iage2_53 |  -.1400985   .0409228    -3.42   0.001    -.2203143   -.0598827
            _Iage2_54 |  -.1225941   .0341712    -3.59   0.000    -.1895754   -.0556127
            _Iage2_55 |  -.1022307   .0273876    -3.73   0.000    -.1559151   -.0485463
            _Iage2_56 |  -.0783719   .0206097    -3.80   0.000    -.1187704   -.0379733
            _Iage2_57 |  -.0560061   .0138657    -4.04   0.000    -.0831853    -.028827
            _Iage2_58 |  -.0283757   .0070414    -4.03   0.000     -.042178   -.0145734
            _Iage2_59 |          0  (omitted)
        firm_size_new |  -.0005276   .0011968    -0.44   0.659    -.0028736    .0018184
                _cons |   .2660051   .0878743     3.03   0.002     .0937563    .4382538
----------------------+----------------------------------------------------------------
              sigma_u |   .1848925
              sigma_e |  .15485647
                  rho |  .58772096   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11422) =    3.99
            Prob > F =    0.0459

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 11422) =    3.61
            Prob > F =    0.0573
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605018
Group variable: shnro_real                      Number of groups   =     61522

R-sq:  within  = 0.1551                         Obs per group: min =         1
       between = 0.0006                                        avg =       9.8
       overall = 0.0163                                        max =        16

                                                F(86,11422)        =     73.39
corr(u_i, Xb)  = -0.7427                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,423 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0119023   .0183328    -0.65   0.516    -.0478377     .024033
           treated_ia3 |  -.0076689   .0008956    -8.56   0.000    -.0094245   -.0059134
     treated_iasuorv_d |  -.1351531   .0167419    -8.07   0.000    -.1679701   -.1023361
           treated_pre |  -.0687772   .0130846    -5.26   0.000    -.0944252   -.0431292
       treated_pre_ia2 |   .0287471   .0107374     2.68   0.007     .0076999    .0497943
       treated_pre_ia3 |   .0065255   .0006439    10.13   0.000     .0052634    .0077876
 treated_pre_iasuorv_d |   .0963836   .0113412     8.50   0.000      .074153    .1186142
          treated_post |  -.1034512   .0173033    -5.98   0.000    -.1373687   -.0695337
      treated_post_ia2 |   .0332614   .0117754     2.82   0.005     .0101797    .0563431
      treated_post_ia3 |   .0084826   .0008126    10.44   0.000     .0068897    .0100755
treated_post_iasuorv_d |   .1358904    .014212     9.56   0.000     .1080324    .1637484
             interact2 |  -.0887155   .0096998    -9.15   0.000    -.1077288   -.0697021
             interact3 |  -.0014498   .0002749    -5.27   0.000    -.0019887   -.0009109
               suorv_d |   .0319486   .0084928     3.76   0.000     .0153013    .0485959
                   l_0 |  -.1932145   .0353514    -5.47   0.000    -.2625094   -.1239197
                   l_1 |  -.1711982   .0420424    -4.07   0.000    -.2536085   -.0887878
                   l_2 |  -.1743044   .0487801    -3.57   0.000    -.2699217    -.078687
                   l_3 |  -.1829728   .0555826    -3.29   0.001    -.2919242   -.0740215
                   l_4 |  -.1923153   .0623736    -3.08   0.002    -.3145782   -.0700525
                   l_5 |  -.2015511   .0691987    -2.91   0.004    -.3371925   -.0659098
                   l_6 |  -.2136153   .0760365    -2.81   0.005    -.3626599   -.0645708
                   l_7 |  -.2358014   .0829077    -2.84   0.004    -.3983146   -.0732881
                   l_8 |  -.2519085   .0897756    -2.81   0.005    -.4278842   -.0759329
                   l_9 |  -.2668354   .0966413    -2.76   0.006    -.4562689    -.077402
                  l_10 |  -.2840918   .1034719    -2.75   0.006    -.4869145    -.081269
                   f_1 |  -.1469072   .0284754    -5.16   0.000    -.2027238   -.0910906
                   f_2 |  -.1268937   .0214394    -5.92   0.000    -.1689186   -.0848688
                   f_3 |   -.101172   .0148149    -6.83   0.000    -.1302117   -.0721323
                   f_4 |  -.0568633   .0083114    -6.84   0.000     -.073155   -.0405716
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0437146   .0048564    -9.00   0.000    -.0532339   -.0341952
          _Ivuosi_1996 |   .0308403   .0035738     8.63   0.000      .023835    .0378456
          _Ivuosi_1997 |   .0283673   .0033621     8.44   0.000      .021777    .0349576
          _Ivuosi_1998 |   .0239405   .0034072     7.03   0.000     .0172617    .0306192
          _Ivuosi_1999 |    .032353   .0034216     9.46   0.000     .0256462    .0390599
          _Ivuosi_2000 |    .000812   .0041004     0.20   0.843    -.0072255    .0088494
          _Ivuosi_2001 |  -.0537797   .0029695   -18.11   0.000    -.0596004    -.047959
          _Ivuosi_2002 |  -.0503944   .0027306   -18.46   0.000    -.0557468    -.045042
          _Ivuosi_2003 |  -.0489627   .0025862   -18.93   0.000    -.0540322   -.0438933
          _Ivuosi_2004 |  -.0463072     .00222   -20.86   0.000    -.0506587   -.0419557
          _Ivuosi_2005 |  -.0442063   .0020658   -21.40   0.000    -.0482556   -.0401569
          _Ivuosi_2006 |  -.0362791   .0018535   -19.57   0.000    -.0399123   -.0326459
          _Ivuosi_2007 |  -.0289705   .0015675   -18.48   0.000    -.0320431    -.025898
          _Ivuosi_2008 |  -.0207755   .0014714   -14.12   0.000    -.0236596   -.0178913
          _Ivuosi_2009 |  -.0159466   .0010373   -15.37   0.000    -.0179799   -.0139133
          _Ivuosi_2010 |  -.0100492   .0007867   -12.77   0.000    -.0115913   -.0085071
          _Ivuosi_2011 |  -.0061195    .000452   -13.54   0.000    -.0070054   -.0052336
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1214322   .0107563   -11.29   0.000    -.1425163    -.100348
             _Iage2_22 |  -.1538195   .0172266    -8.93   0.000    -.1875865   -.1200524
             _Iage2_23 |   -.167605   .0239218    -7.01   0.000     -.214496   -.1207141
             _Iage2_24 |  -.1766405   .0304829    -5.79   0.000    -.2363922   -.1168888
             _Iage2_25 |  -.1829263   .0373217    -4.90   0.000    -.2560832   -.1097693
             _Iage2_26 |  -.1806023   .0439359    -4.11   0.000    -.2667243   -.0944803
             _Iage2_27 |  -.1810939   .0506724    -3.57   0.000    -.2804206   -.0817672
             _Iage2_28 |  -.1800662   .0575273    -3.13   0.002    -.2928297   -.0673028
             _Iage2_29 |  -.1735856   .0642632    -2.70   0.007    -.2995525   -.0476186
             _Iage2_30 |  -.1690756   .0710814    -2.38   0.017    -.3084073   -.0297439
             _Iage2_31 |   -.164251   .0779508    -2.11   0.035     -.317048   -.0114541
             _Iage2_32 |  -.1548713   .0847997    -1.83   0.068    -.3210933    .0113508
             _Iage2_33 |  -.1459188   .0916764    -1.59   0.111    -.3256204    .0337827
             _Iage2_34 |  -.1363945   .0983351    -1.39   0.165    -.3291481    .0563591
             _Iage2_35 |  -.1252047   .1051458    -1.19   0.234    -.3313086    .0808992
             _Iage2_36 |  -.1141957   .1120005    -1.02   0.308    -.3337358    .1053445
             _Iage2_37 |  -.1034552    .118806    -0.87   0.384    -.3363355     .129425
             _Iage2_38 |  -.0915983   .1255763    -0.73   0.466    -.3377494    .1545528
             _Iage2_39 |  -.0770678   .1325051    -0.58   0.561    -.3368006    .1826651
             _Iage2_40 |  -.0686336    .139348    -0.49   0.622    -.3417797    .2045125
             _Iage2_41 |  -.0553266   .1461628    -0.38   0.705    -.3418307    .2311776
             _Iage2_42 |  -.0419868   .1530108    -0.27   0.784    -.3419143    .2579407
             _Iage2_43 |  -.0283316   .1599079    -0.18   0.859    -.3417786    .2851154
             _Iage2_44 |  -.0151628   .1667519    -0.09   0.928    -.3420252    .3116996
             _Iage2_45 |  -.0023751   .1735923    -0.01   0.989    -.3426458    .3378956
             _Iage2_46 |   .0114606   .1804854     0.06   0.949    -.3423218    .3652431
             _Iage2_47 |   .0234917   .1873692     0.13   0.900    -.3437841    .3907675
             _Iage2_48 |   .0364954   .1942273     0.19   0.851    -.3442235    .4172144
             _Iage2_49 |   .0511501    .201108     0.25   0.799    -.3430561    .4453562
             _Iage2_50 |   .0657872   .2079723     0.32   0.752    -.3418742    .4734487
             _Iage2_51 |   .0794661   .2148366     0.37   0.711    -.3416506    .5005827
             _Iage2_52 |   .0923738   .2217108     0.42   0.677    -.3422174     .526965
             _Iage2_53 |   .1070791   .2286175     0.47   0.640    -.3410505    .5552087
             _Iage2_54 |    .122701   .2354908     0.52   0.602    -.3389014    .5843033
             _Iage2_55 |   .1417012   .2423801     0.58   0.559    -.3334053    .6168077
             _Iage2_56 |   .1634638   .2492632     0.66   0.512    -.3251349    .6520625
             _Iage2_57 |   .1835632   .2561406     0.72   0.474    -.3185163    .6856427
             _Iage2_58 |   .2090087    .262995     0.79   0.427    -.3065066     .724524
             _Iage2_59 |   .2351242   .2698605     0.87   0.384    -.2938487    .7640971
         firm_size_new |  -.0004154    .001167    -0.36   0.722    -.0027029    .0018722
                 _cons |    .308444   .0885707     3.48   0.000     .1348302    .4820579
-----------------------+----------------------------------------------------------------
               sigma_u |  .18047966
               sigma_e |  .15460579
                   rho |   .5767581   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11422) =   16.50
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11422) =   32.49
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11422) =   13.65
            Prob > F =    0.0002

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 11422) =    7.45
            Prob > F =    0.0064

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11422) =   24.43
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 11422) =    5.53
            Prob > F =    0.0188
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605018
Group variable: shnro_real                      Number of groups   =     61522

R-sq:  within  = 0.1538                         Obs per group: min =         1
       between = 0.0005                                        avg =       9.8
       overall = 0.0163                                        max =        16

                                                F(85,11422)        =     73.61
corr(u_i, Xb)  = -0.7382                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,423 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0145605   .0076097    -1.91   0.056    -.0294769    .0003558
           treated_ia3 |   -.006876   .0008886    -7.74   0.000    -.0086178   -.0051343
     treated_iasuorv_d |   -.130927   .0169894    -7.71   0.000    -.1642291   -.0976248
           treated_pre |  -.0639927   .0127431    -5.02   0.000    -.0889714    -.039014
  treated_pre_iasenior |   .0179932   .0067358     2.67   0.008     .0047899    .0311966
       treated_pre_ia3 |   .0060002     .00066     9.09   0.000     .0047065    .0072939
 treated_pre_iasuorv_d |   .0837527   .0119967     6.98   0.000     .0602371    .1072682
          treated_post |  -.1037868    .016881    -6.15   0.000    -.1368765   -.0706972
 treated_post_iasenior |   .0104745   .0080608     1.30   0.194    -.0053261    .0262751
      treated_post_ia3 |   .0082213   .0007895    10.41   0.000     .0066737    .0097688
treated_post_iasuorv_d |   .1349938    .014143     9.54   0.000     .1072711    .1627165
                senior |    -.05769   .1461598    -0.39   0.693    -.3441884    .2288084
             interact3 |  -.0007917   .0002627    -3.01   0.003    -.0013065   -.0002769
               suorv_d |   .0347246   .0086102     4.03   0.000     .0178471    .0516021
                   l_0 |  -.1962675   .0354044    -5.54   0.000    -.2656663   -.1268688
                   l_1 |  -.1750386   .0420872    -4.16   0.000    -.2575368   -.0925404
                   l_2 |  -.1788009   .0488168    -3.66   0.000    -.2744902   -.0831117
                   l_3 |  -.1881466   .0556095    -3.38   0.001    -.2971507   -.0791425
                   l_4 |  -.1981995   .0623923    -3.18   0.001    -.3204992   -.0758998
                   l_5 |  -.2081813   .0692085    -3.01   0.003    -.3438418   -.0725208
                   l_6 |   -.221022   .0760379    -2.91   0.004    -.3700694   -.0719746
                   l_7 |  -.2439322    .082904    -2.94   0.003    -.4064382   -.0814262
                   l_8 |  -.2608483   .0897674    -2.91   0.004    -.4368079   -.0848888
                   l_9 |    -.27651   .0966275    -2.86   0.004    -.4659165   -.0871036
                  l_10 |  -.2945332   .1034536    -2.85   0.004      -.49732   -.0917464
                   f_1 |  -.1495637   .0284835    -5.25   0.000    -.2053962   -.0937312
                   f_2 |  -.1288894   .0214554    -6.01   0.000    -.1709456   -.0868331
                   f_3 |  -.1024692   .0148382    -6.91   0.000    -.1315547   -.0733837
                   f_4 |  -.0574471   .0083393    -6.89   0.000    -.0737935   -.0411007
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0436148   .0048507    -8.99   0.000     -.053123   -.0341066
          _Ivuosi_1996 |   .0310581   .0035717     8.70   0.000      .024057    .0380593
          _Ivuosi_1997 |    .028716   .0033652     8.53   0.000     .0221196    .0353125
          _Ivuosi_1998 |    .024367   .0034054     7.16   0.000     .0176919    .0310421
          _Ivuosi_1999 |   .0328255   .0034271     9.58   0.000     .0261078    .0395431
          _Ivuosi_2000 |   .0014335   .0041009     0.35   0.727    -.0066049    .0094719
          _Ivuosi_2001 |  -.0532769   .0029765   -17.90   0.000    -.0591113   -.0474425
          _Ivuosi_2002 |  -.0498689   .0027337   -18.24   0.000    -.0552275   -.0445103
          _Ivuosi_2003 |  -.0483642   .0025875   -18.69   0.000    -.0534361   -.0432922
          _Ivuosi_2004 |  -.0456575   .0022208   -20.56   0.000    -.0500106   -.0413044
          _Ivuosi_2005 |  -.0436394    .002065   -21.13   0.000    -.0476872   -.0395917
          _Ivuosi_2006 |  -.0356406   .0018533   -19.23   0.000    -.0392734   -.0320077
          _Ivuosi_2007 |   -.028326   .0015628   -18.13   0.000    -.0313893   -.0252627
          _Ivuosi_2008 |  -.0202637   .0014727   -13.76   0.000    -.0231504    -.017377
          _Ivuosi_2009 |  -.0155081   .0010343   -14.99   0.000    -.0175354   -.0134807
          _Ivuosi_2010 |  -.0096646   .0007808   -12.38   0.000    -.0111951   -.0081341
          _Ivuosi_2011 |  -.0058171   .0004389   -13.25   0.000    -.0066775   -.0049567
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1215805   .0107507   -11.31   0.000    -.1426538   -.1005073
             _Iage2_22 |  -.1542221   .0172137    -8.96   0.000     -.187964   -.1204803
             _Iage2_23 |  -.1685114   .0238971    -7.05   0.000    -.2153538   -.1216689
             _Iage2_24 |  -.1783741   .0304523    -5.86   0.000    -.2380658   -.1186824
             _Iage2_25 |  -.1858112   .0372844    -4.98   0.000     -.258895   -.1127274
             _Iage2_26 |  -.1847221   .0438843    -4.21   0.000    -.2707429   -.0987013
             _Iage2_27 |  -.1860457   .0506095    -3.68   0.000     -.285249   -.0868424
             _Iage2_28 |  -.1854509   .0574562    -3.23   0.001    -.2980748   -.0728269
             _Iage2_29 |  -.1793402   .0641851    -2.79   0.005    -.3051541   -.0535263
             _Iage2_30 |  -.1748795   .0709964    -2.46   0.014    -.3140447   -.0357143
             _Iage2_31 |  -.1701354    .077857    -2.19   0.029    -.3227485   -.0175223
             _Iage2_32 |  -.1606931   .0847011    -1.90   0.058    -.3267218    .0053356
             _Iage2_33 |  -.1516165   .0915697    -1.66   0.098    -.3311089    .0278759
             _Iage2_34 |      -.142   .0982225    -1.45   0.148    -.3345329    .0505329
             _Iage2_35 |  -.1305481   .1050271    -1.24   0.214    -.3364192    .0753231
             _Iage2_36 |  -.1192724   .1118742    -1.07   0.286    -.3385651    .1000202
             _Iage2_37 |  -.1082843   .1186763    -0.91   0.362    -.3409102    .1243416
             _Iage2_38 |  -.0962529   .1254372    -0.77   0.443    -.3421314    .1496256
             _Iage2_39 |  -.0814206   .1323614    -0.62   0.538    -.3408716    .1780304
             _Iage2_40 |  -.0727001   .1391983    -0.52   0.601    -.3455526    .2001524
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0136761   .0069463     1.97   0.049     .0000602     .027292
             _Iage2_43 |   .0277177    .013811     2.01   0.045     .0006458    .0547896
             _Iage2_44 |   .0412842   .0206412     2.00   0.046      .000824    .0817445
             _Iage2_45 |   .0545147   .0274753     1.98   0.047     .0006584     .108371
             _Iage2_46 |   .0687658   .0343661     2.00   0.045     .0014024    .1361292
             _Iage2_47 |   .0812795   .0412472     1.97   0.049     .0004279    .1621311
             _Iage2_48 |   .0947319   .0481003     1.97   0.049     .0004472    .1890167
             _Iage2_49 |   .1098828   .0549774     2.00   0.046     .0021178    .2176479
             _Iage2_50 |   .1250156   .0618381     2.02   0.043     .0038024    .2462288
             _Iage2_51 |   .1392134   .0686978     2.03   0.043     .0045539    .2738728
             _Iage2_52 |   .1526473   .0755707     2.02   0.043     .0045158    .3007787
             _Iage2_53 |    .167927   .0824742     2.04   0.042     .0062633    .3295906
             _Iage2_54 |   .1841147   .0893447     2.06   0.039     .0089837    .3592456
             _Iage2_55 |   .2035519   .0962271     2.12   0.034     .0149302    .3921735
             _Iage2_56 |    .225922   .1031115     2.19   0.028     .0238056    .4280383
             _Iage2_57 |   .2466396   .1099888     2.24   0.025     .0310427    .4622366
             _Iage2_58 |   .2727208   .1168516     2.33   0.020     .0436716    .5017699
             _Iage2_59 |    .299503   .1237241     2.42   0.016     .0569826    .5420234
         firm_size_new |  -.0004618   .0011572    -0.40   0.690      -.00273    .0018065
                 _cons |   .3023845   .0885496     3.41   0.001      .128812     .475957
-----------------------+----------------------------------------------------------------
               sigma_u |   .1797364
               sigma_e |  .15471991
                   rho |  .57438135   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 11422) =   40.96
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11422) =   54.31
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 11422) =   82.65
            Prob > F =    0.0000

 ( 1)  treated_post_ia3 = 0

       F(  1, 11422) =  108.43
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11422) =   33.49
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11422) =   34.38
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11422) =   30.15
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_41 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605018
Group variable: shnro_real                      Number of groups   =     61522

R-sq:  within  = 0.1551                         Obs per group: min =         1
       between = 0.0006                                        avg =       9.8
       overall = 0.0165                                        max =        16

                                                F(89,11422)        =     72.54
corr(u_i, Xb)  = -0.7409                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,423 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0164885   .0075808    -2.18   0.030    -.0313481   -.0016289
           treated_ia2 |  -.0107601   .0182537    -0.59   0.556    -.0465404    .0250203
           treated_ia3 |  -.0072164   .0008891    -8.12   0.000    -.0089592   -.0054736
     treated_iasuorv_d |  -.1266279   .0171246    -7.39   0.000    -.1601952   -.0930607
           treated_pre |  -.0661998   .0129959    -5.09   0.000    -.0916741   -.0407255
  treated_pre_iasenior |   .0185372   .0067044     2.76   0.006     .0053953     .031679
       treated_pre_ia2 |   .0272189   .0106848     2.55   0.011     .0062749    .0481629
       treated_pre_ia3 |    .005966   .0006622     9.01   0.000     .0046681     .007264
 treated_pre_iasuorv_d |   .0847253   .0121866     6.95   0.000     .0608375    .1086132
          treated_post |  -.1014732   .0171508    -5.92   0.000    -.1350918   -.0678547
 treated_post_iasenior |   .0139998   .0079885     1.75   0.080     -.001659    .0296587
      treated_post_ia2 |   .0321943   .0116711     2.76   0.006      .009317    .0550717
      treated_post_ia3 |   .0080812   .0007911    10.22   0.000     .0065306    .0096318
treated_post_iasuorv_d |   .1276152   .0142945     8.93   0.000     .0995955    .1556349
                senior |  -.0552941   .1462092    -0.38   0.705    -.3418892     .231301
             interact2 |  -.0886663   .0096554    -9.18   0.000    -.1075926     -.06974
             interact3 |  -.0014638   .0002755    -5.31   0.000    -.0020039   -.0009238
               suorv_d |   .0319739   .0084797     3.77   0.000     .0153523    .0485955
                   l_0 |  -.1931758   .0353607    -5.46   0.000    -.2624889   -.1238627
                   l_1 |  -.1711051   .0420463    -4.07   0.000    -.2535231   -.0886871
                   l_2 |   -.174169    .048779    -3.57   0.000    -.2697842   -.0785538
                   l_3 |  -.1827929   .0555742    -3.29   0.001    -.2917279   -.0738578
                   l_4 |   -.192083   .0623568    -3.08   0.002     -.314313   -.0698529
                   l_5 |  -.2012661    .069174    -2.91   0.004     -.336859   -.0656732
                   l_6 |  -.2132805   .0760024    -2.81   0.005    -.3622583   -.0643027
                   l_7 |  -.2354093   .0828674    -2.84   0.005    -.3978437   -.0729749
                   l_8 |  -.2514745   .0897283    -2.80   0.005    -.4273574   -.0755917
                   l_9 |  -.2663548   .0965864    -2.76   0.006    -.4556808   -.0770288
                  l_10 |  -.2835606   .1034092    -2.74   0.006    -.4862604   -.0808609
                   f_1 |   -.146813   .0284674    -5.16   0.000     -.202614    -.091012
                   f_2 |  -.1268272   .0214402    -5.92   0.000    -.1688536   -.0848008
                   f_3 |  -.1011287    .014821    -6.82   0.000    -.1301805    -.072077
                   f_4 |  -.0568329   .0083239    -6.83   0.000    -.0731491   -.0405166
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0437658   .0048473    -9.03   0.000    -.0532675   -.0342642
          _Ivuosi_1996 |   .0308067   .0035676     8.64   0.000     .0238136    .0377999
          _Ivuosi_1997 |   .0284202   .0033639     8.45   0.000     .0218264     .035014
          _Ivuosi_1998 |   .0239873   .0034089     7.04   0.000     .0173052    .0306693
          _Ivuosi_1999 |   .0323633   .0034253     9.45   0.000      .025649    .0390775
          _Ivuosi_2000 |   .0008524   .0040987     0.21   0.835    -.0071818    .0088866
          _Ivuosi_2001 |  -.0538058   .0029737   -18.09   0.000    -.0596347   -.0479768
          _Ivuosi_2002 |   -.050384   .0027301   -18.46   0.000    -.0557354   -.0450327
          _Ivuosi_2003 |  -.0489396   .0025857   -18.93   0.000    -.0540081   -.0438712
          _Ivuosi_2004 |  -.0462964   .0022209   -20.85   0.000    -.0506497   -.0419431
          _Ivuosi_2005 |  -.0441873   .0020664   -21.38   0.000    -.0482378   -.0401367
          _Ivuosi_2006 |  -.0362526   .0018524   -19.57   0.000    -.0398836   -.0326217
          _Ivuosi_2007 |  -.0289497   .0015666   -18.48   0.000    -.0320205   -.0258789
          _Ivuosi_2008 |  -.0207594     .00147   -14.12   0.000    -.0236408    -.017878
          _Ivuosi_2009 |  -.0159363   .0010364   -15.38   0.000    -.0179678   -.0139047
          _Ivuosi_2010 |  -.0100453   .0007869   -12.77   0.000    -.0115877   -.0085029
          _Ivuosi_2011 |  -.0061173   .0004519   -13.54   0.000    -.0070031   -.0052314
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1214579   .0107559   -11.29   0.000    -.1425414   -.1003745
             _Iage2_22 |  -.1538823   .0172198    -8.94   0.000     -.187636   -.1201286
             _Iage2_23 |  -.1677072   .0239113    -7.01   0.000    -.2145775    -.120837
             _Iage2_24 |   -.176803    .030467    -5.80   0.000    -.2365236   -.1170825
             _Iage2_25 |  -.1831202   .0373023    -4.91   0.000     -.256239   -.1100013
             _Iage2_26 |  -.1808509   .0439106    -4.12   0.000    -.2669232   -.0947786
             _Iage2_27 |  -.1813911   .0506416    -3.58   0.000    -.2806573    -.082125
             _Iage2_28 |  -.1804313   .0574896    -3.14   0.002    -.2931207   -.0677418
             _Iage2_29 |  -.1740093   .0642203    -2.71   0.007    -.2998921   -.0481266
             _Iage2_30 |  -.1695569   .0710334    -2.39   0.017    -.3087946   -.0303193
             _Iage2_31 |  -.1647834    .077896    -2.12   0.034     -.317473   -.0120938
             _Iage2_32 |  -.1554574    .084738    -1.83   0.067    -.3215584    .0106435
             _Iage2_33 |  -.1465707   .0916102    -1.60   0.110    -.3261425    .0330011
             _Iage2_34 |  -.1370943   .0982635    -1.40   0.163    -.3297076    .0555191
             _Iage2_35 |  -.1259616   .1050696    -1.20   0.231    -.3319161    .0799928
             _Iage2_36 |  -.1149986    .111918    -1.03   0.304    -.3343771    .1043799
             _Iage2_37 |  -.1042962   .1187175    -0.88   0.380    -.3370029    .1284104
             _Iage2_38 |  -.0924962   .1254812    -0.74   0.461    -.3384609    .1534686
             _Iage2_39 |  -.0779786   .1324047    -0.59   0.556    -.3375144    .1815573
             _Iage2_40 |  -.0695963   .1392405    -0.50   0.617    -.3425315     .203339
             _Iage2_41 |          0  (omitted)
             _Iage2_42 |   .0132837   .0069451     1.91   0.056    -.0003298    .0268972
             _Iage2_43 |   .0268999   .0138073     1.95   0.051    -.0001648    .0539645
             _Iage2_44 |   .0400305    .020637     1.94   0.052    -.0004215    .0804825
             _Iage2_45 |    .052801   .0274684     1.92   0.055    -.0010418    .1066437
             _Iage2_46 |   .0665708   .0343574     1.94   0.053    -.0007755    .1339172
             _Iage2_47 |   .0785771   .0412358     1.91   0.057    -.0022522    .1594064
             _Iage2_48 |    .091518   .0480882     1.90   0.057    -.0027432    .1857792
             _Iage2_49 |   .1061362   .0549634     1.93   0.054    -.0016015    .2138738
             _Iage2_50 |   .1207067   .0618225     1.95   0.051     -.000476    .2418895
             _Iage2_51 |   .1343306    .068681     1.96   0.051     -.000296    .2689571
             _Iage2_52 |   .1471664    .075552     1.95   0.051    -.0009285    .2952613
             _Iage2_53 |   .1618262    .082454     1.96   0.050     .0002022    .3234502
             _Iage2_54 |   .1774119   .0893234     1.99   0.047     .0023227    .3525012
             _Iage2_55 |   .1962321   .0962039     2.04   0.041      .007656    .3848081
             _Iage2_56 |   .2179824   .1030853     2.11   0.034     .0159176    .4200472
             _Iage2_57 |   .2380764   .1099609     2.17   0.030      .022534    .4536187
             _Iage2_58 |   .2635302   .1168222     2.26   0.024     .0345385    .4925218
             _Iage2_59 |   .2896706   .1236919     2.34   0.019     .0472133    .5321278
         firm_size_new |  -.0004191   .0011686    -0.36   0.720    -.0027098    .0018716
                 _cons |   .3081979   .0885228     3.48   0.001      .134678    .4817179
-----------------------+----------------------------------------------------------------
               sigma_u |  .17992857
               sigma_e |  .15460127
                   rho |  .57527866   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 11422) =   19.66
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 11422) =   27.79
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 11422) =   43.62
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 11422) =   54.46
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 11422) =   28.61
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11422) =   15.91
            Prob > F =    0.0001

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11422) =   31.72
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 11422) =    9.96
            Prob > F =    0.0016

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 11422) =   25.45
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11422) =    7.73
            Prob > F =    0.0054
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    605182
Group variable: shnro_real                      Number of groups   =     61542

R-sq:  within  = 0.1551                         Obs per group: min =         1
       between = 0.0006                                        avg =       9.8
       overall = 0.0164                                        max =        16

                                                F(86,11427)        =     73.39
corr(u_i, Xb)  = -0.7418                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 11,428 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0119696   .0183179    -0.65   0.513    -.0478758    .0239367
           treated_ia3 |  -.0076606   .0008955    -8.55   0.000    -.0094161   -.0059052
     treated_iasuorv_d |  -.1352657   .0167431    -8.08   0.000     -.168085   -.1024464
           treated_pre |  -.0686437   .0130847    -5.25   0.000    -.0942919   -.0429954
       treated_pre_ia2 |   .0288252   .0107381     2.68   0.007     .0077766    .0498737
       treated_pre_ia3 |    .006518   .0006439    10.12   0.000     .0052558    .0077801
 treated_pre_iasuorv_d |   .0962375   .0113415     8.49   0.000     .0740062    .1184688
          treated_post |  -.1036278   .0173051    -5.99   0.000    -.1375488   -.0697068
      treated_post_ia2 |   .0331973   .0117759     2.82   0.005     .0101146    .0562801
      treated_post_ia3 |   .0084876   .0008126    10.44   0.000     .0068947    .0100805
treated_post_iasuorv_d |   .1360717   .0142157     9.57   0.000     .1082066    .1639368
             interact2 |  -.0887188   .0096998    -9.15   0.000     -.107732   -.0697056
             interact3 |  -.0014513   .0002749    -5.28   0.000    -.0019902   -.0009124
               suorv_d |   .0319652    .008493     3.76   0.000     .0153174     .048613
                   l_0 |  -.1930971   .0353454    -5.46   0.000    -.2623802   -.1238141
                   l_1 |  -.1710449   .0420348    -4.07   0.000    -.2534404   -.0886494
                   l_2 |  -.1740779   .0487714    -3.57   0.000    -.2696782   -.0784776
                   l_3 |  -.1827309   .0555723    -3.29   0.001    -.2916621   -.0737997
                   l_4 |  -.1920615    .062362    -3.08   0.002    -.3143017   -.0698213
                   l_5 |  -.2012726   .0691857    -2.91   0.004    -.3368885   -.0656566
                   l_6 |   -.213314   .0760221    -2.81   0.005    -.3623303   -.0642977
                   l_7 |  -.2354612   .0828921    -2.84   0.005    -.3979439   -.0729785
                   l_8 |  -.2515411   .0897587    -2.80   0.005    -.4274836   -.0755987
                   l_9 |  -.2664393    .096623    -2.76   0.006     -.455837   -.0770416
                  l_10 |    -.28367   .1034524    -2.74   0.006    -.4864544   -.0808855
                   f_1 |  -.1467807   .0284707    -5.16   0.000    -.2025881   -.0909733
                   f_2 |  -.1268009   .0214361    -5.92   0.000    -.1688193   -.0847824
                   f_3 |  -.1011752   .0148125    -6.83   0.000    -.1302102   -.0721402
                   f_4 |  -.0568092   .0083108    -6.84   0.000    -.0730998   -.0405185
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |  -.0439172   .0048556    -9.04   0.000     -.053435   -.0343994
          _Ivuosi_1996 |   .0307456   .0035714     8.61   0.000      .023745    .0377462
          _Ivuosi_1997 |   .0282389   .0033612     8.40   0.000     .0216505    .0348274
          _Ivuosi_1998 |   .0238135   .0034075     6.99   0.000     .0171342    .0304929
          _Ivuosi_1999 |    .032216   .0034223     9.41   0.000     .0255077    .0389244
          _Ivuosi_2000 |   .0007556   .0041005     0.18   0.854    -.0072821    .0087933
          _Ivuosi_2001 |  -.0538591   .0029714   -18.13   0.000    -.0596836   -.0480347
          _Ivuosi_2002 |  -.0504627   .0027325   -18.47   0.000    -.0558188   -.0451066
          _Ivuosi_2003 |  -.0490245    .002588   -18.94   0.000    -.0540974   -.0439516
          _Ivuosi_2004 |  -.0463662   .0022217   -20.87   0.000    -.0507211   -.0420114
          _Ivuosi_2005 |  -.0442565    .002067   -21.41   0.000    -.0483081   -.0402049
          _Ivuosi_2006 |  -.0363252   .0018545   -19.59   0.000    -.0399603   -.0326901
          _Ivuosi_2007 |  -.0290061   .0015679   -18.50   0.000    -.0320795   -.0259328
          _Ivuosi_2008 |  -.0208029    .001472   -14.13   0.000    -.0236883   -.0179176
          _Ivuosi_2009 |  -.0159653   .0010378   -15.38   0.000    -.0179996   -.0139311
          _Ivuosi_2010 |  -.0100589   .0007871   -12.78   0.000    -.0116018    -.008516
          _Ivuosi_2011 |   -.006124    .000452   -13.55   0.000      -.00701   -.0052381
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |  -.1213811   .0107519   -11.29   0.000    -.1424566   -.1003056
             _Iage2_22 |  -.1538454   .0172216    -8.93   0.000    -.1876027   -.1200881
             _Iage2_23 |  -.1677349   .0239151    -7.01   0.000    -.2146127   -.1208571
             _Iage2_24 |  -.1766988   .0304738    -5.80   0.000    -.2364326    -.116965
             _Iage2_25 |   -.183026   .0373118    -4.91   0.000    -.2561636   -.1098885
             _Iage2_26 |  -.1808506   .0439254    -4.12   0.000    -.2669519   -.0947493
             _Iage2_27 |   -.181341   .0506602    -3.58   0.000    -.2806437   -.0820384
             _Iage2_28 |  -.1802912   .0575135    -3.13   0.002    -.2930275   -.0675549
             _Iage2_29 |  -.1739026   .0642482    -2.71   0.007      -.29984   -.0479652
             _Iage2_30 |  -.1694309   .0710649    -2.38   0.017    -.3087304   -.0301315
             _Iage2_31 |  -.1646588   .0779332    -2.11   0.035    -.3174212   -.0118964
             _Iage2_32 |  -.1552389   .0847806    -1.83   0.067    -.3214234    .0109457
             _Iage2_33 |  -.1462937   .0916555    -1.60   0.110    -.3259542    .0333668
             _Iage2_34 |  -.1368627   .0983134    -1.39   0.164    -.3295738    .0558485
             _Iage2_35 |  -.1257053   .1051228    -1.20   0.232     -.331764    .0803533
             _Iage2_36 |   -.114729   .1119762    -1.02   0.306    -.3342215    .1047635
             _Iage2_37 |  -.1039508   .1187797    -0.88   0.382    -.3367795    .1288778
             _Iage2_38 |   -.092205   .1255492    -0.73   0.463    -.3383029    .1538929
             _Iage2_39 |  -.0776982   .1324767    -0.59   0.558    -.3373752    .1819787
             _Iage2_40 |  -.0692975   .1393181    -0.50   0.619    -.3423849    .2037899
             _Iage2_41 |  -.0560481   .1461316    -0.38   0.701    -.3424912     .230395
             _Iage2_42 |  -.0427392   .1529784    -0.28   0.780    -.3426031    .2571246
             _Iage2_43 |  -.0291011    .159874    -0.18   0.856    -.3424817    .2842794
             _Iage2_44 |  -.0159703   .1667167    -0.10   0.924    -.3427636     .310823
             _Iage2_45 |  -.0032129   .1735557    -0.02   0.985    -.3434119    .3369862
             _Iage2_46 |   .0105935   .1804475     0.06   0.953    -.3431145    .3643015
             _Iage2_47 |   .0225893   .1873299     0.12   0.904    -.3446095     .389788
             _Iage2_48 |   .0355574   .1941867     0.18   0.855    -.3450818    .4161966
             _Iage2_49 |   .0501753    .201066     0.25   0.803    -.3439486    .4442991
             _Iage2_50 |    .064772    .207929     0.31   0.755    -.3428046    .4723485
             _Iage2_51 |   .0784145    .214792     0.37   0.715    -.3426147    .4994436
             _Iage2_52 |   .0912865   .2216648     0.41   0.680    -.3432146    .5257877
             _Iage2_53 |   .1059442   .2285703     0.46   0.643    -.3420929    .5539812
             _Iage2_54 |   .1215406   .2354422     0.52   0.606    -.3399664    .5830477
             _Iage2_55 |   .1404982   .2423301     0.58   0.562    -.3345105    .6155069
             _Iage2_56 |   .1622199    .249212     0.65   0.515    -.3262784    .6507181
             _Iage2_57 |   .1822804    .256088     0.71   0.477     -.319696    .6842568
             _Iage2_58 |   .2076843   .2629411     0.79   0.430    -.3077253    .7230939
             _Iage2_59 |   .2338833   .2698045     0.87   0.386    -.2949797    .7627464
         firm_size_new |  -.0004183   .0011615    -0.36   0.719     -.002695    .0018585
                 _cons |    .309045   .0885393     3.49   0.000     .1354929    .4825972
-----------------------+----------------------------------------------------------------
               sigma_u |  .18024477
               sigma_e |   .1546405
                   rho |  .57601249   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 11427) =   16.61
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 11427) =   32.60
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 11427) =   13.75
            Prob > F =    0.0002

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 11427) =    7.37
            Prob > F =    0.0067

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 11427) =   24.33
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 11427) =    5.46
            Prob > F =    0.0195
O:\returns
ue_d_bluec_age_short_noIQ_nostem_G.xls
dir : seeout
ue_d_bluec_age_top3_noIQ_nostem_G.xls
dir : seeout

. *log close
. 
.         
.         
. exit

end of do-file

. do "$estimation\returns_EST_CEM_cluster_ownfirm_2022_08_22"             // estimations using only the obs where employer same as at time of treatment

. clear all

. set more off

. *capture log close
. set logtype text

. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by flavor of Stata.  See limits for more details.

. 
. local mydate: di %tdDNCY date(c(current_date), "DMY")

. 
. global output           "O:\returns"

. global data_path        "W:\returns\REStat_estimation_data" 

. global work                     "W:\returns\REStat_estimation_data" 

. global graphs           "O:\returns"

. 
. global graphs_do        0

. * choose 0 =  no graphs; 1 = do graphs
. global horse_race       1

. global dummy            1  /* 1 if estimate constant /  interacted TE models, 0 otherwise */

. global ownfirm          1  /* 1 if only use obs where the individuals in the firm they were in at t = 0 */

. *log using "${output}\returns_EST_CEM_`mydate'_noIQownfirm.log" , replace
. 
. **************************************************************************************
. 
. * This file produces the results using only observations where the employer is the same as in the treatment year for
. * Aghion, Akcigit, Hyytinen & Toivanen : 
. * A year older, a year wiser (and farther from the frontier):invention rents and human capital depreciation
. 
. 
. **************************************************************************************
. 
. /*  
> \
> ()
> {}
> []
> =
> `i'
>  >
>  <
>  |
>  +
> */
. 
. * set seed 
. set seed 346352014

. 
. **********************************************************************************************
. 
. * inventors
. 
. **********************************************************************************************
. 
. * NOTE on data cem - matching vector
. * A: cem on educ, STEM, IQ, manuf, sme, region
. * B: add age
. * C: add dwage over past 3 years
. * D: add avg wage over past 4 years
. * E: educ, STEM, IQ, manuf, region, age, firm size quintiles 
. * F: educ, STEM, manuf, region, age, firm size quintiles 
. * G: educ, STEM, manuf, region, age, firm size quintiles, dtf, suorv_d
. 
. capture program drop alterations

. program define alterations, eclass
  1.                 matrix A = e(b)
  2.                 matrix A[1,96] = 0
  3.                 ereturn repost b = A
  4.                 ereturn repost V = koev
  5. end

. 
. 
. 
. * choose data
. * NOTE: choose data_int == 6 if you want to use the IQ data; use data_int == 5 if you want to use the large data
. global data     G

. global data_int 5

. 
. global sose_types inventors sose_entr whitec sose_bc 

. global cow_types_oth sose_sr sose_mngt_jr sose_jr

.         
. local datacounter               = 3

. forvalues datacounter   = 3/4  {
  2. 
.         if  `datacounter' == 1 {
  3.                 use "${data_path}\cem_estim_inventors$data.dta", clear
  4.                 local sose_type         = "inv"
  5.                 }
  6.         else if `datacounter' == 2 {
  7.                 use "${data_path}\cem_estim_sose_entr$data.dta", clear
  8.                 local sose_type         = "entr"
  9.                 }
 10.         else if `datacounter' == 3 {
 11.                 use "${data_path}\returns_EST_sose_mngt_sr$data.dta", clear
 12.                 foreach k of global cow_types_oth {
 13.                         append using "${data_path}\returns_EST_`k'$data.dta"
 14.                         }
 15.                 local sose_type         = "whitec"
 16.                 }
 17.         else if `datacounter' == 4 {
 18.                 use "${data_path}\returns_EST_sose_bc$data.dta", clear
 19.                 local sose_type         = "bluec"
 20.                 }
 21. 
.         drop if ika >= 60
 22.         
.         capture:        drop if wage_l14_obs != 1
 23.         capture:        rename inventor treated
 24.         capture:        gen treated_cow = inv_1
 25.         capture:        gen     cem_weights = 1
 26.         capture:        drop treated
 27.         replace treated_cow                     = 0             if treated_cow == .  /* corresponds to inv_1 */
 28.         capture: bysort shnro: egen treated     = max(treated_cow)
 29.         * regressions
.         gen lnwage                                      = ln(wage)
 30.         gen lnearnings                          = ln(earnings)
 31.         gen lnwage_alt                          = ln(wage + 1)
 32.         gen lnearnings_alt                      = ln(earnings + 1)
 33. 
.         gen cem_year0                           = .
 34.         replace cem_year0                       = vuosi if cem_matched == 1
 35.         bysort shnro: egen cem_year     = max(cem_year0)
 36. 
.         * NOTE: if cem_year == ., the individual is an inventor who was not matched by cem
. 
.         sort shnro vuosi
 37.         forvalues i = 0/10 {
 38.                 gen l_`i'                               = .
 39.                 replace l_`i'                   = 0  
 40.                 replace l_`i'                   = 1 if vuosi == cem_year + `i' 
 41.                 }
 42.                 
.         forvalues i = 1/10 {
 43.                 gen inv_l_`i'                   = .
 44.                 replace inv_l_`i'               = 0  
 45.                 replace inv_l_`i'               = 1 if vuosi == cem_year + `i' & treated == 1 
 46.                 }
 47.                 
.         forvalues i = 1/4 {
 48.                 gen f_`i'                               = .
 49.                 replace f_`i'                   = 0 
 50.                 replace f_`i'                   = 1 if vuosi == cem_year - `i'
 51.                 gen inv_f_`i'                   = .
 52.                 replace inv_f_`i'               = 0 
 53.                 replace inv_f_`i'               = 1 if vuosi == cem_year - `i' & treated == 1 
 54.                 }
 55.         forvalues i = 5/7 {
 56.                 gen fl_`i'                              = .
 57.                 replace fl_`i'                  = 0 
 58.                 replace fl_`i'                  = 1 if vuosi == cem_year - `i' 
 59.                 gen inv_fl_`i'                  = .
 60.                 replace inv_fl_`i'              = 0 
 61.                 replace inv_fl_`i'              = 1 if vuosi == cem_year - `i' & treated == 1 
 62.                 }       
 63.         
.         gen treatment_time                      = vuosi - cem_year      
 64.         replace treatment_time          = . if (treatment_time < -6 | treatment_time > 10) & treatment_time != .
 65. 
.         egen minage                                     = min(ika)
 66.         gen age2                                        = ika
 67.         replace age2                            = minage + 1 if age2 <= minage + 1
 68.         local minage_plus                       = minage + 1
 69.         display "`minage_plus'"
 70.                                                         
.         char vuosi[omit] 1994
 71.         char age2[omit] `minage_plus'
 72.                 
.         xi i.vuosi*i.age2
 73. 
.         global calendar_year_ds _Ivuosi_*
 74.         global age_ds _Iage2_*
 75.         global interactions _IvuoXage*
 76. 
.         gen after                                       = 0
 77.         replace after                           = 1             if treatment_time >= 0 & treatment_time != .
 78.         gen treated_post                        = treated * after
 79. 
.         if $graphs_do == 1 {    
 80.                 regr lnwage                             $calendar_year_ds $age_ds $interactions if cem_year != . 
 81.                 predict lnwage_hat  
 82.                 regr lnearnings                         $calendar_year_ds $age_ds $interactions if cem_year != . 
 83.                 predict lnearnings_hat
 84. 
.                 gen wage_hat                    = exp(lnwage_hat)
 85.                 gen earnings_hat                = exp(lnearnings_hat)
 86.                 
.                 bysort treatment_time: egen wage_avg_control_raw0       = mean(wage) if treated == 0 & cem_year != . 
 87.                 bysort treatment_time: egen wage_avg_treat_raw0         = mean(wage) if treated == 1 & cem_year != .
 88.                 
.                 bysort treatment_time: egen wage_avg_control0           = mean(wage_hat) if treated == 0 & cem_year != . 
 89.                 bysort treatment_time: egen wage_avg_treat0                     = mean(wage_hat) if treated == 1 & cem_year != .
 90. 
.                 bysort treatment_time: egen earn_avg_control0           = mean(earnings_hat) if treated == 0 & cem_year != . 
 91.                 bysort treatment_time: egen earn_avg_treat0                     = mean(earnings_hat) if treated == 1 & cem_year != .
 92. 
.                 bysort treatment_time: egen wage_avg_control_raw        = mean(wage_avg_control_raw0)  
 93.                 bysort treatment_time: egen wage_avg_treat_raw          = mean(wage_avg_treat_raw0) 
 94.                 
.                 bysort treatment_time: egen wage_avg_control            = mean(wage_avg_control0)  
 95.                 bysort treatment_time: egen wage_avg_treat                      = mean(wage_avg_treat0) 
 96. 
.                 bysort treatment_time: egen earn_avg_control            = mean(earn_avg_control0) 
 97.                 bysort treatment_time: egen earn_avg_treat                      = mean(earn_avg_treat0) 
 98. 
.                 bysort vuosi: gen win_vuosi_ind                                         = _n if cem_year != .
 99.                 bysort treatment_time: gen win_tyear_ind                        = _n
100. 
.                 twoway  line wage_avg_treat_raw treatment_time if win_tyear_ind == 1 || ///
>                         line wage_avg_control_raw treatment_time if win_tyear_ind == 1, ///
>                         xline(0) ///
>                         legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                         graphregion(color(white)) bgcolor(white)
101.                 graph export "${graphs}\inventor_wage_raw_`sose_type'$data.pdf" , replace
102.                 
.                 twoway  line wage_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line wage_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
103.                         graph export "${graphs}\wage_time_`sose_type'$data.pdf" , replace
104.                                 
.                 twoway  line earn_avg_treat treatment_time if win_tyear_ind == 1 || ///
>                                 line earn_avg_control treatment_time if win_tyear_ind == 1, ///
>                                 xline(0) ///
>                                 legend(lab(1 "treated coworker") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
105.                         graph export "${graphs}\earn_time_`sose_type'$data.pdf" , replace
106. 
.                 gen earn_wage                   = earnings / wage
107.                 gen earn_wage_hat               = earnings_hat / wage_hat
108.                 display "controls, wage"
109.                 tabstat wage                                            if treated == 0, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
110.                 display "treated, wage"
111.                 tabstat wage                                            if treated == 1, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
112.                 display "controls, earnings"
113.                 tabstat earnings                                        if treated == 0, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
114.                 display "treated, earnings"
115.                 tabstat earnings                                        if treated == 1, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
116.                 tabstat earn_wage                                       if earn_wage > 1 & treated == 1, stat(mean p1 p5 p10 p25 p50 p75 p90 p95 p99 n) by(after)
117.                         
.                 bysort vuosi: egen earn_wage_control_v0                         = mean(earn_wage) if treated == 0 & cem_year != .
118.                 bysort vuosi: egen earn_wage_treat_v0                           = mean(earn_wage) if treated == 1 & cem_year != .
119. 
.                 bysort vuosi: egen earn_wage_control_v                          = mean(earn_wage_control_v0) 
120.                 bysort vuosi: egen earn_wage_treat_v                            = mean(earn_wage_treat_v0)  
121. 
.                 bysort treatment_time: egen earn_wage_control_t0        = mean(earn_wage) if treated == 0 & cem_year != .
122.                 bysort treatment_time: egen earn_wage_treat_t0          = mean(earn_wage) if treated == 1 & cem_year != .
123. 
.                 bysort vuosi: egen earn_wage_control_t                          = mean(earn_wage_control_t0)
124.                 bysort vuosi: egen earn_wage_treat_t                            = mean(earn_wage_treat_t0) 
125. 
.                 twoway  scatter earn_wage_treat_v vuosi if win_vuosi_ind == 1 || ///
>                                 scatter earn_wage_control_v vuosi  if win_vuosi_ind == 1 , ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
126.                         graph export "${graphs}\earn_wage_vuosi_`sose_type'$data.pdf" , replace
127. 
.                 twoway  scatter earn_wage_treat_t treatment_time if win_vuosi_ind == 1  || ///
>                                 scatter earn_wage_control_t treatment_time if win_vuosi_ind == 1 , ///
>                                 xline(0) ///
>                                 legend(lab(1 "inventors") lab(2 "controls") rows(1)) ///
>                                 graphregion(color(white)) bgcolor(white)
128.                         graph export "${graphs}\earn_wage_ttime_`sose_type'$data.pdf" , replace
129.                         
.                 twoway  kdensity wage_hat if treated == 1 & cem_year != . & treatment_time < 0 & wage < 200000 & wage > 20000 || ///    
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time < 0 & wage < 200000 & wage > 20000 || ///
>                                 kdensity wage_hat if treated == 1 & cem_year != . & treatment_time >= 0 & wage < 200000 & wage > 20000 || ///   
>                                 kdensity wage_hat if treated == 0 & cem_year != . & treatment_time >= 0 & wage < 200000 & wage > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "controls after") rows(2)) ///
>                                 xtitle("wage, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
130.                         graph export "${graphs}\distr_wage_ttime_`sose_type'$data.pdf" , replace
131.                                 
.                 twoway  kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time < 0 & earnings < 200000 & earnings > 20000 || ///        
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time < 0 & earnings < 200000 & earnings > 20000 || ///
>                                 kdensity earnings_hat if treated == 1 & cem_year != . & treatment_time >= 0 & earnings < 200000 & earnings > 20000 || ///       
>                                 kdensity earnings_hat if treated == 0 & cem_year != . & treatment_time >= 0 & earnings < 200000 & earnings > 20000 , ///
>                                 legend(lab(1 "treated before") lab(2 "controls before") lab(3 "treated after") lab(4 "controls after") rows(2)) ///
>                                 xtitle("earnings, 2014 euros") ytitle("density") ///
>                                 graphregion(color(white)) bgcolor(white)
132.                         graph export "${graphs}\distr_earnings_ttime_`sose_type'$data.pdf" , replace
133.                 }
134.                         
.         * NOTE: using shnro or shtun makes no difference
. 
.         egen shnro_real                         = group(shnro)
135.         xtset shnro_real
136.         
.         
.         replace firm_size                       = firm_size / 1000
137.         gen firm_size2                          = firm_size^2
138.         gen firm_size3                          = firm_size^3
139. 
. 
.         bysort shnro: egen total_firm_size      = total(firm_size)
140.         
.         gen ue_d                                        = .
141.         replace ue_d                            = 0                     if ptoim1 == "11"  & sykstun != ""                                      /* 11 = työllinen */
142.         replace ue_d                            = 1                     if ptoim1 != "11"
143.         *replace ue_d                           = 1                     if ptoim1 == "24" 
.         *exit
.         sort shnro vuosi
144.         gen firm_size_new                       = firm_size
145.         replace firm_size_new = firm_size_new[_n - 1]           if firm_size_new[_n] == . & firm_size_new[_n - 1] != . & ue_d[_n] == 1
146. 
.         *capture: drop interact birth_year
.         
.         bysort shnro: egen fam_size_max         = max(family_size_max)
147.         replace fam_size_max                            = 0 if fam_size_max == .
148. 
.         gen treated_famsize                     = treated_post * fam_size_max
149. 
.         if  $data_int == 6 {
150.                 gen high_iq                                     = .
151.                 replace high_iq                         = 0             if kuv_pc != .
152.                 replace high_iq                         = 1             if kuv_pc >= 90 & kuv_pc != .
153. 
.                 gen treated_iq                          = treated * high_iq
154.                 gen treated_post_iq                     = treated_post * high_iq
155.                 }
156.                 
.         gen star_inv                            = 0
157.         replace star_inv                        = 1                     if fwd_cits5_max >= 5 &  fwd_cits5_max != .
158. 
.         gen birth_year                          = vuosi - ika
159.         gen year                                        = vuosi
160.         sort shnro vuosi
161.         bysort shnro: gen within_ind            = _n
162.         tabstat birth_year if within_ind == 1, stat(mean p50)
163.         gen interact                            = 0
164.         replace interact                        = vuosi - suorv
165.         
.         gen msc_new                                     = 0 
166.         replace msc_new                         = 1                     if  edu_lev >= 4 & edu_lev != .
167.         
.         gen treated_ia                          = treated * interact
168.         gen treated_post_ia                     = treated_post * interact
169. 
.         gen treated_pre                         = treated * (f_1 + f_2 + f_3 + f_4)     
170.         gen treated_pre_ia                      = treated_pre * interact
171.         if   $data_int == 6 {
172.                 gen treated_pre_iq              = treated_pre * high_iq
173.                 }
174.         * name interaction
.         local inter                                     = "suorv"
175.         
.         * NOTE: using syrtun or sykstun makes no difference
. 
.         sort shnro vuosi
176.         gen djob_d                                      = .
177.         replace djob_d                          = 0                     if shnro == shnro[_n - 1] & syrtun == syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
178.         replace djob_d                          = 1                     if shnro == shnro[_n - 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1] != ""
179.         
.         if $ownfirm == 1 {
180.                 sort shnro vuosi
181.                 replace ue_d                    = ue_d[_n + 1]          if ue[_n + 1] == 1              & shnro == shnro[_n + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun
> [_n - 1] != ""
182.                 replace djob_d                  = djob_d[_n + 1]        if djob_d[_n + 1] == 1  & shnro == shnro[_n + 1] & syrtun != syrtun[_n - 1] & syrtun != "" & syrtun[_n - 1]
>  != "" 
183.                 }
184.         global dep_vars lnwage
185. 
.         if `datacounter' == 1 {
186.         
.                 preserve
187.                 use "${data_path}\returns_DATAPREP_1.dta", clear
188.                 drop                                                                    if syrtun       == ""
189.                 keep syrtun vuosi inv_1
190.                 bysort syrtun: egen total_inv_1         = total(inv_1)
191.                 
.                 keep syrtun vuosi total_inv_1
192.                 
.                 bysort syrtun vuosi: gen index          = _n
193.                 keep                                                                    if index == 1
194.                 drop index
195.                 save "${data_path}\returns_inventor_count_data.dta", replace
196.                 restore
197.                 }
198.         else if `datacounter' != 1 {
199.                 drop _merge
200.                 merge m:1 syrtun using "${data_path}\returns_inventor_count_data.dta"
201.                 replace total_inv_1             = 3000                  if syrtun == ""
202.                 drop _merge
203.                 }
204. 
.         gen est_sample                          = .
205.         replace est_sample                      = .
206.         replace est_sample                      = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
207.         gen est_sample_rob                      = .
208.         replace est_sample_rob          = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & syrtun != "" & firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
209.         gen est_sample_top3             = .
210.         replace est_sample_top3         = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf !=. & region_large !=. & age !=. & total_inv_1 < 
> 850 // & iq !=.
211.         gen est_sample_long                     = .
212.         replace est_sample_long         = 1                     if cem_year != . & treatment_time >= -8 & treatment_time <= 10 & syrtun != "" & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf !=. & region_large !=. & age !=. // & iq !=.
213.         gen est_sample_publ                     = .
214.         replace est_sample_publ         = 1                     if cem_year != . & treatment_time >= -5 & treatment_time <= 10 & total_firm_size != . ///
>                                                                                                 & msc != . & edu_science !=. & manuf !=. & region_large !=. & age !=.  // & iq !=.
215. 
.         if $ownfirm == 1 {
216.                 egen syrtun_num                 = group(syrtun)
217.                 gen syrtun_l0_0                 = syrtun_num    if l_0 == 1
218.                 
.                 bysort shnro: egen syrtun_l0 = max(syrtun_l0_0)
219.                 
.                 replace est_sample              = .                     if syrtun_num != syrtun_l0
220.                 replace est_sample_rob  = .                     if syrtun_num != syrtun_l0
221.                 replace est_sample_top3 = .                     if syrtun_num != syrtun_l0
222.                 replace est_sample_long = .                     if syrtun_num != syrtun_l0
223.                 replace est_sample_publ = .                     if syrtun_num != syrtun_l0
224.                 }
225.                 
.         global dep_vars lnwage
226.         global firm_size_vars firm_size_new // firm_size_d              
227.         
.         capture: drop interact birth_year
228.         
.         gen birth_year                          = vuosi - ika
229.         sort shnro vuosi
230.         tabstat birth_year                                                      if within_ind == 1, stat(mean p50)
231. 
.         global short_depvar lnwage ue_d 
232.         
.         tabstat $short_depvar if est_sample == 1, stat(mean sd p50 n)
233.         tabstat $short_depvar if est_sample == 1, stat(mean) by(vuosi)
234. 
.         gen categ                                       = .
235.         replace categ                           = 0                     if after == 0
236.         replace categ                           = 1                     if treated == 0 & after == 0
237.         replace categ                           = 2                     if treated == 0 & after == 1
238.         replace categ                           = 3                     if treated == 1 & after == 0
239.         replace categ                           = 4                     if treated == 1 & after == 1
240.         replace categ                           = 5                     if after == 1   
241.         
.         gen bsc                                         = 0
242.         replace bsc                                     = 1                     if edu_lev >= 3 & edu_lev != .
243.         
.         gen est_sample_u        = .
244.         * generate dummy for working in one of top-3 firms in year of invention
.         rename total_inv_1 total_inv_a
245.         gen total_inv_b         = total_inv_a * l_0 
246.         bysort shnro: egen total_inv_1  = max(total_inv_b)
247. 
.         sort shnro vuosi
248.         capture: bysort shnro: gen within_shnro_ind = _n                
249.         
.         gen senior                      = 0
250.         replace senior          = 1                                     if ika > 30 & ika != .
251.         if  $data_int == 5 {
252.                 replace senior          = 0
253.                 replace senior          = 1                             if ika > 40 & ika != .
254.                 }       
255.         gen age_3135            = 0
256.         replace age_3135        = 1                                             if ika > 30 & ika <= 35
257.         gen age_3640            = 0
258.         replace age_3640        = 1                                             if ika >= 36 & ika <= 40
259.         gen age_4145            = 0
260.         replace age_4145        = 1                                             if ika > 40 & ika <= 45
261.         gen age_41                      = 0
262.         replace age_41          = 1                                             if ika > 40 & ika != .
263.         gen age_4650            = 0
264.         replace age_4650        = 1                                             if ika >= 46 & ika <= 50
265.         gen age_5155            = 0
266.         replace age_5155        = 1                                             if ika > 50 & ika <= 55
267.         gen age_5660            = 0
268.         replace age_5660        = 1                                             if ika >= 56 & ika <= 60
269.         gen age_61                      = 0
270.         replace age_61          = 1                                             if ika > 60 & ika != .  
271.                 
.         gen age_new                     = 2
272.         replace age_new         = 3                                     if ika > 30 & ika <= 40
273.         replace age_new         = 4                                     if ika > 40 & ika != .
274.         
.         
.         * 2nd interaction: level of education   
.         gen interact2                   = 0
275.         replace interact2               = 1                             if  edu_lev >= 4 & edu_lev != .
276.         if "`sose_type'" == "bluec" {
277.                 replace interact2       = 1                             if  edu_lev >= 3 & edu_lev != .
278.                 }
279. 
.         * 3rd interaction: distance to frontier of education
.         gen interact3                   = vuosi - suorv
280.         replace interact3               = 0                             if suorv == .
281.         replace interact3               = ika - 15                      if interact3 > ika - 15 & interact3 != . & suorv != .
282.         
.         gen dtf_610                             = 0
283.         replace dtf_610                 = 1                             if interact3 > 5 & interact3 <= 10
284.         gen dtf_1115                    = 0
285.         replace dtf_1115                = 1                             if interact3 > 10 & interact3 <= 15
286.         gen dtf_1620                    = 0
287.         replace dtf_1620                = 1                             if interact3 > 15 & interact3 <= 20
288.         gen dtf_2125                    = 0
289.         replace dtf_2125                = 1                             if interact3 > 20 & interact3 <= 25
290.         gen dtf_2630                    = 0
291.         replace dtf_2630                = 1                             if interact3 > 25 & interact3 <= 30
292.         gen dtf_31                              = 0
293.         replace dtf_31                  = 1                             if interact3 > 30 & interact3 != .
294.         
.         gen dtf_new                             = 5
295.         replace dtf_new                 = 10                            if interact3 > 5 & interact3 <= 10
296.         replace dtf_new                 = 15                            if interact3 > 10 & interact3 <= 15
297. 
.         replace dtf_new                 = 16                            if interact3 > 15 & interact3 != .
298.         
.         gen dtf_cat                             = .
299.         replace dtf_cat                 = 1                             if suorv_d == 0 & interact3 <= 5
300.         replace dtf_cat                 = 2                             if suorv_d == 0 & interact3 > 5 & interact3 <= 10
301.         replace dtf_cat                 = 3                             if suorv_d == 0 & interact3 > 10 & interact3 <= 15
302.         replace dtf_cat                 = 4                             if suorv_d == 0 & interact3 > 15 & interact3 <= 20
303.         replace dtf_cat                 = 5                             if suorv_d == 0 & interact3 > 20 & interact3 <= 25
304.         replace dtf_cat                 = 6                             if suorv_d == 0 & interact3 > 25 & interact3 <= 30
305.         replace dtf_cat                 = 7                             if suorv_d == 0 & interact3 > 30
306.         
. 
.         * 4th and 5th interaction: IQ
.         gen post                                        = after
307.         gen pre                                         = f_1 + f_2 + f_3 + f_4
308.         
.         if  $data_int == 6 {
309.                 gen interact4                           = 0
310.                 replace interact4                       = 1  if p_test_pc > 50 & p_test_pc <= 90
311.                 gen interact5                           = 0
312.                 replace interact5                       = 1  if p_test_pc > 90 & p_test_pc != .
313.                 }
314.                 
.         gen pre_iasenior                        = pre * senior
315.         gen pre_ia1_41                          = pre * age_41
316.         gen pre_ia1_4145                        = pre * age_4145
317.         gen pre_ia1_4650                        = pre * age_4650
318.         gen pre_ia1_5155                        = pre * age_5155
319.         gen pre_ia1_5660                        = pre * age_5660
320.         gen pre_ia1_61                          = pre * age_61
321.                 
.         gen pre_ia2                                     = pre * interact2
322.         gen pre_ia3                                     = pre * interact3
323.         gen pre_ia3_610                         = pre * dtf_610
324.         gen pre_ia3_1115                        = pre * dtf_1115
325.         gen pre_ia3_1620                        = pre * dtf_1620
326.         gen pre_ia3_2125                        = pre * dtf_2125
327.         gen pre_ia3_2630                        = pre * dtf_2630
328.         gen pre_ia3_31                          = pre * dtf_31
329.         gen pre_iasuorv_d                       = pre * suorv_d
330.         
.         if  $data_int == 6 {
331.                 gen pre_ia4                                     = pre * interact4
332.                 gen pre_ia5                                     = pre * interact5
333.                 }
334.                 
.         gen post_iasenior                       = post * senior
335.         gen post_ia1_41                         = post * age_41
336.         gen post_ia1_4145                       = post * age_4145
337.         gen post_ia1_4650                       = post * age_4650
338.         gen post_ia1_5155                       = post * age_5155
339.         gen post_ia1_5660                       = post * age_5660
340.         gen post_ia1_61                         = post * age_61
341.                 
.         gen post_ia2                            = post * interact2
342.         gen post_ia3                            = post * interact3
343.         gen post_ia3_610                        = post * dtf_610
344.         gen post_ia3_1115                       = post * dtf_1115
345.         gen post_ia3_1620                       = post * dtf_1620
346.         gen post_ia3_2125                       = post * dtf_2125
347.         gen post_ia3_2630                       = post * dtf_2630
348.         gen post_ia3_31                         = post * dtf_31
349.         gen post_iasuorv_d                      = post * suorv_d
350.         
.         if  $data_int == 6 {
351.                 gen post_ia4                            = post * interact4
352.                 gen post_ia5                            = post * interact5
353.                 }
354.                 
.         gen treated_iasenior            = treated * senior
355.         
.         gen treated_ia1_41                      = treated * age_41
356.         gen treated_ia1_4145            = treated * age_4145
357.         gen treated_ia1_4650            = treated * age_4650
358.         gen treated_ia1_5155            = treated * age_5155
359.         gen treated_ia1_5660            = treated * age_5660
360.         gen treated_ia1_61                      = treated * age_61
361.         gen treated_ia1_5160            = treated_ia1_5155 + treated_ia1_5660
362.         
.         gen treated_ia2                         = treated * interact2
363.         
.         gen treated_ia3                         = treated * interact3
364.         gen treated_ia3_610                     = treated * dtf_610 
365.         gen treated_ia3_1115            = treated * dtf_1115
366.         gen treated_ia3_1620            = treated * dtf_1620
367.         gen treated_ia3_2125            = treated * dtf_2125
368.         gen treated_ia3_2630            = treated * dtf_2630
369.         gen treated_ia3_31                      = treated * dtf_31
370.         
.         gen treated_iasuorv_d           = treated * suorv_d
371.         
.         if  $data_int == 6 {
372.                 gen treated_ia4                         = treated * interact4
373.                 gen treated_ia5                         = treated * interact5
374.                 }
375.                 
.         gen treated_post_iasenior       = treated_post * senior
376.         gen treated_post_ia1_41         = treated_post * age_41
377.         gen treated_post_ia1_4145       = treated_post * age_4145
378.         gen treated_post_ia1_4650       = treated_post * age_4650
379.         gen treated_post_ia1_5155       = treated_post * age_5155
380.         gen treated_post_ia1_5660       = treated_post * age_5660
381.         gen treated_post_ia1_61         = treated_post * age_61
382.         
.         gen treated_post_ia2            = treated_post * interact2
383.         
.         gen treated_post_ia3            = treated_post * interact3
384.         gen treated_post_ia3_610        = treated_post * dtf_610
385.         gen treated_post_ia3_1115       = treated_post * dtf_1115
386.         gen treated_post_ia3_1620       = treated_post * dtf_1620
387.         gen treated_post_ia3_2125       = treated_post * dtf_2125
388.         gen treated_post_ia3_2630       = treated_post * dtf_2630
389.         gen treated_post_ia3_31         = treated_post * dtf_31
390.         
.         gen treated_post_iasuorv_d      = treated_post * suorv_d
391.         
.         if  $data_int == 6 {
392.                 gen treated_post_ia4            = treated_post * interact4
393.                 gen treated_post_ia5            = treated_post * interact5
394.                 }
395.                 
.         gen treated_pre_iasenior        = treated_pre * senior
396.         gen treated_pre_ia1_41          = treated_pre * age_41
397.         gen treated_pre_ia1_4145        = treated_pre * age_4145
398.         gen treated_pre_ia1_4650        = treated_pre * age_4650
399.         gen treated_pre_ia1_5155        = treated_pre * age_5155
400.         gen treated_pre_ia1_5660        = treated_pre * age_5660
401.         gen treated_pre_ia1_61          = treated_pre * age_61
402.         
.         gen treated_pre_ia2                     = treated_pre * interact2
403.         
.         gen treated_pre_ia3                     = treated_pre * interact3
404.         gen treated_pre_ia3_610         = treated_pre * dtf_610
405.         gen treated_pre_ia3_1115        = treated_pre * dtf_1115
406.         gen treated_pre_ia3_1620        = treated_pre * dtf_1620
407.         gen treated_pre_ia3_2125        = treated_pre * dtf_2125
408.         gen treated_pre_ia3_2630        = treated_pre * dtf_2630
409.         gen treated_pre_ia3_31          = treated_pre * dtf_31
410.         
.         gen treated_pre_iasuorv_d       = treated_pre * suorv_d
411.         
.         gen post_ia2_senior                     = post * interact2 * senior
412.         gen pre_ia2_senior                      = pre * interact2 * senior
413.         gen post_ia2_ia3                        = post * interact2 * interact3
414.         gen pre_ia2_ia3                         = pre * interact2 * interact3
415.         
.         gen treated_post_ia2_senior     = treated_post * interact2 * senior
416.         gen treated_pre_ia2_senior      = treated_pre * interact2 * senior
417.         gen treated_post_ia2_ia3        = treated_post * interact2 * interact3
418.         gen treated_pre_ia2_ia3         = treated_pre * interact2 * interact3
419.         gen ia2_ia3                                     = interact2 * interact3
420.         gen ia2_senior                          = interact2 * senior
421.         
.         gen treated_ia2_senior          = treated * interact2 * senior
422.         gen treated_ia2_ia3                     = treated * interact2 * interact3
423.         
.         gen ia2_dtf610          = interact2 * dtf_610
424.         gen ia2_dtf1115         = interact2 * dtf_1115
425.         gen ia2_dtf1620         = interact2 * dtf_1620
426.         gen ia2_dtf2125         = interact2 * dtf_2125
427.         gen ia2_dtf2630         = interact2 * dtf_2630
428.         gen ia2_dtf31           = interact2 * dtf_31
429.         
.         gen treated_ia2_dtf610          = treated * interact2 * dtf_610
430.         gen treated_ia2_dtf1115         = treated * interact2 * dtf_1115
431.         gen treated_ia2_dtf1620         = treated * interact2 * dtf_1620
432.         gen treated_ia2_dtf2125         = treated * interact2 * dtf_2125
433.         gen treated_ia2_dtf2630         = treated * interact2 * dtf_2630
434.         gen treated_ia2_dtf31           = treated * interact2 * dtf_31
435.         
.         gen pre_ia2_dtf610      = pre * interact2 * dtf_610
436.         gen pre_ia2_dtf1115     = pre * interact2 * dtf_1115
437.         gen pre_ia2_dtf1620     = pre * interact2 * dtf_1620
438.         gen pre_ia2_dtf2125     = pre * interact2 * dtf_2125
439.         gen pre_ia2_dtf2630     = pre * interact2 * dtf_2630
440.         gen pre_ia2_dtf31       = pre * interact2 * dtf_31
441.         
.         gen post_ia2_dtf610     = post * interact2 * dtf_610
442.         gen post_ia2_dtf1115    = post * interact2 * dtf_1115
443.         gen post_ia2_dtf1620    = post * interact2 * dtf_1620
444.         gen post_ia2_dtf2125    = post * interact2 * dtf_2125
445.         gen post_ia2_dtf2630    = post * interact2 * dtf_2630
446.         gen post_ia2_dtf31              = post * interact2 * dtf_31
447. 
.         gen treated_pre_ia2_dtf610      = treated_pre * interact2 * dtf_610
448.         gen treated_pre_ia2_dtf1115     = treated_pre * interact2 * dtf_1115
449.         gen treated_pre_ia2_dtf1620     = treated_pre * interact2 * dtf_1620
450.         gen treated_pre_ia2_dtf2125     = treated_pre * interact2 * dtf_2125
451.         gen treated_pre_ia2_dtf2630     = treated_pre * interact2 * dtf_2630
452.         gen treated_pre_ia2_dtf31       = treated_pre * interact2 * dtf_31
453.         
.         gen treated_post_ia2_dtf610             = treated_post * interact2 * dtf_610
454.         gen treated_post_ia2_dtf1115    = treated_post * interact2 * dtf_1115
455.         gen treated_post_ia2_dtf1620    = treated_post * interact2 * dtf_1620
456.         gen treated_post_ia2_dtf2125    = treated_post * interact2 * dtf_2125
457.         gen treated_post_ia2_dtf2630    = treated_post * interact2 * dtf_2630
458.         gen treated_post_ia2_dtf31              = treated_post * interact2 * dtf_31
459. 
.         gen ia2_age4145         = interact2 * age_4145
460.         gen ia2_age4650         = interact2 * age_4650
461.         gen ia2_age5155         = interact2 * age_5155
462.         gen ia2_age5660         = interact2 * age_5660
463.         
.         gen treated_ia2_age4145         = treated * interact2 * age_4145
464.         gen treated_ia2_age4650         = treated * interact2 * age_4650
465.         gen treated_ia2_age5155         = treated * interact2 * age_5155
466.         gen treated_ia2_age5660         = treated * interact2 * age_5660
467.         
.         gen pre_ia2_age4145             = pre * interact2 * age_4145
468.         gen pre_ia2_age4650             = pre * interact2 * age_4650
469.         gen pre_ia2_age5155             = pre * interact2 * age_5155
470.         gen pre_ia2_age5660             = pre * interact2 * age_5660
471.         
.         gen post_ia2_age4145    = post * interact2 * age_4145
472.         gen post_ia2_age4650    = post * interact2 * age_4650
473.         gen post_ia2_age5155    = post * interact2 * age_5155
474.         gen post_ia2_age5660    = post * interact2 * age_5660
475.         
.         gen treated_pre_ia2_age4145             = treated_pre * interact2 * age_4145
476.         gen treated_pre_ia2_age4650             = treated_pre * interact2 * age_4650
477.         gen treated_pre_ia2_age5155             = treated_pre * interact2 * age_5155
478.         gen treated_pre_ia2_age5660             = treated_pre * interact2 * age_5660
479.         
.         gen treated_post_ia2_age4145    = treated_post * interact2 * age_4145
480.         gen treated_post_ia2_age4650    = treated_post * interact2 * age_4650
481.         gen treated_post_ia2_age5155    = treated_post * interact2 * age_5155
482.         gen treated_post_ia2_age5660    = treated_post * interact2 * age_5660
483.         
.         if  $data_int == 6 {
484.                 gen treated_pre_ia4                     = treated_pre * interact4
485.                 gen treated_pre_ia5                     = treated_pre * interact5
486.                 }
487.                 
.         global interactions             interact2 dtf_610 dtf_1115 dtf_16
488.         
.         global pre_ias_short            pre_iasenior pre_ia2 pre_ia3 pre_iasuorv_d
489.         global pre_ias_educ                     pre_ia2 pre_ia3 pre_iasuorv_d
490.         
.         global pre_ias_med                      pre_ia1_41 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
491.         global pre_ias_meduc            pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_ia3_31 pre_iasuorv_d
492.         global pre_ias_long                     pre_ia1_41 pre_ia2 pre_ia3_610 pre_ia3_1115 pre_ia3_16 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
493.         
.         if $data_int == 5 {
494.                 global pre_ias_med                      pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_61 pre_ia2 pre_ia3 pre_iasuorv_d // pre_ia1_3135 pre_ia1_3640
495.                 global pre_ias_long                     pre_ia1_4145 pre_ia1_4650 pre_ia1_5155 pre_ia1_5660 pre_ia1_61 pre_ia2 ///              // pre_ia1_3135 pre_ia1_3640   
>                                                                         pre_ia3_610 pre_ia3_1115 pre_ia3_1620 pre_ia3_2125 pre_ia3_2630 pre_ia3_31 pre_iasuorv_d
496.                 }
497.                 
.         global post_ias_short           post_iasenior post_ia2 post_ia3 post_iasuorv_d
498.         global post_ias_educ            post_ia2 post_ia3 post_iasuorv_d
499.         global post_ias_med                     post_ia1_41 post_ia2 post_ia3 post_iasuorv_d // post_ia1_3135 post_ia1_3640
500.         global post_ias_meduc           post_ia2 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_2630 post_ia3_31 post_iasuorv_d
501.         global post_ias_long            post_ia1_41 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                 post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_2630 post_ia3_31 post post_iasuorv_d
502.         
.         if $data_int == 5 {
503.                 global post_ias_med                     post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 post_ia2 post_ia3 post_iasuorv_d    // post_ia1_3135 po
> st_ia1_3640 
504.                 global post_ias_long            post_ia1_4145 post_ia1_4650 post_ia1_5155 post_ia1_5660 post_ia1_61 post_ia2  ///       // post_ia1_3135 post_ia1_3640
>                                                                         post_ia3_610 post_ia3_1115 post_ia3_1620 post_ia3_2125 post_ia3_2630 post_ia3_31 post post_iasuorv_d
505.                 }
506.                 
.         global treated_educ                     treated_ia2 treated_ia3_* treated_suorv_d
507.         global treated_post_educ_ia             treated_post_ia2 treated_post_ia3_* post_iasuorv_d
508.         global treated_pre_educ_ia              treated_pre_ia2 treated_pre_ia3_* post_iasuorv_d
509.         
.         global treated_age                      treated_ia1_41 // treated_ia1_3135 treated_ia1_3640 
510.         global treated_pre_age_ia       treated_pre_ia1_41 // treated_pre_ia1_3135 treated_pre_ia1_3640 
511.         global treated_post_age_ia      treated_post_ia1_41 // treated_post_ia1_3135 treated_post_ia1_3640 
512.         
.         if $data_int == 5 {
513.                 global treated_age                      treated_ia1_4145 treated_ia1_4650 treated_ia1_5160 // treated_ia1_3135 treated_ia1_3640 
514.                 global treated_pre_age_ia       treated_pre_ia1_4145 treated_pre_ia1_4650 treated_pre_ia1_5155 treated_pre_ia1_5660 treated_pre_ia1_61 // treated_pre_ia1_3135 trea
> ted_pre_ia1_3640 
515.                 global treated_post_age_ia      treated_post_ia1_4145 treated_post_ia1_4650 treated_post_ia1_5155 treated_post_ia1_5660 treated_post_ia1_61 // treated_post_ia1_313
> 5 treated_post_ia1_3640 
516.                 }
517.                 
.         if  $data_int == 6 {
518.                 global interactions_iq          interact2 dtf_610 dtf_1115 dtf_16 interact4 interact5
519.                 global treated_ias_iq           treated_ia1_* treated_ia2 treated_ia3_* treated_ia4 treated_ia5
520.                 global treated_post_ias_iq      treated_post_ia1_* treated_post_ia2 treated_post_ia3_* treated_post_ia4 treated_post_ia5
521.                 global treated_pre_ias_iq       treated_pre_ia1_* treated_pre_ia2 treated_pre_ia3_* treated_pre_ia4 treated_pre_ia5
522.                 }
523.         
.         global ia2_dtfias                               ia2_dtf*
524.         global pre_ia2_dtfias                   pre_ia2_dtf*
525.         global post_ia2_dtfias                  post_ia2_dtf*
526.         
.         global treated_ia2_dtfias               treated_ia2_dtf*
527.         global treated_pre_ia2_dtfias   treated_pre_ia2_dtf*
528.         global treated_post_ia2_dtfias  treated_post_ia2_dtf*
529.         
.         global ia2_ageias                               ia2_age*
530.         global pre_ia2_ageias                   pre_ia2_age*
531.         global post_ia2_ageias                  post_ia2_age*   
532.         
.         global treated_ia2_ageias               treated_ia2_age*
533.         global treated_pre_ia2_ageias   treated_pre_ia2_age*
534.         global treated_post_ia2_ageias  treated_post_ia2_age*
535.         
.         *global interactions_long l_ia* inv_f_ia_* f_ia_*
.         global leads_and_lags l_0 l_1 l_2 l_3 l_4 l_5 l_6 l_7 l_8 l_9 l_10 f_1 f_2 f_3 f_4
536.         
.         foreach t of global interactions {
537.                 display "number of obs by treatment category conditional on `t'"
538.                 tab categ `t' if est_sample_u == 1 
539.                 }
540.                 
.         foreach d of global short_depvar {
541.                 
.                         replace est_sample_u            = est_sample
542.                         * need to use est_sample_publ for ue_d as otherwise ue_d == 0 by definition
.                         if "`d'" == "ue_d" {
543.                                 replace est_sample_u    = est_sample_publ
544.                                 }
545.                                 
.                         tab ptoim1                                                                                                              if  est_sample_u == 1   
546.                 
.                         regr `d'        treated $treated_age ///
>                                 treated_pre ///
>                                 $treated_pre_age_ia   ///
>                                 treated_post ///
>                                 $treated_post_age_ia  ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars       if est_sample_u == 1
547.                         
.                         replace est_sample_u = e(sample)
548.                 
.                         display "dependent variable is `d'"     
549. 
.                         * Appendix A.2 descriptive statistics
.                         
.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated == 0, stat(mean sd p50 n) save
550.                         matrix A = r(StatTotal)
551.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1 & treated == 1, stat(mean sd p50 n) save
552.                         matrix B = r(StatTotal)
553.                         tabstat $short_depvar ika bsc msc dtf                           if est_sample_u == 1, stat(mean sd p50 n) by(treated) save
554.                         matrix C = r(StatTotal)
555.                         
.                         putexcel set "${graphs}\Appendix_A.2_tabstat_`sose_type'$data_`d'_noIQownfirm_clust.xls", replace
556.                         putexcel B1 = "treated = 0"
557.                         putexcel B2 = matrix(A), names
558.                         putexcel B8 = "treated = 1"
559.                         putexcel B9 = matrix(B), names
560.                         putexcel B15 = "total"
561.                         putexcel B16 = matrix(C), names
562.                         
.                 
.                         
.                         *display " 0 = before, 1 = control before, 2 = control after, 3 = treated before, 4 = treated after 5 = after "
. 
.                         * Appendix A.3 desc stats on distribution of age and dtf
.                         tab age_new dtf_cat if est_sample_u == 1 , cell
563. 
.                         tab dtf         if ika == 35 & est_sample_u == 1 
564.                         /*
>                         twoway  histogram dtf if ika == 35 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_35_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         tab dtf         if ika == 45 & est_sample_u == 1 
565.                         /*
>                         twoway  histogram dtf if ika == 45 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_45_`sose_type'$data_`d'.pdf" , replace
>                         */              
.                         tab dtf         if ika == 55 & est_sample_u == 1 
566.                         /*
>                         twoway  histogram dtf if ika == 55 & est_sample_u == 1, ///
>                                                 xtitle("distance to human capital frontier")  ///
>                                                 graphregion(color(white)) bgcolor(white)
>                                         graph export "${graphs}\dtf_55_`sose_type'$data_`d'.pdf" , replace
>                         */
.                         bysort ika: egen dtf_p10                = pctile(dtf)                           if est_sample_u == 1, p(10)
567.                         *bysort ika: egen dtf_p25               = pctile(dtf)                           if est_sample_u == 1, p(25)
.                         *bysort ika: egen dtf_p50               = pctile(dtf)                           if est_sample_u == 1, p(50)
.                         *bysort ika: egen dtf_p75               = pctile(dtf)                           if est_sample_u == 1, p(75)
.                         bysort ika: egen dtf_p90                = pctile(dtf)                           if est_sample_u == 1, p(90)
568.                         *bysort ika: egen dtf_mean              = mean(dtf)                                     if est_sample_u == 1
.                         bysort ika: gen ika_ind                 = _n                                            if est_sample_u == 1
569.                         
.                         twoway rarea dtf_p10 dtf_p90 ika        if est_sample_u == 1 & ika_ind == 1     , ///
>                                         sort fcolor(gs10) ///
>                                         xtitle("age")  ///
>                                         ytitle("DTHCF") ///
>                                         lwidth(none) ///                                        
>                                         graphregion(color(white)) bgcolor(white) ///
>                                         legend( order(2 3) label(2 "10th percentile") label(3 "90th percentile")) ///
>                                         ||   line dtf_p10 ika if est_sample_u == 1 & ika_ind == 1 ///
>                                         ||   line dtf_p90 ika if est_sample_u == 1 & ika_ind == 1 
570.                                                         graph export "${graphs}\dtf_age_`sose_type'$data_`d'_noIQownfirm_clust.pdf" , replace   
571. 
.                         drop dtf_p10 dtf_p90 ika_ind
572. 
.                         
.                         pwcorr ika dtf                          if est_sample_u == 1 , sig
573.                         pwcorr ika interact3            if est_sample_u == 1 , sig
574.                         regr dtf ika                            if est_sample_u == 1, robust
575.                         
.                         pwcorr age_new dtf_cat          if est_sample_u == 1, sig
576.                         gen treat_year                          = .
577.                         replace treat_year                      = year                  if treatment_time == 0
578.                         egen treat_year_count           = group(syrtun treat_year)
579.                         bysort shnro: egen my_group             = min(treat_year_count)
580.                         drop treat_year treat_year_count
581. 
.                         if $dummy == 1 {
582.                                 
. *******************************************************************                     
.                                 * 1. base -  pre + no interaction
. ******************************************************************* eqn_2
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars  ///
>                                 if est_sample_u == 1, fe cluster(my_group)  
583.                                 estimates store eqn_2           
584.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                     
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1, fe cluster(my_group)  
585.                                 test treated_post + treated_post_iasenior = 0
586.                                 test treated_pre + treated_pre_iasenior = 0
587.                                 estimates store eqn_4           
588. 
. *******************************************************************     
.                                 * 2. base -  pre + only DTHCF
. ****************************************************************** eqn_8        
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group)  
589.                                 test treated_post + treated_post_ia3 = 0
590.                                 test treated_pre + treated_pre_ia3 = 0
591.                                 estimates store eqn_5           
592.                                 
.                                 
.                                 
. *******************************************************************     
.                                 * 2. base -  pre + simple educ
. ****************************************************************** 
. 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group)  
593.                                 estimates store eqn_6           
594.                                 testparm *ia3*
595.                                 testparm *pre*ia3  *post*ia3 
596.                                 testparm *pre*ia3  
597.                                 testparm *post*ia3
598.                                 test treated_post + treated_post_iasenior = 0
599.                                 test treated_post + treated_post_ia3 = 0
600.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
601.                                 
.                                 * senior + educ + dtf
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group)  
602.                                 estimates store eqn_7           
603.                                 testparm *ia2* *ia3*
604.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
605.                                 testparm *pre*ia2* *pre*ia3  
606.                                 testparm *post*ia2* *post*ia3
607.                                 test treated_post + treated_post_iasenior = 0
608.                                 test treated_post + treated_post_ia2 = 0
609.                                 test treated_post + treated_post_ia3 = 0
610.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
611.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
612.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
613.                                 
.                                 sum interact2                           if est_sample_u == 1 & senior == 0
614.                                 scalar educ_junior_m            = r(mean)
615.                                 local educ_junior_m                     = educ_junior_m
616.                                 local educ_junior_m: di %6.2f    educ_junior_m
617.         
.                                 sum interact2                           if est_sample_u == 1 & senior == 1
618.                                 scalar educ_senior_m            = r(mean)
619.                                 local educ_senior_m                     = educ_senior_m
620.                                 local educ_senior_m: di %6.2f    educ_senior_m
621.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0
622.                                 scalar dtf_junior_m                     = r(mean)
623.                                 local dtf_junior_m                      = dtf_junior_m
624.                                 local dtf_junior_m: di %6.2f     dtf_junior_m
625.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1
626.                                 scalar dtf_senior_m                     = r(mean)
627.                                 local dtf_senior_m                      = dtf_senior_m  
628.                                 local dtf_senior_m: di %6.2f     dtf_senior_m
629.         
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & interact2 == 0
630.                                 scalar dtf_junior_ml            = r(mean)
631.                                 local dtf_junior_ml                     = dtf_junior_ml
632.                                 local dtf_junior_ml: di %6.2f    dtf_junior_ml
633.                                 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & interact2 == 0
634.                                 scalar dtf_senior_ml            = r(mean)
635.                                 local dtf_senior_ml                     = dtf_senior_ml 
636.                                 local dtf_senior_ml: di %6.2f    dtf_senior_ml
637. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 0 & interact2 == 1
638.                                 scalar dtf_junior_mh            = r(mean)
639.                                 local dtf_junior_mh                     = dtf_junior_mh 
640.                                 local dtf_junior_mh: di %6.2f    dtf_junior_mh
641. 
.                                 sum dtf                                         if est_sample_u == 1 & senior == 1 & interact2 == 1
642.                                 scalar dtf_senior_mh            = r(mean)
643.                                 local dtf_senior_mh                     = dtf_senior_mh 
644.                                 local dtf_senior_mh: di %6.2f    dtf_senior_mh
645.         
.                                 *****
.                                 * Graph 1A: junior and senior, mean educ, mean dtf
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * `educ_junior_m' + _b[treated_post_ia3] * `dtf_junior_m') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * `educ_senior_m' + _b[treated_post_ia3] * `dtf_senior_m') 
646.                                 matrix phat1 = r(b)
647.                                 matrix pse1 = vecdiag(r(V))
648.                                 matrix CI1 = J(2,2,.)
649.                                 forvalues i = 1/2 {
650.                                         matrix CI1[1,`i'] = phat1[1, `i'] + sqrt(pse1[1, `i'])
651.                                         matrix CI1[2,`i'] = phat1[1, `i'] - sqrt(pse1[1, `i'])
652.                                         }       
653.                                 
.                                 * Graph 1B: junior and senior x low and high educ x mean dtf | senior, high educ
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0                             + _b[treated_post_ia3] * `dtf_junior_
> ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0                             + _b[treated_post_ia3] * `dtf
> _senior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1                             + _b[treated_post_ia3] * `dtf
> _junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1                             + _b[treated_post_ia3] * `dtf
> _senior_mh') 
654.                                 matrix phat2 = r(b)
655.                                 matrix pse2 = vecdiag(r(V))
656.                                 matrix CI2 = J(4,4,.)
657.                                 forvalues i = 1/4 {
658.                                         matrix CI2[1,`i'] = phat2[1, `i'] + sqrt(pse2[1, `i'])
659.                                         matrix CI2[2,`i'] = phat2[1, `i'] - sqrt(pse2[1, `i'])
660.                                         }       
661.                                         
.                                 * Graph 1C: junior and senior with mean educ and mean dtf; junior and senior x low and high educ x mean dtf | senior, high educ; 
.                                 * junior and senior x  high     and low educ, dtf = 0                                                   
.                                 nlcom   (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0                             + _b[treated_post_ia3] * 0) ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0                             + _b[treated_post_ia3] * 0) /
> //
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1                             + _b[treated_post_ia3] * 0) /
> //
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1                             + _b[treated_post_ia3] * 0) /
> //
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1                             + _b[treated_post_ia3] * `dtf
> _junior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1                             + _b[treated_post_ia3] * `dtf
> _senior_mh') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0                             + _b[treated_post_ia3] * `dtf
> _junior_ml') ///
>                                                 (_b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0                             + _b[treated_post_ia3] * `dtf
> _senior_ml') 
662.                                 matrix phat3 = r(b)
663.                                 matrix pse3 = vecdiag(r(V))
664.                                 matrix CI3 = J(8,8,.)
665.                                 forvalues i = 1/8 {
666.                                         matrix CI3[1,`i'] = phat3[1, `i'] + sqrt(pse3[1, `i'])
667.                                         matrix CI3[2,`i'] = phat3[1, `i'] - sqrt(pse3[1, `i'])
668.                                         }
669.                                         
.                         
.                                 coefplot matrix(phat1), ci(CI1) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelA, replace)
670.                                 graph export "${graphs}\Fig1_panelA_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
671.                                 
.                                 coefplot matrix(phat1), ci(CI1) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JE(`educ_junior_m')D(`dtf_junior_m')" _nl_2 = "SE(`educ_senior_m')D(`dtf_senior_m')") ///
>                                                 saving(panelAv2, replace)
672.                                 graph export "${graphs}\Fig1_panelAv2_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
673. 
.                                 *               notes("LE = low educ; HE = high educ; J = junior; S = senior")
.                                 * REMEMBER: cols(x) 
.                                 coefplot matrix(phat2), ci(CI2) vertical recast(bar)    ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml')"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelB, replace)
674.                                 graph export "${graphs}\Fig1_panelB_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
675.                                 
.                                 coefplot matrix(phat2), ci(CI2) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = " JLD(`dtf_junior_ml')" _nl_2 = "SLD(`dtf_senior_ml')"  ///
>                                                 _nl_3 = "JHD(`dtf_junior_mh')" _nl_4 = "SHD(`dtf_senior_mh')") ///
>                                                 saving(panelBv2, replace)
676.                                 graph export "${graphs}\Fig1_panelBv2_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
677.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical recast(bar) ciopts(recast(rcap))  ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelC, replace)
678.                                 graph export "${graphs}\Fig1_panelC_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
679.                                 
.                                 coefplot matrix(phat3), ci(CI3) vertical        ciopts(recast(rcap)) ///
>                                                 graphregion(color(white)) bgcolor(white)  ///
>                                                 ylabel(-0.04(0.1)0.14)  ///
>                                                 yline(0) ///
>                                                 coeflabels(_nl_1 = "JLD(0)" _nl_2 = "SLD(0)"  ///
>                                                 _nl_3 = "JHD(0)" _nl_4 = "SHD(0)" ///
>                                                 _nl_5 = "JHD(`dtf_junior_mh')" _nl_6 = "SHD(`dtf_senior_mh')"  ///
>                                                 _nl_7 = "JLD(`dtf_junior_ml')" _nl_8 = "SLD(`dtf_senior_ml')") ///
>                                                 saving(panelCv2, replace)
680.                                 graph export "${graphs}\Fig1_panelCv2_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
681. 
.                                 gr combine panelA.gph panelB.gph, saving(panelAB, replace) imargin(0 0 0 0) cols(2)
682.                                 gr combine panelAB.gph panelC.gph, saving(Fig1_all, replace) imargin(tiny) cols(1)
683.                                 graph export "${graphs}\Fig1_all_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
684.         
.                                 gr combine panelAv2.gph panelBv2.gph, saving(panelABv2, replace) imargin(0 0 0 0) cols(2)
685.                                 gr combine panelABv2.gph panelCv2.gph, saving(Fig1v2_all, replace) imargin(tiny) cols(1)
686.                                 graph export "${graphs}\Fig1v2_all_`d'_`sose_type'_noIQownfirm_clust_$data.pdf" , replace
687.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group)  
688.                                 test treated_post + treated_post_ia2 = 0
689.                                 test treated_post + treated_post_ia3 = 0
690.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
691.                                 test treated_pre + treated_pre_ia2 = 0
692.                                 test treated_pre + treated_pre_ia3 = 0
693.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
694.                                 estimates store eqn_8           
695. 
.                                 
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group)  
696.                                 estimates store eqn_12          
697.                                 testparm *ia2* *ia3*
698.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
699.                                 testparm *pre*ia2* *pre*ia3  
700.                                 testparm *post*ia2* *post*ia3
701.                                 test treated_post + treated_post_iasenior = 0
702.                                 test treated_post + treated_post_ia2 = 0
703.                                 test treated_post + treated_post_ia3 = 0
704.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
705.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
706.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
707. 
.                 
.                         
. 
. ******************************************************************* 
.                                 * 8 base - interaction drop top-3
.                                 
.                                 * 1. base -  pre + no interaction
. ******************************************************************* 
.                                 xtreg `d'       treated treated_pre treated_post $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars  ///
>                                 if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
708.                                 estimates store eqn_top32               
709.                                 
. ******************************************************************* 
.                                 * 2. base -  pre + simple interaction 1
. *******************************************************************                             
.                                 xtreg `d'       treated treated_ia3 treated_iasuorv_d ///
>                                         treated_pre  treated_pre_ia3  treated_pre_iasuorv_d ///
>                                         treated_post  treated_post_ia3 treated_post_iasuorv_d ///
>                                         $pre_ia_educ $post_ia_educ ///
>                                         interact3 suorv_d ///
>                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1  & total_inv_1 < 850, fe cluster(my_group)  
710.                                 test treated_post + treated_post_ia3 = 0
711.                                 test treated_pre + treated_pre_ia3 = 0
712.                                 estimates store eqn_top33               
713.                                 
.                                 xtreg `d'       treated treated_iasenior treated_pre treated_pre_iasenior treated_post treated_post_iasenior ///
>                                                         senior pre_iasenior post_iasenior $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   ///
>                                                         if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
714.                                 test treated_post + treated_post_iasenior = 0
715.                                 test treated_pre + treated_pre_iasenior = 0
716.                                 estimates store eqn_top34       
717.                                 
.                                 
. *******************************************************************                             
.                                 * 2. base -  pre + simple educ
. *******************************************************************     
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                                         treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                                         treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                                         $pre_ia_educ $post_ia_educ ///
>                                                         interact2 interact3 suorv_d ///
>                                                         $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
718.                                 test treated_post + treated_post_ia2 = 0
719.                                 test treated_post + treated_post_ia3 = 0
720.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
721.                                 test treated_pre + treated_pre_ia2 = 0
722.                                 test treated_pre + treated_pre_ia3 = 0
723.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
724.                                 estimates store eqn_top35                                               
725. 
.                                 
.                                 * senior + DTHCF
.                                 xtreg `d'       treated treated_iasenior  treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
726.                                 estimates store eqn_top36               
727.                                 testparm *ia3*
728.                                 testparm *pre*ia3  *post*ia3 
729.                                 testparm *pre*ia3  
730.                                 testparm *post*ia3
731.                                 test treated_post + treated_post_iasenior = 0
732.                                 test treated_post + treated_post_ia3 = 0
733.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
734. 
.                                 * senior + educ
.                                 xtreg `d'       treated treated_iasenior treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre treated_pre_iasenior treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post treated_post_iasenior treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_short $post_ia_short ///
>                                 senior interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1 & total_inv_1 < 850, fe cluster(my_group)  
735.                                 estimates store eqn_top37               
736.                                 testparm *ia2* *ia3*
737.                                 testparm *pre*ia2* *pre*ia3 *post*ia2* *post*ia3 
738.                                 testparm *pre*ia2* *pre*ia3  
739.                                 testparm *post*ia2* *post*ia3
740.                                 test treated_post + treated_post_iasenior = 0
741.                                 test treated_post + treated_post_ia2 = 0
742.                                 test treated_post + treated_post_ia3 = 0
743.                                 test treated_post + treated_post_iasenior + treated_post_ia2 = 0
744.                                 test treated_post + treated_post_iasenior + treated_post_ia3 = 0
745.                                 test treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0
746.                                 
.                                 * educ and DTHCF, no senior
.                                 xtreg `d'       treated treated_ia2 treated_ia3 treated_iasuorv_d ///
>                                 treated_pre  treated_pre_ia2 treated_pre_ia3  treated_pre_iasuorv_d ///
>                                 treated_post  treated_post_ia2 treated_post_ia3 treated_post_iasuorv_d ///
>                                 $pre_ia_educ $post_ia_educ ///
>                                 interact2 interact3 suorv_d ///
>                                 $leads_and_lags $calendar_year_ds $age_ds $firm_size_vars   if est_sample_u == 1, fe cluster(my_group)  
747.                                 test treated_post + treated_post_ia2 = 0
748.                                 test treated_post + treated_post_ia3 = 0
749.                                 test treated_post + treated_post_ia2 + treated_post_ia3 = 0
750.                                 test treated_pre + treated_pre_ia2 = 0
751.                                 test treated_pre + treated_pre_ia3 = 0
752.                                 test treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0
753.                                 estimates store eqn_top38               
754. 
. 
. ****************************************************************************************************************************************************************                      
>           
. 
.                                 local filename          = "`d'"
755.                                 cd ${output}
756. 
.                                 if $ownfirm != 1 & $data_int == 6 {
757.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQownfirm_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
758.                                                 }
759.                                 else if $ownfirm != 1 & $data_int == 5  {
760.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_short_noIQownfirm_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
761.                                                 }       
762.                                 if $ownfirm != 1 & $data_int == 6 {
763.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQownfirm_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
764.                                                 }
765.                                 else if $ownfirm != 1 & $data_int == 5  {
766.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3_noIQownfirm_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
767.                                                 }       
768.                                 if $ownfirm == 1 & $data_int == 6 {
769.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQownfirm_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
770.                                                 }
771.                                 else if $ownfirm == 1 & $data_int == 5  {
772.                                                 outreg2 [eqn_2 eqn_4 eqn_5 eqn_6 eqn_7 eqn_8 eqn_12] ///
>                                                 using "`d'_`sose_type'_age_shortownf_noIQownfirm_clust_$data.xls", /// 
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
773.                                 if $ownfirm == 1 & $data_int == 6 {
774.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQownfirm_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
775.                                                 }
776.                                 else if $ownfirm == 1 & $data_int == 5  {
777.                                                 outreg2 [eqn_top32 eqn_top33 eqn_top34 eqn_top35 eqn_top36 eqn_top37 eqn_top38] ///
>                                                 using "`d'_`sose_type'_age_top3ownf_noIQownfirm_clust_$data.xls", ///
>                                                 replace keep(treated_pre treated_pre_ia*se* treated_pre_ia1* treated_pre_ia2* treated_pre_ia* treated_pre_ia*su*  ///
>                                                                                 treated_post treated_post_ia*se* treated_post_ia1* treated_post_ia2* treated_post_ia* treated_post_ia*
> su* ///
>                                                                                 interact* treated treated_ia*se* treated_ia1* treated_ia2* treated_ia* treated_ia*su*)
778.                                                 }                       
779.                                         */
.                                         }
780.                                 
.                                 /*              
>                                 outreg2 [eqn_long_1 eqn_long_2] using "`d'_`sose_type'_horser_long$data.xls", replace ///
>                                                 keep(treated treated_cow  inv_l_* inv_f_* inv_fl_*)
>                                 */
.                                 }
781.                         drop my_group           
782.         
.                 }
783.         local datacounter       = `datacounter' + 1     
784. 
.         }
(label _merge already defined)
(label _merge already defined)
(label _merge already defined)
(239,651 observations deleted)
(3,147,402 real changes made)
(132,209 missing values generated)
(103,355 missing values generated)
(3,324,847 missing values generated)
(177,445 real changes made)
(65358 missing values generated)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(178,336 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(174,703 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(170,837 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(149,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(135,159 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(117,864 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(103,525 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,280 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(70,798 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(56,345 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(50,576 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(88,902 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(86,883 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(75,827 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(68,602 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(59,504 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(52,094 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(44,751 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(35,115 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(27,890 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(25,069 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(177,042 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(90,154 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(175,944 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(89,582 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(164,590 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(83,884 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(156,261 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(79,760 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(148,976 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(76,067 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(141,822 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(72,449 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(132,136 real changes made)
(3,324,847 missing values generated)
(3,324,847 real changes made)
(67,508 real changes made)
(65,358 missing values generated)
(998,316 real changes made, 998,316 to missing)
(44,430 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,296,538 real changes made)
       panel variable:  shnro_real (unbalanced)
(2,870,653 real changes made)
(454,194 missing values generated)
(454,194 missing values generated)
(3,324,847 missing values generated)
(2,782,955 real changes made)
(418,774 real changes made)
(454,194 missing values generated)
(408,713 real changes made)
(3324847 missing values generated)
(3,324,847 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------
(3,192,566 real changes made, 374,857 to missing)
(666,404 real changes made)
(374,857 missing values generated)
(374,857 missing values generated)
(374,857 missing values generated)
(3,324,847 missing values generated)
(2,220,248 real changes made)
(400,153 real changes made)
(23,752 real changes made)
(9,884 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                     1,003,647
        from master                   454,194  (_merge==1)
        from using                    549,453  (_merge==2)

    matched                         2,870,653  (_merge==3)
    -----------------------------------------
(454,194 real changes made)
(3,874,300 missing values generated)
(0 real changes made)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,886,584 real changes made)
(3,874,300 missing values generated)
(1,874,563 real changes made)
(3,874,300 missing values generated)
(1,991,729 real changes made)
(3,874,300 missing values generated)
(1,938,369 real changes made)
(454194 missing values generated)
(3,695,964 missing values generated)
(614811 missing values generated)
(838,625 real changes made, 838,625 to missing)
(838,625 real changes made, 838,625 to missing)
(827,475 real changes made, 827,475 to missing)
(915,026 real changes made, 915,026 to missing)
(890,410 real changes made, 890,410 to missing)
(549,453 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1962.759      1963
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.70394  .0024021
      sd |  .5413244  .0489525
     p50 |     10.71         0
       N |   1047946   1022015
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.49408  .0002432
    1995 |    10.509  .0024515
    1996 |  10.58454  .0018627
    1997 |  10.59743   .001735
    1998 |  10.62012  .0021974
    1999 |  10.62321  .0020117
    2000 |  10.61811  .0034953
    2001 |  10.66843  .0031848
    2002 |  10.68159  .0016617
    2003 |   10.7042  .0017891
    2004 |   10.7208  .0022414
    2005 |  10.72615  .0044228
    2006 |  10.73186  .0025461
    2007 |  10.74793    .00264
    2008 |  10.76228  .0042852
    2009 |  10.77325  .0017176
    2010 |  10.77434  .0031672
    2011 |  10.83413  .0002347
    2012 |  10.84764         0
---------+--------------------
   Total |  10.70394  .0024021
------------------------------
(3,874,300 missing values generated)
(2,028,309 real changes made)
(1,026,709 real changes made)
(641,051 real changes made)
(1,001,600 real changes made)
(655,487 real changes made)
(1,296,538 real changes made)
(2,029,548 real changes made)
(3,874,300 missing values generated)
(549,453 missing values generated)
(549453 missing values generated)
(2,494,609 real changes made)
(2,494,609 real changes made)
(1,506,426 real changes made)
(488,379 real changes made)
(499,804 real changes made)
(490,878 real changes made)
(1,506,426 real changes made)
(449,814 real changes made)
(356,926 real changes made)
(208,808 real changes made)
(0 real changes made)
(988,183 real changes made)
(1,506,426 real changes made)
(666,404 real changes made)
(924,310 missing values generated)
(924,310 real changes made)
(14 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(1,094,728 real changes made)
(3,874,300 missing values generated)
(831,882 real changes made)
(555,633 real changes made)
(467,747 real changes made)
(411,780 real changes made)
(333,622 real changes made)
(225,757 real changes made)
(123,569 real changes made)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
(549,453 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(1,047,959 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,047,959      100.00      100.00
------------+-----------------------------------
      Total |  1,047,959      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   = 1,047,946
-------------+----------------------------------   F(87, 1047858)  =   3085.87
       Model |  62630.5222        87   719.89106   Prob > F        =    0.0000
    Residual |  244451.031 1,047,858   .23328641   R-squared       =    0.2040
-------------+----------------------------------   Adj R-squared   =    0.2039
       Total |  307081.553 1,047,945  .293032127   Root MSE        =      .483

---------------------------------------------------------------------------------------
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0492508    .006082     8.10   0.000     .0373304    .0611712
     treated_ia1_4145 |  -.0081546   .0093029    -0.88   0.381     -.026388    .0100788
     treated_ia1_4650 |   .0095725   .0093914     1.02   0.308    -.0088343    .0279792
     treated_ia1_5160 |   .0372057   .0104885     3.55   0.000     .0166486    .0577628
          treated_pre |   .0191991   .0064011     3.00   0.003     .0066531    .0317451
 treated_pre_ia1_4145 |   .0071787   .0096895     0.74   0.459    -.0118124    .0261697
 treated_pre_ia1_4650 |  -.0159327   .0097826    -1.63   0.103    -.0351063    .0032408
 treated_pre_ia1_5155 |  -.0203628   .0108715    -1.87   0.061    -.0416705     .000945
 treated_pre_ia1_5660 |  -.0207939   .0123463    -1.68   0.092    -.0449922    .0034044
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |    .028973   .0062328     4.65   0.000      .016757     .041189
treated_post_ia1_4145 |   .0275097   .0093823     2.93   0.003     .0091208    .0458987
treated_post_ia1_4650 |   .0039566   .0094607     0.42   0.676    -.0145861    .0224993
treated_post_ia1_5155 |  -.0381456   .0105477    -3.62   0.000    -.0588188   -.0174724
treated_post_ia1_5660 |  -.0277527    .011066    -2.51   0.012    -.0494416   -.0060637
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0562997   .0040568   -13.88   0.000    -.0642509   -.0483486
                  l_1 |   .0115847   .0041229     2.81   0.005     .0035039    .0196654
                  l_2 |   .0073517   .0041941     1.75   0.080    -.0008687     .015572
                  l_3 |    .011185   .0042933     2.61   0.009     .0027704    .0195996
                  l_4 |   .0151078   .0044109     3.43   0.001     .0064626     .023753
                  l_5 |   .0141696   .0045672     3.10   0.002      .005218    .0231213
                  l_6 |   .0126225   .0047683     2.65   0.008     .0032768    .0219682
                  l_7 |    .012301   .0050234     2.45   0.014     .0024553    .0221467
                  l_8 |   .0200024   .0054586     3.66   0.000     .0093037     .030701
                  l_9 |    .015725   .0060054     2.62   0.009     .0039545    .0274954
                 l_10 |   .0275584   .0065345     4.22   0.000     .0147511    .0403658
                  f_1 |  -.0082652   .0042032    -1.97   0.049    -.0165034    -.000027
                  f_2 |  -.0109346   .0042946    -2.55   0.011    -.0193518   -.0025174
                  f_3 |  -.0103563   .0043939    -2.36   0.018    -.0189682   -.0017443
                  f_4 |  -.0144135   .0045265    -3.18   0.001    -.0232854   -.0055416
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0056514    .004099     1.38   0.168    -.0023825    .0136853
         _Ivuosi_1996 |   .0652394   .0040604    16.07   0.000     .0572811    .0731977
         _Ivuosi_1997 |   .0675482    .003994    16.91   0.000     .0597202    .0753762
         _Ivuosi_1998 |   .0909819   .0039207    23.21   0.000     .0832975    .0986664
         _Ivuosi_1999 |   .1001452   .0038161    26.24   0.000     .0926657    .1076247
         _Ivuosi_2000 |   .1219173   .0037044    32.91   0.000     .1146567    .1291779
         _Ivuosi_2001 |   .1603683   .0037077    43.25   0.000     .1531013    .1676353
         _Ivuosi_2002 |   .1615706   .0036973    43.70   0.000      .154324    .1688173
         _Ivuosi_2003 |   .1783716   .0036647    48.67   0.000     .1711889    .1855542
         _Ivuosi_2004 |   .2065756   .0036244    57.00   0.000     .1994718    .2136793
         _Ivuosi_2005 |   .2279712   .0035428    64.35   0.000     .2210274     .234915
         _Ivuosi_2006 |    .226423   .0035586    63.63   0.000     .2194483    .2333977
         _Ivuosi_2007 |   .2406407   .0035763    67.29   0.000     .2336312    .2476502
         _Ivuosi_2008 |   .2519476   .0035849    70.28   0.000     .2449214    .2589739
         _Ivuosi_2009 |   .2452908   .0036453    67.29   0.000     .2381462    .2524354
         _Ivuosi_2010 |   .2477202    .003698    66.99   0.000     .2404722    .2549682
         _Ivuosi_2011 |   .2597603   .0038799    66.95   0.000     .2521559    .2673648
         _Ivuosi_2012 |   .2583819   .0040107    64.42   0.000     .2505211    .2662427
            _Iage2_21 |   .3699096   .0134901    27.42   0.000     .3434694    .3963498
            _Iage2_22 |   .5283636   .0123523    42.77   0.000     .5041534    .5525738
            _Iage2_23 |   .6351859   .0116186    54.67   0.000     .6124138     .657958
            _Iage2_24 |   .7810712   .0110483    70.70   0.000     .7594168    .8027256
            _Iage2_25 |   .9639784   .0107242    89.89   0.000     .9429594    .9849974
            _Iage2_26 |   1.117807   .0105441   106.01   0.000     1.097141    1.138474
            _Iage2_27 |   1.220411   .0104369   116.93   0.000     1.199955    1.240867
            _Iage2_28 |   1.306241   .0103695   125.97   0.000     1.285917    1.326565
            _Iage2_29 |   1.367939   .0103277   132.45   0.000     1.347697    1.388181
            _Iage2_30 |   1.412989   .0103012   137.17   0.000     1.392799    1.433179
            _Iage2_31 |   1.452296   .0102837   141.22   0.000      1.43214    1.472451
            _Iage2_32 |   1.490343   .0102694   145.13   0.000     1.470215    1.510471
            _Iage2_33 |   1.519474   .0102622   148.06   0.000      1.49936    1.539588
            _Iage2_34 |   1.547023    .010255   150.85   0.000     1.526924    1.567123
            _Iage2_35 |   1.569888   .0102477   153.19   0.000     1.549803    1.589973
            _Iage2_36 |    1.58813    .010245   155.02   0.000      1.56805     1.60821
            _Iage2_37 |   1.605592   .0102428   156.75   0.000     1.585516    1.625667
            _Iage2_38 |   1.622939   .0102409   158.48   0.000     1.602867     1.64301
            _Iage2_39 |   1.635382   .0102392   159.72   0.000     1.615314    1.655451
            _Iage2_40 |   1.646931   .0102371   160.88   0.000     1.626867    1.666996
            _Iage2_41 |   1.649386   .0103282   159.70   0.000     1.629143    1.669629
            _Iage2_42 |   1.663789   .0103249   161.14   0.000     1.643553    1.684026
            _Iage2_43 |   1.674404   .0103263   162.15   0.000     1.654165    1.694643
            _Iage2_44 |   1.679938   .0103265   162.68   0.000     1.659699    1.700178
            _Iage2_45 |   1.685374   .0103266   163.21   0.000     1.665134    1.705614
            _Iage2_46 |   1.692034   .0103268   163.85   0.000     1.671794    1.712274
            _Iage2_47 |   1.697307   .0103277   164.34   0.000     1.677065    1.717549
            _Iage2_48 |   1.699168   .0103296   164.50   0.000     1.678923    1.719414
            _Iage2_49 |   1.699813   .0103314   164.53   0.000     1.679563    1.720062
            _Iage2_50 |   1.702538   .0103361   164.72   0.000     1.682279    1.722796
            _Iage2_51 |   1.707909   .0103481   165.05   0.000     1.687627    1.728191
            _Iage2_52 |   1.710359   .0103534   165.20   0.000     1.690066    1.730651
            _Iage2_53 |   1.712749   .0103597   165.33   0.000     1.692445    1.733054
            _Iage2_54 |   1.712998   .0103691   165.20   0.000     1.692675    1.733321
            _Iage2_55 |   1.714944   .0103963   164.96   0.000     1.694568     1.73532
            _Iage2_56 |   1.712325   .0105106   162.91   0.000     1.691724    1.732925
            _Iage2_57 |   1.695866    .010557   160.64   0.000     1.675175    1.716557
            _Iage2_58 |   1.680061   .0106478   157.78   0.000     1.659192    1.700931
            _Iage2_59 |   1.655568   .0107677   153.75   0.000     1.634464    1.676673
        firm_size_new |  -.0390447   .0006647   -58.74   0.000    -.0403476   -.0377419
                _cons |   8.919916   .0110164   809.69   0.000     8.898324    8.941508
---------------------------------------------------------------------------------------
(2,826,354 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.65901  .0028644  41.64955  .6353441  .2192247  14.77925
      sd |  .5280365  .0534433  9.678176   .481334  .4137216  9.339959
     p50 |  10.66986         0        42         1         0        14
       N |    487550    473749    487550    487550    487550    429250
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.74303  .0020027  42.03571   .693854  .2171036  15.06273
      sd |  .5496458   .044707  9.560261  .4608915  .4122741  9.313414
     p50 |  10.74679         0        42         1         0        14
       N |    560396    548253    560396    560396    560396    493226
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.65901  .0028644  41.64955  .6353441  .2192247  14.77925
         |  .5280365  .0534433  9.678176   .481334  .4137216  9.339959
         |  10.66986         0        42         1         0        14
         |    487550    473749    487550    487550    487550    429250
---------+------------------------------------------------------------
       1 |  10.74303  .0020027  42.03571   .693854  .2171036  15.06273
         |  .5496458   .044707  9.560261  .4608915  .4122741  9.313414
         |  10.74679         0        42         1         0        14
         |    560396    548253    560396    560396    560396    493226
---------+------------------------------------------------------------
   Total |  10.70394  .0024021  41.85605  .6666326  .2180904  14.93082
         |  .5413244  .0489528  9.617225  .4714168  .4129493  9.326842
         |     10.71         0        42         1         0        14
         |   1047946   1022002   1047946   1047946   1047946    922476
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whiteclnwage_noIQownfirm_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER
Linear regression                               Number of obs     =    922,476
                                                F(1, 922474)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6453
                                                Root MSE          =     5.5549

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8046309   .0006362  1264.73   0.000     .8033839    .8058778
       _cons |  -17.97549   .0235769  -762.42   0.000     -18.0217   -17.92928
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7068   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2032                         Obs per group: min =         1
       between = 0.2101                                        avg =       6.6
       overall = 0.1439                                        max =        44

                                                F(74,26947)        =    294.72
corr(u_i, Xb)  = -0.5168                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,948 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0030302   .0044083     0.69   0.492    -.0056103    .0116706
 treated_post |     .00673   .0056991     1.18   0.238    -.0044405    .0179006
          l_0 |  -.0482377   .1710255    -0.28   0.778    -.3834566    .2869811
          l_1 |  -.0413104   .2052172    -0.20   0.840    -.4435468    .3609261
          l_2 |  -.0650205   .2394216    -0.27   0.786    -.5342994    .4042584
          l_3 |  -.0818805   .2736304    -0.30   0.765    -.6182102    .4544493
          l_4 |  -.0995005   .3077581    -0.32   0.746    -.7027224    .5037214
          l_5 |  -.1188567    .341939    -0.35   0.728    -.7890749    .5513615
          l_6 |  -.1303809    .376181    -0.35   0.729    -.8677152    .6069534
          l_7 |  -.1490816   .4102966    -0.36   0.716    -.9532843    .6551211
          l_8 |  -.1619363   .4445097    -0.36   0.716    -1.033198    .7093259
          l_9 |  -.1751772   .4788119    -0.37   0.714    -1.113673    .7633191
         l_10 |  -.1921528   .5129422    -0.37   0.708    -1.197546    .8132406
          f_1 |   -.039128   .1367343    -0.29   0.775    -.3071342    .2288783
          f_2 |  -.0318119   .1025499    -0.31   0.756     -.232815    .1691912
          f_3 |  -.0228707   .0683727    -0.33   0.738    -.1568848    .1111433
          f_4 |  -.0133193   .0342676    -0.39   0.698    -.0804856    .0538469
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0203693   .0030452     6.69   0.000     .0144005    .0263381
 _Ivuosi_1996 |   .0448033   .0032305    13.87   0.000     .0384713    .0511352
 _Ivuosi_1997 |   .0381908   .0033944    11.25   0.000     .0315375    .0448441
 _Ivuosi_1998 |   .0430743   .0036132    11.92   0.000     .0359922    .0501564
 _Ivuosi_1999 |   .0344131    .003587     9.59   0.000     .0273823    .0414438
 _Ivuosi_2000 |   .0303499   .0036189     8.39   0.000     .0232566    .0374433
 _Ivuosi_2001 |     .03827   .0035167    10.88   0.000     .0313771    .0451629
 _Ivuosi_2002 |    .023784   .0032572     7.30   0.000     .0173997    .0301683
 _Ivuosi_2003 |   .0255626   .0031105     8.22   0.000     .0194659    .0316592
 _Ivuosi_2004 |   .0391247    .003021    12.95   0.000     .0332035     .045046
 _Ivuosi_2005 |   .0547606   .0028807    19.01   0.000     .0491143     .060407
 _Ivuosi_2006 |   .0496907   .0028102    17.68   0.000     .0441825     .055199
 _Ivuosi_2007 |    .050947   .0027854    18.29   0.000     .0454876    .0564065
 _Ivuosi_2008 |   .0476878   .0025506    18.70   0.000     .0426884    .0526872
 _Ivuosi_2009 |   .0304183   .0024193    12.57   0.000     .0256763    .0351603
 _Ivuosi_2010 |   .0215143   .0024514     8.78   0.000     .0167094    .0263192
 _Ivuosi_2011 |   .0155721   .0018461     8.44   0.000     .0119537    .0191906
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .4829446   .0522709     9.24   0.000     .3804908    .5853983
    _Iage2_22 |   .6883037   .0857226     8.03   0.000      .520283    .8563243
    _Iage2_23 |   .8457284   .1187948     7.12   0.000     .6128844    1.078572
    _Iage2_24 |   1.010875   .1524014     6.63   0.000     .7121598    1.309589
    _Iage2_25 |   1.223259   .1863068     6.57   0.000     .8580885     1.58843
    _Iage2_26 |   1.406859   .2203828     6.38   0.000     .9748974    1.838821
    _Iage2_27 |   1.543024   .2543593     6.07   0.000     1.044466    2.041581
    _Iage2_28 |   1.652477   .2883555     5.73   0.000     1.087285    2.217668
    _Iage2_29 |   1.742477   .3224273     5.40   0.000     1.110503    2.374451
    _Iage2_30 |   1.818562   .3566142     5.10   0.000     1.119579    2.517544
    _Iage2_31 |   1.884599   .3907582     4.82   0.000     1.118693    2.650506
    _Iage2_32 |   1.950858   .4249248     4.59   0.000     1.117983    2.783733
    _Iage2_33 |   2.011835   .4590637     4.38   0.000     1.112046    2.911623
    _Iage2_34 |   2.069526   .4932254     4.20   0.000     1.102779    3.036273
    _Iage2_35 |   2.126977   .5273559     4.03   0.000     1.093332    3.160622
    _Iage2_36 |   2.178438   .5615372     3.88   0.000     1.077796    3.279081
    _Iage2_37 |    2.22667   .5956828     3.74   0.000     1.059101     3.39424
    _Iage2_38 |    2.27703   .6299101     3.61   0.000     1.042373    3.511686
    _Iage2_39 |   2.322737   .6640794     3.50   0.000     1.021106    3.624367
    _Iage2_40 |   2.368615   .6982378     3.39   0.001     1.000033    3.737198
    _Iage2_41 |   2.408939    .732433     3.29   0.001      .973332    3.844546
    _Iage2_42 |   2.455114   .7665987     3.20   0.001     .9525406    3.957687
    _Iage2_43 |    2.49739   .8008089     3.12   0.002     .9277632    4.067017
    _Iage2_44 |   2.536831   .8349765     3.04   0.002     .9002332    4.173428
    _Iage2_45 |   2.574512   .8691589     2.96   0.003     .8709157    4.278109
    _Iage2_46 |   2.609327   .9033768     2.89   0.004     .8386613    4.379992
    _Iage2_47 |   2.645832   .9375861     2.82   0.005     .8081144    4.483549
    _Iage2_48 |   2.676763    .971761     2.75   0.006      .772061    4.581465
    _Iage2_49 |   2.708111   1.005958     2.69   0.007     .7363815    4.679841
    _Iage2_50 |   2.738496   1.040159     2.63   0.008     .6997302    4.777262
    _Iage2_51 |   2.772179   1.074349     2.58   0.010     .6663991     4.87796
    _Iage2_52 |   2.802246    1.10855     2.53   0.011     .6294313    4.975061
    _Iage2_53 |   2.829841   1.142704     2.48   0.013     .5900813      5.0696
    _Iage2_54 |    2.85719   1.176875     2.43   0.015     .5504542    5.163926
    _Iage2_55 |   2.884008   1.211106     2.38   0.017     .5101777    5.257837
    _Iage2_56 |   2.908786   1.245292     2.34   0.020     .4679488    5.349623
    _Iage2_57 |   2.915258   1.279515     2.28   0.023     .4073415    5.423174
    _Iage2_58 |   2.922734    1.31374     2.22   0.026      .347736    5.497733
    _Iage2_59 |   2.918235   1.347863     2.17   0.030      .276353    5.560117
firm_size_new |   .0092983   .0046102     2.02   0.044     .0002622    .0183345
        _cons |   8.371734   .5609886    14.92   0.000     7.272167      9.4713
--------------+----------------------------------------------------------------
      sigma_u |  .61139169
      sigma_e |  .23719596
          rho |   .8691771   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2036                         Obs per group: min =         1
       between = 0.2059                                        avg =       6.6
       overall = 0.1404                                        max =        44

                                                F(79,26947)        =    282.28
corr(u_i, Xb)  = -0.5432                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,948 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0130572   .0084735     1.54   0.123    -.0035512    .0296657
          treated_pre |   .0084557   .0064525     1.31   0.190    -.0041916    .0211031
 treated_pre_iasenior |  -.0107013   .0074296    -1.44   0.150    -.0252637    .0038611
         treated_post |   .0192992   .0081311     2.37   0.018     .0033618    .0352365
treated_post_iasenior |  -.0225609   .0088216    -2.56   0.011    -.0398518   -.0052701
               senior |          0  (omitted)
         pre_iasenior |  -.0007805   .0049243    -0.16   0.874    -.0104325    .0088715
        post_iasenior |  -.0219396   .0059998    -3.66   0.000    -.0336996   -.0101796
                  l_0 |  -.0498275   .1709272    -0.29   0.771    -.3848536    .2851986
                  l_1 |  -.0446154   .2050937    -0.22   0.828    -.4466098    .3573789
                  l_2 |  -.0702448   .2392741    -0.29   0.769    -.5392343    .3987448
                  l_3 |  -.0891667   .2734589    -0.33   0.744    -.6251605    .4468271
                  l_4 |  -.1089728    .307564    -0.35   0.723    -.7118143    .4938687
                  l_5 |  -.1306767   .3417221    -0.38   0.702    -.8004697    .5391163
                  l_6 |  -.1445867   .3759408    -0.38   0.701    -.8814501    .5922767
                  l_7 |   -.165781   .4100353    -0.40   0.686    -.9694716    .6379096
                  l_8 |  -.1811155   .4442255    -0.41   0.683    -1.051821    .6895897
                  l_9 |  -.1969343   .4785054    -0.41   0.681     -1.13483    .7409612
                 l_10 |  -.2164209   .5126135    -0.42   0.673     -1.22117    .7883282
                  f_1 |   -.048465   .1366159    -0.35   0.723    -.3162393    .2193093
                  f_2 |  -.0389745    .102464    -0.38   0.704    -.2398092    .1618602
                  f_3 |  -.0276569    .068329    -0.40   0.686    -.1615852    .1062714
                  f_4 |   -.015607   .0343074    -0.45   0.649    -.0828513    .0516374
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0204185   .0030441     6.71   0.000     .0144519     .026385
         _Ivuosi_1996 |    .044741    .003218    13.90   0.000     .0384335    .0510485
         _Ivuosi_1997 |   .0380115   .0033858    11.23   0.000     .0313751    .0446479
         _Ivuosi_1998 |   .0431537    .003604    11.97   0.000     .0360896    .0502178
         _Ivuosi_1999 |   .0345565    .003579     9.66   0.000     .0275414    .0415715
         _Ivuosi_2000 |   .0301926   .0036107     8.36   0.000     .0231154    .0372697
         _Ivuosi_2001 |   .0380035   .0035092    10.83   0.000     .0311253    .0448817
         _Ivuosi_2002 |   .0235903   .0032525     7.25   0.000     .0172152    .0299653
         _Ivuosi_2003 |   .0254484    .003105     8.20   0.000     .0193624    .0315344
         _Ivuosi_2004 |   .0389582   .0030152    12.92   0.000     .0330482    .0448682
         _Ivuosi_2005 |   .0546023   .0028725    19.01   0.000     .0489721    .0602325
         _Ivuosi_2006 |   .0494591   .0028041    17.64   0.000     .0439628    .0549554
         _Ivuosi_2007 |   .0506813   .0027805    18.23   0.000     .0452313    .0561312
         _Ivuosi_2008 |   .0472902   .0025485    18.56   0.000     .0422949    .0522855
         _Ivuosi_2009 |   .0300454   .0024182    12.42   0.000     .0253056    .0347852
         _Ivuosi_2010 |   .0213563   .0024488     8.72   0.000     .0165564    .0261561
         _Ivuosi_2011 |   .0154581   .0018457     8.38   0.000     .0118405    .0190757
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .4829257   .0522525     9.24   0.000     .3805081    .5853432
            _Iage2_22 |   .6882067   .0856947     8.03   0.000     .5202406    .8561727
            _Iage2_23 |   .8458735   .1187552     7.12   0.000     .6131071     1.07864
            _Iage2_24 |   1.011097   .1523473     6.64   0.000     .7124887    1.309706
            _Iage2_25 |   1.223664   .1862346     6.57   0.000     .8586348    1.588694
            _Iage2_26 |   1.407252   .2202932     6.39   0.000      .975466    1.839038
            _Iage2_27 |   1.543482   .2542545     6.07   0.000      1.04513    2.041834
            _Iage2_28 |   1.653011   .2882342     5.73   0.000     1.088057    2.217966
            _Iage2_29 |   1.743101   .3222913     5.41   0.000     1.111393    2.374809
            _Iage2_30 |   1.819523   .3564613     5.10   0.000      1.12084    2.518206
            _Iage2_31 |   1.885982   .3905888     4.83   0.000     1.120408    2.651557
            _Iage2_32 |   1.952752   .4247376     4.60   0.000     1.120244    2.785259
            _Iage2_33 |    2.01424   .4588603     4.39   0.000      1.11485     2.91363
            _Iage2_34 |   2.072492   .4930052     4.20   0.000     1.106176    3.038808
            _Iage2_35 |   2.130592   .5271172     4.04   0.000     1.097415    3.163769
            _Iage2_36 |   2.182687   .5612812     3.89   0.000     1.082547    3.282828
            _Iage2_37 |   2.231664     .59541     3.75   0.000      1.06463    3.398698
            _Iage2_38 |   2.282935   .6296203     3.63   0.000     1.048846    3.517024
            _Iage2_39 |   2.329861   .6637708     3.51   0.000     1.028836    3.630886
            _Iage2_40 |   2.377325   .6979089     3.41   0.001     1.009387    3.745262
            _Iage2_41 |   2.437243   .7321319     3.33   0.001     1.002227     3.87226
            _Iage2_42 |    2.48609   .7662743     3.24   0.001     .9841526    3.988028
            _Iage2_43 |   2.531371   .8004614     3.16   0.002     .9624253    4.100317
            _Iage2_44 |   2.574069   .8346054     3.08   0.002     .9381994    4.209939
            _Iage2_45 |     2.6152   .8687642     3.01   0.003      .912377    4.318023
            _Iage2_46 |   2.653555   .9029574     2.94   0.003     .8837118    4.423399
            _Iage2_47 |   2.693651   .9371438     2.87   0.004     .8568006    4.530502
            _Iage2_48 |   2.728225   .9712943     2.81   0.005     .8244376    4.632012
            _Iage2_49 |   2.763222   1.005467     2.75   0.006     .7924544     4.73399
            _Iage2_50 |    2.79726   1.039644     2.69   0.007     .7595033    4.835017
            _Iage2_51 |   2.834529   1.073811     2.64   0.008     .7298034    4.939255
            _Iage2_52 |   2.868234   1.107988     2.59   0.010     .6965204    5.039948
            _Iage2_53 |   2.899501   1.142118     2.54   0.011     .6608891    5.138112
            _Iage2_54 |   2.930515   1.176266     2.49   0.013     .6249737    5.236057
            _Iage2_55 |   2.961114   1.210474     2.45   0.014     .5885207    5.333707
            _Iage2_56 |   2.989526   1.244637     2.40   0.016     .5499729    5.429078
            _Iage2_57 |   2.999841   1.278834     2.35   0.019     .4932599    5.506422
            _Iage2_58 |   3.011245   1.313033     2.29   0.022      .437632    5.584858
            _Iage2_59 |   3.010959   1.347129     2.24   0.025     .3705161    5.651403
        firm_size_new |   .0096406     .00462     2.09   0.037      .000585    .0186961
                _cons |   8.350772   .5607463    14.89   0.000      7.25168    9.449864
----------------------+----------------------------------------------------------------
              sigma_u |  .62182088
              sigma_e |  .23714591
                  rho |  .87302267   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =    0.29
            Prob > F =    0.5905

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26947) =    0.21
            Prob > F =    0.6503
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2053                         Obs per group: min =         1
       between = 0.2025                                        avg =       6.6
       overall = 0.1372                                        max =        44

                                                F(82,26947)        =    266.02
corr(u_i, Xb)  = -0.5759                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0026427    .000615     4.30   0.000     .0014373    .0038481
     treated_iasuorv_d |   .0456235   .0290031     1.57   0.116    -.0112241    .1024711
           treated_pre |   .0202723   .0073649     2.75   0.006     .0058367    .0347078
       treated_pre_ia3 |  -.0011407   .0003574    -3.19   0.001    -.0018412   -.0004403
 treated_pre_iasuorv_d |  -.0364772   .0088739    -4.11   0.000    -.0538704   -.0190839
          treated_post |   .0590676   .0092425     6.39   0.000     .0409517    .0771834
      treated_post_ia3 |  -.0032182   .0004172    -7.71   0.000    -.0040358   -.0024005
treated_post_iasuorv_d |  -.1123042   .0104939   -10.70   0.000    -.1328728   -.0917356
             interact3 |  -.0053395   .0003574   -14.94   0.000    -.0060401   -.0046389
               suorv_d |  -.0574946   .0186008    -3.09   0.002    -.0939531   -.0210362
                   l_0 |  -.0699241   .1718452    -0.41   0.684    -.4067497    .2669015
                   l_1 |  -.0670004   .2062134    -0.32   0.745    -.4711893    .3371885
                   l_2 |  -.0947075   .2405949    -0.39   0.694    -.5662861     .376871
                   l_3 |  -.1155323   .2749782    -0.42   0.674     -.654504    .4234393
                   l_4 |  -.1371426   .3092793    -0.44   0.657    -.7433462    .4690609
                   l_5 |  -.1607678   .3436381    -0.47   0.640    -.8343165    .5127808
                   l_6 |  -.1766169   .3780562    -0.47   0.640    -.9176267     .564393
                   l_7 |  -.1993036   .4123442    -0.48   0.629     -1.00752    .6089126
                   l_8 |  -.2164411   .4467353    -0.48   0.628    -1.092066    .6591833
                   l_9 |  -.2340025   .4812045    -0.49   0.627    -1.177188    .7091833
                  l_10 |  -.2549202   .5155121    -0.49   0.621    -1.265351    .7555102
                   f_1 |  -.0564025   .1374123    -0.41   0.681    -.3257377    .2129327
                   f_2 |  -.0449208    .103056    -0.44   0.663    -.2469159    .1570744
                   f_3 |  -.0314659   .0687028    -0.46   0.647     -.166127    .1031953
                   f_4 |  -.0173708   .0344195    -0.50   0.614    -.0848348    .0500932
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0202221   .0030294     6.68   0.000     .0142844    .0261598
          _Ivuosi_1996 |   .0441749   .0032232    13.71   0.000     .0378574    .0504925
          _Ivuosi_1997 |   .0374497   .0033917    11.04   0.000     .0308018    .0440977
          _Ivuosi_1998 |   .0423433   .0036144    11.72   0.000     .0352589    .0494276
          _Ivuosi_1999 |   .0333435   .0035906     9.29   0.000     .0263057    .0403814
          _Ivuosi_2000 |    .029048    .003638     7.98   0.000     .0219174    .0361786
          _Ivuosi_2001 |   .0370226   .0035326    10.48   0.000     .0300985    .0439467
          _Ivuosi_2002 |   .0225306   .0032758     6.88   0.000     .0161099    .0289513
          _Ivuosi_2003 |   .0243807   .0031415     7.76   0.000     .0182233    .0305381
          _Ivuosi_2004 |   .0379447   .0030581    12.41   0.000     .0319506    .0439388
          _Ivuosi_2005 |    .054126   .0029068    18.62   0.000     .0484285    .0598235
          _Ivuosi_2006 |   .0489961   .0028335    17.29   0.000     .0434422      .05455
          _Ivuosi_2007 |   .0504002    .002812    17.92   0.000     .0448886    .0559118
          _Ivuosi_2008 |   .0469176   .0025647    18.29   0.000     .0418907    .0519444
          _Ivuosi_2009 |   .0297694   .0024258    12.27   0.000     .0250147    .0345242
          _Ivuosi_2010 |   .0207913   .0024538     8.47   0.000     .0159818    .0256007
          _Ivuosi_2011 |   .0152238   .0018473     8.24   0.000      .011603    .0188445
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4876942    .052318     9.32   0.000     .3851482    .5902401
             _Iage2_22 |   .6989916   .0858729     8.14   0.000     .5306763    .8673068
             _Iage2_23 |   .8631339   .1191311     7.25   0.000     .6296308    1.096637
             _Iage2_24 |   1.033736   .1529312     6.76   0.000     .7339827    1.333489
             _Iage2_25 |   1.250274   .1870021     6.69   0.000     .8837406    1.616808
             _Iage2_26 |   1.438155   .2212644     6.50   0.000     1.004465    1.871844
             _Iage2_27 |   1.579291   .2554154     6.18   0.000     1.078664    2.079919
             _Iage2_28 |   1.694328   .2895864     5.85   0.000     1.126724    2.261933
             _Iage2_29 |   1.790278   .3238369     5.53   0.000     1.155541    2.425015
             _Iage2_30 |   1.872776   .3581992     5.23   0.000     1.170687    2.574865
             _Iage2_31 |   1.945582   .3925169     4.96   0.000     1.176228    2.714935
             _Iage2_32 |   2.018845   .4268561     4.73   0.000     1.182185    2.855505
             _Iage2_33 |   2.086901   .4611674     4.53   0.000     1.182989    2.990813
             _Iage2_34 |   2.151957   .4955065     4.34   0.000     1.180739    3.123176
             _Iage2_35 |   2.217019   .5298065     4.18   0.000     1.178571    3.255467
             _Iage2_36 |   2.276203   .5641601     4.03   0.000     1.170419    3.381986
             _Iage2_37 |   2.332127   .5984813     3.90   0.000     1.159072    3.505181
             _Iage2_38 |   2.390503   .6328806     3.78   0.000     1.150024    3.630982
             _Iage2_39 |   2.444209   .6672183     3.66   0.000     1.136426    3.751991
             _Iage2_40 |   2.498273   .7015495     3.56   0.000       1.1232    3.873347
             _Iage2_41 |   2.546968   .7359157     3.46   0.001     1.104535    3.989401
             _Iage2_42 |   2.601771   .7702535     3.38   0.001     1.092034    4.111508
             _Iage2_43 |   2.652633   .8046337     3.30   0.001     1.075509    4.229757
             _Iage2_44 |   2.700681   .8389706     3.22   0.001     1.056254    4.345107
             _Iage2_45 |   2.747155   .8733258     3.15   0.002     1.035391    4.458919
             _Iage2_46 |   2.791089   .9077099     3.07   0.002     1.011931    4.570248
             _Iage2_47 |   2.836513   .9420855     3.01   0.003     .9899766     4.68305
             _Iage2_48 |   2.876499   .9764283     2.95   0.003     .9626491     4.79035
             _Iage2_49 |   2.916978   1.010792     2.89   0.004     .9357741    4.898183
             _Iage2_50 |   2.956423   1.045162     2.83   0.005     .9078508    5.004995
             _Iage2_51 |   2.999342   1.079526     2.78   0.005      .883416    5.115269
             _Iage2_52 |   3.038463   1.113897     2.73   0.006     .8551668     5.22176
             _Iage2_53 |   3.075275   1.148217     2.68   0.007     .8247094    5.325841
             _Iage2_54 |   3.111854   1.182554     2.63   0.009     .7939873     5.42972
             _Iage2_55 |   3.148089   1.216951     2.59   0.010     .7628015    5.533377
             _Iage2_56 |    3.18194   1.251304     2.54   0.011     .7293181    5.634561
             _Iage2_57 |   3.197751   1.285695     2.49   0.013     .6777224    5.717779
             _Iage2_58 |   3.214682   1.320085     2.44   0.015      .627247    5.802117
             _Iage2_59 |   3.220156   1.354372     2.38   0.017     .5655167    5.874796
         firm_size_new |   .0093677   .0045615     2.05   0.040     .0004269    .0183084
                 _cons |    8.30416    .563448    14.74   0.000     7.199772    9.408547
-----------------------+----------------------------------------------------------------
               sigma_u |   .6375798
               sigma_e |  .23688229
                   rho |  .87870591   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   39.17
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =    7.29
            Prob > F =    0.0069
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2053                         Obs per group: min =         1
       between = 0.2025                                        avg =       6.6
       overall = 0.1373                                        max =        44

                                                F(85,26947)        =    261.18
corr(u_i, Xb)  = -0.5747                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0116483   .0078723    -1.48   0.139    -.0270785    .0037819
           treated_ia3 |   .0030038   .0006555     4.58   0.000      .001719    .0042886
     treated_iasuorv_d |   .0505011   .0296419     1.70   0.088    -.0075986    .1086008
           treated_pre |   .0212267   .0073308     2.90   0.004      .006858    .0355954
  treated_pre_iasenior |   .0055327   .0068831     0.80   0.422    -.0079585    .0190239
       treated_pre_ia3 |  -.0013712    .000421    -3.26   0.001    -.0021965    -.000546
 treated_pre_iasuorv_d |  -.0416016   .0110073    -3.78   0.000    -.0631765   -.0200268
          treated_post |    .060502   .0092582     6.53   0.000     .0423555    .0786484
 treated_post_iasenior |   .0054456   .0077568     0.70   0.483    -.0097581    .0206494
      treated_post_ia3 |  -.0034463   .0004753    -7.25   0.000    -.0043779   -.0025147
treated_post_iasuorv_d |  -.1173568   .0123293    -9.52   0.000    -.1415229   -.0931908
                senior |   3.219417   1.354448     2.38   0.017     .5646297    5.874205
             interact3 |  -.0054143   .0003552   -15.24   0.000    -.0061104   -.0047182
               suorv_d |  -.0574593    .018602    -3.09   0.002    -.0939201   -.0209984
                   l_0 |  -.0698046   .1718544    -0.41   0.685    -.4066482     .267039
                   l_1 |  -.0667742   .2062245    -0.32   0.746     -.470985    .3374366
                   l_2 |  -.0943724   .2406077    -0.39   0.695    -.5659761    .3772312
                   l_3 |  -.1150879   .2749923    -0.42   0.676    -.6540872    .4239114
                   l_4 |  -.1365867   .3092952    -0.44   0.659    -.7428214     .469648
                   l_5 |  -.1600972   .3436554    -0.47   0.641    -.8336797    .5134852
                   l_6 |  -.1758279   .3780754    -0.47   0.642    -.9168753    .5652194
                   l_7 |  -.1983964   .4123657    -0.48   0.630    -1.006655    .6098619
                   l_8 |  -.2154063   .4467582    -0.48   0.630    -1.091076    .6602631
                   l_9 |  -.2328467   .4812287    -0.48   0.628     -1.17608    .7103866
                  l_10 |  -.2536474   .5155375    -0.49   0.623    -1.264128     .756833
                   f_1 |  -.0561397    .137419    -0.41   0.683     -.325488    .2132086
                   f_2 |  -.0447684   .1030612    -0.43   0.664    -.2467736    .1572369
                   f_3 |  -.0314228   .0687067    -0.46   0.647    -.1660914    .1032459
                   f_4 |  -.0174468   .0344224    -0.51   0.612    -.0849164    .0500229
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0202113   .0030278     6.68   0.000     .0142765     .026146
          _Ivuosi_1996 |   .0441729   .0032224    13.71   0.000     .0378568     .050489
          _Ivuosi_1997 |   .0374516   .0033916    11.04   0.000     .0308038    .0440993
          _Ivuosi_1998 |   .0423419   .0036139    11.72   0.000     .0352584    .0494254
          _Ivuosi_1999 |   .0333332   .0035899     9.29   0.000     .0262968    .0403696
          _Ivuosi_2000 |   .0290443   .0036376     7.98   0.000     .0219144    .0361742
          _Ivuosi_2001 |   .0370086   .0035313    10.48   0.000     .0300871    .0439301
          _Ivuosi_2002 |    .022509   .0032745     6.87   0.000     .0160907    .0289273
          _Ivuosi_2003 |   .0243548   .0031396     7.76   0.000      .018201    .0305085
          _Ivuosi_2004 |   .0379311   .0030561    12.41   0.000      .031941    .0439211
          _Ivuosi_2005 |   .0541274   .0029067    18.62   0.000     .0484302    .0598246
          _Ivuosi_2006 |   .0489872   .0028341    17.28   0.000     .0434322    .0545422
          _Ivuosi_2007 |   .0503963   .0028124    17.92   0.000     .0448838    .0559089
          _Ivuosi_2008 |   .0469163    .002566    18.28   0.000     .0418868    .0519458
          _Ivuosi_2009 |    .029764   .0024269    12.26   0.000     .0250071    .0345208
          _Ivuosi_2010 |   .0207949   .0024541     8.47   0.000     .0159847     .025605
          _Ivuosi_2011 |   .0152247   .0018473     8.24   0.000     .0116038    .0188455
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4876005   .0523173     9.32   0.000     .3850559    .5901451
             _Iage2_22 |   .6988308   .0858759     8.14   0.000     .5305095    .8671522
             _Iage2_23 |   .8628939   .1191363     7.24   0.000     .6293805    1.096407
             _Iage2_24 |   1.033433   .1529394     6.76   0.000     .7336636    1.333202
             _Iage2_25 |   1.249895   .1870126     6.68   0.000      .883341     1.61645
             _Iage2_26 |    1.43768   .2212769     6.50   0.000     1.003965    1.871394
             _Iage2_27 |    1.57872   .2554297     6.18   0.000     1.078064    2.079375
             _Iage2_28 |   1.693653   .2896017     5.85   0.000     1.126018    2.261287
             _Iage2_29 |   1.789496   .3238536     5.53   0.000     1.154726    2.424266
             _Iage2_30 |   1.871887   .3582168     5.23   0.000     1.169764    2.574011
             _Iage2_31 |   1.944587    .392536     4.95   0.000     1.175196    2.713978
             _Iage2_32 |   2.017746   .4268768     4.73   0.000     1.181045    2.854447
             _Iage2_33 |   2.085699   .4611887     4.52   0.000     1.181745    2.989653
             _Iage2_34 |   2.150656   .4955291     4.34   0.000     1.179394    3.121919
             _Iage2_35 |   2.215616   .5298302     4.18   0.000     1.177122    3.254111
             _Iage2_36 |   2.274709   .5641848     4.03   0.000     1.168878    3.380541
             _Iage2_37 |   2.330539   .5985065     3.89   0.000     1.157435    3.503643
             _Iage2_38 |   2.388836   .6329068     3.77   0.000     1.148306    3.629367
             _Iage2_39 |   2.442454   .6672453     3.66   0.000     1.134619     3.75029
             _Iage2_40 |    2.49644   .7015776     3.56   0.000     1.121312    3.871569
             _Iage2_41 |  -.6709432   .6187237    -1.08   0.278    -1.883674    .5417875
             _Iage2_42 |  -.6162311   .5843645    -1.05   0.292    -1.761616    .5291538
             _Iage2_43 |  -.5654658   .5499662    -1.03   0.304    -1.643428    .5124966
             _Iage2_44 |  -.5175365   .5156103    -1.00   0.316     -1.52816    .4930865
             _Iage2_45 |  -.4711919    .481237    -0.98   0.328    -1.414441    .4720576
             _Iage2_46 |  -.4273935   .4468353    -0.96   0.339    -1.303214    .4484269
             _Iage2_47 |  -.3821034    .412444    -0.93   0.354    -1.190515    .4263084
             _Iage2_48 |  -.3422523   .3780875    -0.91   0.365    -1.083323    .3988189
             _Iage2_49 |  -.3019129   .3437102    -0.88   0.380    -.9756027    .3717769
             _Iage2_50 |  -.2625977   .3093293    -0.85   0.396    -.8688992    .3437039
             _Iage2_51 |   -.219812   .2749554    -0.80   0.424    -.7587389    .3191149
             _Iage2_52 |  -.1808234   .2405753    -0.75   0.452    -.6523636    .2907168
             _Iage2_53 |  -.1441409   .2062477    -0.70   0.485    -.5483971    .2601154
             _Iage2_54 |  -.1076904   .1719055    -0.63   0.531    -.4446342    .2292534
             _Iage2_55 |  -.0715898   .1375076    -0.52   0.603    -.3411118    .1979323
             _Iage2_56 |  -.0378619    .103154    -0.37   0.714    -.2400492    .1643253
             _Iage2_57 |  -.0221685   .0687711    -0.32   0.747    -.1569635    .1126266
             _Iage2_58 |  -.0053577   .0344068    -0.16   0.876    -.0727969    .0620815
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0093834   .0045565     2.06   0.039     .0004524    .0183143
                 _cons |    8.30533   .5634616    14.74   0.000     7.200916    9.409744
-----------------------+----------------------------------------------------------------
               sigma_u |  .63704965
               sigma_e |  .23688151
                   rho |  .87852918   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26947) =   30.13
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =   45.17
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26947) =   10.61
            Prob > F =    0.0011

 ( 1)  treated_post_ia3 = 0

       F(  1, 26947) =   52.57
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   33.74
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   40.41
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =   32.52
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2094                         Obs per group: min =         1
       between = 0.2364                                        avg =       6.6
       overall = 0.1727                                        max =        44

                                                F(89,26947)        =    270.33
corr(u_i, Xb)  = -0.5617                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0045593    .007802    -0.58   0.559    -.0198517    .0107331
           treated_ia2 |  -.0849752   .0219102    -3.88   0.000    -.1279203   -.0420301
           treated_ia3 |   .0030751   .0006713     4.58   0.000     .0017594    .0043908
     treated_iasuorv_d |   .0472235   .0287049     1.65   0.100    -.0090396    .1034865
           treated_pre |   .0155058   .0075465     2.05   0.040     .0007142    .0302974
  treated_pre_iasenior |   .0021453   .0068964     0.31   0.756    -.0113719    .0156625
       treated_pre_ia2 |   .0219343   .0080594     2.72   0.007     .0061374    .0377311
       treated_pre_ia3 |  -.0012396   .0004313    -2.87   0.004    -.0020849   -.0003943
 treated_pre_iasuorv_d |  -.0268571   .0113014    -2.38   0.017    -.0490085   -.0047057
          treated_post |   .0419171   .0093597     4.48   0.000     .0235717    .0602625
 treated_post_iasenior |  -.0050194   .0076758    -0.65   0.513    -.0200643    .0100255
      treated_post_ia2 |   .0551572   .0096589     5.71   0.000     .0362252    .0740891
      treated_post_ia3 |  -.0028904   .0004796    -6.03   0.000    -.0038305   -.0019503
treated_post_iasuorv_d |  -.0731387   .0124062    -5.90   0.000    -.0974554   -.0488219
                senior |   3.110095    1.35354     2.30   0.022     .4570873    5.763103
             interact2 |   .2697135   .0152699    17.66   0.000     .2397837    .2996432
             interact3 |  -.0022497   .0003468    -6.49   0.000    -.0029295   -.0015699
               suorv_d |  -.0545393   .0181396    -3.01   0.003    -.0900939   -.0189847
                   l_0 |  -.0708973   .1717277    -0.41   0.680    -.4074925    .2656978
                   l_1 |   -.068796   .2060703    -0.33   0.738    -.4727046    .3351126
                   l_2 |  -.0969513   .2404253    -0.40   0.687    -.5681973    .3742948
                   l_3 |  -.1180895   .2747834    -0.43   0.667    -.6566793    .4205003
                   l_4 |  -.1400217   .3090583    -0.45   0.651    -.7457921    .4657486
                   l_5 |  -.1642114   .3433902    -0.48   0.633     -.837274    .5088512
                   l_6 |  -.1805081    .377779    -0.48   0.633    -.9209745    .5599583
                   l_7 |  -.2035852   .4120427    -0.49   0.621     -1.01121    .6040399
                   l_8 |  -.2207595   .4464074    -0.49   0.621    -1.095741    .6542222
                   l_9 |  -.2387501   .4808468    -0.50   0.620    -1.181235    .7037347
                  l_10 |  -.2601142   .5151258    -0.50   0.614    -1.269788    .7495592
                   f_1 |   -.057229   .1373155    -0.42   0.677    -.3263745    .2119165
                   f_2 |  -.0456988   .1029834    -0.44   0.657    -.2475515     .156154
                   f_3 |  -.0319204   .0686553    -0.46   0.642    -.1664883    .1026475
                   f_4 |  -.0175755   .0343963    -0.51   0.609     -.084994    .0498431
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0206864   .0029737     6.96   0.000     .0148577    .0265151
          _Ivuosi_1996 |   .0447565   .0031706    14.12   0.000      .038542     .050971
          _Ivuosi_1997 |   .0382815   .0033265    11.51   0.000     .0317614    .0448016
          _Ivuosi_1998 |     .04347   .0035341    12.30   0.000      .036543    .0503971
          _Ivuosi_1999 |   .0344859   .0034824     9.90   0.000     .0276602    .0413116
          _Ivuosi_2000 |   .0306385   .0035213     8.70   0.000     .0237366    .0375403
          _Ivuosi_2001 |   .0388029   .0034325    11.30   0.000     .0320751    .0455307
          _Ivuosi_2002 |   .0244222   .0031798     7.68   0.000     .0181895    .0306548
          _Ivuosi_2003 |    .026207    .003033     8.64   0.000     .0202623    .0321518
          _Ivuosi_2004 |   .0399402   .0029738    13.43   0.000     .0341113     .045769
          _Ivuosi_2005 |   .0568057   .0028075    20.23   0.000     .0513028    .0623086
          _Ivuosi_2006 |   .0515693   .0027359    18.85   0.000     .0462069    .0569317
          _Ivuosi_2007 |   .0529404   .0027271    19.41   0.000     .0475951    .0582857
          _Ivuosi_2008 |   .0483949   .0025014    19.35   0.000      .043492    .0532979
          _Ivuosi_2009 |   .0308238   .0023924    12.88   0.000     .0261346     .035513
          _Ivuosi_2010 |   .0215583   .0024175     8.92   0.000     .0168198    .0262967
          _Ivuosi_2011 |   .0156857   .0018433     8.51   0.000     .0120728    .0192986
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4867964   .0523003     9.31   0.000     .3842851    .5893076
             _Iage2_22 |   .6969453   .0858454     8.12   0.000     .5286839    .8652067
             _Iage2_23 |   .8616159   .1190564     7.24   0.000     .6282593    1.094973
             _Iage2_24 |   1.030659   .1528432     6.74   0.000     .7310783     1.33024
             _Iage2_25 |    1.24135   .1869011     6.64   0.000     .8750145    1.607686
             _Iage2_26 |   1.421814    .221145     6.43   0.000     .9883584     1.85527
             _Iage2_27 |   1.556206   .2552845     6.10   0.000     1.055835    2.056577
             _Iage2_28 |   1.665573   .2894389     5.75   0.000     1.098257    2.232888
             _Iage2_29 |   1.756509   .3236717     5.43   0.000     1.122096    2.390922
             _Iage2_30 |    1.83467   .3580134     5.12   0.000     1.132945    2.536395
             _Iage2_31 |   1.903328    .392308     4.85   0.000     1.134384    2.672272
             _Iage2_32 |   1.972969   .4266253     4.62   0.000     1.136761    2.809177
             _Iage2_33 |   2.037548    .460917     4.42   0.000     1.134126    2.940969
             _Iage2_34 |   2.099331   .4952353     4.24   0.000     1.128644    3.070018
             _Iage2_35 |   2.161333   .5295134     4.08   0.000     1.123459    3.199207
             _Iage2_36 |   2.217561   .5638422     3.93   0.000     1.112401    3.322721
             _Iage2_37 |   2.270489   .5981422     3.80   0.000       1.0981    3.442879
             _Iage2_38 |   2.326015   .6325188     3.68   0.000     1.086246    3.565785
             _Iage2_39 |   2.377006   .6668338     3.56   0.000     1.069977    3.684035
             _Iage2_40 |   2.428407   .7011406     3.46   0.001     1.054135    3.802679
             _Iage2_41 |   -.631799   .6182729    -1.02   0.307    -1.843646    .5800481
             _Iage2_42 |  -.5795205   .5839393    -0.99   0.321    -1.724072    .5650309
             _Iage2_43 |  -.5310473   .5495633    -0.97   0.334     -1.60822    .5461253
             _Iage2_44 |  -.4854489   .5152326    -0.94   0.346    -1.495332    .5244338
             _Iage2_45 |  -.4413997    .480884    -0.92   0.359    -1.383957    .5011579
             _Iage2_46 |  -.3999336    .446507    -0.90   0.370    -1.275111    .4752434
             _Iage2_47 |  -.3568836   .4121394    -0.87   0.387    -1.164698     .450931
             _Iage2_48 |  -.3193451   .3778081    -0.85   0.398    -1.059869    .4211783
             _Iage2_49 |  -.2812503   .3434549    -0.82   0.413    -.9544398    .3919393
             _Iage2_50 |  -.2443616   .3090987    -0.79   0.429    -.8502111    .3614879
             _Iage2_51 |  -.2036687   .2747491    -0.74   0.459    -.7421911    .3348538
             _Iage2_52 |  -.1668339   .2403967    -0.69   0.488     -.638024    .3043562
             _Iage2_53 |  -.1322348   .2060954    -0.64   0.521    -.5361925    .2717229
             _Iage2_54 |  -.0978627   .1717787    -0.57   0.569     -.434558    .2388325
             _Iage2_55 |  -.0638217   .1374064    -0.46   0.642    -.3331453     .205502
             _Iage2_56 |   -.032063   .1030777    -0.31   0.756    -.2341007    .1699748
             _Iage2_57 |  -.0183136   .0687192    -0.27   0.790    -.1530068    .1163796
             _Iage2_58 |  -.0033833   .0343815    -0.10   0.922    -.0707728    .0640062
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0085723   .0042933     2.00   0.046     .0001573    .0169874
                 _cons |   8.283877   .5630637    14.71   0.000     7.180243    9.387511
-----------------------+----------------------------------------------------------------
               sigma_u |  .61903076
               sigma_e |  .23627423
                   rho |  .87284195   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26947) =   25.37
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26947) =   36.24
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26947) =   10.35
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =   44.45
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   10.11
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =   79.89
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   18.55
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26947) =   55.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =    9.21
            Prob > F =    0.0024

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =   55.02
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    472,271    .2049035    .4036315          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    575,675    .2115343    .4083966          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    451,162    8.348844    5.257426          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    471,314    21.23137    7.914221          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    354,492    8.960645    5.385814          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    349,802    21.95981     7.86356          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     96,670    6.105348    4.027904          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    121,512    19.13435    7.681883          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] *   8.35
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.21 + _b[treated_post_ia3] *  21.23

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0288137   .0071086     4.05   0.000      .014881    .0427463
       _nl_2 |  -.0128826   .0061356    -2.10   0.036    -.0249081   -.0008571
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.96
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.96
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.11
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.13

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0160191   .0074063     2.16   0.031     .0015031    .0305351
       _nl_2 |  -.0265756   .0063827    -4.16   0.000    -.0390855   -.0140656
       _nl_3 |   .0794139   .0102148     7.77   0.000     .0593932    .0994345
       _nl_4 |   .0367614   .0098535     3.73   0.000     .0174489     .056074
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.11
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.13
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.96
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.96

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0419171   .0093597     4.48   0.000     .0235725    .0602617
       _nl_2 |   .0368977   .0116043     3.18   0.001     .0141536    .0596418
       _nl_3 |   .0970743   .0108605     8.94   0.000      .075788    .1183605
       _nl_4 |   .0920549   .0123088     7.48   0.000     .0679301    .1161797
       _nl_5 |   .0794139   .0102148     7.77   0.000     .0593932    .0994345
       _nl_6 |   .0367614   .0098535     3.73   0.000     .0174489     .056074
       _nl_7 |   .0160191   .0074063     2.16   0.031     .0015031    .0305351
       _nl_8 |  -.0265756   .0063827    -4.16   0.000    -.0390855   -.0140656
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_whitec_noIQownfirm_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2094                         Obs per group: min =         1
       between = 0.2367                                        avg =       6.6
       overall = 0.1730                                        max =        44

                                                F(86,26947)        =    275.79
corr(u_i, Xb)  = -0.5603                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0858025   .0218837    -3.92   0.000    -.1286956   -.0429094
           treated_ia3 |   .0029727   .0006334     4.69   0.000     .0017311    .0042143
     treated_iasuorv_d |   .0479958   .0280621     1.71   0.087    -.0070074    .1029989
           treated_pre |   .0144868   .0075804     1.91   0.056    -.0003711    .0293447
       treated_pre_ia2 |   .0222604   .0080074     2.78   0.005     .0065655    .0379554
       treated_pre_ia3 |  -.0011258   .0003613    -3.12   0.002     -.001834   -.0004175
 treated_pre_iasuorv_d |  -.0242061   .0090133    -2.69   0.007    -.0418726   -.0065397
          treated_post |   .0405356   .0093915     4.32   0.000     .0221278    .0589434
      treated_post_ia2 |   .0547008   .0096299     5.68   0.000     .0358258    .0735758
      treated_post_ia3 |  -.0030199   .0004214    -7.17   0.000    -.0038459   -.0021939
treated_post_iasuorv_d |  -.0762869    .010531    -7.24   0.000    -.0969282   -.0556455
             interact2 |   .2701812   .0152659    17.70   0.000     .2402593    .3001031
             interact3 |   -.002157   .0003496    -6.17   0.000    -.0028422   -.0014717
               suorv_d |   -.054494   .0181401    -3.00   0.003    -.0900495   -.0189384
                   l_0 |  -.0698344   .1717337    -0.41   0.684    -.4064413    .2667725
                   l_1 |  -.0676425   .2060775    -0.33   0.743    -.4715651    .3362801
                   l_2 |  -.0956984   .2404338    -0.40   0.691    -.5669612    .3755643
                   l_3 |  -.1167273   .2747935    -0.42   0.671    -.6553369    .4218823
                   l_4 |  -.1385437   .3090695    -0.45   0.654     -.744336    .4672486
                   l_5 |   -.162616   .3434032    -0.47   0.636    -.8357041    .5104721
                   l_6 |  -.1787947   .3777932    -0.47   0.636    -.9192889    .5616996
                   l_7 |  -.2017361   .4120572    -0.49   0.624     -1.00939    .6059174
                   l_8 |  -.2187892   .4464234    -0.49   0.624    -1.093802    .6562239
                   l_9 |  -.2366511   .4808648    -0.49   0.623    -1.179171    .7058689
                  l_10 |  -.2578807   .5151456    -0.50   0.617    -1.267593    .7518315
                   f_1 |  -.0565788   .1373208    -0.41   0.680    -.3257347    .2125772
                   f_2 |  -.0451493   .1029873    -0.44   0.661    -.2470097    .1567111
                   f_3 |  -.0314828   .0686574    -0.46   0.647    -.1660549    .1030893
                   f_4 |  -.0172501   .0343963    -0.50   0.616    -.0846687    .0501686
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0206845   .0029752     6.95   0.000     .0148529     .026516
          _Ivuosi_1996 |   .0447504   .0031731    14.10   0.000      .038531    .0509698
          _Ivuosi_1997 |   .0382788   .0033287    11.50   0.000     .0317544    .0448032
          _Ivuosi_1998 |   .0434465   .0035371    12.28   0.000     .0365136    .0503795
          _Ivuosi_1999 |   .0344615   .0034867     9.88   0.000     .0276274    .0412956
          _Ivuosi_2000 |   .0306203   .0035275     8.68   0.000     .0237062    .0375344
          _Ivuosi_2001 |   .0387938   .0034391    11.28   0.000      .032053    .0455345
          _Ivuosi_2002 |    .024414    .003185     7.67   0.000     .0181713    .0306568
          _Ivuosi_2003 |   .0261999   .0030379     8.62   0.000     .0202455    .0321543
          _Ivuosi_2004 |   .0399235   .0029782    13.41   0.000      .034086    .0457609
          _Ivuosi_2005 |   .0568153   .0028095    20.22   0.000     .0513085    .0623221
          _Ivuosi_2006 |   .0515802   .0027365    18.85   0.000     .0462165    .0569438
          _Ivuosi_2007 |   .0529549    .002728    19.41   0.000      .047608    .0583019
          _Ivuosi_2008 |   .0484213   .0025005    19.36   0.000     .0435201    .0533225
          _Ivuosi_2009 |   .0308504   .0023923    12.90   0.000     .0261614    .0355393
          _Ivuosi_2010 |   .0215618   .0024177     8.92   0.000     .0168229    .0263007
          _Ivuosi_2011 |   .0156946   .0018432     8.51   0.000     .0120818    .0193074
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .486755   .0523052     9.31   0.000     .3842342    .5892758
             _Iage2_22 |   .6968009   .0858478     8.12   0.000     .5285348    .8650671
             _Iage2_23 |    .861399   .1190589     7.24   0.000     .6280374    1.094761
             _Iage2_24 |   1.030375   .1528447     6.74   0.000     .7307917    1.329959
             _Iage2_25 |   1.241004   .1869029     6.64   0.000      .874665    1.607344
             _Iage2_26 |   1.421424   .2211481     6.43   0.000     .9879621    1.854886
             _Iage2_27 |    1.55577    .255289     6.09   0.000     1.055391     2.05615
             _Iage2_28 |   1.665108   .2894457     5.75   0.000     1.097779    2.232437
             _Iage2_29 |   1.756021     .32368     5.43   0.000     1.121591     2.39045
             _Iage2_30 |   1.834164   .3580238     5.12   0.000     1.132419    2.535909
             _Iage2_31 |    1.90282   .3923202     4.85   0.000     1.133852    2.671788
             _Iage2_32 |   1.972464   .4266392     4.62   0.000     1.136228    2.808699
             _Iage2_33 |   2.037057   .4609332     4.42   0.000     1.133603     2.94051
             _Iage2_34 |   2.098858   .4952532     4.24   0.000     1.128136     3.06958
             _Iage2_35 |    2.16088   .5295335     4.08   0.000     1.122967    3.198793
             _Iage2_36 |   2.217127   .5638644     3.93   0.000     1.111924    3.322331
             _Iage2_37 |    2.27007   .5981667     3.80   0.000     1.097633    3.442508
             _Iage2_38 |   2.325587   .6325451     3.68   0.000     1.085766    3.565409
             _Iage2_39 |   2.376545   .6668623     3.56   0.000      1.06946    3.683629
             _Iage2_40 |   2.427865    .701171     3.46   0.001     1.053533    3.802196
             _Iage2_41 |   2.473781   .7355168     3.36   0.001      1.03213    3.915433
             _Iage2_42 |   2.525859   .7698325     3.28   0.001     1.016948    4.034771
             _Iage2_43 |   2.574102   .8041937     3.20   0.001     .9978408    4.150364
             _Iage2_44 |   2.619468   .8385088     3.12   0.002     .9759471    4.262989
             _Iage2_45 |   2.663279   .8728425     3.05   0.002     .9524625    4.374096
             _Iage2_46 |   2.704511   .9072052     2.98   0.003     .9263415     4.48268
             _Iage2_47 |   2.747328   .9415603     2.92   0.004     .9018213    4.592836
             _Iage2_48 |   2.784641   .9758812     2.85   0.004     .8718636    4.697419
             _Iage2_49 |   2.822522   1.010224     2.79   0.005     .8424312    4.802614
             _Iage2_50 |   2.859199   1.044573     2.74   0.006     .8117822    4.906615
             _Iage2_51 |     2.8997   1.078915     2.69   0.007     .7849709     5.01443
             _Iage2_52 |   2.936343   1.113262     2.64   0.008     .7542916    5.118394
             _Iage2_53 |   2.970767   1.147559     2.59   0.010     .7214916    5.220042
             _Iage2_54 |   3.004963   1.181873     2.54   0.011     .6884307    5.321495
             _Iage2_55 |   3.038831   1.216248     2.50   0.012     .6549209    5.422741
             _Iage2_56 |   3.070425    1.25058     2.46   0.014     .6192238    5.521627
             _Iage2_57 |   3.084007   1.284949     2.40   0.016     .5654398    5.602574
             _Iage2_58 |   3.098783   1.319316     2.35   0.019      .512855    5.684711
             _Iage2_59 |   3.102015    1.35358     2.29   0.022     .4489274    5.755103
         firm_size_new |   .0085043   .0043126     1.97   0.049     .0000514    .0169572
                 _cons |   8.284905   .5630977    14.71   0.000     7.181204    9.388606
-----------------------+----------------------------------------------------------------
               sigma_u |  .61834981
               sigma_e |  .23627626
                   rho |  .87259552   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =   78.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   17.12
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =   76.20
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26947) =   16.25
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =    3.36
            Prob > F =    0.0670

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26947) =   15.84
            Prob > F =    0.0001
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2094                         Obs per group: min =         1
       between = 0.2364                                        avg =       6.6
       overall = 0.1727                                        max =        44

                                                F(89,26947)        =    270.33
corr(u_i, Xb)  = -0.5617                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0045593    .007802    -0.58   0.559    -.0198517    .0107331
           treated_ia2 |  -.0849752   .0219102    -3.88   0.000    -.1279203   -.0420301
           treated_ia3 |   .0030751   .0006713     4.58   0.000     .0017594    .0043908
     treated_iasuorv_d |   .0472235   .0287049     1.65   0.100    -.0090396    .1034865
           treated_pre |   .0155058   .0075465     2.05   0.040     .0007142    .0302974
  treated_pre_iasenior |   .0021453   .0068964     0.31   0.756    -.0113719    .0156625
       treated_pre_ia2 |   .0219343   .0080594     2.72   0.007     .0061374    .0377311
       treated_pre_ia3 |  -.0012396   .0004313    -2.87   0.004    -.0020849   -.0003943
 treated_pre_iasuorv_d |  -.0268571   .0113014    -2.38   0.017    -.0490085   -.0047057
          treated_post |   .0419171   .0093597     4.48   0.000     .0235717    .0602625
 treated_post_iasenior |  -.0050194   .0076758    -0.65   0.513    -.0200643    .0100255
      treated_post_ia2 |   .0551572   .0096589     5.71   0.000     .0362252    .0740891
      treated_post_ia3 |  -.0028904   .0004796    -6.03   0.000    -.0038305   -.0019503
treated_post_iasuorv_d |  -.0731387   .0124062    -5.90   0.000    -.0974554   -.0488219
                senior |   3.110095    1.35354     2.30   0.022     .4570873    5.763103
             interact2 |   .2697135   .0152699    17.66   0.000     .2397837    .2996432
             interact3 |  -.0022497   .0003468    -6.49   0.000    -.0029295   -.0015699
               suorv_d |  -.0545393   .0181396    -3.01   0.003    -.0900939   -.0189847
                   l_0 |  -.0708973   .1717277    -0.41   0.680    -.4074925    .2656978
                   l_1 |   -.068796   .2060703    -0.33   0.738    -.4727046    .3351126
                   l_2 |  -.0969513   .2404253    -0.40   0.687    -.5681973    .3742948
                   l_3 |  -.1180895   .2747834    -0.43   0.667    -.6566793    .4205003
                   l_4 |  -.1400217   .3090583    -0.45   0.651    -.7457921    .4657486
                   l_5 |  -.1642114   .3433902    -0.48   0.633     -.837274    .5088512
                   l_6 |  -.1805081    .377779    -0.48   0.633    -.9209745    .5599583
                   l_7 |  -.2035852   .4120427    -0.49   0.621     -1.01121    .6040399
                   l_8 |  -.2207595   .4464074    -0.49   0.621    -1.095741    .6542222
                   l_9 |  -.2387501   .4808468    -0.50   0.620    -1.181235    .7037347
                  l_10 |  -.2601142   .5151258    -0.50   0.614    -1.269788    .7495592
                   f_1 |   -.057229   .1373155    -0.42   0.677    -.3263745    .2119165
                   f_2 |  -.0456988   .1029834    -0.44   0.657    -.2475515     .156154
                   f_3 |  -.0319204   .0686553    -0.46   0.642    -.1664883    .1026475
                   f_4 |  -.0175755   .0343963    -0.51   0.609     -.084994    .0498431
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0206864   .0029737     6.96   0.000     .0148577    .0265151
          _Ivuosi_1996 |   .0447565   .0031706    14.12   0.000      .038542     .050971
          _Ivuosi_1997 |   .0382815   .0033265    11.51   0.000     .0317614    .0448016
          _Ivuosi_1998 |     .04347   .0035341    12.30   0.000      .036543    .0503971
          _Ivuosi_1999 |   .0344859   .0034824     9.90   0.000     .0276602    .0413116
          _Ivuosi_2000 |   .0306385   .0035213     8.70   0.000     .0237366    .0375403
          _Ivuosi_2001 |   .0388029   .0034325    11.30   0.000     .0320751    .0455307
          _Ivuosi_2002 |   .0244222   .0031798     7.68   0.000     .0181895    .0306548
          _Ivuosi_2003 |    .026207    .003033     8.64   0.000     .0202623    .0321518
          _Ivuosi_2004 |   .0399402   .0029738    13.43   0.000     .0341113     .045769
          _Ivuosi_2005 |   .0568057   .0028075    20.23   0.000     .0513028    .0623086
          _Ivuosi_2006 |   .0515693   .0027359    18.85   0.000     .0462069    .0569317
          _Ivuosi_2007 |   .0529404   .0027271    19.41   0.000     .0475951    .0582857
          _Ivuosi_2008 |   .0483949   .0025014    19.35   0.000      .043492    .0532979
          _Ivuosi_2009 |   .0308238   .0023924    12.88   0.000     .0261346     .035513
          _Ivuosi_2010 |   .0215583   .0024175     8.92   0.000     .0168198    .0262967
          _Ivuosi_2011 |   .0156857   .0018433     8.51   0.000     .0120728    .0192986
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4867964   .0523003     9.31   0.000     .3842851    .5893076
             _Iage2_22 |   .6969453   .0858454     8.12   0.000     .5286839    .8652067
             _Iage2_23 |   .8616159   .1190564     7.24   0.000     .6282593    1.094973
             _Iage2_24 |   1.030659   .1528432     6.74   0.000     .7310783     1.33024
             _Iage2_25 |    1.24135   .1869011     6.64   0.000     .8750145    1.607686
             _Iage2_26 |   1.421814    .221145     6.43   0.000     .9883584     1.85527
             _Iage2_27 |   1.556206   .2552845     6.10   0.000     1.055835    2.056577
             _Iage2_28 |   1.665573   .2894389     5.75   0.000     1.098257    2.232888
             _Iage2_29 |   1.756509   .3236717     5.43   0.000     1.122096    2.390922
             _Iage2_30 |    1.83467   .3580134     5.12   0.000     1.132945    2.536395
             _Iage2_31 |   1.903328    .392308     4.85   0.000     1.134384    2.672272
             _Iage2_32 |   1.972969   .4266253     4.62   0.000     1.136761    2.809177
             _Iage2_33 |   2.037548    .460917     4.42   0.000     1.134126    2.940969
             _Iage2_34 |   2.099331   .4952353     4.24   0.000     1.128644    3.070018
             _Iage2_35 |   2.161333   .5295134     4.08   0.000     1.123459    3.199207
             _Iage2_36 |   2.217561   .5638422     3.93   0.000     1.112401    3.322721
             _Iage2_37 |   2.270489   .5981422     3.80   0.000       1.0981    3.442879
             _Iage2_38 |   2.326015   .6325188     3.68   0.000     1.086246    3.565785
             _Iage2_39 |   2.377006   .6668338     3.56   0.000     1.069977    3.684035
             _Iage2_40 |   2.428407   .7011406     3.46   0.001     1.054135    3.802679
             _Iage2_41 |   -.631799   .6182729    -1.02   0.307    -1.843646    .5800481
             _Iage2_42 |  -.5795205   .5839393    -0.99   0.321    -1.724072    .5650309
             _Iage2_43 |  -.5310473   .5495633    -0.97   0.334     -1.60822    .5461253
             _Iage2_44 |  -.4854489   .5152326    -0.94   0.346    -1.495332    .5244338
             _Iage2_45 |  -.4413997    .480884    -0.92   0.359    -1.383957    .5011579
             _Iage2_46 |  -.3999336    .446507    -0.90   0.370    -1.275111    .4752434
             _Iage2_47 |  -.3568836   .4121394    -0.87   0.387    -1.164698     .450931
             _Iage2_48 |  -.3193451   .3778081    -0.85   0.398    -1.059869    .4211783
             _Iage2_49 |  -.2812503   .3434549    -0.82   0.413    -.9544398    .3919393
             _Iage2_50 |  -.2443616   .3090987    -0.79   0.429    -.8502111    .3614879
             _Iage2_51 |  -.2036687   .2747491    -0.74   0.459    -.7421911    .3348538
             _Iage2_52 |  -.1668339   .2403967    -0.69   0.488     -.638024    .3043562
             _Iage2_53 |  -.1322348   .2060954    -0.64   0.521    -.5361925    .2717229
             _Iage2_54 |  -.0978627   .1717787    -0.57   0.569     -.434558    .2388325
             _Iage2_55 |  -.0638217   .1374064    -0.46   0.642    -.3331453     .205502
             _Iage2_56 |   -.032063   .1030777    -0.31   0.756    -.2341007    .1699748
             _Iage2_57 |  -.0183136   .0687192    -0.27   0.790    -.1530068    .1163796
             _Iage2_58 |  -.0033833   .0343815    -0.10   0.922    -.0707728    .0640062
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0085723   .0042933     2.00   0.046     .0001573    .0169874
                 _cons |   8.283877   .5630637    14.71   0.000     7.180243    9.387511
-----------------------+----------------------------------------------------------------
               sigma_u |  .61903076
               sigma_e |  .23627423
                   rho |  .87284195   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26947) =   25.37
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26947) =   36.24
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26947) =   10.35
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26947) =   44.45
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26947) =   10.11
            Prob > F =    0.0015

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =   79.89
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   18.55
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26947) =   55.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26947) =    9.21
            Prob > F =    0.0024

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =   55.02
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047075
Group variable: shnro_real                      Number of groups   =    159295

R-sq:  within  = 0.2036                         Obs per group: min =         1
       between = 0.2095                                        avg =       6.6
       overall = 0.1435                                        max =        44

                                                F(74,26939)        =    298.03
corr(u_i, Xb)  = -0.5230                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,940 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0029858   .0044066     0.68   0.498    -.0056514    .0116229
 treated_post |   .0066225   .0056592     1.17   0.242    -.0044697    .0177148
          l_0 |  -.0503477   .1710765    -0.29   0.769    -.3856665    .2849712
          l_1 |  -.0440129   .2052782    -0.21   0.830    -.4463689    .3583431
          l_2 |  -.0682262   .2394926    -0.28   0.776    -.5376441    .4011918
          l_3 |  -.0856313   .2737114    -0.31   0.754    -.6221198    .4508572
          l_4 |  -.1039959   .3078485    -0.34   0.736    -.7073949    .4994031
          l_5 |  -.1238278    .342039    -0.36   0.717    -.7942421    .5465865
          l_6 |  -.1358112   .3762921    -0.36   0.718    -.8733634    .6017409
          l_7 |  -.1548281   .4104183    -0.38   0.706    -.9592694    .6496131
          l_8 |  -.1682859   .4446408    -0.38   0.705    -1.039805    .7032332
          l_9 |  -.1816252    .478955    -0.38   0.705    -1.120402    .7571516
         l_10 |   -.198919   .5130947    -0.39   0.698    -1.204611    .8067733
          f_1 |  -.0409357   .1367745    -0.30   0.765    -.3090209    .2271495
          f_2 |  -.0331892   .1025801    -0.32   0.746    -.2342515     .167873
          f_3 |  -.0237988   .0683926    -0.35   0.728    -.1578518    .1102542
          f_4 |  -.0138276   .0342775    -0.40   0.687    -.0810134    .0533581
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |    .020218   .0029967     6.75   0.000     .0143444    .0260916
 _Ivuosi_1996 |    .044366   .0031839    13.93   0.000     .0381254    .0506065
 _Ivuosi_1997 |   .0373585   .0033202    11.25   0.000     .0308508    .0438663
 _Ivuosi_1998 |   .0420334   .0035189    11.95   0.000     .0351363    .0489306
 _Ivuosi_1999 |   .0327095   .0033838     9.67   0.000      .026077    .0393419
 _Ivuosi_2000 |   .0289795   .0034793     8.33   0.000     .0221599    .0357991
 _Ivuosi_2001 |   .0373657   .0034123    10.95   0.000     .0306775    .0440539
 _Ivuosi_2002 |   .0226884   .0031372     7.23   0.000     .0165394    .0288374
 _Ivuosi_2003 |   .0248377   .0030269     8.21   0.000     .0189048    .0307705
 _Ivuosi_2004 |   .0385308   .0029641    13.00   0.000     .0327209    .0443406
 _Ivuosi_2005 |   .0541862   .0028504    19.01   0.000     .0485993    .0597731
 _Ivuosi_2006 |   .0492853   .0027764    17.75   0.000     .0438433    .0547273
 _Ivuosi_2007 |   .0505067   .0027593    18.30   0.000     .0450982    .0559151
 _Ivuosi_2008 |   .0473275   .0025275    18.73   0.000     .0423735    .0522815
 _Ivuosi_2009 |   .0301338   .0024101    12.50   0.000     .0254098    .0348577
 _Ivuosi_2010 |   .0212886   .0024464     8.70   0.000     .0164935    .0260836
 _Ivuosi_2011 |   .0154755   .0018456     8.39   0.000     .0118581     .019093
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |    .483876   .0522959     9.25   0.000     .3813733    .5863788
    _Iage2_22 |   .6899476    .085758     8.05   0.000     .5218573    .8580378
    _Iage2_23 |   .8475434   .1188437     7.13   0.000     .6146036    1.080483
    _Iage2_24 |   1.013405   .1524613     6.65   0.000     .7145726    1.312237
    _Iage2_25 |   1.225581   .1863805     6.58   0.000     .8602651    1.590896
    _Iage2_26 |   1.409552   .2204677     6.39   0.000      .977424     1.84168
    _Iage2_27 |   1.546151   .2544543     6.08   0.000     1.047407    2.044894
    _Iage2_28 |   1.655618   .2884604     5.74   0.000     1.090221    2.221015
    _Iage2_29 |   1.746052   .3225419     5.41   0.000     1.113853    2.378251
    _Iage2_30 |   1.822512    .356739     5.11   0.000     1.123285    2.521739
    _Iage2_31 |   1.889083   .3908931     4.83   0.000     1.122912    2.655254
    _Iage2_32 |   1.955628   .4250697     4.60   0.000     1.122469    2.788787
    _Iage2_33 |   2.017112   .4592187     4.39   0.000     1.117019    2.917204
    _Iage2_34 |   2.075276   .4933905     4.21   0.000     1.108205    3.042347
    _Iage2_35 |   2.133258   .5275312     4.04   0.000      1.09927    3.167247
    _Iage2_36 |   2.184973   .5617228     3.89   0.000     1.083967    3.285979
    _Iage2_37 |   2.233758   .5958786     3.75   0.000     1.065805    3.401711
    _Iage2_38 |   2.284697   .6301166     3.63   0.000     1.049635    3.519758
    _Iage2_39 |   2.330768   .6642961     3.51   0.000     1.028713    3.632823
    _Iage2_40 |   2.377044   .6984648     3.40   0.001     1.008017    3.746072
    _Iage2_41 |    2.41783   .7326702     3.30   0.001     .9817584    3.853902
    _Iage2_42 |   2.464312   .7668461     3.21   0.001     .9612539     3.96737
    _Iage2_43 |   2.506981   .8010667     3.13   0.002     .9368488    4.077114
    _Iage2_44 |   2.546971   .8352446     3.05   0.002     .9098478    4.184093
    _Iage2_45 |   2.584911   .8694372     2.97   0.003     .8807686    4.289053
    _Iage2_46 |   2.620287   .9036656     2.90   0.004     .8490553    4.391519
    _Iage2_47 |   2.657271   .9378853     2.83   0.005     .8189671    4.495575
    _Iage2_48 |   2.688503   .9720705     2.77   0.006     .7831939    4.593811
    _Iage2_49 |   2.720565   1.006278     2.70   0.007     .7482082    4.692921
    _Iage2_50 |   2.750986   1.040489     2.64   0.008     .7115727    4.790399
    _Iage2_51 |    2.78556    1.07469     2.59   0.010     .6791128    4.892008
    _Iage2_52 |   2.815923     1.1089     2.54   0.011     .6424202    4.989425
    _Iage2_53 |   2.843911   1.143065     2.49   0.013     .6034441    5.084378
    _Iage2_54 |   2.871643   1.177246     2.44   0.015     .5641788    5.179107
    _Iage2_55 |    2.89903   1.211487     2.39   0.017     .5244519    5.273607
    _Iage2_56 |    2.92387   1.245684     2.35   0.019     .4822639    5.365475
    _Iage2_57 |    2.93104   1.279917     2.29   0.022     .4223351    5.439744
    _Iage2_58 |   2.938801   1.314152     2.24   0.025     .3629938    5.514608
    _Iage2_59 |    2.93452   1.348286     2.18   0.030      .291809    5.577231
firm_size_new |   .0085709   .0119236     0.72   0.472    -.0147999    .0319417
        _cons |   8.365705   .5613353    14.90   0.000     7.265459    9.465952
--------------+----------------------------------------------------------------
      sigma_u |  .61321776
      sigma_e |  .23654124
          rho |  .87047838   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047075
Group variable: shnro_real                      Number of groups   =    159295

R-sq:  within  = 0.2057                         Obs per group: min =         1
       between = 0.2020                                        avg =       6.6
       overall = 0.1369                                        max =        44

                                                F(82,26939)        =    269.07
corr(u_i, Xb)  = -0.5818                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0026512   .0006125     4.33   0.000     .0014508    .0038517
     treated_iasuorv_d |   .0454514   .0289907     1.57   0.117    -.0113719    .1022748
           treated_pre |   .0202618   .0073655     2.75   0.006     .0058251    .0346985
       treated_pre_ia3 |   -.001145   .0003579    -3.20   0.001    -.0018466   -.0004435
 treated_pre_iasuorv_d |  -.0363694   .0088783    -4.10   0.000    -.0537714   -.0189674
          treated_post |   .0590883   .0092245     6.41   0.000     .0410078    .0771688
      treated_post_ia3 |  -.0032319   .0004173    -7.74   0.000    -.0040499   -.0024139
treated_post_iasuorv_d |  -.1119333   .0104828   -10.68   0.000    -.1324801   -.0913865
             interact3 |  -.0053109   .0003563   -14.91   0.000    -.0060092   -.0046125
               suorv_d |  -.0575945   .0185978    -3.10   0.002    -.0940471   -.0211419
                   l_0 |   -.072291   .1718945    -0.42   0.674    -.4092131    .2646311
                   l_1 |  -.0700082   .2062719    -0.34   0.734     -.474312    .3342955
                   l_2 |  -.0982646   .2406629    -0.41   0.683    -.5699764    .3734473
                   l_3 |  -.1196843   .2750559    -0.44   0.663    -.6588081    .4194395
                   l_4 |  -.1420884   .3093658    -0.46   0.646    -.7484614    .4642846
                   l_5 |  -.1662407   .3437337    -0.48   0.629    -.8399767    .5074953
                   l_6 |  -.1825947   .3781629    -0.48   0.629    -.9238137    .5586242
                   l_7 |  -.2056499   .4124614    -0.50   0.618    -1.014096    .6027959
                   l_8 |  -.2234417   .4468612    -0.50   0.617    -1.099313    .6524295
                   l_9 |  -.2411619   .4813426    -0.50   0.616    -1.184618    .7022946
                  l_10 |   -.262449   .5156592    -0.51   0.611    -1.273168    .7482699
                   f_1 |  -.0584111    .137451    -0.42   0.671    -.3278221        .211
                   f_2 |   -.046449    .103085    -0.45   0.652     -.248501     .155603
                   f_3 |  -.0324952   .0687219    -0.47   0.636    -.1671938    .1022033
                   f_4 |  -.0179293   .0344294    -0.52   0.603    -.0854127    .0495542
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .020068   .0029812     6.73   0.000     .0142248    .0259112
          _Ivuosi_1996 |    .043747   .0031777    13.77   0.000     .0375187    .0499754
          _Ivuosi_1997 |   .0366297    .003319    11.04   0.000     .0301244    .0431351
          _Ivuosi_1998 |   .0413063   .0035216    11.73   0.000     .0344038    .0482088
          _Ivuosi_1999 |   .0316442   .0033905     9.33   0.000     .0249986    .0382897
          _Ivuosi_2000 |   .0276772   .0035008     7.91   0.000     .0208154    .0345389
          _Ivuosi_2001 |    .036119   .0034312    10.53   0.000     .0293936    .0428443
          _Ivuosi_2002 |   .0214335   .0031596     6.78   0.000     .0152405    .0276265
          _Ivuosi_2003 |   .0236546    .003062     7.73   0.000     .0176529    .0296562
          _Ivuosi_2004 |   .0373485   .0030048    12.43   0.000      .031459     .043238
          _Ivuosi_2005 |   .0535503   .0028777    18.61   0.000     .0479099    .0591908
          _Ivuosi_2006 |   .0485891   .0027989    17.36   0.000      .043103    .0540751
          _Ivuosi_2007 |   .0499587   .0027851    17.94   0.000     .0444997    .0554177
          _Ivuosi_2008 |   .0465586    .002541    18.32   0.000     .0415782     .051539
          _Ivuosi_2009 |   .0294862   .0024168    12.20   0.000     .0247492    .0342232
          _Ivuosi_2010 |   .0205696   .0024489     8.40   0.000     .0157697    .0253695
          _Ivuosi_2011 |    .015129   .0018468     8.19   0.000     .0115092    .0187489
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4886344   .0523424     9.34   0.000     .3860406    .5912283
             _Iage2_22 |   .7006769   .0859073     8.16   0.000      .532294    .8690597
             _Iage2_23 |   .8650232   .1191782     7.26   0.000     .6314277    1.098619
             _Iage2_24 |   1.036371    .152989     6.77   0.000     .7365046    1.336237
             _Iage2_25 |   1.252741   .1870733     6.70   0.000     .8860676    1.619414
             _Iage2_26 |    1.44102   .2213463     6.51   0.000      1.00717     1.87487
             _Iage2_27 |    1.58262   .2555069     6.19   0.000     1.081813    2.083427
             _Iage2_28 |   1.697699   .2896874     5.86   0.000     1.129896    2.265501
             _Iage2_29 |   1.794117   .3239472     5.54   0.000     1.159163     2.42907
             _Iage2_30 |    1.87701   .3583193     5.24   0.000     1.174686    2.579334
             _Iage2_31 |   1.950371   .3926466     4.97   0.000     1.180763    2.719979
             _Iage2_32 |   2.023945   .4269954     4.74   0.000     1.187012    2.860878
             _Iage2_33 |    2.09253   .4613165     4.54   0.000     1.188325    2.996734
             _Iage2_34 |   2.158087   .4956652     4.35   0.000     1.186557    3.129617
             _Iage2_35 |   2.223705    .529975     4.20   0.000     1.184927    3.262484
             _Iage2_36 |   2.283168   .5643385     4.05   0.000     1.177035      3.3893
             _Iage2_37 |   2.339671   .5986696     3.91   0.000     1.166248    3.513095
             _Iage2_38 |    2.39865   .6330792     3.79   0.000     1.157782    3.639519
             _Iage2_39 |   2.452752   .6674267     3.67   0.000     1.144561    3.760943
             _Iage2_40 |   2.507242   .7017679     3.57   0.000      1.13174    3.882743
             _Iage2_41 |   2.556428    .736144     3.47   0.001     1.113548    3.999309
             _Iage2_42 |   2.611566   .7704916     3.39   0.001     1.101363     4.12177
             _Iage2_43 |   2.662849   .8048819     3.31   0.001     1.085239     4.24046
             _Iage2_44 |   2.711475   .8392288     3.23   0.001     1.066543    4.356407
             _Iage2_45 |   2.758238   .8735938     3.16   0.002     1.045949    4.470527
             _Iage2_46 |   2.802765   .9079881     3.09   0.002     1.023061    4.582469
             _Iage2_47 |   2.848698   .9423737     3.02   0.003     1.001597      4.6958
             _Iage2_48 |   2.889017   .9767266     2.96   0.003     .9745824    4.803452
             _Iage2_49 |   2.930243     1.0111     2.90   0.004     .9484342    4.912051
             _Iage2_50 |   2.969757    1.04548     2.84   0.005      .920561    5.018953
             _Iage2_51 |   3.013599   1.079854     2.79   0.005     .8970295    5.130169
             _Iage2_52 |    3.05305   1.114235     2.74   0.006       .86909    5.237009
             _Iage2_53 |   3.090288   1.148566     2.69   0.007     .8390396    5.341536
             _Iage2_54 |   3.127283   1.182912     2.64   0.008      .808714    5.445851
             _Iage2_55 |   3.164121   1.217319     2.60   0.009      .778112     5.55013
             _Iage2_56 |   3.198065   1.251682     2.56   0.011      .744702    5.651427
             _Iage2_57 |   3.214607   1.286082     2.50   0.012     .6938187    5.735396
             _Iage2_58 |   3.231856   1.320483     2.45   0.014     .6436407    5.820071
             _Iage2_59 |   3.237579    1.35478     2.39   0.017     .5821393    5.893019
         firm_size_new |   .0086586   .0119519     0.72   0.469    -.0147677    .0320849
                 _cons |   8.297396   .5637892    14.72   0.000     7.192339    9.402452
-----------------------+----------------------------------------------------------------
               sigma_u |  .63987866
               sigma_e |  .23622859
                   rho |  .88005565   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   39.33
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26939) =    7.28
            Prob > F =    0.0070
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047075
Group variable: shnro_real                      Number of groups   =    159295

R-sq:  within  = 0.2039                         Obs per group: min =         1
       between = 0.2054                                        avg =       6.6
       overall = 0.1401                                        max =        44

                                                F(79,26939)        =    285.70
corr(u_i, Xb)  = -0.5492                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,940 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0128615   .0084716     1.52   0.129    -.0037434    .0294663
          treated_pre |   .0084201   .0064523     1.30   0.192    -.0042267     .021067
 treated_pre_iasenior |  -.0106716   .0074282    -1.44   0.151    -.0252312     .003888
         treated_post |   .0193264   .0081255     2.38   0.017        .0034    .0352528
treated_post_iasenior |  -.0226936   .0088109    -2.58   0.010    -.0399634   -.0054238
               senior |          0  (omitted)
         pre_iasenior |  -.0008379   .0049219    -0.17   0.865     -.010485    .0088092
        post_iasenior |  -.0220348   .0059823    -3.68   0.000    -.0337605   -.0103091
                  l_0 |  -.0519967   .1709777    -0.30   0.761    -.3871219    .2831285
                  l_1 |  -.0473893    .205154    -0.23   0.817    -.4495019    .3547233
                  l_2 |  -.0735344   .2393442    -0.31   0.759    -.5426614    .3955927
                  l_3 |  -.0930137   .2735391    -0.34   0.734    -.6291646    .4431371
                  l_4 |  -.1135773   .3076534    -0.37   0.712     -.716594    .4894394
                  l_5 |  -.1357717   .3418211    -0.40   0.691    -.8057588    .5342154
                  l_6 |  -.1501552   .3760509    -0.40   0.690    -.8872345    .5869241
                  l_7 |  -.1716794    .410156    -0.42   0.676    -.9756066    .6322478
                  l_8 |  -.1876368   .4443555    -0.42   0.673    -1.058597    .6833231
                  l_9 |  -.2035788   .4786473    -0.43   0.671    -1.141752    .7345948
                 l_10 |  -.2234078   .5127646    -0.44   0.663    -1.228453    .7816376
                  f_1 |  -.0503159   .1366558    -0.37   0.713    -.3181684    .2175366
                  f_2 |   -.040382   .1024938    -0.39   0.694    -.2412752    .1605112
                  f_3 |  -.0286013   .0683486    -0.42   0.676    -.1625681    .1053655
                  f_4 |  -.0161166   .0343175    -0.47   0.639    -.0833808    .0511475
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0202688   .0029951     6.77   0.000     .0143982    .0261394
         _Ivuosi_1996 |   .0443065    .003171    13.97   0.000     .0380913    .0505218
         _Ivuosi_1997 |   .0371806   .0033111    11.23   0.000     .0306907    .0436704
         _Ivuosi_1998 |   .0421126   .0035089    12.00   0.000     .0352349    .0489902
         _Ivuosi_1999 |   .0328511   .0033748     9.73   0.000     .0262364    .0394658
         _Ivuosi_2000 |   .0288184   .0034701     8.30   0.000     .0220168    .0356199
         _Ivuosi_2001 |   .0370987   .0034041    10.90   0.000     .0304265     .043771
         _Ivuosi_2002 |   .0224927    .003132     7.18   0.000     .0163538    .0286317
         _Ivuosi_2003 |   .0247195   .0030213     8.18   0.000     .0187977    .0306414
         _Ivuosi_2004 |     .03836   .0029577    12.97   0.000     .0325628    .0441572
         _Ivuosi_2005 |   .0540244   .0028415    19.01   0.000     .0484548     .059594
         _Ivuosi_2006 |   .0490516   .0027708    17.70   0.000     .0436207    .0544825
         _Ivuosi_2007 |   .0502395    .002755    18.24   0.000     .0448395    .0556395
         _Ivuosi_2008 |    .046928   .0025261    18.58   0.000     .0419766    .0518793
         _Ivuosi_2009 |   .0297584   .0024092    12.35   0.000     .0250363    .0344805
         _Ivuosi_2010 |   .0211298   .0024438     8.65   0.000     .0163397    .0259199
         _Ivuosi_2011 |   .0153609   .0018452     8.32   0.000     .0117442    .0189775
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .4838619   .0522773     9.26   0.000     .3813955    .5863282
            _Iage2_22 |   .6898681   .0857299     8.05   0.000      .521833    .8579031
            _Iage2_23 |   .8477223   .1188035     7.14   0.000     .6148612    1.080583
            _Iage2_24 |   1.013665   .1524067     6.65   0.000     .7149396     1.31239
            _Iage2_25 |   1.226025   .1863078     6.58   0.000      .860852    1.591198
            _Iage2_26 |   1.409988   .2203775     6.40   0.000     .9780362    1.841939
            _Iage2_27 |   1.546653   .2543487     6.08   0.000     1.048116    2.045189
            _Iage2_28 |   1.656197   .2883383     5.74   0.000     1.091039    2.221355
            _Iage2_29 |    1.74672    .322405     5.42   0.000     1.114789    2.378651
            _Iage2_30 |   1.823519   .3565852     5.11   0.000     1.124594    2.522445
            _Iage2_31 |   1.890514   .3907226     4.84   0.000     1.124677     2.65635
            _Iage2_32 |   1.957573   .4248814     4.61   0.000     1.124783    2.790362
            _Iage2_33 |   2.019571   .4590141     4.40   0.000      1.11988    2.919263
            _Iage2_34 |     2.0783   .4931691     4.21   0.000     1.111663    3.044937
            _Iage2_35 |   2.136937   .5272911     4.05   0.000     1.103419    3.170455
            _Iage2_36 |   2.189291   .5614653     3.90   0.000      1.08879    3.289793
            _Iage2_37 |   2.238827   .5956043     3.76   0.000     1.071412    3.406243
            _Iage2_38 |   2.290684   .6298252     3.64   0.000     1.056194    3.525174
            _Iage2_39 |   2.337984   .6639858     3.52   0.000     1.036537     3.63943
            _Iage2_40 |   2.385856   .6981341     3.42   0.001     1.017477    3.754236
            _Iage2_41 |    2.44647   .7323677     3.34   0.001     1.010991    3.881949
            _Iage2_42 |    2.49564   .7665202     3.26   0.001     .9932208     3.99806
            _Iage2_43 |   2.541334   .8007175     3.17   0.002     .9718863    4.110782
            _Iage2_44 |   2.584603   .8348717     3.10   0.002     .9482109    4.220995
            _Iage2_45 |   2.626013   .8690407     3.02   0.003     .9226483    4.329378
            _Iage2_46 |   2.664952   .9032443     2.95   0.003     .8945461    4.435358
            _Iage2_47 |   2.705548    .937441     2.89   0.004     .8681149    4.542981
            _Iage2_48 |   2.740445   .9716017     2.82   0.005     .8360549    4.644835
            _Iage2_49 |   2.776179   1.005785     2.76   0.006     .8047886    4.747569
            _Iage2_50 |   2.810276   1.039972     2.70   0.007     .7718763    4.848675
            _Iage2_51 |   2.848457   1.074149     2.65   0.008     .7430695    4.953845
            _Iage2_52 |    2.88248   1.108336     2.60   0.009     .7100833    5.054876
            _Iage2_53 |   2.914161   1.142477     2.55   0.011     .6748471    5.153475
            _Iage2_54 |   2.945582   1.176634     2.50   0.012     .6393173    5.251846
            _Iage2_55 |   2.976771   1.210853     2.46   0.014     .6034357    5.350107
            _Iage2_56 |   3.005265   1.245026     2.41   0.016     .5649498    5.445581
            _Iage2_57 |   3.016302   1.279233     2.36   0.018     .5089384    5.523666
            _Iage2_58 |   3.028014   1.313442     2.31   0.021     .4535984    5.602429
            _Iage2_59 |   3.027971   1.347549     2.25   0.025     .3867048    5.669238
        firm_size_new |   .0088474   .0119032     0.74   0.457    -.0144836    .0321783
                _cons |   8.344604   .5610923    14.87   0.000     7.244834    9.444374
----------------------+----------------------------------------------------------------
              sigma_u |  .62383771
              sigma_e |  .23649049
                  rho |  .87434825   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =    0.31
            Prob > F =    0.5750

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26939) =    0.21
            Prob > F =    0.6494
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047075
Group variable: shnro_real                      Number of groups   =    159295

R-sq:  within  = 0.2097                         Obs per group: min =         1
       between = 0.2358                                        avg =       6.6
       overall = 0.1722                                        max =        44

                                                F(86,26939)        =    277.71
corr(u_i, Xb)  = -0.5665                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0882955   .0218362    -4.04   0.000    -.1310956   -.0454954
           treated_ia3 |   .0029441     .00063     4.67   0.000     .0017093    .0041788
     treated_iasuorv_d |   .0475842    .028049     1.70   0.090    -.0073933    .1025617
           treated_pre |   .0144799   .0075805     1.91   0.056    -.0003784    .0293381
       treated_pre_ia2 |   .0225438   .0079871     2.82   0.005     .0068886     .038199
       treated_pre_ia3 |  -.0011272    .000362    -3.11   0.002    -.0018366   -.0004177
 treated_pre_iasuorv_d |   -.024114   .0090188    -2.67   0.008    -.0417913   -.0064366
          treated_post |   .0408521   .0093654     4.36   0.000     .0224955    .0592087
      treated_post_ia2 |   .0544342   .0095737     5.69   0.000     .0356693    .0731991
      treated_post_ia3 |  -.0030322   .0004215    -7.19   0.000    -.0038585    -.002206
treated_post_iasuorv_d |  -.0762534   .0105177    -7.25   0.000    -.0968686   -.0556382
             interact2 |   .2704051   .0152691    17.71   0.000     .2404769    .3003333
             interact3 |  -.0021402   .0003492    -6.13   0.000    -.0028247   -.0014557
               suorv_d |  -.0545272   .0181381    -3.01   0.003    -.0900788   -.0189756
                   l_0 |  -.0722419   .1717808    -0.42   0.674    -.4089412    .2644574
                   l_1 |  -.0706666   .2061337    -0.34   0.732    -.4746994    .3333662
                   l_2 |  -.0992418   .2404992    -0.41   0.680    -.5706328    .3721492
                   l_3 |  -.1208474   .2748683    -0.44   0.660    -.6596036    .4179088
                   l_4 |  -.1434362   .3091529    -0.46   0.643     -.749392    .4625196
                   l_5 |  -.1680117   .3434954    -0.49   0.625    -.8412805    .5052572
                   l_6 |  -.1846782   .3778962    -0.49   0.625    -.9253745    .5560181
                   l_7 |  -.2079653   .4121705    -0.50   0.614    -1.015841    .5999103
                   l_8 |   -.225631   .4465451    -0.51   0.613    -1.100883    .6496207
                   l_9 |  -.2435936    .480998    -0.51   0.613    -1.186375    .6991876
                  l_10 |  -.2651615   .5152876    -0.51   0.607    -1.275152     .744829
                   f_1 |  -.0585659   .1373579    -0.43   0.670    -.3277946    .2106627
                   f_2 |  -.0466668   .1030151    -0.45   0.651    -.2485818    .1552481
                   f_3 |  -.0325209   .0686756    -0.47   0.636    -.1671287     .102087
                   f_4 |  -.0178343   .0344058    -0.52   0.604    -.0852713    .0496028
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0205293   .0029329     7.00   0.000     .0147807     .026278
          _Ivuosi_1996 |   .0443766   .0031357    14.15   0.000     .0382303    .0505228
          _Ivuosi_1997 |   .0375372   .0032671    11.49   0.000     .0311335    .0439409
          _Ivuosi_1998 |   .0424675   .0034544    12.29   0.000     .0356966    .0492383
          _Ivuosi_1999 |   .0328347   .0032992     9.95   0.000     .0263681    .0393014
          _Ivuosi_2000 |   .0293191   .0034009     8.62   0.000     .0226531     .035985
          _Ivuosi_2001 |   .0379528   .0033464    11.34   0.000     .0313937     .044512
          _Ivuosi_2002 |   .0233763   .0030781     7.59   0.000      .017343    .0294096
          _Ivuosi_2003 |   .0255276    .002966     8.61   0.000     .0197141    .0313411
          _Ivuosi_2004 |   .0393735   .0029284    13.45   0.000     .0336335    .0451134
          _Ivuosi_2005 |   .0562652   .0027815    20.23   0.000     .0508134     .061717
          _Ivuosi_2006 |   .0511762   .0027044    18.92   0.000     .0458754    .0564771
          _Ivuosi_2007 |   .0525095   .0027026    19.43   0.000     .0472123    .0578066
          _Ivuosi_2008 |   .0480609   .0024781    19.39   0.000     .0432038     .052918
          _Ivuosi_2009 |   .0305791    .002384    12.83   0.000     .0259064    .0352518
          _Ivuosi_2010 |    .021347   .0024132     8.85   0.000      .016617    .0260769
          _Ivuosi_2011 |   .0156037   .0018427     8.47   0.000     .0119919    .0192156
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4876918   .0523289     9.32   0.000     .3851245    .5902591
             _Iage2_22 |   .6984328   .0858814     8.13   0.000     .5301009    .8667647
             _Iage2_23 |   .8631726   .1191046     7.25   0.000     .6297214    1.096624
             _Iage2_24 |   1.032915   .1529005     6.76   0.000     .7332219    1.332608
             _Iage2_25 |   1.243462   .1869714     6.65   0.000     .8769881    1.609936
             _Iage2_26 |   1.424331   .2212269     6.44   0.000      .990715    1.857948
             _Iage2_27 |   1.559213   .2553768     6.11   0.000     1.058661    2.059765
             _Iage2_28 |   1.668631   .2895428     5.76   0.000     1.101112    2.236149
             _Iage2_29 |   1.760087   .3237859     5.44   0.000      1.12545    2.394725
             _Iage2_30 |   1.838661    .358139     5.13   0.000     1.136689    2.540632
             _Iage2_31 |   1.907887   .3924447     4.86   0.000     1.138675    2.677099
             _Iage2_32 |   1.977852    .426773     4.63   0.000     1.141355    2.814349
             _Iage2_33 |   2.042982   .4610764     4.43   0.000     1.139249    2.946716
             _Iage2_34 |   2.105307   .4954055     4.25   0.000     1.134286    3.076327
             _Iage2_35 |   2.167886   .5296952     4.09   0.000     1.129656    3.206116
             _Iage2_36 |   2.224417   .5640358     3.94   0.000     1.118877    3.329956
             _Iage2_37 |   2.277943   .5983476     3.81   0.000      1.10515    3.450735
             _Iage2_38 |    2.33406   .6327359     3.69   0.000     1.093865    3.574256
             _Iage2_39 |   2.385414   .6670626     3.58   0.000     1.077937    3.692892
             _Iage2_40 |   2.437163   .7013809     3.47   0.001      1.06242    3.811907
             _Iage2_41 |   2.483574   .7357362     3.38   0.001     1.041493    3.925655
             _Iage2_42 |    2.53599   .7700614     3.29   0.001      1.02663    4.045351
             _Iage2_43 |   2.584657   .8044323     3.21   0.001     1.007928    4.161386
             _Iage2_44 |   2.630604    .838757     3.14   0.002      .986597    4.274612
             _Iage2_45 |   2.674707   .8731002     3.06   0.002     .9633853    4.386029
             _Iage2_46 |   2.716534   .9074727     2.99   0.003     .9378407    4.495228
             _Iage2_47 |   2.759862   .9418375     2.93   0.003     .9138119    4.605913
             _Iage2_48 |    2.79751    .976168     2.87   0.004     .8841697     4.71085
             _Iage2_49 |   2.836135    1.01052     2.81   0.005     .8554631    4.816807
             _Iage2_50 |   2.872881   1.044879     2.75   0.006     .8248644    4.920898
             _Iage2_51 |   2.914302    1.07923     2.70   0.007     .7989545     5.02965
             _Iage2_52 |   2.951274   1.113587     2.65   0.008      .768585    5.133963
             _Iage2_53 |   2.986126   1.147894     2.60   0.009     .7361946    5.236058
             _Iage2_54 |   3.020736   1.182218     2.56   0.011     .7035281    5.337944
             _Iage2_55 |   3.055209   1.216602     2.51   0.012     .6706045    5.439813
             _Iage2_56 |   3.086899   1.250944     2.47   0.014     .6349846    5.538814
             _Iage2_57 |   3.101214   1.285323     2.41   0.016     .5819153    5.620513
             _Iage2_58 |   3.116306   1.319699     2.36   0.018     .5296274    5.702985
             _Iage2_59 |   3.119791   1.353974     2.30   0.021     .4659323     5.77365
         firm_size_new |   .0088108   .0117288     0.75   0.453    -.0141784    .0317999
                 _cons |   8.278068   .5634324    14.69   0.000     7.173711    9.382425
-----------------------+----------------------------------------------------------------
               sigma_u |  .62075073
               sigma_e |  .23563028
                   rho |  .87405866   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26939) =   78.44
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   17.50
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26939) =   76.38
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26939) =   16.53
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26939) =    3.35
            Prob > F =    0.0672

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26939) =   16.13
            Prob > F =    0.0001
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047075
Group variable: shnro_real                      Number of groups   =    159295

R-sq:  within  = 0.2057                         Obs per group: min =         1
       between = 0.2021                                        avg =       6.6
       overall = 0.1370                                        max =        44

                                                F(85,26939)        =    264.25
corr(u_i, Xb)  = -0.5806                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0117873   .0078677    -1.50   0.134    -.0272083    .0036338
           treated_ia3 |   .0030147    .000652     4.62   0.000     .0017367    .0042927
     treated_iasuorv_d |   .0502785   .0296236     1.70   0.090    -.0077853    .1083424
           treated_pre |   .0212452   .0073317     2.90   0.004     .0068747    .0356158
  treated_pre_iasenior |    .005567   .0068829     0.81   0.419    -.0079239    .0190579
       treated_pre_ia3 |  -.0013778   .0004214    -3.27   0.001    -.0022037   -.0005518
 treated_pre_iasuorv_d |   -.041546   .0110088    -3.77   0.000    -.0631237   -.0199682
          treated_post |   .0605742   .0092425     6.55   0.000     .0424585      .07869
 treated_post_iasenior |   .0052546   .0077384     0.68   0.497    -.0099131    .0204222
      treated_post_ia3 |  -.0034548   .0004747    -7.28   0.000    -.0043852   -.0025244
treated_post_iasuorv_d |   -.116865   .0123045    -9.50   0.000    -.1409825   -.0927475
                senior |   3.237143   1.354849     2.39   0.017     .5815685    5.892718
             interact3 |  -.0053888   .0003542   -15.21   0.000    -.0060831   -.0046945
               suorv_d |  -.0575602    .018599    -3.09   0.002    -.0940152   -.0211051
                   l_0 |  -.0722124   .1719028    -0.42   0.674    -.4091508    .2647261
                   l_1 |  -.0698267   .2062821    -0.34   0.735    -.4741502    .3344969
                   l_2 |  -.0979783   .2406745    -0.41   0.684    -.5697128    .3737562
                   l_3 |   -.119293   .2750685    -0.43   0.665    -.6584417    .4198557
                   l_4 |  -.1415903     .30938    -0.46   0.647    -.7479913    .4648107
                   l_5 |  -.1656322   .3437492    -0.48   0.630    -.8393986    .5081341
                   l_6 |  -.1818729   .3781802    -0.48   0.631    -.9231258    .5593799
                   l_7 |   -.204815   .4124809    -0.50   0.620    -1.013299     .603669
                   l_8 |  -.2224838    .446882    -0.50   0.619    -1.098396    .6534282
                   l_9 |  -.2400875   .4813645    -0.50   0.618    -1.183587    .7034121
                  l_10 |  -.2612622   .5156822    -0.51   0.612    -1.272026    .7495018
                   f_1 |  -.0581737    .137457    -0.42   0.672    -.3275966    .2112491
                   f_2 |  -.0463178   .1030897    -0.45   0.653     -.248379    .1557434
                   f_3 |  -.0324688   .0687254    -0.47   0.637    -.1671742    .1022367
                   f_4 |  -.0180174   .0344321    -0.52   0.601    -.0855062    .0494714
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0200574   .0029795     6.73   0.000     .0142174    .0258974
          _Ivuosi_1996 |   .0437453   .0031768    13.77   0.000     .0375186    .0499721
          _Ivuosi_1997 |   .0366317   .0033189    11.04   0.000     .0301265    .0431368
          _Ivuosi_1998 |   .0413056    .003521    11.73   0.000     .0344042     .048207
          _Ivuosi_1999 |    .031635   .0033895     9.33   0.000     .0249914    .0382787
          _Ivuosi_2000 |   .0276743   .0035003     7.91   0.000     .0208136    .0345351
          _Ivuosi_2001 |    .036106   .0034298    10.53   0.000     .0293834    .0428285
          _Ivuosi_2002 |    .021413   .0031583     6.78   0.000     .0152225    .0276034
          _Ivuosi_2003 |   .0236295   .0030599     7.72   0.000     .0176318    .0296271
          _Ivuosi_2004 |   .0373359   .0030026    12.43   0.000     .0314506    .0432211
          _Ivuosi_2005 |   .0535514   .0028776    18.61   0.000     .0479111    .0591917
          _Ivuosi_2006 |   .0485793   .0027994    17.35   0.000     .0430923    .0540663
          _Ivuosi_2007 |   .0499538   .0027855    17.93   0.000     .0444941    .0554135
          _Ivuosi_2008 |    .046556   .0025422    18.31   0.000     .0415731    .0515388
          _Ivuosi_2009 |   .0294799   .0024178    12.19   0.000     .0247409    .0342188
          _Ivuosi_2010 |    .020573   .0024492     8.40   0.000     .0157725    .0253735
          _Ivuosi_2011 |   .0151296   .0018469     8.19   0.000     .0115096    .0187496
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4885428   .0523415     9.33   0.000     .3859508    .5911347
             _Iage2_22 |   .7005218     .08591     8.15   0.000     .5321337      .86891
             _Iage2_23 |   .8647918    .119183     7.26   0.000     .6311869    1.098397
             _Iage2_24 |   1.036079   .1529967     6.77   0.000      .736198    1.335961
             _Iage2_25 |   1.252376    .187083     6.69   0.000     .8856836    1.619069
             _Iage2_26 |   1.440561   .2213579     6.51   0.000     1.006688    1.874434
             _Iage2_27 |   1.582067   .2555201     6.19   0.000     1.081234      2.0829
             _Iage2_28 |   1.697043   .2897014     5.86   0.000     1.129214    2.264873
             _Iage2_29 |   1.793356   .3239624     5.54   0.000     1.158373     2.42834
             _Iage2_30 |   1.876145   .3583353     5.24   0.000     1.173789    2.578501
             _Iage2_31 |   1.949401   .3926639     4.96   0.000     1.179759    2.719043
             _Iage2_32 |   2.022871   .4270142     4.74   0.000     1.185901    2.859841
             _Iage2_33 |   2.091354   .4613357     4.53   0.000     1.187112    2.995596
             _Iage2_34 |   2.156813   .4956855     4.35   0.000     1.185243    3.128382
             _Iage2_35 |   2.222329   .5299962     4.19   0.000     1.183509    3.261149
             _Iage2_36 |   2.281701   .5643606     4.04   0.000     1.175525    3.387877
             _Iage2_37 |   2.338111   .5986921     3.91   0.000     1.164643    3.511578
             _Iage2_38 |   2.397012   .6331026     3.79   0.000     1.156098    3.637926
             _Iage2_39 |   2.451027   .6674507     3.67   0.000     1.142789    3.759265
             _Iage2_40 |   2.505442   .7017928     3.57   0.000     1.129891    3.880992
             _Iage2_41 |  -.6790373   .6189006    -1.10   0.273    -1.892115    .5340401
             _Iage2_42 |  -.6239831   .5845317    -1.07   0.286    -1.769696    .5217293
             _Iage2_43 |  -.5727884   .5501235    -1.04   0.298    -1.651059    .5054824
             _Iage2_44 |  -.5242718   .5157578    -1.02   0.309    -1.535184    .4866404
             _Iage2_45 |  -.4776306   .4813748    -0.99   0.321     -1.42115     .465889
             _Iage2_46 |  -.4332315   .4469631    -0.97   0.332    -1.309302    .4428394
             _Iage2_47 |  -.3874233   .4125619    -0.94   0.348    -1.196066    .4212195
             _Iage2_48 |  -.3472311   .3781956    -0.92   0.359    -1.088514     .394052
             _Iage2_49 |  -.3061376   .3438085    -0.89   0.373    -.9800201    .3677449
             _Iage2_50 |   -.266745   .3094178    -0.86   0.389      -.87322    .3397301
             _Iage2_51 |  -.2230296   .2750341    -0.81   0.417    -.7621108    .3160515
             _Iage2_52 |  -.1837045   .2406442    -0.76   0.445    -.6553796    .2879706
             _Iage2_53 |  -.1465888   .2063067    -0.71   0.477    -.5509606     .257783
             _Iage2_54 |  -.1097156   .1719546    -0.64   0.523    -.4467556    .2273244
             _Iage2_55 |  -.0730054    .137547    -0.53   0.596    -.3426048    .1965939
             _Iage2_56 |  -.0391781   .1031836    -0.38   0.704    -.2414232    .1630671
             _Iage2_57 |  -.0227467   .0687906    -0.33   0.741    -.1575798    .1120864
             _Iage2_58 |  -.0056128   .0344162    -0.16   0.870    -.0730704    .0618447
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0087035   .0119313     0.73   0.466    -.0146825    .0320895
                 _cons |   8.298515   .5637997    14.72   0.000     7.193438    9.403592
-----------------------+----------------------------------------------------------------
               sigma_u |  .63937116
               sigma_e |  .23622773
                   rho |  .87988881   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26939) =   30.65
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26939) =   45.97
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26939) =   10.69
            Prob > F =    0.0011

 ( 1)  treated_post_ia3 = 0

       F(  1, 26939) =   52.97
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =   33.91
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   40.63
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26939) =   32.67
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047075
Group variable: shnro_real                      Number of groups   =    159295

R-sq:  within  = 0.2097                         Obs per group: min =         1
       between = 0.2354                                        avg =       6.6
       overall = 0.1719                                        max =        44

                                                F(89,26939)        =    272.25
corr(u_i, Xb)  = -0.5679                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,940 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.004689   .0077996    -0.60   0.548    -.0199765    .0105986
           treated_ia2 |  -.0874469    .021864    -4.00   0.000    -.1303015   -.0445922
           treated_ia3 |   .0030484   .0006674     4.57   0.000     .0017403    .0043565
     treated_iasuorv_d |   .0467681   .0286881     1.63   0.103     -.009462    .1029983
           treated_pre |   .0155184   .0075474     2.06   0.040     .0007251    .0303116
  treated_pre_iasenior |   .0021534   .0068978     0.31   0.755    -.0113666    .0156733
       treated_pre_ia2 |   .0222174   .0080397     2.76   0.006     .0064592    .0379755
       treated_pre_ia3 |  -.0012419   .0004318    -2.88   0.004    -.0020882   -.0003955
 treated_pre_iasuorv_d |  -.0267855   .0113061    -2.37   0.018     -.048946    -.004625
          treated_post |   .0422646   .0093361     4.53   0.000     .0239654    .0605639
 treated_post_iasenior |  -.0051475   .0076602    -0.67   0.502    -.0201619    .0098669
      treated_post_ia2 |   .0549065   .0095985     5.72   0.000     .0360929    .0737201
      treated_post_ia3 |   -.002899   .0004792    -6.05   0.000    -.0038383   -.0019596
treated_post_iasuorv_d |  -.0730153   .0123797    -5.90   0.000    -.0972801   -.0487505
                senior |   3.128106   1.353926     2.31   0.021     .4743412    5.781872
             interact2 |   .2699247   .0152734    17.67   0.000      .239988    .2998613
             interact3 |  -.0022353   .0003466    -6.45   0.000    -.0029146    -.001556
               suorv_d |  -.0545738   .0181376    -3.01   0.003    -.0901245   -.0190232
                   l_0 |  -.0733369   .1717739    -0.43   0.669    -.4100228    .2633489
                   l_1 |  -.0718557   .2061255    -0.35   0.727    -.4758724     .332161
                   l_2 |  -.1005342   .2404894    -0.42   0.676     -.571906    .3708376
                   l_3 |  -.1222527   .2748568    -0.44   0.656    -.6609862    .4164809
                   l_4 |  -.1449613     .30914    -0.47   0.639    -.7508919    .4609692
                   l_5 |  -.1696572   .3434806    -0.49   0.621    -.8428971    .5035827
                   l_6 |  -.1864463   .3778802    -0.49   0.622    -.9271111    .5542184
                   l_7 |   -.209873   .4121539    -0.51   0.611    -1.017716    .5979701
                   l_8 |  -.2276626   .4465268    -0.51   0.610    -1.102878    .6475532
                   l_9 |  -.2457555   .4809777    -0.51   0.609    -1.188497    .6969859
                  l_10 |  -.2674615   .5152653    -0.52   0.604    -1.277408    .7424853
                   f_1 |  -.0592366   .1373518    -0.43   0.666    -.3284533    .2099801
                   f_2 |   -.047233   .1030106    -0.46   0.647    -.2491392    .1546732
                   f_3 |  -.0329716   .0686732    -0.48   0.631    -.1675746    .1016313
                   f_4 |  -.0181694   .0344056    -0.53   0.597    -.0856062    .0492673
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0205311   .0029314     7.00   0.000     .0147855    .0262768
          _Ivuosi_1996 |   .0443834   .0031332    14.17   0.000     .0382421    .0505247
          _Ivuosi_1997 |   .0375403    .003265    11.50   0.000     .0311408    .0439398
          _Ivuosi_1998 |   .0424916   .0034513    12.31   0.000     .0357269    .0492563
          _Ivuosi_1999 |   .0328615    .003295     9.97   0.000     .0264031    .0393199
          _Ivuosi_2000 |   .0293393   .0033948     8.64   0.000     .0226853    .0359934
          _Ivuosi_2001 |   .0379654   .0033404    11.37   0.000     .0314181    .0445128
          _Ivuosi_2002 |   .0233883   .0030736     7.61   0.000     .0173639    .0294128
          _Ivuosi_2003 |   .0255377   .0029616     8.62   0.000     .0197328    .0313426
          _Ivuosi_2004 |   .0393931   .0029243    13.47   0.000     .0336614    .0451247
          _Ivuosi_2005 |   .0562563   .0027794    20.24   0.000     .0508087     .061704
          _Ivuosi_2006 |   .0511636   .0027038    18.92   0.000     .0458641    .0564632
          _Ivuosi_2007 |   .0524926   .0027015    19.43   0.000     .0471975    .0577878
          _Ivuosi_2008 |   .0480322   .0024789    19.38   0.000     .0431735    .0528909
          _Ivuosi_2009 |    .030552    .002384    12.82   0.000     .0258792    .0352248
          _Ivuosi_2010 |   .0213433   .0024129     8.85   0.000     .0166138    .0260728
          _Ivuosi_2011 |   .0155946   .0018428     8.46   0.000     .0119826    .0192066
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .4877356   .0523237     9.32   0.000     .3851784    .5902927
             _Iage2_22 |   .6985826   .0858785     8.13   0.000     .5302563    .8669089
             _Iage2_23 |   .8633979   .1191015     7.25   0.000     .6299529    1.096843
             _Iage2_24 |   1.033209   .1528984     6.76   0.000     .7335205    1.332898
             _Iage2_25 |   1.243821   .1869686     6.65   0.000     .8773529    1.610289
             _Iage2_26 |   1.424737   .2212227     6.44   0.000     .9911289    1.858345
             _Iage2_27 |   1.559666    .255371     6.11   0.000     1.059125    2.060206
             _Iage2_28 |   1.669114   .2895345     5.76   0.000     1.101611    2.236617
             _Iage2_29 |   1.760596   .3237759     5.44   0.000     1.125979    2.395214
             _Iage2_30 |    1.83919   .3581268     5.14   0.000     1.137242    2.541137
             _Iage2_31 |   1.908419   .3924306     4.86   0.000     1.139235    2.677604
             _Iage2_32 |   1.978382   .4267571     4.64   0.000     1.141916    2.814849
             _Iage2_33 |     2.0435    .461058     4.43   0.000     1.139802    2.947197
             _Iage2_34 |   2.105807   .4953853     4.25   0.000     1.134826    3.076788
             _Iage2_35 |   2.168367   .5296726     4.09   0.000     1.130181    3.206553
             _Iage2_36 |   2.224879   .5640109     3.94   0.000     1.119388     3.33037
             _Iage2_37 |   2.278391   .5983202     3.81   0.000     1.105652     3.45113
             _Iage2_38 |   2.334518   .6327066     3.69   0.000      1.09438    3.574656
             _Iage2_39 |   2.385907    .667031     3.58   0.000     1.078491    3.693322
             _Iage2_40 |    2.43774   .7013472     3.48   0.001     1.063063    3.812417
             _Iage2_41 |  -.6398708   .6184435    -1.03   0.301    -1.852052    .5723106
             _Iage2_42 |  -.5872494   .5841005    -1.01   0.315    -1.732117     .557618
             _Iage2_43 |  -.5383459    .549715    -0.98   0.327    -1.615816    .5391241
             _Iage2_44 |    -.49216   .5153749    -0.95   0.340    -1.502322    .5180016
             _Iage2_45 |  -.4478134   .4810169    -0.93   0.352    -1.390632    .4950048
             _Iage2_46 |  -.4057459   .4466303    -0.91   0.364    -1.281165    .4696728
             _Iage2_47 |  -.3621802   .4122532    -0.88   0.380    -1.170218    .4458574
             _Iage2_48 |  -.3243019   .3779124    -0.86   0.391     -1.06503    .4164262
             _Iage2_49 |  -.2854572   .3435499    -0.83   0.406    -.9588328    .3879185
             _Iage2_50 |  -.2484941   .3091842    -0.80   0.422    -.8545112     .357523
             _Iage2_51 |  -.2068767   .2748251    -0.75   0.452    -.7455483    .3317948
             _Iage2_52 |  -.1697083   .2404632    -0.71   0.480    -.6410287    .3016122
             _Iage2_53 |  -.1346762   .2061524    -0.65   0.514    -.5387455    .2693932
             _Iage2_54 |  -.0998862   .1718262    -0.58   0.561    -.4366745    .2369021
             _Iage2_55 |  -.0652359   .1374445    -0.47   0.635    -.3346344    .2041625
             _Iage2_56 |  -.0333764   .1031063    -0.32   0.746      -.23547    .1687173
             _Iage2_57 |  -.0188896   .0687379    -0.27   0.783    -.1536196    .1158403
             _Iage2_58 |  -.0036393   .0343905    -0.11   0.916    -.0710465    .0637678
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0090095   .0116695     0.77   0.440    -.0138632    .0318823
                 _cons |   8.276967   .5633953    14.69   0.000     7.172682    9.381251
-----------------------+----------------------------------------------------------------
               sigma_u |  .62146331
               sigma_e |  .23562812
                   rho |  .87431305   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26939) =   25.19
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26939) =   35.88
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26939) =   10.51
            Prob > F =    0.0000

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26939) =   44.28
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26939) =   10.33
            Prob > F =    0.0013

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26939) =   80.21
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26939) =   18.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26939) =   55.93
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26939) =    9.42
            Prob > F =    0.0022

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26939) =   55.01
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1047946
Group variable: shnro_real                      Number of groups   =    159424

R-sq:  within  = 0.2094                         Obs per group: min =         1
       between = 0.2367                                        avg =       6.6
       overall = 0.1730                                        max =        44

                                                F(86,26947)        =    275.79
corr(u_i, Xb)  = -0.5603                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,948 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |  -.0858025   .0218837    -3.92   0.000    -.1286956   -.0429094
           treated_ia3 |   .0029727   .0006334     4.69   0.000     .0017311    .0042143
     treated_iasuorv_d |   .0479958   .0280621     1.71   0.087    -.0070074    .1029989
           treated_pre |   .0144868   .0075804     1.91   0.056    -.0003711    .0293447
       treated_pre_ia2 |   .0222604   .0080074     2.78   0.005     .0065655    .0379554
       treated_pre_ia3 |  -.0011258   .0003613    -3.12   0.002     -.001834   -.0004175
 treated_pre_iasuorv_d |  -.0242061   .0090133    -2.69   0.007    -.0418726   -.0065397
          treated_post |   .0405356   .0093915     4.32   0.000     .0221278    .0589434
      treated_post_ia2 |   .0547008   .0096299     5.68   0.000     .0358258    .0735758
      treated_post_ia3 |  -.0030199   .0004214    -7.17   0.000    -.0038459   -.0021939
treated_post_iasuorv_d |  -.0762869    .010531    -7.24   0.000    -.0969282   -.0556455
             interact2 |   .2701812   .0152659    17.70   0.000     .2402593    .3001031
             interact3 |   -.002157   .0003496    -6.17   0.000    -.0028422   -.0014717
               suorv_d |   -.054494   .0181401    -3.00   0.003    -.0900495   -.0189384
                   l_0 |  -.0698344   .1717337    -0.41   0.684    -.4064413    .2667725
                   l_1 |  -.0676425   .2060775    -0.33   0.743    -.4715651    .3362801
                   l_2 |  -.0956984   .2404338    -0.40   0.691    -.5669612    .3755643
                   l_3 |  -.1167273   .2747935    -0.42   0.671    -.6553369    .4218823
                   l_4 |  -.1385437   .3090695    -0.45   0.654     -.744336    .4672486
                   l_5 |   -.162616   .3434032    -0.47   0.636    -.8357041    .5104721
                   l_6 |  -.1787947   .3777932    -0.47   0.636    -.9192889    .5616996
                   l_7 |  -.2017361   .4120572    -0.49   0.624     -1.00939    .6059174
                   l_8 |  -.2187892   .4464234    -0.49   0.624    -1.093802    .6562239
                   l_9 |  -.2366511   .4808648    -0.49   0.623    -1.179171    .7058689
                  l_10 |  -.2578807   .5151456    -0.50   0.617    -1.267593    .7518315
                   f_1 |  -.0565788   .1373208    -0.41   0.680    -.3257347    .2125772
                   f_2 |  -.0451493   .1029873    -0.44   0.661    -.2470097    .1567111
                   f_3 |  -.0314828   .0686574    -0.46   0.647    -.1660549    .1030893
                   f_4 |  -.0172501   .0343963    -0.50   0.616    -.0846687    .0501686
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0206845   .0029752     6.95   0.000     .0148529     .026516
          _Ivuosi_1996 |   .0447504   .0031731    14.10   0.000      .038531    .0509698
          _Ivuosi_1997 |   .0382788   .0033287    11.50   0.000     .0317544    .0448032
          _Ivuosi_1998 |   .0434465   .0035371    12.28   0.000     .0365136    .0503795
          _Ivuosi_1999 |   .0344615   .0034867     9.88   0.000     .0276274    .0412956
          _Ivuosi_2000 |   .0306203   .0035275     8.68   0.000     .0237062    .0375344
          _Ivuosi_2001 |   .0387938   .0034391    11.28   0.000      .032053    .0455345
          _Ivuosi_2002 |    .024414    .003185     7.67   0.000     .0181713    .0306568
          _Ivuosi_2003 |   .0261999   .0030379     8.62   0.000     .0202455    .0321543
          _Ivuosi_2004 |   .0399235   .0029782    13.41   0.000      .034086    .0457609
          _Ivuosi_2005 |   .0568153   .0028095    20.22   0.000     .0513085    .0623221
          _Ivuosi_2006 |   .0515802   .0027365    18.85   0.000     .0462165    .0569438
          _Ivuosi_2007 |   .0529549    .002728    19.41   0.000      .047608    .0583019
          _Ivuosi_2008 |   .0484213   .0025005    19.36   0.000     .0435201    .0533225
          _Ivuosi_2009 |   .0308504   .0023923    12.90   0.000     .0261614    .0355393
          _Ivuosi_2010 |   .0215618   .0024177     8.92   0.000     .0168229    .0263007
          _Ivuosi_2011 |   .0156946   .0018432     8.51   0.000     .0120818    .0193074
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .486755   .0523052     9.31   0.000     .3842342    .5892758
             _Iage2_22 |   .6968009   .0858478     8.12   0.000     .5285348    .8650671
             _Iage2_23 |    .861399   .1190589     7.24   0.000     .6280374    1.094761
             _Iage2_24 |   1.030375   .1528447     6.74   0.000     .7307917    1.329959
             _Iage2_25 |   1.241004   .1869029     6.64   0.000      .874665    1.607344
             _Iage2_26 |   1.421424   .2211481     6.43   0.000     .9879621    1.854886
             _Iage2_27 |    1.55577    .255289     6.09   0.000     1.055391     2.05615
             _Iage2_28 |   1.665108   .2894457     5.75   0.000     1.097779    2.232437
             _Iage2_29 |   1.756021     .32368     5.43   0.000     1.121591     2.39045
             _Iage2_30 |   1.834164   .3580238     5.12   0.000     1.132419    2.535909
             _Iage2_31 |    1.90282   .3923202     4.85   0.000     1.133852    2.671788
             _Iage2_32 |   1.972464   .4266392     4.62   0.000     1.136228    2.808699
             _Iage2_33 |   2.037057   .4609332     4.42   0.000     1.133603     2.94051
             _Iage2_34 |   2.098858   .4952532     4.24   0.000     1.128136     3.06958
             _Iage2_35 |    2.16088   .5295335     4.08   0.000     1.122967    3.198793
             _Iage2_36 |   2.217127   .5638644     3.93   0.000     1.111924    3.322331
             _Iage2_37 |    2.27007   .5981667     3.80   0.000     1.097633    3.442508
             _Iage2_38 |   2.325587   .6325451     3.68   0.000     1.085766    3.565409
             _Iage2_39 |   2.376545   .6668623     3.56   0.000      1.06946    3.683629
             _Iage2_40 |   2.427865    .701171     3.46   0.001     1.053533    3.802196
             _Iage2_41 |   2.473781   .7355168     3.36   0.001      1.03213    3.915433
             _Iage2_42 |   2.525859   .7698325     3.28   0.001     1.016948    4.034771
             _Iage2_43 |   2.574102   .8041937     3.20   0.001     .9978408    4.150364
             _Iage2_44 |   2.619468   .8385088     3.12   0.002     .9759471    4.262989
             _Iage2_45 |   2.663279   .8728425     3.05   0.002     .9524625    4.374096
             _Iage2_46 |   2.704511   .9072052     2.98   0.003     .9263415     4.48268
             _Iage2_47 |   2.747328   .9415603     2.92   0.004     .9018213    4.592836
             _Iage2_48 |   2.784641   .9758812     2.85   0.004     .8718636    4.697419
             _Iage2_49 |   2.822522   1.010224     2.79   0.005     .8424312    4.802614
             _Iage2_50 |   2.859199   1.044573     2.74   0.006     .8117822    4.906615
             _Iage2_51 |     2.8997   1.078915     2.69   0.007     .7849709     5.01443
             _Iage2_52 |   2.936343   1.113262     2.64   0.008     .7542916    5.118394
             _Iage2_53 |   2.970767   1.147559     2.59   0.010     .7214916    5.220042
             _Iage2_54 |   3.004963   1.181873     2.54   0.011     .6884307    5.321495
             _Iage2_55 |   3.038831   1.216248     2.50   0.012     .6549209    5.422741
             _Iage2_56 |   3.070425    1.25058     2.46   0.014     .6192238    5.521627
             _Iage2_57 |   3.084007   1.284949     2.40   0.016     .5654398    5.602574
             _Iage2_58 |   3.098783   1.319316     2.35   0.019      .512855    5.684711
             _Iage2_59 |   3.102015    1.35358     2.29   0.022     .4489274    5.755103
         firm_size_new |   .0085043   .0043126     1.97   0.049     .0000514    .0169572
                 _cons |   8.284905   .5630977    14.71   0.000     7.181204    9.388606
-----------------------+----------------------------------------------------------------
               sigma_u |  .61834981
               sigma_e |  .23627626
                   rho |  .87259552   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26947) =   78.25
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26947) =   17.12
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26947) =   76.20
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26947) =   16.25
            Prob > F =    0.0001

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26947) =    3.36
            Prob > F =    0.0670

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26947) =   15.84
            Prob > F =    0.0001
O:\returns
lnwage_whitec_age_shortownf_noIQownfirm_clust_G.xls
dir : seeout
lnwage_whitec_age_top3ownf_noIQownfirm_clust_G.xls
dir : seeout
(2,826,354 real changes made, 2,826,341 to missing)
(0 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |  1,047,959      100.00      100.00
------------+-----------------------------------
      Total |  1,047,959      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   = 1,022,015
-------------+----------------------------------   F(87, 1021927)  =    541.99
       Model |  108.020173        87  1.24161118   Prob > F        =    0.0000
    Residual |  2341.08263 1,021,927  .002290851   R-squared       =    0.0441
-------------+----------------------------------   Adj R-squared   =    0.0440
       Total |   2449.1028 1,022,014   .00239635   Root MSE        =    .04786

---------------------------------------------------------------------------------------
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0013027   .0006065     2.15   0.032     .0001141    .0024913
     treated_ia1_4145 |  -.0000366   .0009269    -0.04   0.969    -.0018532      .00178
     treated_ia1_4650 |  -.0001646   .0009344    -0.18   0.860    -.0019959    .0016667
     treated_ia1_5160 |  -.0005573   .0010439    -0.53   0.593    -.0026033    .0014887
          treated_pre |  -.0015073   .0006389    -2.36   0.018    -.0027596    -.000255
 treated_pre_ia1_4145 |   .0010084   .0009661     1.04   0.297    -.0008851     .002902
 treated_pre_ia1_4650 |   .0014739   .0009743     1.51   0.130    -.0004356    .0033834
 treated_pre_ia1_5155 |   .0013343   .0010829     1.23   0.218    -.0007883    .0034568
 treated_pre_ia1_5660 |   .0002639   .0012323     0.21   0.830    -.0021513    .0026792
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0014487   .0006216    -2.33   0.020     -.002667   -.0002304
treated_post_ia1_4145 |  -.0008211   .0009346    -0.88   0.380    -.0026529    .0010108
treated_post_ia1_4650 |  -.0003667   .0009411    -0.39   0.697    -.0022113    .0014779
treated_post_ia1_5155 |  -.0006166   .0010496    -0.59   0.557    -.0026738    .0014406
treated_post_ia1_5660 |  -.0008943   .0011022    -0.81   0.417    -.0030545     .001266
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |   .0106972   .0004055    26.38   0.000     .0099024    .0114919
                  l_1 |  -.0001863   .0004124    -0.45   0.651    -.0009946    .0006219
                  l_2 |   .0006393   .0004186     1.53   0.127    -.0001812    .0014597
                  l_3 |   .0006385   .0004283     1.49   0.136     -.000201     .001478
                  l_4 |   .0008671     .00044     1.97   0.049     4.76e-06    .0017295
                  l_5 |   .0009898   .0004553     2.17   0.030     .0000973    .0018822
                  l_6 |   .0011246   .0004753     2.37   0.018     .0001931    .0020562
                  l_7 |   .0007678   .0005003     1.53   0.125    -.0002129    .0017484
                  l_8 |   .0008352   .0005435     1.54   0.124    -.0002299    .0019004
                  l_9 |   .0008892   .0005976     1.49   0.137    -.0002821    .0020605
                 l_10 |   .0010805   .0006496     1.66   0.096    -.0001927    .0023536
                  f_1 |  -.0009989   .0004204    -2.38   0.017    -.0018228    -.000175
                  f_2 |    .000346   .0004297     0.81   0.421    -.0004963    .0011882
                  f_3 |   .0003903   .0004398     0.89   0.375    -.0004717    .0012522
                  f_4 |   .0005073   .0004542     1.12   0.264     -.000383    .0013976
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0039907    .000409     9.76   0.000      .003189    .0047925
         _Ivuosi_1996 |   .0040248   .0004053     9.93   0.000     .0032304    .0048191
         _Ivuosi_1997 |   .0042934   .0003989    10.76   0.000     .0035115    .0050752
         _Ivuosi_1998 |   .0042028    .000392    10.72   0.000     .0034344    .0049711
         _Ivuosi_1999 |   .0045419   .0003812    11.92   0.000     .0037948     .005289
         _Ivuosi_2000 |   .0040709   .0003699    11.01   0.000      .003346    .0047958
         _Ivuosi_2001 |   .0049993     .00037    13.51   0.000     .0042741    .0057244
         _Ivuosi_2002 |   .0039958   .0003691    10.83   0.000     .0032724    .0047192
         _Ivuosi_2003 |   .0046452   .0003657    12.70   0.000     .0039285    .0053618
         _Ivuosi_2004 |   .0032841   .0003617     9.08   0.000     .0025752    .0039929
         _Ivuosi_2005 |   .0051513    .000353    14.59   0.000     .0044594    .0058432
         _Ivuosi_2006 |   .0044665   .0003681    12.13   0.000     .0037451    .0051879
         _Ivuosi_2007 |   .0043411   .0003564    12.18   0.000     .0036426    .0050397
         _Ivuosi_2008 |   .0056213   .0003573    15.73   0.000     .0049209    .0063217
         _Ivuosi_2009 |   .0038998   .0003633    10.73   0.000     .0031877    .0046118
         _Ivuosi_2010 |   .0036279   .0003686     9.84   0.000     .0029054    .0043503
         _Ivuosi_2011 |   .0043214   .0003866    11.18   0.000     .0035636    .0050792
         _Ivuosi_2012 |   .0039851   .0003994     9.98   0.000     .0032022     .004768
            _Iage2_21 |  -.1804112   .0013658  -132.09   0.000    -.1830881   -.1777343
            _Iage2_22 |  -.1758721   .0012474  -140.99   0.000     -.178317   -.1734272
            _Iage2_23 |   -.180899   .0011719  -154.36   0.000     -.183196   -.1786021
            _Iage2_24 |  -.1846532   .0011128  -165.93   0.000    -.1868342   -.1824721
            _Iage2_25 |  -.1882443   .0010797  -174.34   0.000    -.1903606   -.1861281
            _Iage2_26 |  -.1896096   .0010617  -178.60   0.000    -.1916904   -.1875288
            _Iage2_27 |  -.1910558   .0010507  -181.83   0.000    -.1931152   -.1889965
            _Iage2_28 |   -.191148   .0010438  -183.12   0.000    -.1931939   -.1891022
            _Iage2_29 |  -.1910298   .0010396  -183.75   0.000    -.1930674   -.1889921
            _Iage2_30 |  -.1911959    .001037  -184.38   0.000    -.1932283   -.1891634
            _Iage2_31 |  -.1921984   .0010352  -185.67   0.000    -.1942273   -.1901695
            _Iage2_32 |  -.1921325   .0010337  -185.87   0.000    -.1941585   -.1901066
            _Iage2_33 |  -.1921501   .0010328  -186.05   0.000    -.1941743   -.1901258
            _Iage2_34 |  -.1921981   .0010322  -186.20   0.000    -.1942212   -.1901749
            _Iage2_35 |  -.1920038   .0010315  -186.14   0.000    -.1940255   -.1899821
            _Iage2_36 |  -.1919636   .0010312  -186.15   0.000    -.1939848   -.1899425
            _Iage2_37 |  -.1920555    .001031  -186.28   0.000    -.1940762   -.1900348
            _Iage2_38 |  -.1926015   .0010309  -186.83   0.000     -.194622   -.1905811
            _Iage2_39 |  -.1923342   .0010307  -186.60   0.000    -.1943543    -.190314
            _Iage2_40 |  -.1921299   .0010304  -186.45   0.000    -.1941496   -.1901103
            _Iage2_41 |  -.1924198   .0010396  -185.10   0.000    -.1944573   -.1903823
            _Iage2_42 |  -.1923265   .0010393  -185.06   0.000    -.1943634   -.1902895
            _Iage2_43 |  -.1924574   .0010394  -185.16   0.000    -.1944946   -.1904202
            _Iage2_44 |  -.1926162   .0010395  -185.30   0.000    -.1946535   -.1905789
            _Iage2_45 |  -.1921391   .0010395  -184.84   0.000    -.1941764   -.1901018
            _Iage2_46 |  -.1928345   .0010394  -185.52   0.000    -.1948718   -.1907973
            _Iage2_47 |   -.192789   .0010396  -185.44   0.000    -.1948266   -.1907513
            _Iage2_48 |  -.1929004   .0010397  -185.54   0.000    -.1949382   -.1908627
            _Iage2_49 |  -.1926902     .00104  -185.28   0.000    -.1947285   -.1906518
            _Iage2_50 |  -.1924768   .0010405  -184.98   0.000    -.1945162   -.1904374
            _Iage2_51 |  -.1924267   .0010417  -184.72   0.000    -.1944684    -.190385
            _Iage2_52 |   -.192343   .0010422  -184.55   0.000    -.1943857   -.1903003
            _Iage2_53 |   -.192691   .0010427  -184.79   0.000    -.1947347   -.1906472
            _Iage2_54 |  -.1917947   .0010439  -183.73   0.000    -.1938408   -.1897487
            _Iage2_55 |   -.191865   .0010466  -183.32   0.000    -.1939163   -.1898137
            _Iage2_56 |  -.1912736    .001058  -180.79   0.000    -.1933472      -.1892
            _Iage2_57 |  -.1900742   .0010627  -178.87   0.000     -.192157   -.1879914
            _Iage2_58 |  -.1908983   .0010718  -178.12   0.000    -.1929989   -.1887977
            _Iage2_59 |  -.1935575   .0010836  -178.63   0.000    -.1956813   -.1914337
        firm_size_new |   .0000742   .0000666     1.11   0.265    -.0000563    .0002047
                _cons |   .1876697   .0011073   169.48   0.000     .1854994      .18984
---------------------------------------------------------------------------------------
(2,852,285 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.66149  .0028643  41.65221  .6338173  .2161673  14.80432
      sd |  .5256575  .0534428   9.66774  .4817608  .4116301  9.330823
     p50 |  10.67087         0        42         1         0        14
       N |    473749    473758    473758    473758    473758    416507
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.74746  .0020027  42.05554  .6941325   .215036  15.10389
      sd |  .5454341  .0447069  9.548927  .4607743  .4108477  9.307225
     p50 |  10.74933         0        42         1         0        14
       N |    548253    548257    548257    548257    548257    482134
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.66149  .0028643  41.65221  .6338173  .2161673  14.80432
         |  .5256575  .0534428   9.66774  .4817608  .4116301  9.330823
         |  10.67087         0        42         1         0        14
         |    473749    473758    473758    473758    473758    416507
---------+------------------------------------------------------------
       1 |  10.74746  .0020027  42.05554  .6941325   .215036  15.10389
         |  .5454341  .0447069  9.548927  .4607743  .4108477  9.307225
         |  10.74933         0        42         1         0        14
         |    548253    548257    548257    548257    548257    482134
---------+------------------------------------------------------------
   Total |  10.70761  .0024021  41.86857  .6661732  .2155604  14.96504
         |  .5380677  .0489525  9.606287  .4715789  .4112108  9.319362
         |  10.71206         0        42         1         0        14
         |   1022002   1022015   1022015   1022015   1022015    898641
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_whitecue_d_noIQownfirm_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =    898,641
                                                F(1, 898639)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6472
                                                Root MSE          =     5.5353

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8065374   .0006435  1253.40   0.000     .8052761    .8077986
       _cons |  -18.02007   .0238661  -755.05   0.000    -18.06684   -17.97329
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7077   1.0000 
             |   0.0000
             |
(3,874,300 missing values generated)
(178,336 real changes made)
(3695964 missing values generated)
(614811 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0772                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(74,26870)        =      7.45
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,871 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0009851   .0003726    -2.64   0.008    -.0017154   -.0002548
 treated_post |   -.001029    .000378    -2.72   0.006      -.00177   -.0002881
          l_0 |  -1.203356   .0811638   -14.83   0.000    -1.362441    -1.04427
          l_1 |  -1.444636   .0973945   -14.83   0.000    -1.635534   -1.253738
          l_2 |  -1.685661   .1136382   -14.83   0.000    -1.908398   -1.462924
          l_3 |  -1.926263   .1298781   -14.83   0.000    -2.180831   -1.671695
          l_4 |  -2.166957   .1461121   -14.83   0.000    -2.453345    -1.88057
          l_5 |  -2.407405   .1623484   -14.83   0.000    -2.725617   -2.089194
          l_6 |  -2.648112   .1785846   -14.83   0.000    -2.998147   -2.298077
          l_7 |  -2.889089   .1948207   -14.83   0.000    -3.270948    -2.50723
          l_8 |  -3.129699   .2110584   -14.83   0.000    -3.543385   -2.716014
          l_9 |  -3.370613   .2272929   -14.83   0.000    -3.816119   -2.925107
         l_10 |   -3.61129   .2435289   -14.83   0.000    -4.088619    -3.13396
          f_1 |  -.9635523   .0649367   -14.84   0.000    -1.090832   -.8362729
          f_2 |  -.7219774   .0486892   -14.83   0.000    -.8174107    -.626544
          f_3 |  -.4810377    .032453   -14.82   0.000    -.5446474   -.4174281
          f_4 |  -.2402707   .0162276   -14.81   0.000    -.2720777   -.2084638
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0005099   .0001561     3.27   0.001      .000204    .0008158
 _Ivuosi_1996 |   .0006666   .0001527     4.37   0.000     .0003674    .0009659
 _Ivuosi_1997 |    .000627   .0001622     3.87   0.000     .0003092    .0009448
 _Ivuosi_1998 |   .0005641    .000168     3.36   0.001     .0002349    .0008934
 _Ivuosi_1999 |   .0002583   .0001452     1.78   0.075    -.0000263    .0005429
 _Ivuosi_2000 |   .0002761   .0001471     1.88   0.061    -.0000123    .0005645
 _Ivuosi_2001 |   .0005711   .0001436     3.98   0.000     .0002897    .0008525
 _Ivuosi_2002 |   .0004661   .0001377     3.38   0.001     .0001962     .000736
 _Ivuosi_2003 |   .0006015   .0001398     4.30   0.000     .0003275    .0008755
 _Ivuosi_2004 |   .0005781   .0001364     4.24   0.000     .0003108    .0008455
 _Ivuosi_2005 |   .0009467    .000169     5.60   0.000     .0006153     .001278
 _Ivuosi_2006 |   .0006149   .0001445     4.25   0.000     .0003316    .0008981
 _Ivuosi_2007 |   .0005352   .0001355     3.95   0.000     .0002697    .0008007
 _Ivuosi_2008 |   .0008696   .0001513     5.75   0.000      .000573    .0011662
 _Ivuosi_2009 |   .0004012   .0001135     3.54   0.000     .0001788    .0006235
 _Ivuosi_2010 |   .0000592    .000114     0.52   0.603    -.0001642    .0002827
 _Ivuosi_2011 |   .0002576   .0000855     3.01   0.003     .0000901    .0004251
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .1939808   .0149539    12.97   0.000     .1646704    .2232911
    _Iage2_22 |   .4358443   .0309194    14.10   0.000     .3752406    .4964481
    _Iage2_23 |   .6741676   .0470707    14.32   0.000     .5819065    .7664287
    _Iage2_24 |   .9129403   .0632783    14.43   0.000     .7889115    1.036969
    _Iage2_25 |   1.151426   .0795025    14.48   0.000     .9955968    1.307255
    _Iage2_26 |   1.391736   .0957317    14.54   0.000     1.204097    1.579375
    _Iage2_27 |   1.631833   .1119592    14.58   0.000     1.412387    1.851279
    _Iage2_28 |   1.871907   .1281765    14.60   0.000     1.620674     2.12314
    _Iage2_29 |   2.112732   .1443983    14.63   0.000     1.829703     2.39576
    _Iage2_30 |   2.353474   .1606281    14.65   0.000     2.038634    2.668313
    _Iage2_31 |   2.593782    .176856    14.67   0.000     2.247135    2.940428
    _Iage2_32 |   2.834641   .1930864    14.68   0.000     2.456181      3.2131
    _Iage2_33 |   3.075135   .2093171    14.69   0.000     2.664863    3.485408
    _Iage2_34 |   3.315909   .2255555    14.70   0.000     2.873809     3.75801
    _Iage2_35 |   3.556649   .2417851    14.71   0.000     3.082738    4.030561
    _Iage2_36 |   3.797418   .2580172    14.72   0.000     3.291691    4.303145
    _Iage2_37 |   4.038134   .2742513    14.72   0.000     3.500587    4.575681
    _Iage2_38 |   4.278825   .2904867    14.73   0.000     3.709456    4.848194
    _Iage2_39 |   4.519741   .3067216    14.74   0.000      3.91855    5.120931
    _Iage2_40 |   4.760641   .3229546    14.74   0.000     4.127633    5.393649
    _Iage2_41 |   5.001302   .3391901    14.74   0.000     4.336472    5.666133
    _Iage2_42 |   5.242102   .3554275    14.75   0.000     4.545446    5.938759
    _Iage2_43 |   5.482761   .3716604    14.75   0.000     4.754288    6.211235
    _Iage2_44 |   5.723531   .3878961    14.76   0.000     4.963234    6.483827
    _Iage2_45 |   5.964396   .4041289    14.76   0.000     5.172282     6.75651
    _Iage2_46 |   6.204901   .4203641    14.76   0.000     5.380965    7.028836
    _Iage2_47 |   6.445673   .4365991    14.76   0.000     5.589916     7.30143
    _Iage2_48 |    6.68657   .4528341    14.77   0.000     5.798991    7.574149
    _Iage2_49 |   6.927279   .4690684    14.77   0.000     6.007881    7.846678
    _Iage2_50 |   7.168092   .4853034    14.77   0.000     6.216872    8.119312
    _Iage2_51 |   7.408855   .5015396    14.77   0.000     6.425812    8.391899
    _Iage2_52 |   7.649632   .5177752    14.77   0.000     6.634766    8.664498
    _Iage2_53 |   7.890442   .5340112    14.78   0.000     6.843752    8.937132
    _Iage2_54 |   8.131195   .5502469    14.78   0.000     7.052683    9.209708
    _Iage2_55 |   8.371993   .5664828    14.78   0.000     7.261657    9.482328
    _Iage2_56 |   8.612937   .5827172    14.78   0.000     7.470781    9.755094
    _Iage2_57 |   8.853713   .5989546    14.78   0.000      7.67973    10.02769
    _Iage2_58 |   9.094355    .615192    14.78   0.000     7.888546    10.30016
    _Iage2_59 |   9.334798   .6314253    14.78   0.000     8.097171    10.57242
firm_size_new |   .0004319   .0002528     1.71   0.088    -.0000636    .0009275
        _cons |  -3.785394   .2573347   -14.71   0.000    -4.289783   -3.281004
--------------+----------------------------------------------------------------
      sigma_u |  2.4654251
      sigma_e |   .0229324
          rho |  .99991349   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0772                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(79,26870)        =      7.08
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,871 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0019346   .0006914    -2.80   0.005    -.0032898   -.0005794
          treated_pre |  -.0019388   .0006417    -3.02   0.003    -.0031965   -.0006812
 treated_pre_iasenior |   .0019488   .0007243     2.69   0.007     .0005292    .0033684
         treated_post |  -.0022328   .0006674    -3.35   0.001     -.003541   -.0009247
treated_post_iasenior |   .0023625   .0007467     3.16   0.002      .000899    .0038261
               senior |          0  (omitted)
         pre_iasenior |  -.0010076   .0005158    -1.95   0.051    -.0020186    3.41e-06
        post_iasenior |  -.0013594   .0005609    -2.42   0.015    -.0024588     -.00026
                  l_0 |  -1.202749   .0811442   -14.82   0.000    -1.361796   -1.043702
                  l_1 |  -1.444039   .0973738   -14.83   0.000    -1.634896   -1.253181
                  l_2 |  -1.685075   .1136166   -14.83   0.000    -1.907769    -1.46238
                  l_3 |  -1.925688   .1298556   -14.83   0.000    -2.180212   -1.671165
                  l_4 |  -2.166395   .1460887   -14.83   0.000    -2.452737   -1.880054
                  l_5 |  -2.406855   .1623243   -14.83   0.000    -2.725019   -2.088691
                  l_6 |  -2.647576   .1785598   -14.83   0.000    -2.997562   -2.297589
                  l_7 |  -2.888566   .1947952   -14.83   0.000    -3.270374   -2.506757
                  l_8 |   -3.12919   .2110322   -14.83   0.000    -3.542824   -2.715556
                  l_9 |  -3.370119   .2272662   -14.83   0.000    -3.815572   -2.924665
                 l_10 |   -3.61081   .2435016   -14.83   0.000    -4.088086   -3.133534
                  f_1 |  -.9631295    .064921   -14.84   0.000    -1.090378   -.8358809
                  f_2 |   -.721542   .0486747   -14.82   0.000    -.8169469    -.626137
                  f_3 |  -.4805889   .0324399   -14.81   0.000    -.5441728   -.4170051
                  f_4 |  -.2398082   .0162171   -14.79   0.000    -.2715945   -.2080219
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0005073   .0001559     3.25   0.001     .0002017     .000813
         _Ivuosi_1996 |   .0006649   .0001527     4.35   0.000     .0003656    .0009642
         _Ivuosi_1997 |   .0006233   .0001621     3.85   0.000     .0003056     .000941
         _Ivuosi_1998 |   .0005622    .000168     3.35   0.001     .0002328    .0008915
         _Ivuosi_1999 |   .0002551   .0001453     1.76   0.079    -.0000296    .0005398
         _Ivuosi_2000 |    .000273   .0001469     1.86   0.063    -.0000149     .000561
         _Ivuosi_2001 |   .0005654   .0001436     3.94   0.000      .000284    .0008468
         _Ivuosi_2002 |   .0004607   .0001375     3.35   0.001     .0001912    .0007302
         _Ivuosi_2003 |   .0005976   .0001395     4.28   0.000     .0003241    .0008711
         _Ivuosi_2004 |   .0005748   .0001363     4.22   0.000     .0003076     .000842
         _Ivuosi_2005 |   .0009436    .000169     5.58   0.000     .0006124    .0012748
         _Ivuosi_2006 |   .0006131   .0001445     4.24   0.000     .0003298    .0008964
         _Ivuosi_2007 |   .0005327   .0001355     3.93   0.000      .000267    .0007983
         _Ivuosi_2008 |   .0008666   .0001515     5.72   0.000     .0005697    .0011635
         _Ivuosi_2009 |   .0003988   .0001136     3.51   0.000     .0001761    .0006215
         _Ivuosi_2010 |   .0000579    .000114     0.51   0.611    -.0001656    .0002815
         _Ivuosi_2011 |   .0002571   .0000855     3.01   0.003     .0000896    .0004247
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .1939741   .0149522    12.97   0.000      .164667    .2232812
            _Iage2_22 |   .4358286   .0309164    14.10   0.000     .3752308    .4964263
            _Iage2_23 |   .6741453    .047066    14.32   0.000     .5818935     .766397
            _Iage2_24 |   .9129072   .0632717    14.43   0.000     .7888915    1.036923
            _Iage2_25 |   1.151389   .0794943    14.48   0.000     .9955765    1.307202
            _Iage2_26 |   1.391701   .0957218    14.54   0.000     1.204081    1.579321
            _Iage2_27 |   1.631801   .1119477    14.58   0.000     1.412378    1.851224
            _Iage2_28 |   1.871879   .1281634    14.61   0.000     1.620672    2.123086
            _Iage2_29 |   2.112709   .1443836    14.63   0.000     1.829709    2.395708
            _Iage2_30 |   2.353458    .160612    14.65   0.000      2.03865    2.668266
            _Iage2_31 |   2.593772   .1768384    14.67   0.000      2.24716    2.940385
            _Iage2_32 |   2.834638   .1930674    14.68   0.000     2.456216     3.21306
            _Iage2_33 |    3.07514   .2092967    14.69   0.000     2.664908    3.485373
            _Iage2_34 |   3.315921   .2255336    14.70   0.000     2.873863    3.757978
            _Iage2_35 |   3.556666   .2417618    14.71   0.000       3.0828    4.030532
            _Iage2_36 |   3.797442   .2579926    14.72   0.000     3.291763    4.303121
            _Iage2_37 |   4.038165   .2742254    14.73   0.000     3.500669    4.575662
            _Iage2_38 |   4.278863   .2904595    14.73   0.000     3.709548    4.848179
            _Iage2_39 |   4.519787   .3066933    14.74   0.000     3.918652    5.120922
            _Iage2_40 |   4.760697   .3229252    14.74   0.000     4.127747    5.393647
            _Iage2_41 |   5.002465   .3391927    14.75   0.000      4.33763    5.667301
            _Iage2_42 |   5.243279   .3554295    14.75   0.000     4.546619    5.939939
            _Iage2_43 |   5.483953   .3716619    14.76   0.000     4.755476     6.21243
            _Iage2_44 |   5.724739   .3878971    14.76   0.000      4.96444    6.485037
            _Iage2_45 |    5.96562   .4041297    14.76   0.000     5.173505    6.757735
            _Iage2_46 |   6.206141   .4203646    14.76   0.000     5.382204    7.030078
            _Iage2_47 |   6.446931   .4365995    14.77   0.000     5.591173    7.302688
            _Iage2_48 |   6.687844   .4528342    14.77   0.000     5.800265    7.575423
            _Iage2_49 |   6.928571   .4690683    14.77   0.000     6.009172    7.847969
            _Iage2_50 |   7.169403   .4853031    14.77   0.000     6.218183    8.120622
            _Iage2_51 |   7.410182   .5015391    14.77   0.000     6.427139    8.393224
            _Iage2_52 |   7.650975   .5177745    14.78   0.000      6.63611     8.66584
            _Iage2_53 |   7.891802   .5340104    14.78   0.000     6.845114     8.93849
            _Iage2_54 |   8.132573   .5502459    14.78   0.000     7.054062    9.211084
            _Iage2_55 |   8.373385   .5664816    14.78   0.000     7.263052    9.483719
            _Iage2_56 |   8.614347   .5827159    14.78   0.000     7.472194    9.756501
            _Iage2_57 |   8.855141   .5989531    14.78   0.000     7.681162    10.02912
            _Iage2_58 |   9.095802   .6151904    14.79   0.000     7.889996    10.30161
            _Iage2_59 |   9.336265   .6314237    14.79   0.000     8.098641    10.57389
        firm_size_new |   .0004288   .0002526     1.70   0.090    -.0000664     .000924
                _cons |  -3.785438   .2573182   -14.71   0.000    -4.289796   -3.281081
----------------------+----------------------------------------------------------------
              sigma_u |  2.4655321
              sigma_e |  .02293218
                  rho |   .9999135   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26870) =    0.13
            Prob > F =    0.7165

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26870) =    0.00
            Prob > F =    0.9771
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0775                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(82,26870)        =      6.90
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,871 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0000795    .000046    -1.73   0.084    -.0001697    .0000107
     treated_iasuorv_d |   .0008068   .0079718     0.10   0.919    -.0148183    .0164319
           treated_pre |  -.0019883   .0007738    -2.57   0.010    -.0035051   -.0004716
       treated_pre_ia3 |   .0000736   .0000392     1.88   0.060    -3.19e-06    .0001504
 treated_pre_iasuorv_d |   .0011617   .0009245     1.26   0.209    -.0006504    .0029737
          treated_post |  -.0019324   .0008284    -2.33   0.020    -.0035562   -.0003086
      treated_post_ia3 |   .0000646   .0000408     1.58   0.114    -.0000154    .0001446
treated_post_iasuorv_d |   .0015691   .0010577     1.48   0.138     -.000504    .0036422
             interact3 |   .0001009   .0000262     3.86   0.000     .0000496    .0001522
               suorv_d |   .0108986   .0055439     1.97   0.049     .0000322    .0217649
                   l_0 |  -1.196886    .080815   -14.81   0.000    -1.355288   -1.038484
                   l_1 |  -1.436863   .0969767   -14.82   0.000    -1.626942   -1.246784
                   l_2 |  -1.676586   .1131512   -14.82   0.000    -1.898368   -1.454804
                   l_3 |  -1.915888    .129322   -14.81   0.000    -2.169366    -1.66241
                   l_4 |  -2.155285   .1454868   -14.81   0.000    -2.440447   -1.870123
                   l_5 |  -2.394436   .1616544   -14.81   0.000    -2.711287   -2.077585
                   l_6 |  -2.633842   .1778216   -14.81   0.000    -2.982382   -2.285302
                   l_7 |  -2.873526   .1939889   -14.81   0.000    -3.253754   -2.493297
                   l_8 |  -3.112835   .2101575   -14.81   0.000    -3.524755   -2.700915
                   l_9 |  -3.352449   .2263232   -14.81   0.000    -3.796054   -2.908844
                  l_10 |  -3.591829   .2424901   -14.81   0.000    -4.067122   -3.116536
                   f_1 |  -.9583576   .0646589   -14.82   0.000    -1.085092   -.8316228
                   f_2 |   -.718084   .0484807   -14.81   0.000    -.8131088   -.6230593
                   f_3 |  -.4784468   .0323137   -14.81   0.000    -.5417834   -.4151102
                   f_4 |  -.2389768   .0161566   -14.79   0.000    -.2706446    -.207309
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005175   .0001575     3.28   0.001     .0002087    .0008262
          _Ivuosi_1996 |   .0006784   .0001535     4.42   0.000     .0003775    .0009794
          _Ivuosi_1997 |   .0006341   .0001627     3.90   0.000     .0003152     .000953
          _Ivuosi_1998 |   .0005763   .0001695     3.40   0.001     .0002441    .0009085
          _Ivuosi_1999 |   .0002713   .0001465     1.85   0.064    -.0000159    .0005584
          _Ivuosi_2000 |   .0002918   .0001484     1.97   0.049     9.03e-07    .0005827
          _Ivuosi_2001 |   .0005788   .0001442     4.01   0.000     .0002961    .0008615
          _Ivuosi_2002 |   .0004741   .0001385     3.42   0.001     .0002026    .0007456
          _Ivuosi_2003 |   .0006075   .0001402     4.33   0.000     .0003327    .0008823
          _Ivuosi_2004 |   .0005798    .000136     4.26   0.000     .0003132    .0008465
          _Ivuosi_2005 |    .000954   .0001714     5.57   0.000     .0006181    .0012899
          _Ivuosi_2006 |   .0006186   .0001459     4.24   0.000     .0003326    .0009047
          _Ivuosi_2007 |    .000535   .0001365     3.92   0.000     .0002674    .0008026
          _Ivuosi_2008 |   .0008728   .0001515     5.76   0.000     .0005759    .0011698
          _Ivuosi_2009 |   .0004048   .0001133     3.57   0.000     .0001827    .0006269
          _Ivuosi_2010 |     .00007   .0001142     0.61   0.540    -.0001539    .0002938
          _Ivuosi_2011 |   .0002612   .0000856     3.05   0.002     .0000934     .000429
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929647   .0149043    12.95   0.000     .1637514     .222178
             _Iage2_22 |   .4335931   .0308045    14.08   0.000     .3732147    .4939716
             _Iage2_23 |   .6706461   .0468856    14.30   0.000     .5787479    .7625442
             _Iage2_24 |   .9081315   .0630242    14.41   0.000     .7846008    1.031662
             _Iage2_25 |   1.145351   .0791818    14.46   0.000       .99015    1.300551
             _Iage2_26 |   1.384353   .0953427    14.52   0.000     1.197476    1.571229
             _Iage2_27 |   1.623128   .1115016    14.56   0.000     1.404579    1.841677
             _Iage2_28 |   1.861859   .1276493    14.59   0.000      1.61166    2.112058
             _Iage2_29 |   2.101328   .1438017    14.61   0.000     1.819469    2.383187
             _Iage2_30 |   2.340721   .1599625    14.63   0.000     2.027187    2.654256
             _Iage2_31 |   2.579668    .176121    14.65   0.000     2.234461    2.924874
             _Iage2_32 |   2.819164   .1922823    14.66   0.000      2.44228    3.196047
             _Iage2_33 |   3.058297    .208444    14.67   0.000     2.649736    3.466858
             _Iage2_34 |   3.297707   .2246133    14.68   0.000     2.857454    3.737961
             _Iage2_35 |   3.537086   .2407739    14.69   0.000     3.065156    4.009015
             _Iage2_36 |    3.77649   .2569371    14.70   0.000     3.272879      4.2801
             _Iage2_37 |   4.015844   .2731022    14.70   0.000      3.48055    4.551139
             _Iage2_38 |   4.255166   .2892688    14.71   0.000     3.688184    4.822148
             _Iage2_39 |   4.494718   .3054349    14.72   0.000      3.89605    5.093387
             _Iage2_40 |   4.734249   .3215991    14.72   0.000     4.103898    5.364601
             _Iage2_41 |   4.973542   .3377659    14.72   0.000     4.311504    5.635581
             _Iage2_42 |   5.212968   .3539344    14.73   0.000     4.519239    5.906698
             _Iage2_43 |   5.452255   .3700986    14.73   0.000     4.726843    6.177668
             _Iage2_44 |   5.691659   .3862657    14.74   0.000     4.934558     6.44876
             _Iage2_45 |   5.931154   .4024299    14.74   0.000      5.14237    6.719937
             _Iage2_46 |   6.170287   .4185966    14.74   0.000     5.349816    6.990758
             _Iage2_47 |   6.409689   .4347631    14.74   0.000     5.557531    7.261848
             _Iage2_48 |   6.649214   .4509295    14.75   0.000     5.765368    7.533059
             _Iage2_49 |   6.888558   .4670956    14.75   0.000     5.973027     7.80409
             _Iage2_50 |   7.128008   .4832622    14.75   0.000     6.180789    8.075227
             _Iage2_51 |   7.367399   .4994299    14.75   0.000      6.38849    8.346308
             _Iage2_52 |   7.606816   .5155971    14.75   0.000     6.596218    8.617413
             _Iage2_53 |   7.846262   .5317649    14.76   0.000     6.803975     8.88855
             _Iage2_54 |   8.085654   .5479323    14.76   0.000     7.011678    9.159631
             _Iage2_55 |   8.325083   .5640999    14.76   0.000     7.219417    9.430748
             _Iage2_56 |    8.56467   .5802662    14.76   0.000     7.427318    9.702022
             _Iage2_57 |   8.804091   .5964354    14.76   0.000     7.635046    9.973135
             _Iage2_58 |   9.043379   .6126048    14.76   0.000     7.842641    10.24412
             _Iage2_59 |   9.282462     .62877    14.76   0.000      8.05004    10.51488
         firm_size_new |   .0004301   .0002533     1.70   0.090    -.0000664    .0009267
                 _cons |  -3.766285   .2562863   -14.70   0.000    -4.268619    -3.26395
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4531311
               sigma_e |  .02292789
                   rho |  .99991265   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26870) =    5.55
            Prob > F =    0.0185

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26870) =    6.71
            Prob > F =    0.0096
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0775                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(85,26870)        =      6.67
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,871 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0003459   .0006681    -0.52   0.605    -.0016554    .0009637
           treated_ia3 |  -.0000629   .0000542    -1.16   0.246    -.0001692    .0000434
     treated_iasuorv_d |   .0012658   .0081463     0.16   0.877    -.0147015     .017233
           treated_pre |  -.0019801   .0007715    -2.57   0.010    -.0034922    -.000468
  treated_pre_iasenior |   .0004194    .000681     0.62   0.538    -.0009155    .0017542
       treated_pre_ia3 |   .0000579   .0000459     1.26   0.208    -.0000322    .0001479
 treated_pre_iasuorv_d |   .0008132   .0013514     0.60   0.547    -.0018355     .003462
          treated_post |  -.0019556   .0008295    -2.36   0.018    -.0035814   -.0003298
 treated_post_iasenior |   .0007302   .0007041     1.04   0.300    -.0006498    .0021102
      treated_post_ia3 |    .000039     .00005     0.78   0.435     -.000059    .0001369
treated_post_iasuorv_d |   .0009916   .0014599     0.68   0.497    -.0018698     .003853
                senior |   9.281818   .6287651    14.76   0.000     8.049405    10.51423
             interact3 |   .0001043   .0000267     3.91   0.000     .0000519    .0001566
               suorv_d |   .0109016   .0055439     1.97   0.049     .0000352    .0217679
                   l_0 |    -1.1968   .0808144   -14.81   0.000      -1.3552     -1.0384
                   l_1 |  -1.436765   .0969759   -14.82   0.000    -1.626843   -1.246687
                   l_2 |  -1.676476   .1131503   -14.82   0.000    -1.898256   -1.454695
                   l_3 |  -1.915765    .129321   -14.81   0.000    -2.169241   -1.662289
                   l_4 |  -2.155148   .1454856   -14.81   0.000    -2.440308   -1.869989
                   l_5 |  -2.394286    .161653   -14.81   0.000    -2.711134   -2.077438
                   l_6 |  -2.633678   .1778201   -14.81   0.000    -2.982215   -2.285141
                   l_7 |  -2.873347   .1939872   -14.81   0.000    -3.253572   -2.493122
                   l_8 |  -3.112643   .2101557   -14.81   0.000    -3.524559   -2.700726
                   l_9 |  -3.352242   .2263212   -14.81   0.000    -3.795844   -2.908641
                  l_10 |  -3.591608    .242488   -14.81   0.000    -4.066897   -3.116319
                   f_1 |  -.9582968   .0646584   -14.82   0.000    -1.085031   -.8315631
                   f_2 |  -.7180361   .0484803   -14.81   0.000    -.8130601   -.6230121
                   f_3 |  -.4784119   .0323135   -14.81   0.000    -.5417481   -.4150758
                   f_4 |  -.2389554   .0161565   -14.79   0.000     -.270623   -.2072878
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005159   .0001576     3.27   0.001      .000207    .0008247
          _Ivuosi_1996 |   .0006772   .0001535     4.41   0.000     .0003763    .0009782
          _Ivuosi_1997 |   .0006334   .0001626     3.89   0.000     .0003146    .0009522
          _Ivuosi_1998 |   .0005744   .0001695     3.39   0.001     .0002423    .0009066
          _Ivuosi_1999 |   .0002689   .0001465     1.84   0.066    -.0000181     .000556
          _Ivuosi_2000 |   .0002901   .0001483     1.96   0.050    -4.98e-07    .0005807
          _Ivuosi_2001 |    .000577   .0001441     4.00   0.000     .0002945    .0008596
          _Ivuosi_2002 |   .0004722   .0001384     3.41   0.001     .0002009    .0007435
          _Ivuosi_2003 |   .0006055   .0001403     4.32   0.000     .0003306    .0008804
          _Ivuosi_2004 |   .0005782    .000136     4.25   0.000     .0003116    .0008448
          _Ivuosi_2005 |   .0009552   .0001714     5.57   0.000     .0006193    .0012911
          _Ivuosi_2006 |   .0006192   .0001459     4.24   0.000     .0003332    .0009052
          _Ivuosi_2007 |    .000536   .0001365     3.93   0.000     .0002683    .0008036
          _Ivuosi_2008 |   .0008744   .0001515     5.77   0.000     .0005774    .0011713
          _Ivuosi_2009 |   .0004061   .0001133     3.59   0.000     .0001841    .0006281
          _Ivuosi_2010 |   .0000703   .0001142     0.62   0.538    -.0001535    .0002941
          _Ivuosi_2011 |   .0002617   .0000856     3.06   0.002     .0000939    .0004295
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929551    .014904    12.95   0.000     .1637424    .2221677
             _Iage2_22 |   .4335728   .0308042    14.08   0.000     .3731951    .4939506
             _Iage2_23 |    .670616    .046885    14.30   0.000     .5787191     .762513
             _Iage2_24 |   .9080929   .0630235    14.41   0.000     .7845636    1.031622
             _Iage2_25 |   1.145303   .0791809    14.46   0.000     .9901038    1.300501
             _Iage2_26 |   1.384296   .0953417    14.52   0.000     1.197421    1.571171
             _Iage2_27 |   1.623062   .1115005    14.56   0.000     1.404515    1.841609
             _Iage2_28 |   1.861785    .127648    14.59   0.000     1.611588    2.111982
             _Iage2_29 |   2.101245   .1438003    14.61   0.000     1.819389    2.383101
             _Iage2_30 |   2.340631    .159961    14.63   0.000     2.027099    2.654163
             _Iage2_31 |    2.57957   .1761194    14.65   0.000     2.234367    2.924773
             _Iage2_32 |   2.819059   .1922805    14.66   0.000     2.442179    3.195939
             _Iage2_33 |   3.058186   .2084421    14.67   0.000     2.649629    3.466744
             _Iage2_34 |    3.29759   .2246113    14.68   0.000      2.85734     3.73784
             _Iage2_35 |   3.536962   .2407718    14.69   0.000     3.065037    4.008888
             _Iage2_36 |   3.776361   .2569349    14.70   0.000     3.272755    4.279967
             _Iage2_37 |    4.01571      .2731    14.70   0.000      3.48042       4.551
             _Iage2_38 |   4.255025   .2892664    14.71   0.000     3.688048    4.822003
             _Iage2_39 |    4.49457   .3054324    14.72   0.000     3.895906    5.093233
             _Iage2_40 |    4.73409   .3215965    14.72   0.000     4.103745    5.364436
             _Iage2_41 |  -4.308586   .2910149   -14.81   0.000    -4.878991   -3.738182
             _Iage2_42 |  -4.069177   .2748452   -14.81   0.000    -4.607888   -3.530466
             _Iage2_43 |  -3.829909   .2586799   -14.81   0.000    -4.336935   -3.322883
             _Iage2_44 |  -3.590525   .2425119   -14.81   0.000    -4.065861   -3.115189
             _Iage2_45 |  -3.351051   .2263468   -14.80   0.000    -3.794703     -2.9074
             _Iage2_46 |  -3.111939   .2101794   -14.81   0.000    -3.523901   -2.699976
             _Iage2_47 |  -2.872557   .1940122   -14.81   0.000    -3.252831   -2.492283
             _Iage2_48 |  -2.633053   .1778451   -14.81   0.000    -2.981639   -2.284467
             _Iage2_49 |  -2.393728   .1616784   -14.81   0.000    -2.710627    -2.07683
             _Iage2_50 |  -2.154298   .1455113   -14.81   0.000    -2.439508   -1.869088
             _Iage2_51 |  -1.914926   .1293432   -14.81   0.000    -2.168445   -1.661406
             _Iage2_52 |  -1.675527   .1131755   -14.80   0.000    -1.897357   -1.453698
             _Iage2_53 |  -1.436098   .0970072   -14.80   0.000    -1.626238   -1.245959
             _Iage2_54 |  -1.196724   .0808394   -14.80   0.000    -1.355174   -1.038275
             _Iage2_55 |  -.9573143   .0646715   -14.80   0.000    -1.084074   -.8305547
             _Iage2_56 |  -.7177434   .0485051   -14.80   0.000    -.8128158   -.6226709
             _Iage2_57 |  -.4783391   .0323356   -14.79   0.000    -.5417185   -.4149597
             _Iage2_58 |  -.2390673   .0161659   -14.79   0.000    -.2707533   -.2073813
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0004267   .0002533     1.68   0.092    -.0000697    .0009232
                 _cons |   -3.76615   .2562841   -14.70   0.000     -4.26848    -3.26382
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4529978
               sigma_e |  .02292787
                   rho |  .99991264   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26870) =    1.24
            Prob > F =    0.2918

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26870) =    1.60
            Prob > F =    0.2023

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26870) =    1.59
            Prob > F =    0.2079

 ( 1)  treated_post_ia3 = 0

       F(  1, 26870) =    0.61
            Prob > F =    0.4353

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26870) =    1.13
            Prob > F =    0.2883

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26870) =    5.87
            Prob > F =    0.0154

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26870) =    1.15
            Prob > F =    0.2844
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0776                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(89,26870)        =      6.41
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,871 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.000362   .0006828    -0.53   0.596    -.0017003    .0009763
           treated_ia2 |   .0022343   .0019981     1.12   0.263    -.0016821    .0061507
           treated_ia3 |  -.0000533   .0000547    -0.98   0.329    -.0001605    .0000538
     treated_iasuorv_d |   .0011983   .0081714     0.15   0.883    -.0148181    .0172148
           treated_pre |  -.0021173   .0008052    -2.63   0.009    -.0036955    -.000539
  treated_pre_iasenior |   .0003803   .0006933     0.55   0.583    -.0009785    .0017391
       treated_pre_ia2 |   .0003565   .0006168     0.58   0.563    -.0008525    .0015655
       treated_pre_ia3 |   .0000618   .0000466     1.33   0.185    -.0000295    .0001531
 treated_pre_iasuorv_d |   .0009225   .0013947     0.66   0.508    -.0018112    .0036561
          treated_post |  -.0021351   .0008699    -2.45   0.014    -.0038402     -.00043
 treated_post_iasenior |   .0007239   .0007188     1.01   0.314    -.0006849    .0021328
      treated_post_ia2 |   .0002357   .0006581     0.36   0.720    -.0010543    .0015257
      treated_post_ia3 |   .0000424   .0000508     0.83   0.405    -.0000573     .000142
treated_post_iasuorv_d |   .0010167   .0015152     0.67   0.502    -.0019532    .0039865
                senior |   9.282646   .6287754    14.76   0.000     8.050213    10.51508
             interact2 |   -.003057   .0016396    -1.86   0.062    -.0062707    .0001567
             interact3 |   .0000771   .0000268     2.88   0.004     .0000246    .0001296
               suorv_d |   .0108408   .0055452     1.96   0.051     -.000028    .0217097
                   l_0 |  -1.196745   .0808157   -14.81   0.000    -1.355148   -1.038342
                   l_1 |   -1.43671   .0969774   -14.81   0.000    -1.626791   -1.246629
                   l_2 |  -1.676423    .113152   -14.82   0.000    -1.898206   -1.454639
                   l_3 |  -1.915714   .1293229   -14.81   0.000    -2.169193   -1.662234
                   l_4 |  -2.155099   .1454878   -14.81   0.000    -2.440263   -1.869936
                   l_5 |  -2.394237   .1616553   -14.81   0.000     -2.71109   -2.077384
                   l_6 |   -2.63363   .1778226   -14.81   0.000    -2.982172   -2.285089
                   l_7 |    -2.8733     .19399   -14.81   0.000    -3.253531    -2.49307
                   l_8 |  -3.112599   .2101587   -14.81   0.000    -3.524521   -2.700677
                   l_9 |  -3.352199   .2263244   -14.81   0.000    -3.795806   -2.908591
                  l_10 |  -3.591566   .2424914   -14.81   0.000    -4.066862   -3.116271
                   f_1 |  -.9582798   .0646593   -14.82   0.000    -1.085015   -.8315441
                   f_2 |  -.7180177    .048481   -14.81   0.000    -.8130431   -.6229923
                   f_3 |  -.4783935   .0323139   -14.80   0.000    -.5417306   -.4150565
                   f_4 |  -.2389361   .0161567   -14.79   0.000    -.2706041   -.2072681
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005122   .0001575     3.25   0.001     .0002034    .0008209
          _Ivuosi_1996 |   .0006723   .0001536     4.38   0.000     .0003713    .0009733
          _Ivuosi_1997 |   .0006262   .0001625     3.85   0.000     .0003076    .0009448
          _Ivuosi_1998 |   .0005663   .0001693     3.34   0.001     .0002344    .0008981
          _Ivuosi_1999 |   .0002583   .0001468     1.76   0.079    -.0000295    .0005461
          _Ivuosi_2000 |   .0002785   .0001483     1.88   0.060    -.0000121    .0005692
          _Ivuosi_2001 |    .000565    .000144     3.92   0.000     .0002826    .0008473
          _Ivuosi_2002 |   .0004592   .0001389     3.31   0.001     .0001869    .0007314
          _Ivuosi_2003 |   .0005935   .0001409     4.21   0.000     .0003173    .0008697
          _Ivuosi_2004 |   .0005652   .0001364     4.14   0.000     .0002979    .0008324
          _Ivuosi_2005 |   .0009383   .0001715     5.47   0.000     .0006021    .0012744
          _Ivuosi_2006 |   .0006043   .0001461     4.14   0.000     .0003179    .0008906
          _Ivuosi_2007 |   .0005197   .0001363     3.81   0.000     .0002525     .000787
          _Ivuosi_2008 |   .0008655   .0001516     5.71   0.000     .0005684    .0011626
          _Ivuosi_2009 |   .0003984   .0001135     3.51   0.000      .000176    .0006209
          _Ivuosi_2010 |   .0000653   .0001143     0.57   0.568    -.0001589    .0002894
          _Ivuosi_2011 |   .0002582   .0000856     3.01   0.003     .0000903    .0004261
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929673   .0149043    12.95   0.000      .163754    .2221806
             _Iage2_22 |   .4336036   .0308046    14.08   0.000     .3732249    .4939823
             _Iage2_23 |   .6706539   .0468855    14.30   0.000     .5787558     .762552
             _Iage2_24 |   .9081402   .0630241    14.41   0.000     .7846097    1.031671
             _Iage2_25 |   1.145389   .0791817    14.47   0.000     .9901888    1.300589
             _Iage2_26 |   1.384427   .0953428    14.52   0.000      1.19755    1.571304
             _Iage2_27 |    1.62324   .1115019    14.56   0.000     1.404691     1.84179
             _Iage2_28 |   1.862002   .1276497    14.59   0.000     1.611802    2.112202
             _Iage2_29 |   2.101498   .1438023    14.61   0.000     1.819638    2.383358
             _Iage2_30 |   2.340913   .1599632    14.63   0.000     2.027376    2.654449
             _Iage2_31 |   2.579881    .176122    14.65   0.000     2.234673    2.925089
             _Iage2_32 |   2.819396   .1922834    14.66   0.000     2.442511    3.196282
             _Iage2_33 |   3.058548   .2084453    14.67   0.000     2.649985    3.467112
             _Iage2_34 |   3.297975   .2246147    14.68   0.000     2.857719    3.738232
             _Iage2_35 |   3.537369   .2407755    14.69   0.000     3.065436    4.009302
             _Iage2_36 |   3.776788   .2569389    14.70   0.000     3.273174    4.280401
             _Iage2_37 |   4.016158   .2731042    14.71   0.000     3.480859    4.551456
             _Iage2_38 |   4.255493    .289271    14.71   0.000     3.688507     4.82248
             _Iage2_39 |   4.495057   .3054372    14.72   0.000     3.896384     5.09373
             _Iage2_40 |   4.734598   .3216016    14.72   0.000     4.104242    5.364954
             _Iage2_41 |  -4.308871   .2910199   -14.81   0.000    -4.879286   -3.738457
             _Iage2_42 |  -4.069442   .2748499   -14.81   0.000    -4.608162   -3.530722
             _Iage2_43 |  -3.830157   .2586844   -14.81   0.000    -4.337192   -3.323122
             _Iage2_44 |  -3.590756   .2425161   -14.81   0.000      -4.0661   -3.115412
             _Iage2_45 |  -3.351264   .2263508   -14.81   0.000    -3.794923   -2.907605
             _Iage2_46 |  -3.112134   .2101831   -14.81   0.000    -3.524104   -2.700164
             _Iage2_47 |  -2.872735   .1940157   -14.81   0.000    -3.253016   -2.492454
             _Iage2_48 |  -2.633213   .1778483   -14.81   0.000    -2.981805   -2.284621
             _Iage2_49 |  -2.393871   .1616814   -14.81   0.000    -2.710775   -2.076967
             _Iage2_50 |  -2.154424    .145514   -14.81   0.000    -2.439639   -1.869209
             _Iage2_51 |  -1.915035   .1293456   -14.81   0.000    -2.168559   -1.661511
             _Iage2_52 |  -1.675621   .1131777   -14.81   0.000    -1.897455   -1.453787
             _Iage2_53 |  -1.436178   .0970091   -14.80   0.000    -1.626321   -1.246035
             _Iage2_54 |  -1.196789    .080841   -14.80   0.000    -1.355241   -1.038336
             _Iage2_55 |  -.9573659   .0646728   -14.80   0.000    -1.084128   -.8306037
             _Iage2_56 |  -.7177812   .0485061   -14.80   0.000    -.8128557   -.6227068
             _Iage2_57 |   -.478364   .0323363   -14.79   0.000    -.5417448   -.4149833
             _Iage2_58 |  -.2390798   .0161663   -14.79   0.000    -.2707665   -.2073931
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0004246   .0002538     1.67   0.094    -.0000728     .000922
                 _cons |  -3.765987   .2562862   -14.69   0.000    -4.268322   -3.263653
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4530607
               sigma_e |  .02292757
                   rho |  .99991265   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26870) =    0.94
            Prob > F =    0.4632

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26870) =    0.87
            Prob > F =    0.4800

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26870) =    0.94
            Prob > F =    0.3910

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26870) =    0.36
            Prob > F =    0.6942

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26870) =    1.34
            Prob > F =    0.2474

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26870) =    4.34
            Prob > F =    0.0372

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26870) =    6.34
            Prob > F =    0.0118

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26870) =    1.04
            Prob > F =    0.3083

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26870) =    1.36
            Prob > F =    0.2436

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26870) =    1.04
            Prob > F =    0.3078

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    460,210    .2025771    .4019203          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    561,805    .2085759    .4062909          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    439,581    8.381709    5.257516          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    459,060    21.26903    7.893391          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    346,451     8.98784    5.382886          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    342,138    21.98012    7.846212          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     93,130    6.126855    4.028402          0         19

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    116,922    19.18824    7.659614          0         40

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.20 + _b[treated_post_ia3] *   8.38
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.21 + _b[treated_post_ia3] *  21.27

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0017331   .0005742    -3.02   0.003    -.0028584   -.0006077
       _nl_2 |  -.0004609   .0004525    -1.02   0.308    -.0013478    .0004261
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.99
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.98
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.13
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.19

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0017544   .0005885    -2.98   0.003    -.0029077    -.000601
       _nl_2 |  -.0004803   .0004968    -0.97   0.334    -.0014541    .0004935
       _nl_3 |  -.0016398   .0007686    -2.13   0.033    -.0031462   -.0001334
       _nl_4 |  -.0003628   .0006116    -0.59   0.553    -.0015614    .0008359
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   6.13
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  19.19
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *   8.99
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  21.98

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0021351   .0008699    -2.45   0.014    -.0038402     -.00043
       _nl_2 |  -.0014112   .0012201    -1.16   0.247    -.0038025    .0009801
       _nl_3 |  -.0018994   .0009117    -2.08   0.037    -.0036862   -.0001126
       _nl_4 |  -.0011755   .0011537    -1.02   0.308    -.0034368    .0010858
       _nl_5 |  -.0016398   .0007686    -2.13   0.033    -.0031462   -.0001334
       _nl_6 |  -.0003628   .0006116    -0.59   0.553    -.0015614    .0008359
       _nl_7 |  -.0017544   .0005885    -2.98   0.003    -.0029077    -.000601
       _nl_8 |  -.0004803   .0004968    -0.97   0.334    -.0014541    .0004935
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_whitec_noIQownfirm_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0776                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(86,26870)        =      6.61
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,871 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0021936   .0019888     1.10   0.270    -.0017046    .0060918
           treated_ia3 |    -.00007   .0000456    -1.54   0.125    -.0001594    .0000194
     treated_iasuorv_d |   .0007398   .0079832     0.09   0.926    -.0149078    .0163873
           treated_pre |   -.002134   .0008047    -2.65   0.008    -.0037112   -.0005568
       treated_pre_ia2 |   .0004013   .0006046     0.66   0.507    -.0007836    .0015863
       treated_pre_ia3 |   .0000761   .0000392     1.94   0.052    -7.98e-07     .000153
 treated_pre_iasuorv_d |   .0012454   .0009426     1.32   0.186    -.0006022     .003093
          treated_post |   -.002136   .0008648    -2.47   0.014     -.003831    -.000441
      treated_post_ia2 |   .0003168   .0006428     0.49   0.622    -.0009432    .0015769
      treated_post_ia3 |   .0000679   .0000409     1.66   0.097    -.0000123    .0001482
treated_post_iasuorv_d |   .0016086   .0010867     1.48   0.139    -.0005214    .0037386
             interact2 |  -.0030652   .0016386    -1.87   0.061    -.0062769    .0001465
             interact3 |   .0000741   .0000262     2.83   0.005     .0000227    .0001254
               suorv_d |   .0108375   .0055452     1.95   0.051    -.0000314    .0217064
                   l_0 |  -1.196829   .0808164   -14.81   0.000    -1.355233   -1.038425
                   l_1 |  -1.436806   .0969782   -14.82   0.000    -1.626888   -1.246724
                   l_2 |  -1.676531    .113153   -14.82   0.000    -1.898317   -1.454745
                   l_3 |  -1.915835    .129324   -14.81   0.000    -2.169317   -1.662353
                   l_4 |  -2.155234    .145489   -14.81   0.000      -2.4404   -1.870068
                   l_5 |  -2.394386   .1616567   -14.81   0.000    -2.711241    -2.07753
                   l_6 |  -2.633793   .1778242   -14.81   0.000    -2.982338   -2.285248
                   l_7 |  -2.873478   .1939917   -14.81   0.000    -3.253712   -2.493244
                   l_8 |  -3.112791   .2101606   -14.81   0.000    -3.524717   -2.700865
                   l_9 |  -3.352405   .2263264   -14.81   0.000    -3.796017   -2.908793
                  l_10 |  -3.591787   .2424936   -14.81   0.000    -4.067087   -3.116487
                   f_1 |  -.9583398   .0646599   -14.82   0.000    -1.085077    -.831603
                   f_2 |  -.7180649   .0484815   -14.81   0.000    -.8130911   -.6230387
                   f_3 |  -.4784277   .0323142   -14.81   0.000    -.5417652   -.4150901
                   f_4 |  -.2389566   .0161568   -14.79   0.000    -.2706249   -.2072884
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005135   .0001575     3.26   0.001     .0002049    .0008221
          _Ivuosi_1996 |   .0006734   .0001536     4.39   0.000     .0003724    .0009744
          _Ivuosi_1997 |   .0006268   .0001626     3.86   0.000     .0003081    .0009455
          _Ivuosi_1998 |   .0005682   .0001693     3.36   0.001     .0002364       .0009
          _Ivuosi_1999 |   .0002604   .0001469     1.77   0.076    -.0000276    .0005484
          _Ivuosi_2000 |   .0002803   .0001485     1.89   0.059    -.0000107    .0005713
          _Ivuosi_2001 |   .0005667   .0001441     3.93   0.000     .0002842    .0008492
          _Ivuosi_2002 |   .0004611    .000139     3.32   0.001     .0001887    .0007336
          _Ivuosi_2003 |   .0005955   .0001408     4.23   0.000     .0003194    .0008715
          _Ivuosi_2004 |    .000567   .0001363     4.16   0.000     .0002998    .0008342
          _Ivuosi_2005 |   .0009375   .0001715     5.47   0.000     .0006013    .0012736
          _Ivuosi_2006 |    .000604   .0001461     4.13   0.000     .0003176    .0008905
          _Ivuosi_2007 |   .0005191   .0001363     3.81   0.000     .0002519    .0007862
          _Ivuosi_2008 |   .0008641   .0001516     5.70   0.000      .000567    .0011612
          _Ivuosi_2009 |   .0003971   .0001135     3.50   0.000     .0001746    .0006197
          _Ivuosi_2010 |    .000065   .0001144     0.57   0.570    -.0001592    .0002892
          _Ivuosi_2011 |   .0002577   .0000856     3.01   0.003     .0000898    .0004256
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929772   .0149046    12.95   0.000     .1637633     .222191
             _Iage2_22 |   .4336246    .030805    14.08   0.000     .3732453     .494004
             _Iage2_23 |    .670685   .0468861    14.30   0.000     .5787857    .7625843
             _Iage2_24 |   .9081801   .0630248    14.41   0.000     .7846482    1.031712
             _Iage2_25 |   1.145439   .0791826    14.47   0.000     .9902365    1.300641
             _Iage2_26 |   1.384485   .0953438    14.52   0.000     1.197607    1.571364
             _Iage2_27 |   1.623308    .111503    14.56   0.000     1.404756     1.84186
             _Iage2_28 |   1.862078   .1276509    14.59   0.000     1.611876    2.112281
             _Iage2_29 |   2.101582   .1438036    14.61   0.000      1.81972    2.383445
             _Iage2_30 |   2.341005   .1599647    14.63   0.000     2.027466    2.654544
             _Iage2_31 |    2.57998   .1761235    14.65   0.000     2.234769    2.925192
             _Iage2_32 |   2.819502    .192285    14.66   0.000     2.442614    3.196391
             _Iage2_33 |    3.05866    .208447    14.67   0.000     2.650093    3.467228
             _Iage2_34 |   3.298093   .2246166    14.68   0.000     2.857833    3.738353
             _Iage2_35 |   3.537492   .2407774    14.69   0.000     3.065556    4.009429
             _Iage2_36 |   3.776916   .2569409    14.70   0.000     3.273299    4.280534
             _Iage2_37 |   4.016292   .2731063    14.71   0.000     3.480989    4.551594
             _Iage2_38 |   4.255633   .2892732    14.71   0.000     3.688642    4.822624
             _Iage2_39 |   4.495204   .3054396    14.72   0.000     3.896527    5.093882
             _Iage2_40 |   4.734755   .3216041    14.72   0.000     4.104394    5.365116
             _Iage2_41 |   4.974067    .337771    14.73   0.000     4.312018    5.636116
             _Iage2_42 |   5.213513   .3539399    14.73   0.000     4.519772    5.907254
             _Iage2_43 |   5.452817   .3701043    14.73   0.000     4.727393    6.178241
             _Iage2_44 |   5.692239   .3862716    14.74   0.000     4.935126    6.449351
             _Iage2_45 |   5.931752   .4024362    14.74   0.000     5.142956    6.720548
             _Iage2_46 |   6.170903   .4186031    14.74   0.000     5.350419    6.991387
             _Iage2_47 |   6.410324   .4347699    14.74   0.000     5.558152    7.262495
             _Iage2_48 |   6.649866   .4509366    14.75   0.000     5.766007    7.533726
             _Iage2_49 |   6.889228   .4671029    14.75   0.000     5.973682    7.804775
             _Iage2_50 |   7.128695   .4832698    14.75   0.000     6.181461     8.07593
             _Iage2_51 |   7.368103   .4994378    14.75   0.000     6.389179    8.347028
             _Iage2_52 |   7.607536   .5156053    14.75   0.000     6.596922    8.618149
             _Iage2_53 |   7.846997   .5317735    14.76   0.000     6.804693    8.889301
             _Iage2_54 |   8.086404   .5479412    14.76   0.000      7.01241    9.160397
             _Iage2_55 |   8.325845   .5641091    14.76   0.000     7.220162    9.431528
             _Iage2_56 |   8.565446   .5802756    14.76   0.000     7.428076    9.702817
             _Iage2_57 |    8.80488   .5964452    14.76   0.000     7.635816    9.973944
             _Iage2_58 |    9.04418   .6126149    14.76   0.000     7.843423    10.24494
             _Iage2_59 |   9.283276   .6287806    14.76   0.000     8.050833    10.51572
         firm_size_new |    .000428   .0002537     1.69   0.092    -.0000693    .0009253
                 _cons |  -3.766117   .2562884   -14.69   0.000    -4.268456   -3.263778
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4531946
               sigma_e |  .02292759
                   rho |  .99991266   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26870) =    3.97
            Prob > F =    0.0464

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26870) =    6.21
            Prob > F =    0.0127

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26870) =    3.94
            Prob > F =    0.0473

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26870) =    4.11
            Prob > F =    0.0427

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26870) =    7.13
            Prob > F =    0.0076

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26870) =    4.03
            Prob > F =    0.0446
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0776                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(89,26870)        =      6.41
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,871 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.000362   .0006828    -0.53   0.596    -.0017003    .0009763
           treated_ia2 |   .0022343   .0019981     1.12   0.263    -.0016821    .0061507
           treated_ia3 |  -.0000533   .0000547    -0.98   0.329    -.0001605    .0000538
     treated_iasuorv_d |   .0011983   .0081714     0.15   0.883    -.0148181    .0172148
           treated_pre |  -.0021173   .0008052    -2.63   0.009    -.0036955    -.000539
  treated_pre_iasenior |   .0003803   .0006933     0.55   0.583    -.0009785    .0017391
       treated_pre_ia2 |   .0003565   .0006168     0.58   0.563    -.0008525    .0015655
       treated_pre_ia3 |   .0000618   .0000466     1.33   0.185    -.0000295    .0001531
 treated_pre_iasuorv_d |   .0009225   .0013947     0.66   0.508    -.0018112    .0036561
          treated_post |  -.0021351   .0008699    -2.45   0.014    -.0038402     -.00043
 treated_post_iasenior |   .0007239   .0007188     1.01   0.314    -.0006849    .0021328
      treated_post_ia2 |   .0002357   .0006581     0.36   0.720    -.0010543    .0015257
      treated_post_ia3 |   .0000424   .0000508     0.83   0.405    -.0000573     .000142
treated_post_iasuorv_d |   .0010167   .0015152     0.67   0.502    -.0019532    .0039865
                senior |   9.282646   .6287754    14.76   0.000     8.050213    10.51508
             interact2 |   -.003057   .0016396    -1.86   0.062    -.0062707    .0001567
             interact3 |   .0000771   .0000268     2.88   0.004     .0000246    .0001296
               suorv_d |   .0108408   .0055452     1.96   0.051     -.000028    .0217097
                   l_0 |  -1.196745   .0808157   -14.81   0.000    -1.355148   -1.038342
                   l_1 |   -1.43671   .0969774   -14.81   0.000    -1.626791   -1.246629
                   l_2 |  -1.676423    .113152   -14.82   0.000    -1.898206   -1.454639
                   l_3 |  -1.915714   .1293229   -14.81   0.000    -2.169193   -1.662234
                   l_4 |  -2.155099   .1454878   -14.81   0.000    -2.440263   -1.869936
                   l_5 |  -2.394237   .1616553   -14.81   0.000     -2.71109   -2.077384
                   l_6 |   -2.63363   .1778226   -14.81   0.000    -2.982172   -2.285089
                   l_7 |    -2.8733     .19399   -14.81   0.000    -3.253531    -2.49307
                   l_8 |  -3.112599   .2101587   -14.81   0.000    -3.524521   -2.700677
                   l_9 |  -3.352199   .2263244   -14.81   0.000    -3.795806   -2.908591
                  l_10 |  -3.591566   .2424914   -14.81   0.000    -4.066862   -3.116271
                   f_1 |  -.9582798   .0646593   -14.82   0.000    -1.085015   -.8315441
                   f_2 |  -.7180177    .048481   -14.81   0.000    -.8130431   -.6229923
                   f_3 |  -.4783935   .0323139   -14.80   0.000    -.5417306   -.4150565
                   f_4 |  -.2389361   .0161567   -14.79   0.000    -.2706041   -.2072681
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005122   .0001575     3.25   0.001     .0002034    .0008209
          _Ivuosi_1996 |   .0006723   .0001536     4.38   0.000     .0003713    .0009733
          _Ivuosi_1997 |   .0006262   .0001625     3.85   0.000     .0003076    .0009448
          _Ivuosi_1998 |   .0005663   .0001693     3.34   0.001     .0002344    .0008981
          _Ivuosi_1999 |   .0002583   .0001468     1.76   0.079    -.0000295    .0005461
          _Ivuosi_2000 |   .0002785   .0001483     1.88   0.060    -.0000121    .0005692
          _Ivuosi_2001 |    .000565    .000144     3.92   0.000     .0002826    .0008473
          _Ivuosi_2002 |   .0004592   .0001389     3.31   0.001     .0001869    .0007314
          _Ivuosi_2003 |   .0005935   .0001409     4.21   0.000     .0003173    .0008697
          _Ivuosi_2004 |   .0005652   .0001364     4.14   0.000     .0002979    .0008324
          _Ivuosi_2005 |   .0009383   .0001715     5.47   0.000     .0006021    .0012744
          _Ivuosi_2006 |   .0006043   .0001461     4.14   0.000     .0003179    .0008906
          _Ivuosi_2007 |   .0005197   .0001363     3.81   0.000     .0002525     .000787
          _Ivuosi_2008 |   .0008655   .0001516     5.71   0.000     .0005684    .0011626
          _Ivuosi_2009 |   .0003984   .0001135     3.51   0.000      .000176    .0006209
          _Ivuosi_2010 |   .0000653   .0001143     0.57   0.568    -.0001589    .0002894
          _Ivuosi_2011 |   .0002582   .0000856     3.01   0.003     .0000903    .0004261
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929673   .0149043    12.95   0.000      .163754    .2221806
             _Iage2_22 |   .4336036   .0308046    14.08   0.000     .3732249    .4939823
             _Iage2_23 |   .6706539   .0468855    14.30   0.000     .5787558     .762552
             _Iage2_24 |   .9081402   .0630241    14.41   0.000     .7846097    1.031671
             _Iage2_25 |   1.145389   .0791817    14.47   0.000     .9901888    1.300589
             _Iage2_26 |   1.384427   .0953428    14.52   0.000      1.19755    1.571304
             _Iage2_27 |    1.62324   .1115019    14.56   0.000     1.404691     1.84179
             _Iage2_28 |   1.862002   .1276497    14.59   0.000     1.611802    2.112202
             _Iage2_29 |   2.101498   .1438023    14.61   0.000     1.819638    2.383358
             _Iage2_30 |   2.340913   .1599632    14.63   0.000     2.027376    2.654449
             _Iage2_31 |   2.579881    .176122    14.65   0.000     2.234673    2.925089
             _Iage2_32 |   2.819396   .1922834    14.66   0.000     2.442511    3.196282
             _Iage2_33 |   3.058548   .2084453    14.67   0.000     2.649985    3.467112
             _Iage2_34 |   3.297975   .2246147    14.68   0.000     2.857719    3.738232
             _Iage2_35 |   3.537369   .2407755    14.69   0.000     3.065436    4.009302
             _Iage2_36 |   3.776788   .2569389    14.70   0.000     3.273174    4.280401
             _Iage2_37 |   4.016158   .2731042    14.71   0.000     3.480859    4.551456
             _Iage2_38 |   4.255493    .289271    14.71   0.000     3.688507     4.82248
             _Iage2_39 |   4.495057   .3054372    14.72   0.000     3.896384     5.09373
             _Iage2_40 |   4.734598   .3216016    14.72   0.000     4.104242    5.364954
             _Iage2_41 |  -4.308871   .2910199   -14.81   0.000    -4.879286   -3.738457
             _Iage2_42 |  -4.069442   .2748499   -14.81   0.000    -4.608162   -3.530722
             _Iage2_43 |  -3.830157   .2586844   -14.81   0.000    -4.337192   -3.323122
             _Iage2_44 |  -3.590756   .2425161   -14.81   0.000      -4.0661   -3.115412
             _Iage2_45 |  -3.351264   .2263508   -14.81   0.000    -3.794923   -2.907605
             _Iage2_46 |  -3.112134   .2101831   -14.81   0.000    -3.524104   -2.700164
             _Iage2_47 |  -2.872735   .1940157   -14.81   0.000    -3.253016   -2.492454
             _Iage2_48 |  -2.633213   .1778483   -14.81   0.000    -2.981805   -2.284621
             _Iage2_49 |  -2.393871   .1616814   -14.81   0.000    -2.710775   -2.076967
             _Iage2_50 |  -2.154424    .145514   -14.81   0.000    -2.439639   -1.869209
             _Iage2_51 |  -1.915035   .1293456   -14.81   0.000    -2.168559   -1.661511
             _Iage2_52 |  -1.675621   .1131777   -14.81   0.000    -1.897455   -1.453787
             _Iage2_53 |  -1.436178   .0970091   -14.80   0.000    -1.626321   -1.246035
             _Iage2_54 |  -1.196789    .080841   -14.80   0.000    -1.355241   -1.038336
             _Iage2_55 |  -.9573659   .0646728   -14.80   0.000    -1.084128   -.8306037
             _Iage2_56 |  -.7177812   .0485061   -14.80   0.000    -.8128557   -.6227068
             _Iage2_57 |   -.478364   .0323363   -14.79   0.000    -.5417448   -.4149833
             _Iage2_58 |  -.2390798   .0161663   -14.79   0.000    -.2707665   -.2073931
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0004246   .0002538     1.67   0.094    -.0000728     .000922
                 _cons |  -3.765987   .2562862   -14.69   0.000    -4.268322   -3.263653
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4530607
               sigma_e |  .02292757
                   rho |  .99991265   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26870) =    0.94
            Prob > F =    0.4632

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26870) =    0.87
            Prob > F =    0.4800

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26870) =    0.94
            Prob > F =    0.3910

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26870) =    0.36
            Prob > F =    0.6942

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26870) =    1.34
            Prob > F =    0.2474

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26870) =    4.34
            Prob > F =    0.0372

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26870) =    6.34
            Prob > F =    0.0118

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26870) =    1.04
            Prob > F =    0.3083

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26870) =    1.36
            Prob > F =    0.2436

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26870) =    1.04
            Prob > F =    0.3078
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1021158
Group variable: shnro_real                      Number of groups   =    158068

R-sq:  within  = 0.0773                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(74,26862)        =      7.44
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 26,863 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0009859   .0003726    -2.65   0.008    -.0017162   -.0002556
 treated_post |  -.0010336   .0003784    -2.73   0.006    -.0017752    -.000292
          l_0 |  -1.203201    .081155   -14.83   0.000    -1.362269   -1.044133
          l_1 |  -1.444451   .0973839   -14.83   0.000    -1.635328   -1.253573
          l_2 |  -1.685446   .1136259   -14.83   0.000    -1.908159   -1.462734
          l_3 |  -1.926016   .1298641   -14.83   0.000    -2.180557   -1.671476
          l_4 |   -2.16668   .1460962   -14.83   0.000    -2.453036   -1.880324
          l_5 |  -2.407099   .1623308   -14.83   0.000    -2.725276   -2.088922
          l_6 |  -2.647774   .1785653   -14.83   0.000    -2.997772   -2.297777
          l_7 |  -2.888748   .1947996   -14.83   0.000    -3.270565    -2.50693
          l_8 |   -3.12929   .2110355   -14.83   0.000    -3.542931    -2.71565
          l_9 |  -3.370167   .2272683   -14.83   0.000    -3.815625   -2.924709
         l_10 |  -3.610809   .2435026   -14.83   0.000    -4.088087   -3.133532
          f_1 |    -.96343   .0649297   -14.84   0.000    -1.090696   -.8361644
          f_2 |  -.7218849   .0486839   -14.83   0.000    -.8173079   -.6264619
          f_3 |  -.4809754   .0324495   -14.82   0.000    -.5445781   -.4173726
          f_4 |  -.2402391   .0162258   -14.81   0.000    -.2720426   -.2084357
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0005142   .0001564     3.29   0.001     .0002077    .0008207
 _Ivuosi_1996 |   .0006705   .0001528     4.39   0.000      .000371      .00097
 _Ivuosi_1997 |   .0006283   .0001624     3.87   0.000     .0003101    .0009465
 _Ivuosi_1998 |   .0005647   .0001682     3.36   0.001      .000235    .0008944
 _Ivuosi_1999 |   .0002569   .0001458     1.76   0.078    -.0000288    .0005427
 _Ivuosi_2000 |   .0002749   .0001477     1.86   0.063    -.0000145    .0005644
 _Ivuosi_2001 |   .0005646    .000144     3.92   0.000     .0002823    .0008469
 _Ivuosi_2002 |   .0004738    .000141     3.36   0.001     .0001974    .0007501
 _Ivuosi_2003 |    .000608   .0001411     4.31   0.000     .0003315    .0008845
 _Ivuosi_2004 |   .0005837   .0001372     4.25   0.000     .0003148    .0008526
 _Ivuosi_2005 |   .0009493   .0001693     5.61   0.000     .0006175    .0012812
 _Ivuosi_2006 |   .0006132   .0001447     4.24   0.000     .0003295    .0008968
 _Ivuosi_2007 |   .0005321    .000136     3.91   0.000     .0002655    .0007988
 _Ivuosi_2008 |   .0008661   .0001519     5.70   0.000     .0005683    .0011639
 _Ivuosi_2009 |      .0004   .0001136     3.52   0.000     .0001774    .0006226
 _Ivuosi_2010 |   .0000574   .0001141     0.50   0.615    -.0001662     .000281
 _Ivuosi_2011 |   .0002564   .0000855     3.00   0.003     .0000888     .000424
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .1939069    .014952    12.97   0.000     .1646002    .2232137
    _Iage2_22 |   .4357408   .0309153    14.09   0.000     .3751452    .4963365
    _Iage2_23 |   .6740305   .0470646    14.32   0.000     .5817814    .7662796
    _Iage2_24 |   .9127715   .0632704    14.43   0.000     .7887582    1.036785
    _Iage2_25 |   1.151225   .0794928    14.48   0.000     .9954144    1.307035
    _Iage2_26 |   1.391503   .0957202    14.54   0.000     1.203887     1.57912
    _Iage2_27 |   1.631569    .111946    14.57   0.000     1.412149    1.850988
    _Iage2_28 |   1.871611   .1281615    14.60   0.000     1.620408    2.122814
    _Iage2_29 |   2.112407   .1443814    14.63   0.000     1.829412    2.395402
    _Iage2_30 |   2.353121   .1606095    14.65   0.000     2.038318    2.667924
    _Iage2_31 |   2.593399   .1768356    14.67   0.000     2.246792    2.940006
    _Iage2_32 |   2.834229   .1930643    14.68   0.000     2.455813    3.212645
    _Iage2_33 |   3.074694   .2092932    14.69   0.000     2.664469     3.48492
    _Iage2_34 |    3.31544   .2255298    14.70   0.000      2.87339     3.75749
    _Iage2_35 |    3.55615   .2417577    14.71   0.000     3.082293    4.030008
    _Iage2_36 |   3.796888    .257988    14.72   0.000     3.291218    4.302558
    _Iage2_37 |    4.03758   .2742203    14.72   0.000     3.500093    4.575066
    _Iage2_38 |   4.278238    .290454    14.73   0.000     3.708933    4.847543
    _Iage2_39 |   4.519122   .3066872    14.74   0.000     3.917999    5.120245
    _Iage2_40 |    4.75999   .3229184    14.74   0.000     4.127053    5.392927
    _Iage2_41 |   5.000611   .3391521    14.74   0.000     4.335855    5.665367
    _Iage2_42 |   5.241379   .3553878    14.75   0.000       4.5448    5.937957
    _Iage2_43 |    5.48198   .3716189    14.75   0.000     4.753587    6.210372
    _Iage2_44 |   5.722743   .3878528    14.75   0.000     4.962531    6.482954
    _Iage2_45 |   5.963576   .4040839    14.76   0.000     5.171551    6.755602
    _Iage2_46 |    6.20405   .4203173    14.76   0.000     5.380206    7.027894
    _Iage2_47 |    6.44479   .4365506    14.76   0.000     5.589128    7.300452
    _Iage2_48 |   6.685657   .4527839    14.77   0.000     5.798176    7.573137
    _Iage2_49 |   6.926335   .4690164    14.77   0.000     6.007039    7.845632
    _Iage2_50 |   7.167117   .4852496    14.77   0.000     6.216003    8.118232
    _Iage2_51 |   7.407849   .5014841    14.77   0.000     6.424914    8.390784
    _Iage2_52 |   7.648595   .5177179    14.77   0.000     6.633841    8.663349
    _Iage2_53 |   7.889374   .5339522    14.78   0.000       6.8428    8.935948
    _Iage2_54 |   8.130097   .5501861    14.78   0.000     7.051704    9.208491
    _Iage2_55 |   8.370864   .5664202    14.78   0.000     7.260651    9.481077
    _Iage2_56 |   8.611778   .5826529    14.78   0.000     7.469748    9.753808
    _Iage2_57 |   8.852522   .5988885    14.78   0.000     7.678669    10.02637
    _Iage2_58 |   9.093134   .6151242    14.78   0.000     7.887458    10.29881
    _Iage2_59 |   9.333545   .6313557    14.78   0.000     8.096055    10.57104
firm_size_new |    .000641   .0007593     0.84   0.399    -.0008473    .0021293
        _cons |  -3.786072   .2573828   -14.71   0.000    -4.290555   -3.281588
--------------+----------------------------------------------------------------
      sigma_u |  2.4649472
      sigma_e |  .02292195
          rho |  .99991353   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1021158
Group variable: shnro_real                      Number of groups   =    158068

R-sq:  within  = 0.0776                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(82,26862)        =      6.88
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,863 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -.0000808   .0000461    -1.75   0.080    -.0001712    9.68e-06
     treated_iasuorv_d |    .000798   .0079716     0.10   0.920    -.0148267    .0164228
           treated_pre |  -.0019889   .0007738    -2.57   0.010    -.0035056   -.0004721
       treated_pre_ia3 |   .0000737   .0000392     1.88   0.060    -3.05e-06    .0001505
 treated_pre_iasuorv_d |   .0011625   .0009245     1.26   0.209    -.0006496    .0029746
          treated_post |  -.0019364   .0008286    -2.34   0.019    -.0035605   -.0003124
      treated_post_ia3 |    .000065   .0000408     1.59   0.112    -.0000151     .000145
treated_post_iasuorv_d |   .0015719   .0010578     1.49   0.137    -.0005014    .0036452
             interact3 |    .000101   .0000262     3.85   0.000     .0000496    .0001524
               suorv_d |   .0108978   .0055439     1.97   0.049     .0000313    .0217642
                   l_0 |  -1.196736   .0808064   -14.81   0.000    -1.355121   -1.038351
                   l_1 |  -1.436682   .0969663   -14.82   0.000    -1.626741   -1.246623
                   l_2 |  -1.676376   .1131391   -14.82   0.000    -1.898135   -1.454618
                   l_3 |  -1.915647   .1293083   -14.81   0.000    -2.169098   -1.662196
                   l_4 |  -2.155013   .1454714   -14.81   0.000    -2.440144   -1.869881
                   l_5 |  -2.394135   .1616372   -14.81   0.000    -2.710953   -2.077318
                   l_6 |   -2.63351   .1778027   -14.81   0.000    -2.982013   -2.285008
                   l_7 |   -2.87319   .1939682   -14.81   0.000    -3.253378   -2.493002
                   l_8 |  -3.112433   .2101352   -14.81   0.000    -3.524309   -2.700557
                   l_9 |   -3.35201   .2262992   -14.81   0.000    -3.795568   -2.908452
                  l_10 |  -3.591356   .2424644   -14.81   0.000    -4.066599   -3.116113
                   f_1 |  -.9582376    .064652   -14.82   0.000    -1.084959   -.8315163
                   f_2 |  -.7179935   .0484756   -14.81   0.000    -.8130082   -.6229789
                   f_3 |  -.4783862   .0323103   -14.81   0.000     -.541716   -.4150563
                   f_4 |  -.2389466   .0161549   -14.79   0.000     -.270611   -.2072823
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005218   .0001578     3.31   0.001     .0002125    .0008312
          _Ivuosi_1996 |   .0006822   .0001537     4.44   0.000     .0003811    .0009834
          _Ivuosi_1997 |   .0006353   .0001629     3.90   0.000      .000316    .0009546
          _Ivuosi_1998 |   .0005767   .0001697     3.40   0.001     .0002441    .0009093
          _Ivuosi_1999 |   .0002695   .0001471     1.83   0.067    -.0000188    .0005578
          _Ivuosi_2000 |   .0002904    .000149     1.95   0.051    -1.64e-06    .0005824
          _Ivuosi_2001 |   .0005719   .0001447     3.95   0.000     .0002882    .0008555
          _Ivuosi_2002 |   .0004813   .0001418     3.39   0.001     .0002034    .0007593
          _Ivuosi_2003 |   .0006135   .0001415     4.34   0.000     .0003362    .0008908
          _Ivuosi_2004 |    .000585   .0001368     4.28   0.000     .0003168    .0008532
          _Ivuosi_2005 |   .0009565   .0001716     5.57   0.000     .0006201    .0012929
          _Ivuosi_2006 |    .000617   .0001461     4.22   0.000     .0003305    .0009034
          _Ivuosi_2007 |    .000532   .0001371     3.88   0.000     .0002634    .0008007
          _Ivuosi_2008 |   .0008694   .0001521     5.72   0.000     .0005713    .0011675
          _Ivuosi_2009 |   .0004036   .0001134     3.56   0.000     .0001813    .0006259
          _Ivuosi_2010 |   .0000681   .0001143     0.60   0.551    -.0001559     .000292
          _Ivuosi_2011 |     .00026   .0000857     3.04   0.002     .0000921    .0004279
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .192892   .0149025    12.94   0.000     .1636822    .2221017
             _Iage2_22 |   .4334916   .0308005    14.07   0.000      .373121    .4938621
             _Iage2_23 |   .6705118   .0468796    14.30   0.000     .5786254    .7623983
             _Iage2_24 |   .9079662   .0630165    14.41   0.000     .7844505    1.031482
             _Iage2_25 |   1.145153   .0791724    14.46   0.000     .9899712    1.300335
             _Iage2_26 |   1.384125   .0953315    14.52   0.000      1.19727     1.57098
             _Iage2_27 |   1.622869   .1114887    14.56   0.000     1.404345    1.841393
             _Iage2_28 |    1.86157   .1276346    14.59   0.000     1.611399     2.11174
             _Iage2_29 |    2.10101   .1437853    14.61   0.000     1.819183    2.382837
             _Iage2_30 |   2.340376   .1599443    14.63   0.000     2.026877    2.653875
             _Iage2_31 |   2.579293   .1761011    14.65   0.000     2.234126    2.924461
             _Iage2_32 |   2.818761   .1922606    14.66   0.000      2.44192    3.195602
             _Iage2_33 |   3.057866   .2084206    14.67   0.000     2.649351    3.466382
             _Iage2_34 |   3.297249   .2245882    14.68   0.000     2.857044    3.737453
             _Iage2_35 |   3.536598   .2407471    14.69   0.000     3.064721    4.008475
             _Iage2_36 |   3.775972   .2569086    14.70   0.000     3.272417    4.279526
             _Iage2_37 |   4.015302    .273072    14.70   0.000     3.480067    4.550538
             _Iage2_38 |   4.254593   .2892368    14.71   0.000     3.687673    4.821512
             _Iage2_39 |   4.494114   .3054012    14.72   0.000     3.895512    5.092717
             _Iage2_40 |   4.733613   .3215638    14.72   0.000     4.103331    5.363895
             _Iage2_41 |   4.972867   .3377288    14.72   0.000     4.310901    5.634833
             _Iage2_42 |   5.212261   .3538956    14.73   0.000     4.518607    5.905915
             _Iage2_43 |   5.451491   .3700581    14.73   0.000     4.726157    6.176824
             _Iage2_44 |   5.690888   .3862234    14.73   0.000      4.93387    6.447906
             _Iage2_45 |   5.930352   .4023859    14.74   0.000     5.141655     6.71905
             _Iage2_46 |   6.169455   .4185509    14.74   0.000     5.349073    6.989836
             _Iage2_47 |   6.408826   .4347157    14.74   0.000     5.556761    7.260891
             _Iage2_48 |    6.64832   .4508804    14.75   0.000     5.764571     7.53207
             _Iage2_49 |   6.887635   .4670447    14.75   0.000     5.972203    7.803067
             _Iage2_50 |   7.127054   .4832097    14.75   0.000     6.179938     8.07417
             _Iage2_51 |   7.366415   .4993756    14.75   0.000     6.387612    8.345217
             _Iage2_52 |   7.605801   .5155411    14.75   0.000     6.595314    8.616289
             _Iage2_53 |   7.845218   .5317073    14.75   0.000     6.803044    8.887392
             _Iage2_54 |    8.08458    .547873    14.76   0.000      7.01072    9.158439
             _Iage2_55 |   8.323978   .5640388    14.76   0.000     7.218432    9.429524
             _Iage2_56 |   8.563535   .5802034    14.76   0.000     7.426306    9.700764
             _Iage2_57 |   8.802925   .5963709    14.76   0.000     7.634007    9.971843
             _Iage2_58 |   9.042183   .6125386    14.76   0.000     7.841575    10.24279
             _Iage2_59 |   9.281235   .6287021    14.76   0.000     8.048946    10.51352
         firm_size_new |   .0006269   .0007605     0.82   0.410    -.0008636    .0021175
                 _cons |  -3.766958   .2563346   -14.70   0.000    -4.269387   -3.264529
-----------------------+----------------------------------------------------------------
               sigma_u |   2.452658
               sigma_e |  .02291745
                   rho |   .9999127   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26862) =    5.57
            Prob > F =    0.0183

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26862) =    6.71
            Prob > F =    0.0096
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1021158
Group variable: shnro_real                      Number of groups   =    158068

R-sq:  within  = 0.0773                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(79,26862)        =      7.06
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 26,863 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0019536   .0006913    -2.83   0.005    -.0033086   -.0005987
          treated_pre |  -.0019344   .0006416    -3.01   0.003     -.003192   -.0006768
 treated_pre_iasenior |   .0019442   .0007243     2.68   0.007     .0005246    .0033637
         treated_post |  -.0022201   .0006672    -3.33   0.001    -.0035279   -.0009123
treated_post_iasenior |    .002344   .0007465     3.14   0.002     .0008807    .0038073
               senior |          0  (omitted)
         pre_iasenior |   -.001007   .0005158    -1.95   0.051    -.0020179    3.93e-06
        post_iasenior |  -.0013575   .0005608    -2.42   0.016    -.0024568   -.0002582
                  l_0 |  -1.202601   .0811354   -14.82   0.000     -1.36163   -1.043571
                  l_1 |   -1.44386   .0973632   -14.83   0.000    -1.634697   -1.253023
                  l_2 |  -1.684867   .1136043   -14.83   0.000    -1.907537   -1.462196
                  l_3 |  -1.925448   .1298415   -14.83   0.000    -2.179944   -1.670952
                  l_4 |  -2.166124   .1460729   -14.83   0.000    -2.452435   -1.879814
                  l_5 |  -2.406556   .1623067   -14.83   0.000    -2.724685   -2.088426
                  l_6 |  -2.647245   .1785405   -14.83   0.000    -2.997194   -2.297296
                  l_7 |  -2.888231   .1947742   -14.83   0.000    -3.269999   -2.506464
                  l_8 |  -3.128789   .2110095   -14.83   0.000    -3.542378   -2.715199
                  l_9 |  -3.369681   .2272417   -14.83   0.000    -3.815086   -2.924275
                 l_10 |  -3.610338   .2434754   -14.83   0.000    -4.087562   -3.133113
                  f_1 |    -.96301    .064914   -14.84   0.000    -1.090245   -.8357751
                  f_2 |  -.7214521   .0486694   -14.82   0.000    -.8168467   -.6260575
                  f_3 |   -.480529   .0324364   -14.81   0.000    -.5441059    -.416952
                  f_4 |  -.2397788   .0162153   -14.79   0.000    -.2715616    -.207996
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0005117   .0001562     3.28   0.001     .0002055    .0008179
         _Ivuosi_1996 |   .0006688   .0001528     4.38   0.000     .0003693    .0009684
         _Ivuosi_1997 |   .0006246   .0001623     3.85   0.000     .0003065    .0009428
         _Ivuosi_1998 |   .0005628   .0001683     3.34   0.001      .000233    .0008926
         _Ivuosi_1999 |   .0002537   .0001458     1.74   0.082    -.0000322    .0005395
         _Ivuosi_2000 |   .0002718   .0001475     1.84   0.065    -.0000173    .0005608
         _Ivuosi_2001 |   .0005587    .000144     3.88   0.000     .0002764     .000841
         _Ivuosi_2002 |   .0004681   .0001408     3.32   0.001     .0001921    .0007441
         _Ivuosi_2003 |   .0006038   .0001408     4.29   0.000     .0003278    .0008798
         _Ivuosi_2004 |   .0005801   .0001371     4.23   0.000     .0003114    .0008489
         _Ivuosi_2005 |   .0009462   .0001692     5.59   0.000     .0006145    .0012779
         _Ivuosi_2006 |   .0006113   .0001447     4.22   0.000     .0003276     .000895
         _Ivuosi_2007 |   .0005296   .0001361     3.89   0.000     .0002629    .0007964
         _Ivuosi_2008 |   .0008631   .0001521     5.68   0.000     .0005651    .0011612
         _Ivuosi_2009 |   .0003976   .0001137     3.50   0.000     .0001747    .0006205
         _Ivuosi_2010 |   .0000561   .0001141     0.49   0.623    -.0001676    .0002797
         _Ivuosi_2011 |   .0002559   .0000855     2.99   0.003     .0000882    .0004236
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .1939001   .0149504    12.97   0.000     .1645966    .2232036
            _Iage2_22 |   .4357249   .0309123    14.10   0.000     .3751352    .4963145
            _Iage2_23 |   .6740078   .0470599    14.32   0.000      .581768    .7662477
            _Iage2_24 |   .9127382   .0632638    14.43   0.000     .7887378    1.036739
            _Iage2_25 |   1.151188   .0794847    14.48   0.000     .9953937    1.306982
            _Iage2_26 |   1.391468   .0957104    14.54   0.000     1.203871    1.579065
            _Iage2_27 |   1.631536   .1119345    14.58   0.000     1.412138    1.850933
            _Iage2_28 |   1.871582   .1281484    14.60   0.000     1.620405     2.12276
            _Iage2_29 |   2.112383   .1443668    14.63   0.000     1.829416    2.395349
            _Iage2_30 |   2.353103   .1605935    14.65   0.000     2.038332    2.667875
            _Iage2_31 |   2.593387   .1768181    14.67   0.000     2.246815     2.93996
            _Iage2_32 |   2.834224   .1930453    14.68   0.000     2.455845    3.212603
            _Iage2_33 |   3.074697   .2092728    14.69   0.000     2.664511    3.484883
            _Iage2_34 |   3.315448    .225508    14.70   0.000     2.873441    3.757456
            _Iage2_35 |   3.556164   .2417345    14.71   0.000     3.082351    4.029976
            _Iage2_36 |   3.796909   .2579635    14.72   0.000     3.291287     4.30253
            _Iage2_37 |   4.037607   .2741945    14.73   0.000     3.500172    4.575043
            _Iage2_38 |   4.278273   .2904269    14.73   0.000     3.709021    4.847525
            _Iage2_39 |   4.519165   .3066589    14.74   0.000     3.918098    5.120233
            _Iage2_40 |   4.760043   .3228891    14.74   0.000     4.127163    5.392922
            _Iage2_41 |   5.001788   .3391549    14.75   0.000     4.337026    5.666549
            _Iage2_42 |   5.242569   .3553899    14.75   0.000     4.545986    5.939152
            _Iage2_43 |   5.483185   .3716206    14.75   0.000      4.75479    6.211581
            _Iage2_44 |   5.723965   .3878541    14.76   0.000      4.96375    6.484179
            _Iage2_45 |   5.964816   .4040849    14.76   0.000     5.172788    6.756843
            _Iage2_46 |   6.205305   .4203181    14.76   0.000      5.38146    7.029151
            _Iage2_47 |   6.446064   .4365512    14.77   0.000     5.590401    7.301727
            _Iage2_48 |   6.686947   .4527842    14.77   0.000     5.799467    7.574428
            _Iage2_49 |   6.927644   .4690166    14.77   0.000     6.008347    7.846941
            _Iage2_50 |   7.168446   .4852496    14.77   0.000     6.217331     8.11956
            _Iage2_51 |   7.409194   .5014839    14.77   0.000     6.426259    8.392128
            _Iage2_52 |   7.649957   .5177175    14.78   0.000     6.635203     8.66471
            _Iage2_53 |   7.890754   .5339517    14.78   0.000     6.844181    8.937327
            _Iage2_54 |   8.131495   .5501854    14.78   0.000     7.053102    9.209887
            _Iage2_55 |   8.372277   .5664194    14.78   0.000     7.262065    9.482489
            _Iage2_56 |   8.613208   .5826519    14.78   0.000      7.47118    9.755237
            _Iage2_57 |   8.853972   .5988873    14.78   0.000     7.680121    10.02782
            _Iage2_58 |   9.094602   .6151229    14.79   0.000     7.888929    10.30028
            _Iage2_59 |   9.335035   .6313544    14.79   0.000     8.097547    10.57252
        firm_size_new |   .0006301   .0007602     0.83   0.407    -.0008599    .0021201
                _cons |  -3.786116   .2573665   -14.71   0.000    -4.290567   -3.281664
----------------------+----------------------------------------------------------------
              sigma_u |  2.4650561
              sigma_e |  .02292175
                  rho |  .99991354   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26862) =    0.12
            Prob > F =    0.7289

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 26862) =    0.00
            Prob > F =    0.9776
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1021158
Group variable: shnro_real                      Number of groups   =    158068

R-sq:  within  = 0.0777                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(86,26862)        =      6.59
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,863 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0021873   .0019926     1.10   0.272    -.0017184     .006093
           treated_ia3 |  -.0000713   .0000457    -1.56   0.119     -.000161    .0000183
     treated_iasuorv_d |   .0007293   .0079831     0.09   0.927    -.0149179    .0163766
           treated_pre |  -.0021351   .0008047    -2.65   0.008    -.0037123   -.0005579
       treated_pre_ia2 |   .0004037   .0006043     0.67   0.504    -.0007807    .0015882
       treated_pre_ia3 |   .0000763   .0000392     1.94   0.052    -6.58e-07    .0001532
 treated_pre_iasuorv_d |   .0012468   .0009427     1.32   0.186    -.0006009    .0030944
          treated_post |  -.0021421    .000865    -2.48   0.013    -.0038376   -.0004467
      treated_post_ia2 |   .0003247   .0006432     0.50   0.614    -.0009361    .0015854
      treated_post_ia3 |   .0000684    .000041     1.67   0.095    -.0000119    .0001487
treated_post_iasuorv_d |   .0016134   .0010868     1.48   0.138    -.0005168    .0037437
             interact2 |  -.0030661   .0016387    -1.87   0.061    -.0062781    .0001459
             interact3 |   .0000741   .0000263     2.82   0.005     .0000227    .0001256
               suorv_d |   .0108368   .0055452     1.95   0.051    -.0000322    .0217057
                   l_0 |  -1.196679   .0808078   -14.81   0.000    -1.355066   -1.038291
                   l_1 |  -1.436625   .0969679   -14.82   0.000    -1.626687   -1.246563
                   l_2 |  -1.676321   .1131409   -14.82   0.000    -1.898083   -1.454559
                   l_3 |  -1.915593   .1293103   -14.81   0.000    -2.169048   -1.662138
                   l_4 |  -2.154961   .1454736   -14.81   0.000    -2.440097   -1.869826
                   l_5 |  -2.394084   .1616396   -14.81   0.000    -2.710906   -2.077262
                   l_6 |   -2.63346   .1778053   -14.81   0.000    -2.981968   -2.284953
                   l_7 |  -2.873141   .1939711   -14.81   0.000    -3.253335   -2.492948
                   l_8 |  -3.112388   .2101383   -14.81   0.000     -3.52427   -2.700506
                   l_9 |  -3.351965   .2263025   -14.81   0.000     -3.79553   -2.908401
                  l_10 |  -3.591313    .242468   -14.81   0.000    -4.066563   -3.116063
                   f_1 |  -.9582195    .064653   -14.82   0.000    -1.084943   -.8314961
                   f_2 |  -.7179742   .0484763   -14.81   0.000    -.8129903   -.6229581
                   f_3 |  -.4783669   .0323108   -14.81   0.000    -.5416977   -.4150361
                   f_4 |  -.2389265   .0161551   -14.79   0.000    -.2705913   -.2072616
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005179   .0001577     3.28   0.001     .0002087    .0008271
          _Ivuosi_1996 |   .0006772   .0001537     4.41   0.000     .0003759    .0009784
          _Ivuosi_1997 |   .0006279   .0001628     3.86   0.000     .0003088     .000947
          _Ivuosi_1998 |   .0005686   .0001695     3.35   0.001     .0002363    .0009008
          _Ivuosi_1999 |   .0002585   .0001475     1.75   0.080    -.0000306    .0005477
          _Ivuosi_2000 |   .0002787    .000149     1.87   0.061    -.0000134    .0005709
          _Ivuosi_2001 |   .0005596   .0001446     3.87   0.000     .0002761    .0008431
          _Ivuosi_2002 |   .0004682   .0001423     3.29   0.001     .0001892    .0007471
          _Ivuosi_2003 |   .0006014   .0001421     4.23   0.000     .0003228    .0008799
          _Ivuosi_2004 |    .000572   .0001372     4.17   0.000     .0003032    .0008409
          _Ivuosi_2005 |   .0009399   .0001718     5.47   0.000     .0006032    .0012766
          _Ivuosi_2006 |   .0006024   .0001463     4.12   0.000     .0003156    .0008892
          _Ivuosi_2007 |   .0005162   .0001368     3.77   0.000      .000248    .0007844
          _Ivuosi_2008 |   .0008607   .0001522     5.66   0.000     .0005624    .0011591
          _Ivuosi_2009 |   .0003959   .0001137     3.48   0.000     .0001731    .0006187
          _Ivuosi_2010 |   .0000631   .0001144     0.55   0.581    -.0001612    .0002874
          _Ivuosi_2011 |   .0002565   .0000857     2.99   0.003     .0000885    .0004245
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929044   .0149028    12.94   0.000     .1636941    .2221148
             _Iage2_22 |   .4335232    .030801    14.07   0.000     .3731517    .4938947
             _Iage2_23 |   .6705509   .0468802    14.30   0.000     .5786633    .7624385
             _Iage2_24 |   .9080149   .0630171    14.41   0.000     .7844981    1.031532
             _Iage2_25 |   1.145241   .0791732    14.47   0.000     .9900579    1.300425
             _Iage2_26 |   1.384258   .0953326    14.52   0.000     1.197401    1.571115
             _Iage2_27 |   1.623049   .1114901    14.56   0.000     1.404523    1.841575
             _Iage2_28 |   1.861789   .1276363    14.59   0.000     1.611615    2.111963
             _Iage2_29 |   2.101264   .1437872    14.61   0.000     1.819434    2.383095
             _Iage2_30 |    2.34066   .1599466    14.63   0.000     2.027156    2.654163
             _Iage2_31 |   2.579606   .1761037    14.65   0.000     2.234433    2.924778
             _Iage2_32 |     2.8191   .1922634    14.66   0.000     2.442253    3.195946
             _Iage2_33 |    3.05823   .2084237    14.67   0.000     2.649708    3.466751
             _Iage2_34 |   3.297634   .2245915    14.68   0.000     2.857423    3.737845
             _Iage2_35 |   3.537004   .2407507    14.69   0.000      3.06512    4.008888
             _Iage2_36 |   3.776398   .2569125    14.70   0.000     3.272836     4.27996
             _Iage2_37 |   4.015749   .2730762    14.71   0.000     3.480506    4.550993
             _Iage2_38 |   4.255059   .2892413    14.71   0.000     3.688131    4.821987
             _Iage2_39 |     4.4946    .305406    14.72   0.000     3.895988    5.093212
             _Iage2_40 |   4.734119   .3215687    14.72   0.000     4.103827     5.36441
             _Iage2_41 |   4.973391    .337734    14.73   0.000     4.311415    5.635367
             _Iage2_42 |   5.212805   .3539011    14.73   0.000      4.51914     5.90647
             _Iage2_43 |   5.452052   .3700639    14.73   0.000     4.726707    6.177396
             _Iage2_44 |   5.691467   .3862295    14.74   0.000     4.934437    6.448497
             _Iage2_45 |    5.93095   .4023923    14.74   0.000      5.14224     6.71966
             _Iage2_46 |    6.17007   .4185575    14.74   0.000     5.349676    6.990465
             _Iage2_47 |    6.40946   .4347226    14.74   0.000     5.557381    7.261539
             _Iage2_48 |   6.648972   .4508876    14.75   0.000     5.765209    7.532735
             _Iage2_49 |   6.888304   .4670522    14.75   0.000     5.972857    7.803751
             _Iage2_50 |   7.127741   .4832174    14.75   0.000     6.180609    8.074872
             _Iage2_51 |   7.367118   .4993837    14.75   0.000       6.3883    8.345936
             _Iage2_52 |    7.60652   .5155495    14.75   0.000     6.596016    8.617024
             _Iage2_53 |   7.845951    .531716    14.76   0.000      6.80376    8.888142
             _Iage2_54 |   8.085328    .547882    14.76   0.000     7.011451    9.159205
             _Iage2_55 |   8.324739   .5640481    14.76   0.000     7.219175    9.430303
             _Iage2_56 |   8.564309    .580213    14.76   0.000     7.427062    9.701557
             _Iage2_57 |   8.803713   .5963808    14.76   0.000     7.634775     9.97265
             _Iage2_58 |   9.042983   .6125489    14.76   0.000     7.842355    10.24361
             _Iage2_59 |   9.282047   .6287128    14.76   0.000     8.049737    10.51436
         firm_size_new |   .0006204   .0007616     0.81   0.415    -.0008725    .0021133
                 _cons |  -3.766788   .2563367   -14.69   0.000    -4.269221   -3.264354
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4527209
               sigma_e |  .02291714
                   rho |  .99991271   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26862) =    3.96
            Prob > F =    0.0466

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26862) =    6.24
            Prob > F =    0.0125

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26862) =    3.93
            Prob > F =    0.0476

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26862) =    4.10
            Prob > F =    0.0428

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26862) =    7.14
            Prob > F =    0.0076

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26862) =    4.03
            Prob > F =    0.0448
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1021158
Group variable: shnro_real                      Number of groups   =    158068

R-sq:  within  = 0.0776                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(85,26862)        =      6.66
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,863 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0003561   .0006681    -0.53   0.594    -.0016656    .0009535
           treated_ia3 |  -.0000642   .0000544    -1.18   0.238    -.0001707    .0000424
     treated_iasuorv_d |   .0012441   .0081462     0.15   0.879    -.0147229    .0172111
           treated_pre |  -.0019781   .0007715    -2.56   0.010    -.0034902   -.0004659
  treated_pre_iasenior |   .0004133    .000681     0.61   0.544    -.0009214    .0017481
       treated_pre_ia3 |   .0000582    .000046     1.27   0.206    -.0000319    .0001482
 treated_pre_iasuorv_d |    .000817   .0013514     0.60   0.545    -.0018318    .0034658
          treated_post |   -.001954   .0008296    -2.36   0.019      -.00358    -.000328
 treated_post_iasenior |   .0007002   .0007039     0.99   0.320    -.0006795    .0020799
      treated_post_ia3 |   .0000403     .00005     0.81   0.420    -.0000577    .0001383
treated_post_iasuorv_d |   .0010153     .00146     0.70   0.487    -.0018464     .003877
                senior |   9.280629   .6286973    14.76   0.000     8.048349    10.51291
             interact3 |    .000104   .0000267     3.89   0.000     .0000516    .0001563
               suorv_d |   .0109007   .0055439     1.97   0.049     .0000343    .0217671
                   l_0 |  -1.196655   .0808058   -14.81   0.000    -1.355039   -1.038271
                   l_1 |   -1.43659   .0969656   -14.82   0.000    -1.626647   -1.246532
                   l_2 |  -1.676272   .1131383   -14.82   0.000    -1.898029   -1.454515
                   l_3 |   -1.91553   .1293072   -14.81   0.000    -2.168979   -1.662081
                   l_4 |  -2.154883   .1454702   -14.81   0.000    -2.440012   -1.869754
                   l_5 |  -2.393992   .1616359   -14.81   0.000    -2.710807   -2.077178
                   l_6 |  -2.633354   .1778012   -14.81   0.000    -2.981854   -2.284855
                   l_7 |   -2.87302   .1939666   -14.81   0.000    -3.253205   -2.492835
                   l_8 |  -3.112249   .2101334   -14.81   0.000    -3.524122   -2.700377
                   l_9 |  -3.351813   .2262973   -14.81   0.000    -3.795367   -2.908258
                  l_10 |  -3.591145   .2424624   -14.81   0.000    -4.066384   -3.115906
                   f_1 |  -.9581798   .0646515   -14.82   0.000      -1.0849   -.8314595
                   f_2 |  -.7179482   .0484752   -14.81   0.000     -.812962   -.6229343
                   f_3 |  -.4783533     .03231   -14.81   0.000    -.5416827   -.4150239
                   f_4 |  -.2389268   .0161548   -14.79   0.000     -.270591   -.2072626
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005203   .0001579     3.30   0.001     .0002109    .0008297
          _Ivuosi_1996 |   .0006811   .0001537     4.43   0.000     .0003799    .0009823
          _Ivuosi_1997 |   .0006346   .0001628     3.90   0.000     .0003154    .0009538
          _Ivuosi_1998 |    .000575   .0001697     3.39   0.001     .0002423    .0009076
          _Ivuosi_1999 |   .0002673    .000147     1.82   0.069     -.000021    .0005555
          _Ivuosi_2000 |   .0002887   .0001488     1.94   0.052    -3.02e-06    .0005804
          _Ivuosi_2001 |   .0005701   .0001446     3.94   0.000     .0002866    .0008536
          _Ivuosi_2002 |   .0004793   .0001417     3.38   0.001     .0002015    .0007572
          _Ivuosi_2003 |   .0006115   .0001415     4.32   0.000     .0003341    .0008889
          _Ivuosi_2004 |   .0005833   .0001368     4.26   0.000     .0003152    .0008514
          _Ivuosi_2005 |   .0009576   .0001716     5.58   0.000     .0006212     .001294
          _Ivuosi_2006 |   .0006175   .0001461     4.23   0.000     .0003311    .0009038
          _Ivuosi_2007 |    .000533   .0001371     3.89   0.000     .0002643    .0008017
          _Ivuosi_2008 |   .0008709   .0001521     5.73   0.000     .0005728     .001169
          _Ivuosi_2009 |   .0004048   .0001134     3.57   0.000     .0001826     .000627
          _Ivuosi_2010 |   .0000684   .0001143     0.60   0.549    -.0001555    .0002923
          _Ivuosi_2011 |   .0002605   .0000857     3.04   0.002     .0000926    .0004284
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1928826   .0149022    12.94   0.000     .1636735    .2220917
             _Iage2_22 |    .433472   .0308001    14.07   0.000     .3731021    .4938419
             _Iage2_23 |   .6704829    .046879    14.30   0.000     .5785976    .7623682
             _Iage2_24 |    .907929   .0630158    14.41   0.000     .7844148    1.031443
             _Iage2_25 |   1.145107   .0791715    14.46   0.000     .9899268    1.300287
             _Iage2_26 |   1.384071   .0953305    14.52   0.000     1.197218    1.570923
             _Iage2_27 |   1.622806   .1114876    14.56   0.000     1.404284    1.841327
             _Iage2_28 |   1.861498   .1276334    14.58   0.000      1.61133    2.111666
             _Iage2_29 |    2.10093   .1437839    14.61   0.000     1.819106    2.382754
             _Iage2_30 |   2.340288   .1599429    14.63   0.000     2.026792    2.653785
             _Iage2_31 |   2.579198   .1760996    14.65   0.000     2.234034    2.924363
             _Iage2_32 |   2.818659   .1922589    14.66   0.000     2.441822    3.195497
             _Iage2_33 |   3.057759   .2084188    14.67   0.000     2.649247     3.46627
             _Iage2_34 |   3.297135   .2245863    14.68   0.000     2.856934    3.737336
             _Iage2_35 |   3.536478    .240745    14.69   0.000     3.064605    4.008351
             _Iage2_36 |   3.775846   .2569065    14.70   0.000     3.272296    4.279396
             _Iage2_37 |   4.015171   .2730698    14.70   0.000      3.47994    4.550402
             _Iage2_38 |   4.254456   .2892345    14.71   0.000     3.687541     4.82137
             _Iage2_39 |   4.493969   .3053988    14.72   0.000     3.895372    5.092567
             _Iage2_40 |   4.733458   .3215612    14.72   0.000     4.103182    5.363735
             _Iage2_41 |  -4.308051   .2909841   -14.81   0.000    -4.878395   -3.737707
             _Iage2_42 |  -4.068672   .2748161   -14.81   0.000    -4.607326   -3.530018
             _Iage2_43 |  -3.829461   .2586526   -14.81   0.000    -4.336434   -3.322488
             _Iage2_44 |  -3.590082   .2424863   -14.81   0.000    -4.065368   -3.114797
             _Iage2_45 |  -3.350638   .2263229   -14.80   0.000    -3.794243   -2.907033
             _Iage2_46 |  -3.111555   .2101572   -14.81   0.000    -3.523474   -2.699636
             _Iage2_47 |  -2.872204   .1939917   -14.81   0.000    -3.252437    -2.49197
             _Iage2_48 |  -2.632729   .1778263   -14.81   0.000    -2.981278    -2.28418
             _Iage2_49 |  -2.393433   .1616614   -14.81   0.000    -2.710298   -2.076568
             _Iage2_50 |  -2.154032   .1454959   -14.80   0.000    -2.439212   -1.868853
             _Iage2_51 |  -1.914689   .1293295   -14.80   0.000    -2.168182   -1.661197
             _Iage2_52 |   -1.67532   .1131635   -14.80   0.000    -1.897127   -1.453514
             _Iage2_53 |  -1.435921    .096997   -14.80   0.000     -1.62604   -1.245802
             _Iage2_54 |  -1.196576   .0808309   -14.80   0.000    -1.355009   -1.038143
             _Iage2_55 |  -.9571952   .0646647   -14.80   0.000    -1.083941    -.830449
             _Iage2_56 |  -.7176542   .0484999   -14.80   0.000    -.8127166   -.6225918
             _Iage2_57 |  -.4782797   .0323322   -14.79   0.000    -.5416524    -.414907
             _Iage2_58 |  -.2390375   .0161642   -14.79   0.000    -.2707201   -.2073549
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0006189   .0007614     0.81   0.416    -.0008735    .0021114
                 _cons |  -3.766827   .2563325   -14.70   0.000    -4.269252   -3.264402
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4525303
               sigma_e |  .02291744
                   rho |  .99991269   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 26862) =    1.20
            Prob > F =    0.3066

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26862) =    1.54
            Prob > F =    0.2154

 ( 1)  treated_pre_ia3 = 0

       F(  1, 26862) =    1.60
            Prob > F =    0.2057

 ( 1)  treated_post_ia3 = 0

       F(  1, 26862) =    0.65
            Prob > F =    0.4204

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26862) =    1.18
            Prob > F =    0.2774

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26862) =    5.85
            Prob > F =    0.0156

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26862) =    1.20
            Prob > F =    0.2737
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1021158
Group variable: shnro_real                      Number of groups   =    158068

R-sq:  within  = 0.0777                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(89,26862)        =      6.39
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,863 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0003713   .0006828    -0.54   0.587    -.0017096    .0009671
           treated_ia2 |   .0022306    .002002     1.11   0.265    -.0016933    .0061545
           treated_ia3 |  -.0000546   .0000548    -1.00   0.319    -.0001621    .0000529
     treated_iasuorv_d |   .0011739   .0081714     0.14   0.886    -.0148424    .0171903
           treated_pre |   -.002116   .0008052    -2.63   0.009    -.0036942   -.0005377
  treated_pre_iasenior |    .000374   .0006933     0.54   0.590    -.0009849    .0017328
       treated_pre_ia2 |   .0003594   .0006166     0.58   0.560    -.0008492     .001568
       treated_pre_ia3 |   .0000621   .0000466     1.33   0.183    -.0000293    .0001535
 treated_pre_iasuorv_d |   .0009272   .0013947     0.66   0.506    -.0018066     .003661
          treated_post |  -.0021367   .0008702    -2.46   0.014    -.0038423   -.0004311
 treated_post_iasenior |   .0006926   .0007187     0.96   0.335    -.0007161    .0021013
      treated_post_ia2 |   .0002466   .0006586     0.37   0.708    -.0010442    .0015374
      treated_post_ia3 |   .0000437   .0000509     0.86   0.390     -.000056    .0001434
treated_post_iasuorv_d |   .0010446   .0015154     0.69   0.491    -.0019256    .0040149
                senior |   9.281456   .6287078    14.76   0.000     8.049156    10.51376
             interact2 |  -.0030602   .0016397    -1.87   0.062    -.0062741    .0001537
             interact3 |   .0000768   .0000268     2.86   0.004     .0000242    .0001293
               suorv_d |   .0108399   .0055452     1.95   0.051     -.000029    .0217088
                   l_0 |    -1.1966   .0808071   -14.81   0.000    -1.354986   -1.038213
                   l_1 |  -1.436534   .0969671   -14.81   0.000    -1.626595   -1.246474
                   l_2 |  -1.676218     .11314   -14.82   0.000    -1.897979   -1.454458
                   l_3 |  -1.915478   .1293092   -14.81   0.000    -2.168931   -1.662025
                   l_4 |  -2.154833   .1454723   -14.81   0.000    -2.439967     -1.8697
                   l_5 |  -2.393943   .1616382   -14.81   0.000    -2.710762   -2.077124
                   l_6 |  -2.633306   .1778038   -14.81   0.000    -2.981811   -2.284801
                   l_7 |  -2.872973   .1939694   -14.81   0.000    -3.253163   -2.492782
                   l_8 |  -3.112205   .2101364   -14.81   0.000    -3.524084   -2.700327
                   l_9 |  -3.351769   .2263005   -14.81   0.000     -3.79533   -2.908208
                  l_10 |  -3.591103   .2424658   -14.81   0.000    -4.066349   -3.115857
                   f_1 |  -.9581625   .0646525   -14.82   0.000    -1.084885   -.8314402
                   f_2 |  -.7179295   .0484759   -14.81   0.000    -.8129448   -.6229142
                   f_3 |  -.4783348   .0323105   -14.80   0.000    -.5416651   -.4150045
                   f_4 |  -.2389074    .016155   -14.79   0.000     -.270572   -.2072428
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005166   .0001578     3.27   0.001     .0002073    .0008259
          _Ivuosi_1996 |   .0006761   .0001537     4.40   0.000     .0003749    .0009774
          _Ivuosi_1997 |   .0006273   .0001628     3.85   0.000     .0003083    .0009463
          _Ivuosi_1998 |   .0005667   .0001695     3.34   0.001     .0002344     .000899
          _Ivuosi_1999 |   .0002564   .0001474     1.74   0.082    -.0000325    .0005454
          _Ivuosi_2000 |    .000277   .0001489     1.86   0.063    -.0000148    .0005688
          _Ivuosi_2001 |   .0005578   .0001445     3.86   0.000     .0002745    .0008411
          _Ivuosi_2002 |   .0004661   .0001423     3.28   0.001     .0001873     .000745
          _Ivuosi_2003 |   .0005993   .0001422     4.21   0.000     .0003206    .0008781
          _Ivuosi_2004 |   .0005702   .0001372     4.16   0.000     .0003013     .000839
          _Ivuosi_2005 |   .0009406   .0001718     5.48   0.000      .000604    .0012773
          _Ivuosi_2006 |   .0006026   .0001463     4.12   0.000     .0003159    .0008893
          _Ivuosi_2007 |   .0005169   .0001369     3.78   0.000     .0002486    .0007852
          _Ivuosi_2008 |   .0008622   .0001522     5.67   0.000     .0005639    .0011605
          _Ivuosi_2009 |   .0003971   .0001136     3.50   0.000     .0001744    .0006198
          _Ivuosi_2010 |   .0000634   .0001144     0.55   0.580    -.0001609    .0002876
          _Ivuosi_2011 |    .000257   .0000857     3.00   0.003      .000089    .0004249
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1928949   .0149026    12.94   0.000     .1636851    .2221047
             _Iage2_22 |    .433503   .0308006    14.07   0.000     .3731322    .4938738
             _Iage2_23 |   .6705211   .0468796    14.30   0.000     .5786346    .7624075
             _Iage2_24 |   .9079767   .0630164    14.41   0.000     .7844612    1.031492
             _Iage2_25 |   1.145194   .0791723    14.46   0.000     .9900121    1.300376
             _Iage2_26 |   1.384202   .0953317    14.52   0.000     1.197347    1.571057
             _Iage2_27 |   1.622984    .111489    14.56   0.000      1.40446    1.841508
             _Iage2_28 |   1.861716   .1276351    14.59   0.000     1.611544    2.111887
             _Iage2_29 |   2.101183   .1437859    14.61   0.000     1.819355    2.383011
             _Iage2_30 |    2.34057   .1599452    14.63   0.000      2.02707    2.654071
             _Iage2_31 |    2.57951   .1761022    14.65   0.000      2.23434    2.924679
             _Iage2_32 |   2.818997   .1922618    14.66   0.000     2.442154     3.19584
             _Iage2_33 |   3.058121    .208422    14.67   0.000     2.649603    3.466639
             _Iage2_34 |    3.29752   .2245897    14.68   0.000     2.857312    3.737727
             _Iage2_35 |   3.536885   .2407488    14.69   0.000     3.065004    4.008765
             _Iage2_36 |   3.776273   .2569105    14.70   0.000     3.272715    4.279831
             _Iage2_37 |   4.015619   .2730741    14.71   0.000      3.48038    4.550859
             _Iage2_38 |   4.254923   .2892391    14.71   0.000        3.688    4.821847
             _Iage2_39 |   4.494456   .3054037    14.72   0.000     3.895849    5.093064
             _Iage2_40 |   4.733966   .3215664    14.72   0.000     4.103679    5.364252
             _Iage2_41 |  -4.308335   .2909892   -14.81   0.000    -4.878689   -3.737981
             _Iage2_42 |  -4.068937   .2748209   -14.81   0.000    -4.607601   -3.530274
             _Iage2_43 |  -3.829709   .2586572   -14.81   0.000     -4.33669   -3.322727
             _Iage2_44 |  -3.590312   .2424906   -14.81   0.000    -4.065606   -3.115018
             _Iage2_45 |   -3.35085   .2263269   -14.81   0.000    -3.794462   -2.907237
             _Iage2_46 |   -3.11175    .210161   -14.81   0.000    -3.523676   -2.699823
             _Iage2_47 |  -2.872381   .1939952   -14.81   0.000    -3.252621    -2.49214
             _Iage2_48 |  -2.632888   .1778296   -14.81   0.000    -2.981443   -2.284333
             _Iage2_49 |  -2.393575   .1616644   -14.81   0.000    -2.710446   -2.076705
             _Iage2_50 |  -2.154157   .1454987   -14.81   0.000    -2.439342   -1.868972
             _Iage2_51 |  -1.914798    .129332   -14.81   0.000    -2.168295   -1.661301
             _Iage2_52 |  -1.675414   .1131657   -14.80   0.000    -1.897225   -1.453603
             _Iage2_53 |     -1.436   .0969989   -14.80   0.000    -1.626123   -1.245877
             _Iage2_54 |   -1.19664   .0808325   -14.80   0.000    -1.355076   -1.038204
             _Iage2_55 |  -.9572464    .064666   -14.80   0.000    -1.083995   -.8304976
             _Iage2_56 |  -.7176918    .048501   -14.80   0.000    -.8127562   -.6226274
             _Iage2_57 |  -.4783044   .0323329   -14.79   0.000    -.5416785   -.4149303
             _Iage2_58 |  -.2390499   .0161645   -14.79   0.000    -.2707332   -.2073665
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0006115    .000763     0.80   0.423    -.0008841    .0021071
                 _cons |  -3.766662   .2563347   -14.69   0.000    -4.269091   -3.264232
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4525928
               sigma_e |  .02291713
                   rho |   .9999127   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 26862) =    0.92
            Prob > F =    0.4781

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 26862) =    0.84
            Prob > F =    0.4998

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 26862) =    0.95
            Prob > F =    0.3872

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 26862) =    0.39
            Prob > F =    0.6772

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 26862) =    1.40
            Prob > F =    0.2367

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26862) =    4.30
            Prob > F =    0.0382

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26862) =    6.34
            Prob > F =    0.0118

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 26862) =    1.08
            Prob > F =    0.2993

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 26862) =    1.42
            Prob > F =    0.2330

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26862) =    1.08
            Prob > F =    0.2991
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =   1022015
Group variable: shnro_real                      Number of groups   =    158194

R-sq:  within  = 0.0776                         Obs per group: min =         1
       between = 0.0039                                        avg =       6.5
       overall = 0.0014                                        max =        44

                                                F(86,26870)        =      6.61
corr(u_i, Xb)  = -0.9998                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 26,871 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0021936   .0019888     1.10   0.270    -.0017046    .0060918
           treated_ia3 |    -.00007   .0000456    -1.54   0.125    -.0001594    .0000194
     treated_iasuorv_d |   .0007398   .0079832     0.09   0.926    -.0149078    .0163873
           treated_pre |   -.002134   .0008047    -2.65   0.008    -.0037112   -.0005568
       treated_pre_ia2 |   .0004013   .0006046     0.66   0.507    -.0007836    .0015863
       treated_pre_ia3 |   .0000761   .0000392     1.94   0.052    -7.98e-07     .000153
 treated_pre_iasuorv_d |   .0012454   .0009426     1.32   0.186    -.0006022     .003093
          treated_post |   -.002136   .0008648    -2.47   0.014     -.003831    -.000441
      treated_post_ia2 |   .0003168   .0006428     0.49   0.622    -.0009432    .0015769
      treated_post_ia3 |   .0000679   .0000409     1.66   0.097    -.0000123    .0001482
treated_post_iasuorv_d |   .0016086   .0010867     1.48   0.139    -.0005214    .0037386
             interact2 |  -.0030652   .0016386    -1.87   0.061    -.0062769    .0001465
             interact3 |   .0000741   .0000262     2.83   0.005     .0000227    .0001254
               suorv_d |   .0108375   .0055452     1.95   0.051    -.0000314    .0217064
                   l_0 |  -1.196829   .0808164   -14.81   0.000    -1.355233   -1.038425
                   l_1 |  -1.436806   .0969782   -14.82   0.000    -1.626888   -1.246724
                   l_2 |  -1.676531    .113153   -14.82   0.000    -1.898317   -1.454745
                   l_3 |  -1.915835    .129324   -14.81   0.000    -2.169317   -1.662353
                   l_4 |  -2.155234    .145489   -14.81   0.000      -2.4404   -1.870068
                   l_5 |  -2.394386   .1616567   -14.81   0.000    -2.711241    -2.07753
                   l_6 |  -2.633793   .1778242   -14.81   0.000    -2.982338   -2.285248
                   l_7 |  -2.873478   .1939917   -14.81   0.000    -3.253712   -2.493244
                   l_8 |  -3.112791   .2101606   -14.81   0.000    -3.524717   -2.700865
                   l_9 |  -3.352405   .2263264   -14.81   0.000    -3.796017   -2.908793
                  l_10 |  -3.591787   .2424936   -14.81   0.000    -4.067087   -3.116487
                   f_1 |  -.9583398   .0646599   -14.82   0.000    -1.085077    -.831603
                   f_2 |  -.7180649   .0484815   -14.81   0.000    -.8130911   -.6230387
                   f_3 |  -.4784277   .0323142   -14.81   0.000    -.5417652   -.4150901
                   f_4 |  -.2389566   .0161568   -14.79   0.000    -.2706249   -.2072884
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0005135   .0001575     3.26   0.001     .0002049    .0008221
          _Ivuosi_1996 |   .0006734   .0001536     4.39   0.000     .0003724    .0009744
          _Ivuosi_1997 |   .0006268   .0001626     3.86   0.000     .0003081    .0009455
          _Ivuosi_1998 |   .0005682   .0001693     3.36   0.001     .0002364       .0009
          _Ivuosi_1999 |   .0002604   .0001469     1.77   0.076    -.0000276    .0005484
          _Ivuosi_2000 |   .0002803   .0001485     1.89   0.059    -.0000107    .0005713
          _Ivuosi_2001 |   .0005667   .0001441     3.93   0.000     .0002842    .0008492
          _Ivuosi_2002 |   .0004611    .000139     3.32   0.001     .0001887    .0007336
          _Ivuosi_2003 |   .0005955   .0001408     4.23   0.000     .0003194    .0008715
          _Ivuosi_2004 |    .000567   .0001363     4.16   0.000     .0002998    .0008342
          _Ivuosi_2005 |   .0009375   .0001715     5.47   0.000     .0006013    .0012736
          _Ivuosi_2006 |    .000604   .0001461     4.13   0.000     .0003176    .0008905
          _Ivuosi_2007 |   .0005191   .0001363     3.81   0.000     .0002519    .0007862
          _Ivuosi_2008 |   .0008641   .0001516     5.70   0.000      .000567    .0011612
          _Ivuosi_2009 |   .0003971   .0001135     3.50   0.000     .0001746    .0006197
          _Ivuosi_2010 |    .000065   .0001144     0.57   0.570    -.0001592    .0002892
          _Ivuosi_2011 |   .0002577   .0000856     3.01   0.003     .0000898    .0004256
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1929772   .0149046    12.95   0.000     .1637633     .222191
             _Iage2_22 |   .4336246    .030805    14.08   0.000     .3732453     .494004
             _Iage2_23 |    .670685   .0468861    14.30   0.000     .5787857    .7625843
             _Iage2_24 |   .9081801   .0630248    14.41   0.000     .7846482    1.031712
             _Iage2_25 |   1.145439   .0791826    14.47   0.000     .9902365    1.300641
             _Iage2_26 |   1.384485   .0953438    14.52   0.000     1.197607    1.571364
             _Iage2_27 |   1.623308    .111503    14.56   0.000     1.404756     1.84186
             _Iage2_28 |   1.862078   .1276509    14.59   0.000     1.611876    2.112281
             _Iage2_29 |   2.101582   .1438036    14.61   0.000      1.81972    2.383445
             _Iage2_30 |   2.341005   .1599647    14.63   0.000     2.027466    2.654544
             _Iage2_31 |    2.57998   .1761235    14.65   0.000     2.234769    2.925192
             _Iage2_32 |   2.819502    .192285    14.66   0.000     2.442614    3.196391
             _Iage2_33 |    3.05866    .208447    14.67   0.000     2.650093    3.467228
             _Iage2_34 |   3.298093   .2246166    14.68   0.000     2.857833    3.738353
             _Iage2_35 |   3.537492   .2407774    14.69   0.000     3.065556    4.009429
             _Iage2_36 |   3.776916   .2569409    14.70   0.000     3.273299    4.280534
             _Iage2_37 |   4.016292   .2731063    14.71   0.000     3.480989    4.551594
             _Iage2_38 |   4.255633   .2892732    14.71   0.000     3.688642    4.822624
             _Iage2_39 |   4.495204   .3054396    14.72   0.000     3.896527    5.093882
             _Iage2_40 |   4.734755   .3216041    14.72   0.000     4.104394    5.365116
             _Iage2_41 |   4.974067    .337771    14.73   0.000     4.312018    5.636116
             _Iage2_42 |   5.213513   .3539399    14.73   0.000     4.519772    5.907254
             _Iage2_43 |   5.452817   .3701043    14.73   0.000     4.727393    6.178241
             _Iage2_44 |   5.692239   .3862716    14.74   0.000     4.935126    6.449351
             _Iage2_45 |   5.931752   .4024362    14.74   0.000     5.142956    6.720548
             _Iage2_46 |   6.170903   .4186031    14.74   0.000     5.350419    6.991387
             _Iage2_47 |   6.410324   .4347699    14.74   0.000     5.558152    7.262495
             _Iage2_48 |   6.649866   .4509366    14.75   0.000     5.766007    7.533726
             _Iage2_49 |   6.889228   .4671029    14.75   0.000     5.973682    7.804775
             _Iage2_50 |   7.128695   .4832698    14.75   0.000     6.181461     8.07593
             _Iage2_51 |   7.368103   .4994378    14.75   0.000     6.389179    8.347028
             _Iage2_52 |   7.607536   .5156053    14.75   0.000     6.596922    8.618149
             _Iage2_53 |   7.846997   .5317735    14.76   0.000     6.804693    8.889301
             _Iage2_54 |   8.086404   .5479412    14.76   0.000      7.01241    9.160397
             _Iage2_55 |   8.325845   .5641091    14.76   0.000     7.220162    9.431528
             _Iage2_56 |   8.565446   .5802756    14.76   0.000     7.428076    9.702817
             _Iage2_57 |    8.80488   .5964452    14.76   0.000     7.635816    9.973944
             _Iage2_58 |    9.04418   .6126149    14.76   0.000     7.843423    10.24494
             _Iage2_59 |   9.283276   .6287806    14.76   0.000     8.050833    10.51572
         firm_size_new |    .000428   .0002537     1.69   0.092    -.0000693    .0009253
                 _cons |  -3.766117   .2562884   -14.69   0.000    -4.268456   -3.263778
-----------------------+----------------------------------------------------------------
               sigma_u |  2.4531946
               sigma_e |  .02292759
                   rho |  .99991266   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 26870) =    3.97
            Prob > F =    0.0464

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 26870) =    6.21
            Prob > F =    0.0127

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 26870) =    3.94
            Prob > F =    0.0473

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 26870) =    4.11
            Prob > F =    0.0427

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 26870) =    7.13
            Prob > F =    0.0076

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 26870) =    4.03
            Prob > F =    0.0446
O:\returns
ue_d_whitec_age_shortownf_noIQownfirm_clust_G.xls
dir : seeout
ue_d_whitec_age_top3ownf_noIQownfirm_clust_G.xls
dir : seeout
(158,781 observations deleted)
(2,226,633 real changes made)
(125,863 missing values generated)
(109,634 missing values generated)
(2,359,420 missing values generated)
(132,787 real changes made)
(31352 missing values generated)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(132,787 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(131,256 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,482 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(120,577 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(112,699 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(101,528 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(91,521 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(83,326 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(73,920 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,735 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(58,518 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,590 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(64,666 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(60,269 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,329 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,729 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,730 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,612 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(36,899 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(32,832 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(29,257 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(129,816 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(65,068 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(127,171 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(63,858 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(111,821 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(56,234 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(99,849 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(50,232 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(90,150 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(45,354 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(81,749 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(41,121 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(70,990 real changes made)
(2,359,420 missing values generated)
(2,359,420 real changes made)
(35,747 real changes made)
(31,352 missing values generated)
(586,163 real changes made, 586,163 to missing)
(39,835 real changes made)
20
i.vuosi           _Ivuosi_1992-2012   (naturally coded; _Ivuosi_1994 omitted)
i.age2            _Iage2_20-59        (naturally coded; _Iage2_20 omitted)
i.vuosi*i.age2    _IvuoXage_#_#       (coded as above)
(1,101,349 real changes made)
       panel variable:  shnro_real (unbalanced)
(1,990,724 real changes made)
(368,696 missing values generated)
(368,696 missing values generated)
(2,359,420 missing values generated)
(1,949,094 real changes made)
(348,275 real changes made)
(368,696 missing values generated)
(340,975 real changes made)
(2359420 missing values generated)
(2,359,420 real changes made)
(0 real changes made)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------
(2,298,270 real changes made, 759,409 to missing)
(17,890 real changes made)
(759,409 missing values generated)
(759,409 missing values generated)
(759,409 missing values generated)
(2,359,420 missing values generated)
(1,507,269 real changes made)
(263,250 real changes made)
(26,181 real changes made)
(8,197 real changes made)

    Result                           # of obs.
    -----------------------------------------
    not matched                       924,865
        from master                   368,696  (_merge==1)
        from using                    556,169  (_merge==2)

    matched                         1,990,724  (_merge==3)
    -----------------------------------------
(368,696 real changes made)
(2,915,589 missing values generated)
(0 real changes made)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,397,265 real changes made)
(2,915,589 missing values generated)
(1,394,643 real changes made)
(2,915,589 missing values generated)
(1,449,732 real changes made)
(2,915,589 missing values generated)
(1,450,739 real changes made)
(368696 missing values generated)
(2,782,802 missing values generated)
(587521 missing values generated)
(570,415 real changes made, 570,415 to missing)
(570,415 real changes made, 570,415 to missing)
(567,956 real changes made, 567,956 to missing)
(605,536 real changes made, 605,536 to missing)
(623,889 real changes made, 623,889 to missing)
(556,169 missing values generated)

    variable |      mean       p50
-------------+--------------------
  birth_year |  1964.262      1964
----------------------------------

   stats |    lnwage      ue_d
---------+--------------------
    mean |  10.35128  .0053742
      sd |  .4419088  .0731117
     p50 |   10.3996         0
       N |    826835    816121
------------------------------

Summary statistics: mean
  by categories of: vuosi (vuosi)

   vuosi |    lnwage      ue_d
---------+--------------------
    1994 |  10.16783  .0001085
    1995 |  10.20036  .0068532
    1996 |  10.28074  .0046662
    1997 |  10.29482  .0027847
    1998 |  10.32008  .0038149
    1999 |  10.30984  .0024828
    2000 |   10.2962  .0072487
    2001 |  10.34638  .0064609
    2002 |  10.34984   .003644
    2003 |  10.37052  .0039851
    2004 |  10.38813  .0046542
    2005 |  10.39222  .0069577
    2006 |  10.39722  .0053101
    2007 |  10.40287  .0089533
    2008 |  10.40019  .0141874
    2009 |  10.38226  .0055144
    2010 |  10.39635   .006844
    2011 |  10.47409  .0008978
    2012 |   10.4851         0
---------+--------------------
   Total |  10.35128  .0053742
------------------------------
(2,915,589 missing values generated)
(1,258,071 real changes made)
(641,640 real changes made)
(551,053 real changes made)
(616,431 real changes made)
(550,296 real changes made)
(1,101,349 real changes made)
(166,195 real changes made)
(2,915,589 missing values generated)
(556,169 missing values generated)
(556169 missing values generated)
(1,712,953 real changes made)
(1,712,953 real changes made)
(1,047,003 real changes made)
(328,997 real changes made)
(336,953 real changes made)
(338,486 real changes made)
(1,047,003 real changes made)
(311,952 real changes made)
(250,307 real changes made)
(146,258 real changes made)
(0 real changes made)
(665,950 real changes made)
(1,047,003 real changes made)
(17,890 real changes made)
(148,305 real changes made)
(1,315,578 missing values generated)
(1,315,578 real changes made)
(39 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(698,282 real changes made)
(2,915,589 missing values generated)
(380,201 real changes made)
(271,037 real changes made)
(250,491 real changes made)
(236,853 real changes made)
(204,033 real changes made)
(144,025 real changes made)
(113,371 real changes made)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
(556,169 missing values generated)
number of obs by treatment category conditional on interact2
no observations
number of obs by treatment category conditional on dtf_610
no observations
number of obs by treatment category conditional on dtf_1115
no observations
number of obs by treatment category conditional on dtf_16
no observations
(826,850 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |    826,850      100.00      100.00
------------+-----------------------------------
      Total |    826,850      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   =   826,835
-------------+----------------------------------   F(87, 826747)   =   2190.71
       Model |  30249.8127        87  347.698996   Prob > F        =    0.0000
    Residual |  131217.168   826,747  .158715022   R-squared       =    0.1873
-------------+----------------------------------   Adj R-squared   =    0.1873
       Total |  161466.981   826,834  .195283432   Root MSE        =    .39839

---------------------------------------------------------------------------------------
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |   .0956753   .0062874    15.22   0.000     .0833522    .1079984
     treated_ia1_4145 |   .0162714   .0093647     1.74   0.082    -.0020831    .0346259
     treated_ia1_4650 |   .0035761   .0093619     0.38   0.702    -.0147728     .021925
     treated_ia1_5160 |   .0208047   .0117054     1.78   0.076    -.0021375    .0437469
          treated_pre |  -.0389888   .0065859    -5.92   0.000    -.0518969   -.0260807
 treated_pre_ia1_4145 |   .0170983   .0097693     1.75   0.080    -.0020492    .0362457
 treated_pre_ia1_4650 |   .0195192   .0097845     1.99   0.046     .0003419    .0386964
 treated_pre_ia1_5155 |   .0067264   .0121172     0.56   0.579     -.017023    .0304757
 treated_pre_ia1_5660 |   .0239415   .0140165     1.71   0.088    -.0035304    .0514134
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |  -.0263016   .0063886    -4.12   0.000    -.0388231   -.0137802
treated_post_ia1_4145 |  -.0134695   .0094078    -1.43   0.152    -.0319085    .0049694
treated_post_ia1_4650 |  -.0126381   .0094064    -1.34   0.179    -.0310743    .0057981
treated_post_ia1_5155 |  -.0339185   .0117409    -2.89   0.004    -.0569302   -.0109068
treated_post_ia1_5660 |  -.0344185   .0122882    -2.80   0.005    -.0585029   -.0103341
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |  -.0337566    .004693    -7.19   0.000    -.0429546   -.0245585
                  l_1 |    .070933     .00474    14.96   0.000     .0616428    .0802232
                  l_2 |   .0777251   .0047832    16.25   0.000     .0683502       .0871
                  l_3 |    .088812   .0048383    18.36   0.000      .079329     .098295
                  l_4 |   .0956149   .0049066    19.49   0.000      .085998    .1052317
                  l_5 |   .1086461   .0049863    21.79   0.000     .0988731     .118419
                  l_6 |   .1131018   .0050887    22.23   0.000     .1031281    .1230755
                  l_7 |   .1208511   .0051969    23.25   0.000     .1106654    .1310368
                  l_8 |   .1278831    .005347    23.92   0.000     .1174032    .1383631
                  l_9 |   .1390871   .0055137    25.23   0.000     .1282804    .1498938
                 l_10 |   .1443936   .0057157    25.26   0.000      .133191    .1555963
                  f_1 |   .0260055   .0048554     5.36   0.000      .016489     .035522
                  f_2 |   .0310236   .0049462     6.27   0.000     .0213293    .0407179
                  f_3 |   .0239862   .0050418     4.76   0.000     .0141045    .0338678
                  f_4 |   .0195135   .0051838     3.76   0.000     .0093534    .0296736
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0174555   .0032077     5.44   0.000     .0111686    .0237424
         _Ivuosi_1996 |   .0726408    .003216    22.59   0.000     .0663375    .0789441
         _Ivuosi_1997 |   .0787228   .0031442    25.04   0.000     .0725603    .0848853
         _Ivuosi_1998 |    .104735   .0030761    34.05   0.000     .0987059     .110764
         _Ivuosi_1999 |   .0908437    .003038    29.90   0.000     .0848893    .0967982
         _Ivuosi_2000 |    .098486   .0029857    32.99   0.000     .0926341     .104338
         _Ivuosi_2001 |   .1299592   .0030059    43.24   0.000     .1240678    .1358506
         _Ivuosi_2002 |   .1248746   .0030115    41.47   0.000     .1189722    .1307769
         _Ivuosi_2003 |   .1386738   .0030006    46.22   0.000     .1327928    .1445549
         _Ivuosi_2004 |   .1649267    .002997    55.03   0.000     .1590527    .1708008
         _Ivuosi_2005 |   .1873074   .0030052    62.33   0.000     .1814173    .1931974
         _Ivuosi_2006 |   .1961272   .0030327    64.67   0.000     .1901832    .2020712
         _Ivuosi_2007 |   .2103765    .003046    69.07   0.000     .2044064    .2163467
         _Ivuosi_2008 |   .2046791   .0030812    66.43   0.000       .19864    .2107183
         _Ivuosi_2009 |   .1650612   .0031956    51.65   0.000      .158798    .1713245
         _Ivuosi_2010 |   .1757513   .0032557    53.98   0.000     .1693701    .1821324
         _Ivuosi_2011 |    .201087   .0034827    57.74   0.000     .1942611    .2079129
         _Ivuosi_2012 |   .1954911   .0036646    53.35   0.000     .1883087    .2026735
            _Iage2_21 |   .5142792   .0055269    93.05   0.000     .5034467    .5251117
            _Iage2_22 |   .6735387   .0052404   128.53   0.000     .6632677    .6838097
            _Iage2_23 |   .7519858   .0050707   148.30   0.000     .7420473    .7619242
            _Iage2_24 |   .8129557   .0049591   163.93   0.000     .8032359    .8226754
            _Iage2_25 |   .8763427   .0048881   179.28   0.000     .8667622    .8859231
            _Iage2_26 |    .930969   .0048422   192.26   0.000     .9214785    .9404595
            _Iage2_27 |   .9625443    .004811   200.07   0.000     .9531148    .9719737
            _Iage2_28 |   .9925877   .0047917   207.15   0.000     .9831962    1.001979
            _Iage2_29 |   1.014166   .0047793   212.20   0.000     1.004798    1.023533
            _Iage2_30 |     1.0303   .0047722   215.90   0.000     1.020947    1.039653
            _Iage2_31 |   1.043288    .004766   218.90   0.000     1.033947    1.052629
            _Iage2_32 |   1.052729   .0047592   221.20   0.000     1.043402    1.062057
            _Iage2_33 |   1.058729   .0047547   222.67   0.000      1.04941    1.068049
            _Iage2_34 |    1.06423   .0047501   224.04   0.000      1.05492     1.07354
            _Iage2_35 |   1.069902   .0047376   225.83   0.000     1.060617    1.079188
            _Iage2_36 |   1.074205   .0047321   227.01   0.000      1.06493    1.083479
            _Iage2_37 |   1.078974   .0047254   228.34   0.000     1.069713    1.088236
            _Iage2_38 |   1.083369   .0047181   229.62   0.000     1.074122    1.092617
            _Iage2_39 |   1.085686   .0047122   230.40   0.000      1.07645    1.094921
            _Iage2_40 |   1.088239   .0047105   231.02   0.000     1.079006    1.097471
            _Iage2_41 |   1.084717    .004902   221.28   0.000     1.075109    1.094324
            _Iage2_42 |   1.086192   .0048988   221.73   0.000     1.076591    1.095794
            _Iage2_43 |   1.091591   .0049002   222.76   0.000     1.081987    1.101196
            _Iage2_44 |   1.093247   .0048973   223.23   0.000     1.083649    1.102846
            _Iage2_45 |   1.096374    .004895   223.98   0.000      1.08678    1.105968
            _Iage2_46 |   1.103653   .0048991   225.27   0.000     1.094051    1.113255
            _Iage2_47 |   1.102733   .0048992   225.09   0.000     1.093131    1.112335
            _Iage2_48 |   1.101897   .0049054   224.63   0.000     1.092283    1.111512
            _Iage2_49 |   1.100951   .0049141   224.04   0.000      1.09132    1.110583
            _Iage2_50 |   1.099869    .004931   223.05   0.000     1.090205    1.109534
            _Iage2_51 |   1.098605   .0049797   220.62   0.000     1.088845    1.108365
            _Iage2_52 |   1.091628   .0050062   218.06   0.000     1.081816     1.10144
            _Iage2_53 |   1.086619    .005037   215.73   0.000     1.076747    1.096492
            _Iage2_54 |   1.082033   .0050822   212.90   0.000     1.072072    1.091994
            _Iage2_55 |    1.07546   .0051648   208.23   0.000     1.065337    1.085583
            _Iage2_56 |   1.064344   .0054601   194.93   0.000     1.053643    1.075046
            _Iage2_57 |   1.040323   .0056039   185.64   0.000     1.029339    1.051306
            _Iage2_58 |   1.010025   .0058299   173.25   0.000     .9985985    1.021451
            _Iage2_59 |   .9717334   .0061658   157.60   0.000     .9596485    .9838182
        firm_size_new |  -.0207005   .0004382   -47.24   0.000    -.0215593   -.0198416
                _cons |   9.106239   .0064293  1416.37   0.000     9.093638     9.11884
---------------------------------------------------------------------------------------
(2,088,754 real changes made)
dependent variable is lnwage

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.31741  .0063572  39.64878  .0604637   .045922  15.29977
      sd |  .4363711  .0794781  10.45647  .2383442  .2093163  9.608535
     p50 |  10.36991         0        40         0         0        15
       N |    382213    377055    382213    382213    382213    257319
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |   10.3804  .0045302  39.75458  .0683007  .0510569  15.46419
      sd |  .4445567  .0671544  10.32104  .2522615   .220114  9.594424
     p50 |  10.42697         0        40         0         0        15
       N |    444622    439051    444622    444622    444622    297621
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.31741  .0063572  39.64878  .0604637   .045922  15.29977
         |  .4363711  .0794781  10.45647  .2383442  .2093163  9.608535
         |  10.36991         0        40         0         0        15
         |    382213    377055    382213    382213    382213    257319
---------+------------------------------------------------------------
       1 |   10.3804  .0045302  39.75458  .0683007  .0510569  15.46419
         |  .4445567  .0671544  10.32104  .2522615   .220114  9.594424
         |  10.42697         0        40         0         0        15
         |    444622    439051    444622    444622    444622    297621
---------+------------------------------------------------------------
   Total |  10.35128  .0053743  39.70567   .064678  .0486832  15.38795
         |  .4419088  .0731124    10.384  .2459569  .2152051  9.601311
         |   10.3996         0        40         0         0        15
         |    826835    816106    826835    826835    826835    554940
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_blueclnwage_noIQownfirm_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =    554,940
                                                F(1, 554938)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6592
                                                Root MSE          =     5.6053

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8228309   .0009443   871.38   0.000     .8209801    .8246817
       _cons |   -15.0771   .0301812  -499.55   0.000    -15.13626   -15.01795
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7640   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1847                         Obs per group: min =         1
       between = 0.1424                                        avg =       6.2
       overall = 0.0777                                        max =        16

                                                F(74,18268)        =    273.82
corr(u_i, Xb)  = -0.7428                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,269 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0214602   .0057595    -3.73   0.000    -.0327493   -.0101711
 treated_post |  -.0168796   .0066471    -2.54   0.011    -.0299085   -.0038507
          l_0 |   -.085622   .0788894    -1.09   0.278    -.2402525    .0690086
          l_1 |  -.0747682    .094472    -0.79   0.429    -.2599423    .1104058
          l_2 |   -.109441    .110199    -0.99   0.321    -.3254414    .1065593
          l_3 |  -.1384355   .1258763    -1.10   0.271    -.3851648    .1082937
          l_4 |  -.1661115   .1416472    -1.17   0.241    -.4437533    .1115304
          l_5 |  -.1915452   .1573779    -1.22   0.224    -.5000207    .1169303
          l_6 |  -.2164972   .1731244    -1.25   0.211    -.5558373     .122843
          l_7 |  -.2409519   .1887621    -1.28   0.202    -.6109434    .1290395
          l_8 |  -.2655623   .2045007    -1.30   0.194    -.6664028    .1352782
          l_9 |  -.2876633   .2202356    -1.31   0.192    -.7193456    .1440191
         l_10 |  -.3107974   .2359448    -1.32   0.188    -.7732713    .1516765
          f_1 |  -.0617113   .0631295    -0.98   0.328     -.185451    .0620284
          f_2 |   -.040083   .0474528    -0.84   0.398     -.133095     .052929
          f_3 |  -.0294055   .0318478    -0.92   0.356    -.0918303    .0330193
          f_4 |  -.0083719   .0164705    -0.51   0.611    -.0406556    .0239119
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0440711   .0038371    11.49   0.000       .03655    .0515923
 _Ivuosi_1996 |   .0653579   .0041728    15.66   0.000     .0571789    .0735369
 _Ivuosi_1997 |   .0644074   .0040418    15.94   0.000     .0564851    .0723297
 _Ivuosi_1998 |   .0723381   .0040511    17.86   0.000     .0643976    .0802785
 _Ivuosi_1999 |    .052595   .0039872    13.19   0.000     .0447797    .0604103
 _Ivuosi_2000 |   .0530857   .0038722    13.71   0.000     .0454959    .0606756
 _Ivuosi_2001 |   .0604478   .0038584    15.67   0.000     .0528849    .0680108
 _Ivuosi_2002 |   .0421357   .0036321    11.60   0.000     .0350165    .0492549
 _Ivuosi_2003 |   .0442929   .0034368    12.89   0.000     .0375564    .0510294
 _Ivuosi_2004 |    .061756   .0034225    18.04   0.000     .0550476    .0684645
 _Ivuosi_2005 |   .0680269   .0032461    20.96   0.000     .0616643    .0743895
 _Ivuosi_2006 |   .0698858   .0034608    20.19   0.000     .0631022    .0766693
 _Ivuosi_2007 |   .0776877   .0034986    22.21   0.000     .0708301    .0845454
 _Ivuosi_2008 |   .0620673   .0032178    19.29   0.000     .0557601    .0683745
 _Ivuosi_2009 |   .0088872    .004316     2.06   0.039     .0004273     .017347
 _Ivuosi_2010 |   .0167125   .0034726     4.81   0.000     .0099059    .0235192
 _Ivuosi_2011 |    .017868    .002783     6.42   0.000     .0124131    .0233229
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5905381   .0233646    25.27   0.000     .5447412     .636335
    _Iage2_22 |    .805511   .0387586    20.78   0.000     .7295405    .8814815
    _Iage2_23 |   .9309807   .0541587    17.19   0.000     .8248247    1.037137
    _Iage2_24 |   1.035081   .0697358    14.84   0.000     .8983923     1.17177
    _Iage2_25 |   1.139833   .0856102    13.31   0.000      .972029    1.307637
    _Iage2_26 |   1.230102   .1011134    12.17   0.000      1.03191    1.428293
    _Iage2_27 |   1.307206   .1167505    11.20   0.000     1.078364    1.536048
    _Iage2_28 |   1.377849   .1324884    10.40   0.000     1.118159    1.637538
    _Iage2_29 |   1.440676   .1480766     9.73   0.000     1.150432     1.73092
    _Iage2_30 |   1.501401   .1638269     9.16   0.000     1.180285    1.822517
    _Iage2_31 |   1.559381   .1795527     8.68   0.000     1.207441    1.911321
    _Iage2_32 |     1.6118   .1952093     8.26   0.000     1.229172    1.994429
    _Iage2_33 |   1.661889   .2109466     7.88   0.000     1.248414    2.075364
    _Iage2_34 |   1.711653   .2266646     7.55   0.000     1.267369    2.155936
    _Iage2_35 |   1.761469   .2423538     7.27   0.000     1.286433    2.236506
    _Iage2_36 |   1.807864   .2580199     7.01   0.000     1.302121    2.313607
    _Iage2_37 |   1.857021   .2737672     6.78   0.000     1.320411     2.39363
    _Iage2_38 |   1.904345   .2894139     6.58   0.000     1.337066    2.471623
    _Iage2_39 |    1.95005   .3051607     6.39   0.000     1.351906    2.548193
    _Iage2_40 |   1.995662   .3208596     6.22   0.000     1.366747    2.624577
    _Iage2_41 |   2.038001   .3366167     6.05   0.000     1.378201    2.697801
    _Iage2_42 |   2.080878   .3522784     5.91   0.000     1.390379    2.771376
    _Iage2_43 |   2.120864   .3680175     5.76   0.000     1.399515    2.842213
    _Iage2_44 |   2.163453   .3837272     5.64   0.000     1.411312    2.915594
    _Iage2_45 |   2.203939   .3994162     5.52   0.000     1.421046    2.986832
    _Iage2_46 |   2.243746   .4151428     5.40   0.000     1.430028    3.057465
    _Iage2_47 |   2.281471   .4308559     5.30   0.000     1.436953    3.125989
    _Iage2_48 |   2.318271   .4465747     5.19   0.000     1.442943      3.1936
    _Iage2_49 |   2.355291   .4623159     5.09   0.000     1.449108    3.261473
    _Iage2_50 |   2.389808   .4779831     5.00   0.000     1.452916    3.326699
    _Iage2_51 |   2.426453   .4936899     4.91   0.000     1.458775    3.394132
    _Iage2_52 |   2.457489   .5094648     4.82   0.000     1.458891    3.456088
    _Iage2_53 |    2.49026   .5251301     4.74   0.000     1.460956    3.519564
    _Iage2_54 |   2.520225   .5408942     4.66   0.000     1.460021    3.580428
    _Iage2_55 |   2.548306   .5566405     4.58   0.000     1.457238    3.639374
    _Iage2_56 |   2.572831   .5722772     4.50   0.000     1.451113    3.694548
    _Iage2_57 |   2.581976   .5879161     4.39   0.000     1.429605    3.734347
    _Iage2_58 |   2.590412   .6036713     4.29   0.000      1.40716    3.773665
    _Iage2_59 |   2.592119   .6193412     4.19   0.000     1.378153    3.806086
firm_size_new |   .0333589   .0074128     4.50   0.000     .0188291    .0478888
        _cons |   8.512844   .2143424    39.72   0.000     8.092713    8.932976
--------------+----------------------------------------------------------------
      sigma_u |  .63441332
      sigma_e |  .24732802
          rho |  .86806651   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1848                         Obs per group: min =         1
       between = 0.1400                                        avg =       6.2
       overall = 0.0758                                        max =        16

                                                F(79,18268)        =    258.58
corr(u_i, Xb)  = -0.7534                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,269 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0008017   .0101238    -0.08   0.937    -.0206454    .0190419
          treated_pre |  -.0309518   .0078325    -3.95   0.000    -.0463042   -.0155994
 treated_pre_iasenior |   .0198606   .0091903     2.16   0.031     .0018468    .0378744
         treated_post |  -.0217667   .0087806    -2.48   0.013    -.0389775   -.0045559
treated_post_iasenior |   .0066194   .0104645     0.63   0.527    -.0138921    .0271309
               senior |          0  (omitted)
         pre_iasenior |  -.0096994   .0071494    -1.36   0.175    -.0237128    .0043141
        post_iasenior |  -.0219105   .0079941    -2.74   0.006    -.0375797   -.0062413
                  l_0 |  -.0827153   .0790641    -1.05   0.295    -.2376883    .0722576
                  l_1 |  -.0729224   .0946223    -0.77   0.441    -.2583911    .1125462
                  l_2 |  -.1088161   .1103329    -0.99   0.324     -.325079    .1074469
                  l_3 |  -.1390946   .1259972    -1.10   0.270    -.3860609    .1078717
                  l_4 |  -.1680858   .1417575    -1.19   0.236    -.4459438    .1097721
                  l_5 |  -.1948597   .1574805    -1.24   0.216    -.5035362    .1138168
                  l_6 |  -.2211571   .1732197    -1.28   0.202    -.5606841    .1183698
                  l_7 |  -.2470153   .1888514    -1.31   0.191    -.6171818    .1231512
                  l_8 |  -.2730158   .2045846    -1.33   0.182    -.6740207    .1279892
                  l_9 |  -.2965823   .2203133    -1.35   0.178    -.7284169    .1352524
                 l_10 |  -.3211294   .2360176    -1.36   0.174     -.783746    .1414871
                  f_1 |  -.0632327    .063311    -1.00   0.318    -.1873281    .0608627
                  f_2 |  -.0402951   .0476833    -0.85   0.398    -.1337588    .0531686
                  f_3 |  -.0280532   .0321643    -0.87   0.383    -.0910982    .0349918
                  f_4 |    -.00537   .0170125    -0.32   0.752     -.038716     .027976
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |    .043986   .0038335    11.47   0.000     .0364719       .0515
         _Ivuosi_1996 |   .0653162    .004173    15.65   0.000     .0571368    .0734957
         _Ivuosi_1997 |   .0643759   .0040342    15.96   0.000     .0564686    .0722832
         _Ivuosi_1998 |   .0724307   .0040444    17.91   0.000     .0645033    .0803582
         _Ivuosi_1999 |   .0527145   .0039762    13.26   0.000     .0449208    .0605081
         _Ivuosi_2000 |   .0530263   .0038597    13.74   0.000     .0454609    .0605917
         _Ivuosi_2001 |   .0602604   .0038481    15.66   0.000     .0527179     .067803
         _Ivuosi_2002 |   .0421069   .0036271    11.61   0.000     .0349974    .0492163
         _Ivuosi_2003 |   .0443048   .0034304    12.92   0.000     .0375808    .0510287
         _Ivuosi_2004 |   .0616347   .0034147    18.05   0.000     .0549416    .0683277
         _Ivuosi_2005 |   .0678967   .0032415    20.95   0.000     .0615431    .0742504
         _Ivuosi_2006 |   .0696508   .0034562    20.15   0.000     .0628764    .0764252
         _Ivuosi_2007 |   .0775599   .0034932    22.20   0.000     .0707129    .0844068
         _Ivuosi_2008 |   .0619907    .003215    19.28   0.000     .0556891    .0682924
         _Ivuosi_2009 |   .0087895    .004319     2.04   0.042     .0003238    .0172551
         _Ivuosi_2010 |   .0166561   .0034695     4.80   0.000     .0098556    .0234567
         _Ivuosi_2011 |   .0178525   .0027832     6.41   0.000     .0123972    .0233079
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5905467   .0233587    25.28   0.000     .5447614     .636332
            _Iage2_22 |   .8054985   .0387426    20.79   0.000     .7295594    .8814377
            _Iage2_23 |   .9310379   .0541354    17.20   0.000     .8249274    1.037148
            _Iage2_24 |   1.035364   .0697074    14.85   0.000     .8987313    1.171997
            _Iage2_25 |   1.140466   .0855756    13.33   0.000     .9727297    1.308202
            _Iage2_26 |     1.2312   .1010738    12.18   0.000     1.033086    1.429314
            _Iage2_27 |   1.308837   .1167053    11.21   0.000     1.080084     1.53759
            _Iage2_28 |   1.379974   .1324367    10.42   0.000     1.120385    1.639562
            _Iage2_29 |   1.443394   .1480196     9.75   0.000     1.153262    1.733527
            _Iage2_30 |   1.504686   .1637651     9.19   0.000     1.183691    1.825681
            _Iage2_31 |    1.56331   .1794865     8.71   0.000     1.211499     1.91512
            _Iage2_32 |   1.616368   .1951389     8.28   0.000     1.233878    1.998859
            _Iage2_33 |   1.667061   .2108714     7.91   0.000     1.253733    2.080388
            _Iage2_34 |   1.717472   .2265851     7.58   0.000     1.273344    2.161601
            _Iage2_35 |    1.76795    .242269     7.30   0.000      1.29308     2.24282
            _Iage2_36 |   1.814977   .2579304     7.04   0.000     1.309409    2.320545
            _Iage2_37 |   1.864868   .2736741     6.81   0.000     1.328441    2.401295
            _Iage2_38 |   1.913017   .2893179     6.61   0.000     1.345927    2.480107
            _Iage2_39 |   1.959679   .3050623     6.42   0.000     1.361729     2.55763
            _Iage2_40 |   2.006393   .3207574     6.26   0.000     1.377679    2.635108
            _Iage2_41 |   2.063404   .3364175     6.13   0.000     1.403994    2.722814
            _Iage2_42 |   2.107914   .3520788     5.99   0.000     1.417806    2.798021
            _Iage2_43 |   2.149762   .3678159     5.84   0.000     1.428808    2.870716
            _Iage2_44 |   2.194344   .3835245     5.72   0.000       1.4426    2.946088
            _Iage2_45 |   2.236929   .3992129     5.60   0.000     1.454435    3.019424
            _Iage2_46 |   2.278844   .4149402     5.49   0.000     1.465522    3.092165
            _Iage2_47 |   2.318776   .4306524     5.38   0.000     1.474657    3.162896
            _Iage2_48 |   2.357782   .4463714     5.28   0.000     1.482853    3.232712
            _Iage2_49 |   2.397055   .4621126     5.19   0.000     1.491271    3.302839
            _Iage2_50 |   2.433882   .4777786     5.09   0.000     1.497391    3.370373
            _Iage2_51 |   2.472712   .4934856     5.01   0.000     1.505434     3.43999
            _Iage2_52 |   2.506063   .5092631     4.92   0.000     1.507859    3.504266
            _Iage2_53 |   2.541164   .5249291     4.84   0.000     1.512254    3.570074
            _Iage2_54 |   2.573519   .5406932     4.76   0.000     1.513709    3.633328
            _Iage2_55 |   2.603951    .556442     4.68   0.000     1.513272    3.694629
            _Iage2_56 |   2.630838   .5720793     4.60   0.000     1.509509    3.752167
            _Iage2_57 |   2.642398   .5877188     4.50   0.000     1.490414    3.794382
            _Iage2_58 |   2.653323   .6034751     4.40   0.000     1.470455    3.836191
            _Iage2_59 |   2.657732   .6191514     4.29   0.000     1.444137    3.871327
        firm_size_new |    .033351   .0073815     4.52   0.000     .0188827    .0478194
                _cons |   8.500898   .2142557    39.68   0.000     8.080937    8.920859
----------------------+----------------------------------------------------------------
              sigma_u |  .64377932
              sigma_e |  .24730173
                  rho |  .87141114   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =    3.80
            Prob > F =    0.0514

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18268) =    2.82
            Prob > F =    0.0934
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1859                         Obs per group: min =         1
       between = 0.1382                                        avg =       6.2
       overall = 0.0749                                        max =        16

                                                F(82,18268)        =    252.50
corr(u_i, Xb)  = -0.7711                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0029651   .0007618     3.89   0.000      .001472    .0044582
     treated_iasuorv_d |   .0279108   .0200386     1.39   0.164    -.0113667    .0671883
           treated_pre |  -.0124759   .0104393    -1.20   0.232    -.0329378    .0079861
       treated_pre_ia3 |  -.0006348   .0004917    -1.29   0.197    -.0015985     .000329
 treated_pre_iasuorv_d |  -.0124827   .0098418    -1.27   0.205    -.0317736    .0068082
          treated_post |    .038643   .0117612     3.29   0.001     .0155899    .0616961
      treated_post_ia3 |  -.0032719   .0005579    -5.86   0.000    -.0043655   -.0021783
treated_post_iasuorv_d |  -.0787851   .0115384    -6.83   0.000    -.1014015   -.0561687
             interact3 |  -.0026723   .0003308    -8.08   0.000    -.0033207   -.0020238
               suorv_d |  -.0509243   .0112127    -4.54   0.000    -.0729023   -.0289462
                   l_0 |  -.1044855   .0791256    -1.32   0.187    -.2595791    .0506082
                   l_1 |  -.0971249   .0947349    -1.03   0.305    -.2828142    .0885645
                   l_2 |  -.1354636   .1104997    -1.23   0.220    -.3520534    .0811262
                   l_3 |  -.1682105   .1262162    -1.33   0.183    -.4156061    .0791852
                   l_4 |  -.1997456   .1420272    -1.41   0.160    -.4781323    .0786412
                   l_5 |  -.2290733   .1577969    -1.45   0.147    -.5383701    .0802235
                   l_6 |  -.2580146   .1735865    -1.49   0.137    -.5982605    .0822313
                   l_7 |  -.2864262   .1892616    -1.51   0.130    -.6573967    .0845443
                   l_8 |  -.3149362   .2050394    -1.54   0.125    -.7168327    .0869603
                   l_9 |  -.3410848   .2208038    -1.54   0.122     -.773881    .0917113
                  l_10 |  -.3681168   .2365535    -1.56   0.120    -.8317838    .0955503
                   f_1 |  -.0768541   .0632904    -1.21   0.225    -.2009092    .0472009
                   f_2 |   -.051679   .0475868    -1.09   0.277    -.1449536    .0415957
                   f_3 |  -.0370192   .0319433    -1.16   0.247    -.0996311    .0255927
                   f_4 |  -.0118782   .0165327    -0.72   0.472    -.0442838    .0205274
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0440285   .0038399    11.47   0.000     .0365018    .0515552
          _Ivuosi_1996 |   .0651172   .0041717    15.61   0.000     .0569403    .0732942
          _Ivuosi_1997 |   .0638924   .0040309    15.85   0.000     .0559915    .0717933
          _Ivuosi_1998 |   .0719056   .0040438    17.78   0.000     .0639793    .0798318
          _Ivuosi_1999 |   .0519674    .003975    13.07   0.000      .044176    .0597587
          _Ivuosi_2000 |   .0521138   .0038488    13.54   0.000     .0445698    .0596578
          _Ivuosi_2001 |   .0593175   .0038332    15.47   0.000      .051804    .0668309
          _Ivuosi_2002 |   .0410414   .0036278    11.31   0.000     .0339306    .0481522
          _Ivuosi_2003 |   .0432521   .0034245    12.63   0.000     .0365397    .0499645
          _Ivuosi_2004 |   .0605752   .0034154    17.74   0.000     .0538807    .0672697
          _Ivuosi_2005 |   .0669773   .0032521    20.60   0.000     .0606029    .0733516
          _Ivuosi_2006 |   .0686881   .0034743    19.77   0.000     .0618781    .0754982
          _Ivuosi_2007 |   .0767368   .0035118    21.85   0.000     .0698533    .0836203
          _Ivuosi_2008 |   .0613348   .0032315    18.98   0.000     .0550008    .0676689
          _Ivuosi_2009 |   .0079136   .0043072     1.84   0.066    -.0005288    .0163561
          _Ivuosi_2010 |   .0159844    .003475     4.60   0.000      .009173    .0227958
          _Ivuosi_2011 |   .0174295   .0027801     6.27   0.000     .0119803    .0228786
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5923844   .0233699    25.35   0.000     .5465773    .6381916
             _Iage2_22 |   .8096482   .0387845    20.88   0.000      .733627    .8856694
             _Iage2_23 |   .9378812   .0542053    17.30   0.000     .8316336    1.044129
             _Iage2_24 |   1.045106   .0698171    14.97   0.000     .9082575    1.181954
             _Iage2_25 |   1.153427   .0857239    13.46   0.000     .9853998    1.321454
             _Iage2_26 |   1.247352   .1012576    12.32   0.000     1.048878    1.445826
             _Iage2_27 |    1.32829   .1169283    11.36   0.000       1.0991    1.557481
             _Iage2_28 |   1.403067   .1326983    10.57   0.000     1.142966    1.663169
             _Iage2_29 |   1.470273   .1483245     9.91   0.000     1.179543    1.761003
             _Iage2_30 |   1.535456   .1641104     9.36   0.000     1.213784    1.857127
             _Iage2_31 |   1.598102   .1798717     8.88   0.000     1.245537    1.950667
             _Iage2_32 |    1.65519   .1955688     8.46   0.000     1.271857    2.038523
             _Iage2_33 |   1.710109    .211345     8.09   0.000     1.295853    2.124365
             _Iage2_34 |   1.764851    .227104     7.77   0.000     1.319706    2.209996
             _Iage2_35 |   1.819788   .2428308     7.49   0.000     1.343816    2.295759
             _Iage2_36 |   1.871437   .2585344     7.24   0.000     1.364685    2.378189
             _Iage2_37 |   1.925909   .2743271     7.02   0.000     1.388202    2.463616
             _Iage2_38 |   1.978605    .290014     6.82   0.000      1.41015     2.54706
             _Iage2_39 |   2.029781   .3057991     6.64   0.000     1.430386    2.629176
             _Iage2_40 |   2.081049   .3215351     6.47   0.000      1.45081    2.711288
             _Iage2_41 |   2.129126   .3373385     6.31   0.000     1.467911    2.790341
             _Iage2_42 |   2.177803   .3530464     6.17   0.000     1.485799    2.869807
             _Iage2_43 |   2.223805   .3688301     6.03   0.000     1.500864    2.946747
             _Iage2_44 |   2.272281   .3845813     5.91   0.000     1.518465    3.026096
             _Iage2_45 |   2.318759   .4003156     5.79   0.000     1.534103    3.103416
             _Iage2_46 |   2.364572   .4160824     5.68   0.000     1.549011    3.180132
             _Iage2_47 |   2.408217   .4318363     5.58   0.000     1.561777    3.254657
             _Iage2_48 |   2.450924   .4475984     5.48   0.000     1.573589    3.328259
             _Iage2_49 |   2.493907   .4633837     5.38   0.000     1.585631    3.402182
             _Iage2_50 |   2.534307   .4790927     5.29   0.000     1.595241    3.473374
             _Iage2_51 |   2.576618   .4948358     5.21   0.000     1.606694    3.546543
             _Iage2_52 |   2.613375    .510658     5.12   0.000     1.612437    3.614313
             _Iage2_53 |   2.651904   .5263601     5.04   0.000     1.620189    3.683619
             _Iage2_54 |   2.687566   .5421732     4.96   0.000     1.624856    3.750276
             _Iage2_55 |   2.721323   .5579626     4.88   0.000     1.627664    3.814982
             _Iage2_56 |   2.751322   .5736389     4.80   0.000     1.626936    3.875708
             _Iage2_57 |   2.765846   .5893217     4.69   0.000      1.61072    3.920971
             _Iage2_58 |   2.779721   .6051209     4.59   0.000     1.593628    3.965815
             _Iage2_59 |   2.786973   .6208343     4.49   0.000     1.570079    4.003866
         firm_size_new |   .0331792   .0073171     4.53   0.000     .0188371    .0475214
                 _cons |   8.475322    .214554    39.50   0.000     8.054776    8.895868
-----------------------+----------------------------------------------------------------
               sigma_u |  .66153679
               sigma_e |   .2471452
                   rho |  .87752292   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =    9.77
            Prob > F =    0.0018

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18268) =    1.71
            Prob > F =    0.1915
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1859                         Obs per group: min =         1
       between = 0.1386                                        avg =       6.2
       overall = 0.0753                                        max =        16

                                                F(85,18268)        =    244.60
corr(u_i, Xb)  = -0.7707                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0132762   .0075534    -1.76   0.079    -.0280815    .0015292
           treated_ia3 |   .0036099    .000784     4.60   0.000     .0020732    .0051466
     treated_iasuorv_d |   .0498873   .0208558     2.39   0.017     .0090079    .0907667
           treated_pre |  -.0093637   .0104338    -0.90   0.369     -.029815    .0110875
  treated_pre_iasenior |   .0218663   .0066015     3.31   0.001     .0089267    .0348059
       treated_pre_ia3 |  -.0013656   .0005315    -2.57   0.010    -.0024075   -.0003238
 treated_pre_iasuorv_d |  -.0307044      .0115    -2.67   0.008    -.0532455   -.0081633
          treated_post |   .0413702   .0117247     3.53   0.000     .0183887    .0643517
 treated_post_iasenior |    .028586   .0073905     3.87   0.000     .0140999    .0430721
      treated_post_ia3 |  -.0042266   .0005862    -7.21   0.000    -.0053757   -.0030775
treated_post_iasuorv_d |  -.1021392   .0128236    -7.96   0.000    -.1272747   -.0770038
                senior |   2.776274   .6208001     4.47   0.000     1.559447      3.9931
             interact3 |  -.0025583   .0003268    -7.83   0.000    -.0031988   -.0019177
               suorv_d |  -.0510428   .0112179    -4.55   0.000    -.0730309   -.0290546
                   l_0 |  -.1027887   .0791214    -1.30   0.194    -.2578741    .0522968
                   l_1 |  -.0953581   .0947311    -1.01   0.314    -.2810399    .0903236
                   l_2 |  -.1336057   .1104955    -1.21   0.227    -.3501873    .0829758
                   l_3 |  -.1662573   .1262121    -1.32   0.188    -.4136449    .0811303
                   l_4 |   -.197695    .142022    -1.39   0.164    -.4760714    .0806814
                   l_5 |  -.2269293   .1577917    -1.44   0.150    -.5362159    .0823572
                   l_6 |  -.2557848    .173582    -1.47   0.141    -.5960217    .0844522
                   l_7 |  -.2840652   .1892573    -1.50   0.133    -.6550272    .0868969
                   l_8 |  -.3124609   .2050349    -1.52   0.128    -.7143487    .0894268
                   l_9 |  -.3384941   .2207996    -1.53   0.125    -.7712821    .0942939
                  l_10 |   -.365432   .2365489    -1.54   0.122    -.8290901     .098226
                   f_1 |  -.0759368   .0632892    -1.20   0.230    -.1999896    .0481159
                   f_2 |   -.050851   .0475853    -1.07   0.285    -.1441227    .0424208
                   f_3 |  -.0363029   .0319419    -1.14   0.256    -.0989119    .0263061
                   f_4 |  -.0112579   .0165302    -0.68   0.496    -.0436587    .0211429
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0440681   .0038353    11.49   0.000     .0365505    .0515856
          _Ivuosi_1996 |   .0651362   .0041688    15.62   0.000     .0569651    .0733074
          _Ivuosi_1997 |   .0639352   .0040293    15.87   0.000     .0560373    .0718331
          _Ivuosi_1998 |   .0719344   .0040412    17.80   0.000     .0640133    .0798556
          _Ivuosi_1999 |   .0519862    .003978    13.07   0.000     .0441889    .0597834
          _Ivuosi_2000 |   .0521193   .0038473    13.55   0.000     .0445782    .0596603
          _Ivuosi_2001 |    .059297   .0038327    15.47   0.000     .0517846    .0668093
          _Ivuosi_2002 |   .0410223   .0036289    11.30   0.000     .0339093    .0481354
          _Ivuosi_2003 |   .0432049   .0034226    12.62   0.000     .0364964    .0499135
          _Ivuosi_2004 |   .0605472   .0034139    17.74   0.000     .0538557    .0672388
          _Ivuosi_2005 |   .0669593    .003248    20.62   0.000     .0605929    .0733257
          _Ivuosi_2006 |    .068668   .0034679    19.80   0.000     .0618706    .0754655
          _Ivuosi_2007 |   .0767232   .0035076    21.87   0.000     .0698479    .0835985
          _Ivuosi_2008 |   .0613206   .0032275    19.00   0.000     .0549943    .0676468
          _Ivuosi_2009 |   .0079078   .0043037     1.84   0.066    -.0005278    .0163435
          _Ivuosi_2010 |   .0159872   .0034732     4.60   0.000     .0091794    .0227951
          _Ivuosi_2011 |   .0174307   .0027802     6.27   0.000     .0119813    .0228801
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5923605   .0233683    25.35   0.000     .5465565    .6381645
             _Iage2_22 |   .8095765   .0387818    20.88   0.000     .7335605    .8855924
             _Iage2_23 |   .9377566   .0542015    17.30   0.000     .8315166    1.043997
             _Iage2_24 |   1.044958   .0698125    14.97   0.000     .9081192    1.181797
             _Iage2_25 |   1.153273   .0857182    13.45   0.000     .9852572    1.321289
             _Iage2_26 |   1.247192   .1012508    12.32   0.000     1.048731    1.445653
             _Iage2_27 |   1.328138   .1169203    11.36   0.000     1.098963    1.557313
             _Iage2_28 |   1.402918   .1326888    10.57   0.000     1.142836    1.663001
             _Iage2_29 |    1.47016   .1483134     9.91   0.000     1.179451    1.760868
             _Iage2_30 |   1.535369   .1640972     9.36   0.000     1.213724    1.857015
             _Iage2_31 |   1.598065   .1798565     8.89   0.000      1.24553    1.950601
             _Iage2_32 |   1.655223   .1955521     8.46   0.000     1.271923    2.038524
             _Iage2_33 |   1.710228   .2113263     8.09   0.000     1.296009    2.124447
             _Iage2_34 |   1.765056   .2270835     7.77   0.000     1.319951    2.210161
             _Iage2_35 |   1.820104   .2428085     7.50   0.000     1.344177    2.296032
             _Iage2_36 |   1.871902   .2585102     7.24   0.000     1.365197    2.378606
             _Iage2_37 |   1.926495    .274301     7.02   0.000      1.38884    2.464151
             _Iage2_38 |   1.979281   .2899857     6.83   0.000     1.410882     2.54768
             _Iage2_39 |    2.03052   .3057695     6.64   0.000     1.431184    2.629857
             _Iage2_40 |   2.081797   .3215039     6.48   0.000     1.451619    2.711975
             _Iage2_41 |  -.6533697   .2836476    -2.30   0.021    -1.209346   -.0973938
             _Iage2_42 |    -.60482   .2679276    -2.26   0.024    -1.129983   -.0796567
             _Iage2_43 |  -.5590227   .2521409    -2.22   0.027    -1.053243   -.0648028
             _Iage2_44 |  -.5107487   .2363841    -2.16   0.031    -.9740839   -.0474136
             _Iage2_45 |  -.4644899   .2206459    -2.11   0.035    -.8969766   -.0320032
             _Iage2_46 |  -.4189364   .2048779    -2.04   0.041    -.8205163   -.0173564
             _Iage2_47 |  -.3755394   .1891174    -1.99   0.047    -.7462273   -.0048515
             _Iage2_48 |  -.3330777   .1733537    -1.92   0.055    -.6728672    .0067119
             _Iage2_49 |  -.2903308   .1575711    -1.84   0.065    -.5991849    .0185233
             _Iage2_50 |   -.250203   .1418621    -1.76   0.078    -.5282661    .0278601
             _Iage2_51 |  -.2081605    .126119    -1.65   0.099    -.4553655    .0390446
             _Iage2_52 |  -.1716796   .1103088    -1.56   0.120    -.3878951     .044536
             _Iage2_53 |  -.1334162   .0946197    -1.41   0.159    -.3188797    .0520473
             _Iage2_54 |  -.0980194   .0788222    -1.24   0.214    -.2525183    .0564795
             _Iage2_55 |  -.0646302   .0630508    -1.03   0.305    -.1882156    .0589553
             _Iage2_56 |  -.0348777   .0474142    -0.74   0.462     -.127814    .0580585
             _Iage2_57 |  -.0206049   .0317765    -0.65   0.517    -.0828898    .0416799
             _Iage2_58 |  -.0069782   .0161415    -0.43   0.666    -.0386172    .0246607
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0331553   .0072953     4.54   0.000     .0188558    .0474547
                 _cons |   8.472647   .2145183    39.50   0.000      8.05217    8.893123
-----------------------+----------------------------------------------------------------
               sigma_u |   .6608155
               sigma_e |  .24713745
                   rho |  .87729498   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18268) =   40.43
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18268) =   59.21
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18268) =    6.60
            Prob > F =    0.0102

 ( 1)  treated_post_ia3 = 0

       F(  1, 18268) =   51.98
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =   25.67
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =   10.84
            Prob > F =    0.0010

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18268) =   24.31
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1939                         Obs per group: min =         1
       between = 0.1412                                        avg =       6.2
       overall = 0.0802                                        max =        16

                                                F(89,18268)        =    249.55
corr(u_i, Xb)  = -0.7747                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |    -.00758   .0075197    -1.01   0.313    -.0223193    .0071593
           treated_ia2 |   .0582715   .0315863     1.84   0.065    -.0036407    .1201836
           treated_ia3 |   .0048897   .0007867     6.22   0.000     .0033476    .0064317
     treated_iasuorv_d |    .035647   .0205972     1.73   0.084    -.0047255    .0760195
           treated_pre |  -.0124704   .0106365    -1.17   0.241    -.0333189     .008378
  treated_pre_iasenior |   .0178706   .0066327     2.69   0.007     .0048699    .0308713
       treated_pre_ia2 |   .0119761   .0128687     0.93   0.352    -.0132478       .0372
       treated_pre_ia3 |  -.0013942   .0005306    -2.63   0.009    -.0024343   -.0003541
 treated_pre_iasuorv_d |  -.0224022   .0115486    -1.94   0.052    -.0450385    .0002342
          treated_post |   .0194347   .0117589     1.65   0.098    -.0036139    .0424833
 treated_post_iasenior |   .0156436    .007312     2.14   0.032     .0013114    .0299758
      treated_post_ia2 |   .0648534   .0154735     4.19   0.000     .0345239    .0951828
      treated_post_ia3 |  -.0037607   .0005764    -6.52   0.000    -.0048906   -.0026309
treated_post_iasuorv_d |  -.0642491   .0125698    -5.11   0.000    -.0888871   -.0396111
                senior |   2.751501   .6218042     4.43   0.000     1.532707    3.970296
             interact2 |   .3496057   .0221712    15.77   0.000      .306148    .3930634
             interact3 |  -.0006064   .0003222    -1.88   0.060     -.001238    .0000252
               suorv_d |  -.0457932   .0115102    -3.98   0.000    -.0683542   -.0232321
                   l_0 |  -.1052516   .0792474    -1.33   0.184    -.2605839    .0500808
                   l_1 |  -.1007545   .0948834    -1.06   0.288    -.2867349    .0852258
                   l_2 |  -.1406978   .1106626    -1.27   0.204    -.3576069    .0762113
                   l_3 |  -.1750924   .1264021    -1.39   0.166    -.4228524    .0726677
                   l_4 |  -.2082246   .1422335    -1.46   0.143    -.4870156    .0705663
                   l_5 |  -.2391447   .1580203    -1.51   0.130    -.5488793    .0705899
                   l_6 |  -.2696426   .1738365    -1.55   0.121    -.6103785    .0710933
                   l_7 |  -.2994394   .1895264    -1.58   0.114    -.6709289    .0720501
                   l_8 |  -.3293255   .2053243    -1.60   0.109    -.7317803    .0731294
                   l_9 |    -.35707   .2211122    -1.61   0.106    -.7904707    .0763308
                  l_10 |  -.3859878   .2368877    -1.63   0.103    -.8503099    .0783342
                   f_1 |  -.0800534   .0633866    -1.26   0.207    -.2042971    .0441903
                   f_2 |  -.0537397   .0476571    -1.13   0.259    -.1471522    .0396727
                   f_3 |   -.037977   .0319944    -1.19   0.235     -.100689    .0247351
                   f_4 |  -.0118035   .0165552    -0.71   0.476    -.0442533    .0206463
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0449961   .0038273    11.76   0.000     .0374943    .0524979
          _Ivuosi_1996 |   .0659806   .0041335    15.96   0.000     .0578785    .0740827
          _Ivuosi_1997 |   .0650505   .0039961    16.28   0.000     .0572177    .0728833
          _Ivuosi_1998 |   .0733737   .0040024    18.33   0.000     .0655286    .0812188
          _Ivuosi_1999 |   .0539198   .0039498    13.65   0.000     .0461779    .0616617
          _Ivuosi_2000 |   .0547539   .0038165    14.35   0.000     .0472732    .0622345
          _Ivuosi_2001 |   .0615555   .0038065    16.17   0.000     .0540945    .0690166
          _Ivuosi_2002 |   .0431055   .0035953    11.99   0.000     .0360584    .0501526
          _Ivuosi_2003 |   .0450402   .0033897    13.29   0.000      .038396    .0516844
          _Ivuosi_2004 |   .0625086   .0033837    18.47   0.000     .0558763     .069141
          _Ivuosi_2005 |   .0690423   .0032139    21.48   0.000     .0627428    .0753418
          _Ivuosi_2006 |    .070696   .0034297    20.61   0.000     .0639735    .0774185
          _Ivuosi_2007 |   .0785714   .0034563    22.73   0.000     .0717966    .0853461
          _Ivuosi_2008 |   .0627233   .0031736    19.76   0.000     .0565027     .068944
          _Ivuosi_2009 |   .0090153   .0042622     2.12   0.034     .0006611    .0173695
          _Ivuosi_2010 |   .0165824   .0034333     4.83   0.000     .0098528     .023312
          _Ivuosi_2011 |     .01794   .0027608     6.50   0.000     .0125286    .0233515
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5915656   .0234008    25.28   0.000     .5456978    .6374334
             _Iage2_22 |    .809449   .0388021    20.86   0.000     .7333933    .8855047
             _Iage2_23 |   .9385209   .0542435    17.30   0.000     .8321985    1.044843
             _Iage2_24 |   1.041817   .0698722    14.91   0.000     .9048608    1.178773
             _Iage2_25 |   1.144457   .0858233    13.34   0.000     .9762348    1.312678
             _Iage2_26 |   1.233247   .1013768    12.16   0.000     1.034539    1.431955
             _Iage2_27 |   1.309782   .1170857    11.19   0.000     1.080284    1.539281
             _Iage2_28 |   1.381051   .1328758    10.39   0.000     1.120602      1.6415
             _Iage2_29 |    1.44644   .1485247     9.74   0.000     1.155318    1.737563
             _Iage2_30 |   1.509615   .1643487     9.19   0.000     1.187476    1.831754
             _Iage2_31 |   1.571076   .1801377     8.72   0.000     1.217989    1.924163
             _Iage2_32 |   1.627133    .195865     8.31   0.000      1.24322    2.011047
             _Iage2_33 |    1.68131   .2116625     7.94   0.000     1.266432    2.096189
             _Iage2_34 |   1.735354   .2274515     7.63   0.000     1.289528    2.181181
             _Iage2_35 |   1.789649   .2432032     7.36   0.000     1.312948     2.26635
             _Iage2_36 |    1.84074   .2589367     7.11   0.000       1.3332     2.34828
             _Iage2_37 |   1.894697   .2747515     6.90   0.000     1.356158    2.433236
             _Iage2_38 |   1.946986   .2904667     6.70   0.000     1.377644    2.516328
             _Iage2_39 |   1.997591   .3062809     6.52   0.000     1.397252    2.597931
             _Iage2_40 |   2.048365   .3220437     6.36   0.000     1.417129    2.679601
             _Iage2_41 |  -.6598558   .2840977    -2.32   0.020    -1.216714   -.1029976
             _Iage2_42 |  -.6116393   .2683506    -2.28   0.023    -1.137632   -.0856468
             _Iage2_43 |  -.5660386   .2525342    -2.24   0.025    -1.061029   -.0710478
             _Iage2_44 |   -.517834   .2367487    -2.19   0.029    -.9818837   -.0537843
             _Iage2_45 |  -.4716393   .2209859    -2.13   0.033    -.9047924   -.0384861
             _Iage2_46 |  -.4260264   .2051877    -2.08   0.038    -.8282136   -.0238393
             _Iage2_47 |  -.3826092   .1894028    -2.02   0.043    -.7538565   -.0113619
             _Iage2_48 |  -.3399167   .1736154    -1.96   0.050    -.6802191    .0003858
             _Iage2_49 |  -.2969054   .1578084    -1.88   0.060    -.6062248    .0124139
             _Iage2_50 |  -.2563912   .1420716    -1.80   0.071    -.5348649    .0220824
             _Iage2_51 |  -.2139524   .1263045    -1.69   0.090    -.4615211    .0336163
             _Iage2_52 |  -.1769263   .1104722    -1.60   0.109    -.3934623    .0396097
             _Iage2_53 |  -.1381518   .0947598    -1.46   0.145    -.3238898    .0475862
             _Iage2_54 |  -.1021074   .0789351    -1.29   0.196    -.2568276    .0526127
             _Iage2_55 |  -.0680004    .063142    -1.08   0.282    -.1917646    .0557637
             _Iage2_56 |   -.037506   .0474802    -0.79   0.430    -.1305716    .0555595
             _Iage2_57 |  -.0224129   .0318198    -0.70   0.481    -.0847827    .0399569
             _Iage2_58 |  -.0079423   .0161644    -0.49   0.623    -.0396261    .0237415
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0280046   .0071449     3.92   0.000     .0140001    .0420092
                 _cons |    8.45617   .2147513    39.38   0.000     8.035237    8.877103
-----------------------+----------------------------------------------------------------
               sigma_u |  .66476811
               sigma_e |  .24592433
                   rho |  .87961918   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18268) =   31.89
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18268) =   43.85
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18268) =    4.11
            Prob > F =    0.0165

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18268) =   30.89
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =    6.48
            Prob > F =    0.0109

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   20.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =    1.91
            Prob > F =    0.1665

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18268) =   26.29
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18268) =    5.53
            Prob > F =    0.0187

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   25.15
            Prob > F =    0.0000

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    427,404    .0765716    .2659108          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    399,431    .0519514    .2219292          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    350,107    10.42584    6.271042          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    204,833    23.86935    8.277318          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    317,658    10.77095    6.273859          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    185,799    24.20805    8.249178          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     32,449    7.047397    5.138201          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     19,034     20.5632    7.810658          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.08 + _b[treated_post_ia3] *  10.43
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.05 + _b[treated_post_ia3] *  23.87

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0146016    .008124    -1.80   0.072    -.0305243    .0013211
       _nl_2 |   -.051448   .0083344    -6.17   0.000    -.0677832   -.0351129
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.77
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.21
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.05
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.56

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |  -.0210685   .0081256    -2.59   0.010    -.0369944   -.0051426
       _nl_2 |  -.0559693   .0084707    -6.61   0.000    -.0725715   -.0393671
       _nl_3 |   .0577748    .016931     3.41   0.001     .0245907     .090959
       _nl_4 |   .0226108   .0162886     1.39   0.165    -.0093142    .0545358
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.05
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.56
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.77
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.21

------------------------------------------------------------------------------
      lnwage |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0194347   .0117589     1.65   0.098    -.0036124    .0424817
       _nl_2 |   .0350783   .0137788     2.55   0.011     .0080722    .0620843
       _nl_3 |   .0842881   .0184115     4.58   0.000     .0482022     .120374
       _nl_4 |   .0999317   .0194889     5.13   0.000     .0617342    .1381292
       _nl_5 |   .0577748    .016931     3.41   0.001     .0245907     .090959
       _nl_6 |   .0226108   .0162886     1.39   0.165    -.0093142    .0545358
       _nl_7 |  -.0210685   .0081256    -2.59   0.010    -.0369944   -.0051426
       _nl_8 |  -.0559693   .0084707    -6.61   0.000    -.0725715   -.0393671
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_lnwage_bluec_noIQownfirm_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1939                         Obs per group: min =         1
       between = 0.1411                                        avg =       6.2
       overall = 0.0801                                        max =        16

                                                F(86,18268)        =    257.26
corr(u_i, Xb)  = -0.7745                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |    .056507   .0315578     1.79   0.073    -.0053491    .1183632
           treated_ia3 |    .004478   .0007646     5.86   0.000     .0029792    .0059767
     treated_iasuorv_d |   .0209557    .019872     1.05   0.292    -.0179952    .0599067
           treated_pre |  -.0160073   .0106344    -1.51   0.132    -.0368516    .0048371
       treated_pre_ia2 |   .0150168   .0127804     1.17   0.240     -.010034    .0400676
       treated_pre_ia3 |  -.0007591   .0004903    -1.55   0.122    -.0017201    .0002019
 treated_pre_iasuorv_d |  -.0064283   .0098695    -0.65   0.515    -.0257734    .0129167
          treated_post |   .0167053   .0118111     1.41   0.157    -.0064455    .0398561
      treated_post_ia2 |   .0675412   .0154474     4.37   0.000     .0372629    .0978195
      treated_post_ia3 |  -.0031783   .0005501    -5.78   0.000    -.0042565   -.0021001
treated_post_iasuorv_d |  -.0498327    .011411    -4.37   0.000    -.0721994   -.0274659
             interact2 |   .3492933    .022178    15.75   0.000     .3058223    .3927642
             interact3 |  -.0006899   .0003261    -2.12   0.034    -.0013291   -.0000507
               suorv_d |  -.0456685   .0115087    -3.97   0.000    -.0682267   -.0231103
                   l_0 |  -.1058414   .0792587    -1.34   0.182     -.261196    .0495132
                   l_1 |  -.1013345   .0948958    -1.07   0.286    -.2873392    .0846702
                   l_2 |  -.1412671   .1106762    -1.28   0.202    -.3582029    .0756687
                   l_3 |  -.1756491   .1264167    -1.39   0.165    -.4234377    .0721396
                   l_4 |  -.2087715     .14225    -1.47   0.142    -.4875949    .0700518
                   l_5 |  -.2396805   .1580378    -1.52   0.129    -.5494494    .0700884
                   l_6 |  -.2701609    .173855    -1.55   0.120     -.610933    .0706112
                   l_7 |  -.2999589    .189546    -1.58   0.114    -.6714868    .0715691
                   l_8 |  -.3298376   .2053451    -1.61   0.108    -.7323332     .072658
                   l_9 |  -.3575726   .2211341    -1.62   0.106    -.7910162     .075871
                  l_10 |  -.3864693   .2369108    -1.63   0.103    -.8508367    .0778982
                   f_1 |  -.0802764   .0633929    -1.27   0.205    -.2045325    .0439797
                   f_2 |  -.0539799   .0476626    -1.13   0.257    -.1474031    .0394433
                   f_3 |  -.0382512   .0319989    -1.20   0.232     -.100972    .0244696
                   f_4 |  -.0121265   .0165595    -0.73   0.464    -.0445846    .0203317
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0449924     .00383    11.75   0.000     .0374851    .0524996
          _Ivuosi_1996 |   .0659866   .0041337    15.96   0.000     .0578841    .0740892
          _Ivuosi_1997 |   .0650295   .0039962    16.27   0.000     .0571965    .0728624
          _Ivuosi_1998 |   .0733585   .0040036    18.32   0.000     .0655111    .0812058
          _Ivuosi_1999 |    .053918   .0039489    13.65   0.000     .0461778    .0616582
          _Ivuosi_2000 |   .0547695   .0038172    14.35   0.000     .0472875    .0622516
          _Ivuosi_2001 |   .0615998   .0038061    16.18   0.000     .0541395    .0690601
          _Ivuosi_2002 |   .0431224   .0035945    12.00   0.000     .0360769    .0501679
          _Ivuosi_2003 |   .0450772   .0033908    13.29   0.000      .038431    .0517235
          _Ivuosi_2004 |   .0625337   .0033847    18.48   0.000     .0558994    .0691681
          _Ivuosi_2005 |   .0690607   .0032157    21.48   0.000     .0627576    .0753638
          _Ivuosi_2006 |   .0707246   .0034339    20.60   0.000     .0639939    .0774554
          _Ivuosi_2007 |   .0785861   .0034592    22.72   0.000     .0718057    .0853665
          _Ivuosi_2008 |   .0627391   .0031765    19.75   0.000      .056513    .0689653
          _Ivuosi_2009 |   .0090223    .004263     2.12   0.034     .0006663    .0173782
          _Ivuosi_2010 |   .0165846   .0034346     4.83   0.000     .0098525    .0233167
          _Ivuosi_2011 |   .0179373   .0027605     6.50   0.000     .0125266    .0233481
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .591552   .0234029    25.28   0.000     .5456801    .6374239
             _Iage2_22 |   .8094363   .0388068    20.86   0.000     .7333713    .8855014
             _Iage2_23 |   .9385174   .0542506    17.30   0.000     .8321812    1.044854
             _Iage2_24 |   1.041814   .0698813    14.91   0.000     .9048404    1.178788
             _Iage2_25 |    1.14444   .0858347    13.33   0.000     .9761956    1.312684
             _Iage2_26 |   1.233217   .1013905    12.16   0.000     1.034482    1.431952
             _Iage2_27 |    1.30973   .1171014    11.18   0.000       1.0802    1.539259
             _Iage2_28 |   1.380994   .1328941    10.39   0.000     1.120509    1.641479
             _Iage2_29 |   1.446356   .1485456     9.74   0.000     1.155193    1.737519
             _Iage2_30 |   1.509519   .1643721     9.18   0.000     1.187335    1.831704
             _Iage2_31 |   1.570953   .1801637     8.72   0.000     1.217815    1.924091
             _Iage2_32 |   1.626971   .1958937     8.31   0.000     1.243001    2.010941
             _Iage2_33 |   1.681114   .2116942     7.94   0.000     1.266173    2.096054
             _Iage2_34 |   1.735124   .2274859     7.63   0.000      1.28923    2.181018
             _Iage2_35 |   1.789371   .2432404     7.36   0.000     1.312597    2.266145
             _Iage2_36 |   1.840406   .2589772     7.11   0.000     1.332786    2.348025
             _Iage2_37 |   1.894311   .2747947     6.89   0.000     1.355688    2.432934
             _Iage2_38 |   1.946557   .2905129     6.70   0.000     1.377125     2.51599
             _Iage2_39 |   1.997108   .3063294     6.52   0.000     1.396674    2.597543
             _Iage2_40 |    2.04785   .3220948     6.36   0.000     1.416514    2.679186
             _Iage2_41 |   2.095557   .3379269     6.20   0.000     1.433189    2.757926
             _Iage2_42 |   2.143745   .3536641     6.06   0.000      1.45053     2.83696
             _Iage2_43 |   2.189344   .3694789     5.93   0.000      1.46513    2.913557
             _Iage2_44 |   2.237517   .3852599     5.81   0.000     1.482372    2.992663
             _Iage2_45 |   2.283687     .40102     5.69   0.000      1.49765    3.069724
             _Iage2_46 |   2.329302   .4168183     5.59   0.000     1.512299    3.146305
             _Iage2_47 |   2.372704   .4325981     5.48   0.000     1.524771    3.220636
             _Iage2_48 |   2.415386   .4483846     5.39   0.000      1.53651    3.294262
             _Iage2_49 |   2.458381   .4641948     5.30   0.000     1.548515    3.368246
             _Iage2_50 |   2.498888    .479933     5.21   0.000     1.558174    3.439601
             _Iage2_51 |   2.541336   .4957012     5.13   0.000     1.569715    3.512956
             _Iage2_52 |   2.578357   .5115462     5.04   0.000     1.575679    3.581036
             _Iage2_53 |   2.617122   .5272729     4.96   0.000     1.583617    3.650626
             _Iage2_54 |   2.653149   .5431139     4.89   0.000     1.588595    3.717703
             _Iage2_55 |   2.687312    .558925     4.81   0.000     1.591767    3.782858
             _Iage2_56 |   2.717779   .5746272     4.73   0.000     1.591456    3.844103
             _Iage2_57 |   2.732844   .5903342     4.63   0.000     1.575733    3.889954
             _Iage2_58 |   2.747276   .6061538     4.53   0.000     1.559158    3.935394
             _Iage2_59 |   2.755166   .6218917     4.43   0.000       1.5362    3.974132
         firm_size_new |   .0279932   .0071598     3.91   0.000     .0139593    .0420271
                 _cons |   8.458491   .2148033    39.38   0.000     8.037456    8.879526
-----------------------+----------------------------------------------------------------
               sigma_u |  .66472925
               sigma_e |  .24592713
                   rho |  .87960439   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   20.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =    1.41
            Prob > F =    0.2343

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   19.94
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18268) =    0.00
            Prob > F =    0.9486

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18268) =    2.68
            Prob > F =    0.1014

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18268) =    0.01
            Prob > F =    0.9078
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1939                         Obs per group: min =         1
       between = 0.1412                                        avg =       6.2
       overall = 0.0802                                        max =        16

                                                F(89,18268)        =    249.55
corr(u_i, Xb)  = -0.7747                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |    -.00758   .0075197    -1.01   0.313    -.0223193    .0071593
           treated_ia2 |   .0582715   .0315863     1.84   0.065    -.0036407    .1201836
           treated_ia3 |   .0048897   .0007867     6.22   0.000     .0033476    .0064317
     treated_iasuorv_d |    .035647   .0205972     1.73   0.084    -.0047255    .0760195
           treated_pre |  -.0124704   .0106365    -1.17   0.241    -.0333189     .008378
  treated_pre_iasenior |   .0178706   .0066327     2.69   0.007     .0048699    .0308713
       treated_pre_ia2 |   .0119761   .0128687     0.93   0.352    -.0132478       .0372
       treated_pre_ia3 |  -.0013942   .0005306    -2.63   0.009    -.0024343   -.0003541
 treated_pre_iasuorv_d |  -.0224022   .0115486    -1.94   0.052    -.0450385    .0002342
          treated_post |   .0194347   .0117589     1.65   0.098    -.0036139    .0424833
 treated_post_iasenior |   .0156436    .007312     2.14   0.032     .0013114    .0299758
      treated_post_ia2 |   .0648534   .0154735     4.19   0.000     .0345239    .0951828
      treated_post_ia3 |  -.0037607   .0005764    -6.52   0.000    -.0048906   -.0026309
treated_post_iasuorv_d |  -.0642491   .0125698    -5.11   0.000    -.0888871   -.0396111
                senior |   2.751501   .6218042     4.43   0.000     1.532707    3.970296
             interact2 |   .3496057   .0221712    15.77   0.000      .306148    .3930634
             interact3 |  -.0006064   .0003222    -1.88   0.060     -.001238    .0000252
               suorv_d |  -.0457932   .0115102    -3.98   0.000    -.0683542   -.0232321
                   l_0 |  -.1052516   .0792474    -1.33   0.184    -.2605839    .0500808
                   l_1 |  -.1007545   .0948834    -1.06   0.288    -.2867349    .0852258
                   l_2 |  -.1406978   .1106626    -1.27   0.204    -.3576069    .0762113
                   l_3 |  -.1750924   .1264021    -1.39   0.166    -.4228524    .0726677
                   l_4 |  -.2082246   .1422335    -1.46   0.143    -.4870156    .0705663
                   l_5 |  -.2391447   .1580203    -1.51   0.130    -.5488793    .0705899
                   l_6 |  -.2696426   .1738365    -1.55   0.121    -.6103785    .0710933
                   l_7 |  -.2994394   .1895264    -1.58   0.114    -.6709289    .0720501
                   l_8 |  -.3293255   .2053243    -1.60   0.109    -.7317803    .0731294
                   l_9 |    -.35707   .2211122    -1.61   0.106    -.7904707    .0763308
                  l_10 |  -.3859878   .2368877    -1.63   0.103    -.8503099    .0783342
                   f_1 |  -.0800534   .0633866    -1.26   0.207    -.2042971    .0441903
                   f_2 |  -.0537397   .0476571    -1.13   0.259    -.1471522    .0396727
                   f_3 |   -.037977   .0319944    -1.19   0.235     -.100689    .0247351
                   f_4 |  -.0118035   .0165552    -0.71   0.476    -.0442533    .0206463
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0449961   .0038273    11.76   0.000     .0374943    .0524979
          _Ivuosi_1996 |   .0659806   .0041335    15.96   0.000     .0578785    .0740827
          _Ivuosi_1997 |   .0650505   .0039961    16.28   0.000     .0572177    .0728833
          _Ivuosi_1998 |   .0733737   .0040024    18.33   0.000     .0655286    .0812188
          _Ivuosi_1999 |   .0539198   .0039498    13.65   0.000     .0461779    .0616617
          _Ivuosi_2000 |   .0547539   .0038165    14.35   0.000     .0472732    .0622345
          _Ivuosi_2001 |   .0615555   .0038065    16.17   0.000     .0540945    .0690166
          _Ivuosi_2002 |   .0431055   .0035953    11.99   0.000     .0360584    .0501526
          _Ivuosi_2003 |   .0450402   .0033897    13.29   0.000      .038396    .0516844
          _Ivuosi_2004 |   .0625086   .0033837    18.47   0.000     .0558763     .069141
          _Ivuosi_2005 |   .0690423   .0032139    21.48   0.000     .0627428    .0753418
          _Ivuosi_2006 |    .070696   .0034297    20.61   0.000     .0639735    .0774185
          _Ivuosi_2007 |   .0785714   .0034563    22.73   0.000     .0717966    .0853461
          _Ivuosi_2008 |   .0627233   .0031736    19.76   0.000     .0565027     .068944
          _Ivuosi_2009 |   .0090153   .0042622     2.12   0.034     .0006611    .0173695
          _Ivuosi_2010 |   .0165824   .0034333     4.83   0.000     .0098528     .023312
          _Ivuosi_2011 |     .01794   .0027608     6.50   0.000     .0125286    .0233515
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5915656   .0234008    25.28   0.000     .5456978    .6374334
             _Iage2_22 |    .809449   .0388021    20.86   0.000     .7333933    .8855047
             _Iage2_23 |   .9385209   .0542435    17.30   0.000     .8321985    1.044843
             _Iage2_24 |   1.041817   .0698722    14.91   0.000     .9048608    1.178773
             _Iage2_25 |   1.144457   .0858233    13.34   0.000     .9762348    1.312678
             _Iage2_26 |   1.233247   .1013768    12.16   0.000     1.034539    1.431955
             _Iage2_27 |   1.309782   .1170857    11.19   0.000     1.080284    1.539281
             _Iage2_28 |   1.381051   .1328758    10.39   0.000     1.120602      1.6415
             _Iage2_29 |    1.44644   .1485247     9.74   0.000     1.155318    1.737563
             _Iage2_30 |   1.509615   .1643487     9.19   0.000     1.187476    1.831754
             _Iage2_31 |   1.571076   .1801377     8.72   0.000     1.217989    1.924163
             _Iage2_32 |   1.627133    .195865     8.31   0.000      1.24322    2.011047
             _Iage2_33 |    1.68131   .2116625     7.94   0.000     1.266432    2.096189
             _Iage2_34 |   1.735354   .2274515     7.63   0.000     1.289528    2.181181
             _Iage2_35 |   1.789649   .2432032     7.36   0.000     1.312948     2.26635
             _Iage2_36 |    1.84074   .2589367     7.11   0.000       1.3332     2.34828
             _Iage2_37 |   1.894697   .2747515     6.90   0.000     1.356158    2.433236
             _Iage2_38 |   1.946986   .2904667     6.70   0.000     1.377644    2.516328
             _Iage2_39 |   1.997591   .3062809     6.52   0.000     1.397252    2.597931
             _Iage2_40 |   2.048365   .3220437     6.36   0.000     1.417129    2.679601
             _Iage2_41 |  -.6598558   .2840977    -2.32   0.020    -1.216714   -.1029976
             _Iage2_42 |  -.6116393   .2683506    -2.28   0.023    -1.137632   -.0856468
             _Iage2_43 |  -.5660386   .2525342    -2.24   0.025    -1.061029   -.0710478
             _Iage2_44 |   -.517834   .2367487    -2.19   0.029    -.9818837   -.0537843
             _Iage2_45 |  -.4716393   .2209859    -2.13   0.033    -.9047924   -.0384861
             _Iage2_46 |  -.4260264   .2051877    -2.08   0.038    -.8282136   -.0238393
             _Iage2_47 |  -.3826092   .1894028    -2.02   0.043    -.7538565   -.0113619
             _Iage2_48 |  -.3399167   .1736154    -1.96   0.050    -.6802191    .0003858
             _Iage2_49 |  -.2969054   .1578084    -1.88   0.060    -.6062248    .0124139
             _Iage2_50 |  -.2563912   .1420716    -1.80   0.071    -.5348649    .0220824
             _Iage2_51 |  -.2139524   .1263045    -1.69   0.090    -.4615211    .0336163
             _Iage2_52 |  -.1769263   .1104722    -1.60   0.109    -.3934623    .0396097
             _Iage2_53 |  -.1381518   .0947598    -1.46   0.145    -.3238898    .0475862
             _Iage2_54 |  -.1021074   .0789351    -1.29   0.196    -.2568276    .0526127
             _Iage2_55 |  -.0680004    .063142    -1.08   0.282    -.1917646    .0557637
             _Iage2_56 |   -.037506   .0474802    -0.79   0.430    -.1305716    .0555595
             _Iage2_57 |  -.0224129   .0318198    -0.70   0.481    -.0847827    .0399569
             _Iage2_58 |  -.0079423   .0161644    -0.49   0.623    -.0396261    .0237415
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0280046   .0071449     3.92   0.000     .0140001    .0420092
                 _cons |    8.45617   .2147513    39.38   0.000     8.035237    8.877103
-----------------------+----------------------------------------------------------------
               sigma_u |  .66476811
               sigma_e |  .24592433
                   rho |  .87961918   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18268) =   31.89
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18268) =   43.85
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18268) =    4.11
            Prob > F =    0.0165

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18268) =   30.89
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18268) =    6.48
            Prob > F =    0.0109

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   20.96
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =    1.91
            Prob > F =    0.1665

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18268) =   26.29
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18268) =    5.53
            Prob > F =    0.0187

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   25.15
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826672
Group variable: shnro_real                      Number of groups   =    132752

R-sq:  within  = 0.1845                         Obs per group: min =         1
       between = 0.1413                                        avg =       6.2
       overall = 0.0770                                        max =        16

                                                F(74,18263)        =    274.15
corr(u_i, Xb)  = -0.7453                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,264 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
       lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |  -.0215961   .0057764    -3.74   0.000    -.0329183   -.0102738
 treated_post |  -.0169304   .0066504    -2.55   0.011    -.0299659    -.003895
          l_0 |  -.0868448    .078937    -1.10   0.271    -.2415687    .0678792
          l_1 |  -.0762803   .0945314    -0.81   0.420    -.2615708    .1090102
          l_2 |  -.1112215   .1102701    -1.01   0.313    -.3273613    .1049182
          l_3 |  -.1404442   .1259573    -1.12   0.265    -.3873323    .1064439
          l_4 |  -.1683905   .1417379    -1.19   0.235    -.4462101    .1094291
          l_5 |   -.194048   .1574794    -1.23   0.218    -.5027223    .1146263
          l_6 |   -.219238   .1732381    -1.27   0.206     -.558801     .120325
          l_7 |  -.2439525    .188888    -1.29   0.197    -.6141908    .1262858
          l_8 |  -.2688646    .204635    -1.31   0.189    -.6699684    .1322392
          l_9 |  -.2912143   .2203794    -1.32   0.186    -.7231788    .1407501
         l_10 |  -.3147108   .2361034    -1.33   0.183    -.7774955     .148074
          f_1 |  -.0626789   .0631679    -0.99   0.321    -.1864938    .0611361
          f_2 |  -.0408279     .04748    -0.86   0.390    -.1338932    .0522374
          f_3 |  -.0299218   .0318668    -0.94   0.348    -.0923837    .0325401
          f_4 |  -.0085441   .0164839    -0.52   0.604     -.040854    .0237658
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0440631   .0038335    11.49   0.000      .036549    .0515772
 _Ivuosi_1996 |   .0653869   .0041679    15.69   0.000     .0572174    .0735564
 _Ivuosi_1997 |   .0643507   .0040358    15.95   0.000     .0564403    .0722612
 _Ivuosi_1998 |   .0722006   .0040434    17.86   0.000     .0642751    .0801262
 _Ivuosi_1999 |   .0524068    .003981    13.16   0.000     .0446037      .06021
 _Ivuosi_2000 |   .0528396   .0038688    13.66   0.000     .0452563    .0604229
 _Ivuosi_2001 |   .0603072   .0038533    15.65   0.000     .0527543      .06786
 _Ivuosi_2002 |   .0420846   .0036309    11.59   0.000     .0349677    .0492015
 _Ivuosi_2003 |   .0442501   .0034413    12.86   0.000     .0375048    .0509955
 _Ivuosi_2004 |   .0617192   .0034276    18.01   0.000     .0550008    .0684376
 _Ivuosi_2005 |   .0678331     .00324    20.94   0.000     .0614824    .0741837
 _Ivuosi_2006 |   .0696472   .0034441    20.22   0.000     .0628965    .0763979
 _Ivuosi_2007 |   .0774298   .0034831    22.23   0.000     .0706026    .0842571
 _Ivuosi_2008 |   .0618471   .0032098    19.27   0.000     .0555556    .0681387
 _Ivuosi_2009 |   .0088984   .0043117     2.06   0.039      .000447    .0173497
 _Ivuosi_2010 |   .0166959   .0034756     4.80   0.000     .0098834    .0235084
 _Ivuosi_2011 |   .0178612   .0027845     6.41   0.000     .0124033    .0233191
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .5909407   .0233688    25.29   0.000     .5451356    .6367458
    _Iage2_22 |   .8061296   .0387695    20.79   0.000     .7301376    .8821215
    _Iage2_23 |   .9318184   .0541749    17.20   0.000     .8256305    1.038006
    _Iage2_24 |   1.036155   .0697582    14.85   0.000     .8994222    1.172888
    _Iage2_25 |   1.141188   .0856378    13.33   0.000     .9733302    1.309046
    _Iage2_26 |   1.231701   .1011472    12.18   0.000     1.033443    1.429959
    _Iage2_27 |   1.308931   .1167934    11.21   0.000     1.080005    1.537857
    _Iage2_28 |   1.379757   .1325404    10.41   0.000     1.119965    1.639548
    _Iage2_29 |   1.442803   .1481363     9.74   0.000     1.152442    1.733164
    _Iage2_30 |   1.503761   .1638955     9.18   0.000     1.182511    1.825012
    _Iage2_31 |   1.561882   .1796306     8.69   0.000     1.209789    1.913975
    _Iage2_32 |   1.614603   .1952959     8.27   0.000     1.231804    1.997401
    _Iage2_33 |    1.66493   .2110416     7.89   0.000     1.251269    2.078591
    _Iage2_34 |   1.714935   .2267689     7.56   0.000     1.270447    2.159423
    _Iage2_35 |   1.764919   .2424667     7.28   0.000     1.289661    2.240176
    _Iage2_36 |   1.811555   .2581416     7.02   0.000     1.305573    2.317537
    _Iage2_37 |   1.860938   .2738964     6.79   0.000     1.324075    2.397801
    _Iage2_38 |   1.908467   .2895518     6.59   0.000     1.340918    2.476015
    _Iage2_39 |   1.954377   .3053064     6.40   0.000     1.355948    2.552806
    _Iage2_40 |   2.000211    .321014     6.23   0.000     1.370994    2.629429
    _Iage2_41 |    2.04284   .3367805     6.07   0.000     1.382719    2.702961
    _Iage2_42 |   2.085958   .3524519     5.92   0.000     1.395119    2.776797
    _Iage2_43 |   2.126198   .3682007     5.77   0.000      1.40449    2.847906
    _Iage2_44 |   2.169017   .3839197     5.65   0.000     1.416498    2.921536
    _Iage2_45 |   2.209744   .3996183     5.53   0.000     1.426455    2.993033
    _Iage2_46 |   2.249842    .415354     5.42   0.000     1.435709    3.063975
    _Iage2_47 |   2.287796   .4310765     5.31   0.000     1.442846    3.132747
    _Iage2_48 |   2.324844   .4468048     5.20   0.000     1.449064    3.200623
    _Iage2_49 |    2.36209   .4625542     5.11   0.000      1.45544     3.26874
    _Iage2_50 |   2.396811   .4782293     5.01   0.000     1.459437    3.334185
    _Iage2_51 |   2.433707   .4939447     4.93   0.000     1.465529    3.401885
    _Iage2_52 |   2.464966   .5097289     4.84   0.000      1.46585    3.464083
    _Iage2_53 |    2.49797   .5254037     4.75   0.000     1.468129    3.527811
    _Iage2_54 |   2.528165   .5411767     4.67   0.000     1.467408    3.588922
    _Iage2_55 |   2.556488   .5569317     4.59   0.000     1.464849    3.648126
    _Iage2_56 |   2.581245   .5725772     4.51   0.000      1.45894     3.70355
    _Iage2_57 |   2.590595    .588224     4.40   0.000      1.43762    3.743569
    _Iage2_58 |   2.599309   .6039881     4.30   0.000     1.415436    3.783183
    _Iage2_59 |   2.601224   .6196669     4.20   0.000     1.386619     3.81583
firm_size_new |   .0407416   .0132644     3.07   0.002     .0147422    .0667411
        _cons |   8.507198   .2146858    39.63   0.000     8.086394    8.928003
--------------+----------------------------------------------------------------
      sigma_u |  .63676533
      sigma_e |  .24731829
          rho |  .86892078   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826672
Group variable: shnro_real                      Number of groups   =    132752

R-sq:  within  = 0.1858                         Obs per group: min =         1
       between = 0.1372                                        avg =       6.2
       overall = 0.0743                                        max =        16

                                                F(82,18263)        =    252.83
corr(u_i, Xb)  = -0.7733                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |   .0029694   .0007617     3.90   0.000     .0014764    .0044625
     treated_iasuorv_d |    .028012    .020021     1.40   0.162    -.0112311     .067255
           treated_pre |  -.0126102   .0104309    -1.21   0.227    -.0330558    .0078354
       treated_pre_ia3 |  -.0006335   .0004919    -1.29   0.198    -.0015976    .0003306
 treated_pre_iasuorv_d |  -.0125378   .0098354    -1.27   0.202     -.031816    .0067405
          treated_post |   .0385668   .0117336     3.29   0.001     .0155678    .0615658
      treated_post_ia3 |   -.003271   .0005578    -5.86   0.000    -.0043644   -.0021776
treated_post_iasuorv_d |  -.0787874   .0115236    -6.84   0.000    -.1013748      -.0562
             interact3 |  -.0026621   .0003305    -8.06   0.000    -.0033099   -.0020143
               suorv_d |  -.0509679   .0112157    -4.54   0.000    -.0729517   -.0289841
                   l_0 |  -.1057612   .0791693    -1.34   0.182    -.2609405     .049418
                   l_1 |  -.0987021   .0947894    -1.04   0.298    -.2844981     .087094
                   l_2 |  -.1373213   .1105648    -1.24   0.214    -.3540387    .0793961
                   l_3 |  -.1703087   .1262903    -1.35   0.177    -.4178495    .0772321
                   l_4 |  -.2021255     .14211    -1.42   0.155    -.4806744    .0764234
                   l_5 |  -.2316909   .1578894    -1.47   0.142    -.5411689    .0777871
                   l_6 |  -.2608825   .1736903    -1.50   0.133    -.6013317    .0795668
                   l_7 |  -.2895665   .1893764    -1.53   0.126    -.6607621    .0816291
                   l_8 |  -.3183924   .2051615    -1.55   0.121    -.7205283    .0837434
                   l_9 |  -.3448022   .2209345    -1.56   0.119    -.7778545    .0882501
                  l_10 |  -.3722089   .2366973    -1.57   0.116    -.8361577      .09174
                   f_1 |  -.0778697   .0633252    -1.23   0.219    -.2019931    .0462537
                   f_2 |  -.0524575   .0476116    -1.10   0.271    -.1457807    .0408657
                   f_3 |  -.0375558   .0319607    -1.18   0.240    -.1002018    .0250902
                   f_4 |  -.0120588   .0165457    -0.73   0.466      -.04449    .0203723
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0440235   .0038364    11.48   0.000     .0365037    .0515432
          _Ivuosi_1996 |   .0651488   .0041669    15.63   0.000     .0569813    .0733164
          _Ivuosi_1997 |   .0638405   .0040253    15.86   0.000     .0559505    .0717304
          _Ivuosi_1998 |    .071775   .0040367    17.78   0.000     .0638627    .0796873
          _Ivuosi_1999 |    .051789   .0039695    13.05   0.000     .0440085    .0595696
          _Ivuosi_2000 |    .051878   .0038466    13.49   0.000     .0443383    .0594176
          _Ivuosi_2001 |   .0591866   .0038292    15.46   0.000      .051681    .0666923
          _Ivuosi_2002 |   .0409988   .0036273    11.30   0.000     .0338891    .0481086
          _Ivuosi_2003 |   .0432166   .0034297    12.60   0.000     .0364941    .0499391
          _Ivuosi_2004 |   .0605452   .0034209    17.70   0.000     .0538398    .0672505
          _Ivuosi_2005 |   .0667909   .0032462    20.58   0.000     .0604281    .0731537
          _Ivuosi_2006 |   .0684564   .0034577    19.80   0.000     .0616789    .0752339
          _Ivuosi_2007 |   .0764859   .0034966    21.87   0.000     .0696323    .0833396
          _Ivuosi_2008 |   .0611209   .0032243    18.96   0.000     .0548009     .067441
          _Ivuosi_2009 |   .0079285   .0043029     1.84   0.065    -.0005056    .0163626
          _Ivuosi_2010 |    .015971    .003478     4.59   0.000     .0091539    .0227882
          _Ivuosi_2011 |   .0174246   .0027816     6.26   0.000     .0119723    .0228768
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5927884   .0233736    25.36   0.000     .5469739    .6386029
             _Iage2_22 |   .8102714   .0387943    20.89   0.000     .7342309    .8863119
             _Iage2_23 |   .9387267   .0542199    17.31   0.000     .8324507    1.045003
             _Iage2_24 |   1.046192   .0698372    14.98   0.000     .9093043    1.183079
             _Iage2_25 |   1.154798   .0857485    13.47   0.000     .9867232    1.322873
             _Iage2_26 |   1.248971   .1012876    12.33   0.000     1.050438    1.447504
             _Iage2_27 |    1.33004   .1169667    11.37   0.000     1.100775    1.559306
             _Iage2_28 |   1.405007   .1327449    10.58   0.000     1.144814    1.665199
             _Iage2_29 |   1.472433    .148378     9.92   0.000     1.181598    1.763268
             _Iage2_30 |   1.537857   .1641719     9.37   0.000     1.216065    1.859649
             _Iage2_31 |   1.600647   .1799416     8.90   0.000     1.247945     1.95335
             _Iage2_32 |   1.658041   .1956464     8.47   0.000     1.274556    2.041526
             _Iage2_33 |   1.713204   .2114299     8.10   0.000     1.298782    2.127627
             _Iage2_34 |   1.768192   .2271973     7.78   0.000     1.322864     2.21352
             _Iage2_35 |     1.8233   .2429318     7.51   0.000      1.34713    2.299469
             _Iage2_36 |   1.875195   .2586432     7.25   0.000      1.36823     2.38216
             _Iage2_37 |   1.929897   .2744424     7.03   0.000     1.391964     2.46783
             _Iage2_38 |   1.982803   .2901372     6.83   0.000     1.414106    2.551499
             _Iage2_39 |   2.034189   .3059293     6.65   0.000     1.434539    2.633839
             _Iage2_40 |   2.085683   .3216729     6.48   0.000     1.455174    2.716192
             _Iage2_41 |   2.134053   .3374846     6.32   0.000     1.472552    2.795555
             _Iage2_42 |   2.182975   .3532011     6.18   0.000     1.490667    2.875282
             _Iage2_43 |   2.229235   .3689933     6.04   0.000     1.505973    2.952497
             _Iage2_44 |   2.277944   .3847528     5.92   0.000     1.523793    3.032096
             _Iage2_45 |   2.324669   .4004956     5.80   0.000      1.53966    3.109678
             _Iage2_46 |   2.370777   .4162704     5.70   0.000     1.554848    3.186706
             _Iage2_47 |   2.414656   .4320326     5.59   0.000     1.567832    3.261481
             _Iage2_48 |   2.457617   .4478032     5.49   0.000     1.579881    3.335353
             _Iage2_49 |   2.500833   .4635956     5.39   0.000     1.592142    3.409524
             _Iage2_50 |   2.541445   .4793118     5.30   0.000     1.601949    3.480941
             _Iage2_51 |   2.584014   .4950624     5.22   0.000     1.613645    3.554383
             _Iage2_52 |   2.621001   .5108929     5.13   0.000     1.619603    3.622399
             _Iage2_53 |   2.659771   .5266034     5.05   0.000     1.627579    3.691963
             _Iage2_54 |   2.695671   .5424243     4.97   0.000     1.632468    3.758874
             _Iage2_55 |   2.729679   .5582215     4.89   0.000     1.635512    3.823845
             _Iage2_56 |    2.75992   .5739057     4.81   0.000     1.635011    3.884829
             _Iage2_57 |   2.774657   .5895957     4.71   0.000     1.618994     3.93032
             _Iage2_58 |    2.78882   .6054027     4.61   0.000     1.602174    3.975466
             _Iage2_59 |   2.796289   .6211242     4.50   0.000     1.578827     4.01375
         firm_size_new |   .0404678   .0131288     3.08   0.002     .0147341    .0662015
                 _cons |   8.469568   .2148607    39.42   0.000     8.048421    8.890715
-----------------------+----------------------------------------------------------------
               sigma_u |  .66400209
               sigma_e |  .24713606
                   rho |  .87832815   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =    9.78
            Prob > F =    0.0018

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18263) =    1.74
            Prob > F =    0.1867
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826672
Group variable: shnro_real                      Number of groups   =    132752

R-sq:  within  = 0.1847                         Obs per group: min =         1
       between = 0.1390                                        avg =       6.2
       overall = 0.0751                                        max =        16

                                                F(79,18263)        =    258.90
corr(u_i, Xb)  = -0.7557                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,264 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
               lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |  -.0009291   .0101149    -0.09   0.927    -.0207553     .018897
          treated_pre |  -.0311312   .0078462    -3.97   0.000    -.0465104    -.015752
 treated_pre_iasenior |   .0199704   .0091881     2.17   0.030     .0019609    .0379799
         treated_post |  -.0218683   .0087802    -2.49   0.013    -.0390783   -.0046583
treated_post_iasenior |   .0067456   .0104558     0.65   0.519    -.0137488      .02724
               senior |          0  (omitted)
         pre_iasenior |  -.0097156   .0071486    -1.36   0.174    -.0237274    .0042962
        post_iasenior |  -.0219355   .0079927    -2.74   0.006     -.037602    -.006269
                  l_0 |  -.0839278   .0791104    -1.06   0.289    -.2389917     .071136
                  l_1 |  -.0744241     .09468    -0.79   0.432    -.2600058    .1111576
                  l_2 |   -.110586   .1104019    -1.00   0.317     -.326984     .105812
                  l_3 |  -.1410929   .1260756    -1.12   0.263    -.3882129    .1060271
                  l_4 |  -.1703543   .1418451    -1.20   0.230    -.4483841    .1076754
                  l_5 |  -.1973519   .1575784    -1.25   0.210    -.5062204    .1115165
                  l_6 |  -.2238874   .1733295    -1.29   0.196    -.5636295    .1158547
                  l_7 |  -.2500049   .1889729    -1.32   0.186    -.6204095    .1203997
                  l_8 |  -.2763073    .204714    -1.35   0.177     -.677566    .1249514
                  l_9 |  -.3001222   .2204518    -1.36   0.173    -.7322285     .131984
                 l_10 |  -.3250306   .2361702    -1.38   0.169    -.7879463    .1378852
                  f_1 |   -.064194   .0633477    -1.01   0.311    -.1883615    .0599735
                  f_2 |  -.0410334   .0477092    -0.86   0.390     -.134548    .0524812
                  f_3 |  -.0285628   .0321824    -0.89   0.375    -.0916434    .0345177
                  f_4 |   -.005537   .0170253    -0.33   0.745    -.0389081    .0278341
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |    .043979   .0038299    11.48   0.000      .036472     .051486
         _Ivuosi_1996 |   .0653451   .0041682    15.68   0.000      .057175    .0735151
         _Ivuosi_1997 |    .064321   .0040282    15.97   0.000     .0564254    .0722167
         _Ivuosi_1998 |    .072296    .004037    17.91   0.000      .064383     .080209
         _Ivuosi_1999 |   .0525285   .0039702    13.23   0.000     .0447464    .0603105
         _Ivuosi_2000 |   .0527831   .0038567    13.69   0.000     .0452236    .0603425
         _Ivuosi_2001 |   .0601222   .0038433    15.64   0.000     .0525889    .0676554
         _Ivuosi_2002 |   .0420571   .0036262    11.60   0.000     .0349494    .0491648
         _Ivuosi_2003 |   .0442625    .003435    12.89   0.000     .0375296    .0509954
         _Ivuosi_2004 |   .0615983   .0034197    18.01   0.000     .0548953    .0683012
         _Ivuosi_2005 |   .0677049   .0032356    20.92   0.000     .0613627     .074047
         _Ivuosi_2006 |   .0694151   .0034398    20.18   0.000     .0626727    .0761574
         _Ivuosi_2007 |   .0773048   .0034782    22.23   0.000     .0704871    .0841224
         _Ivuosi_2008 |   .0617731   .0032074    19.26   0.000     .0554863      .06806
         _Ivuosi_2009 |   .0088003   .0043147     2.04   0.041     .0003431    .0172576
         _Ivuosi_2010 |   .0166396   .0034724     4.79   0.000     .0098334    .0234457
         _Ivuosi_2011 |   .0178457   .0027847     6.41   0.000     .0123875     .023304
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .5909486   .0233629    25.29   0.000     .5451552     .636742
            _Iage2_22 |   .8061172   .0387534    20.80   0.000     .7301569    .8820776
            _Iage2_23 |   .9318763   .0541514    17.21   0.000     .8257345    1.038018
            _Iage2_24 |    1.03644   .0697294    14.86   0.000     .8997634    1.173116
            _Iage2_25 |   1.141823   .0856026    13.34   0.000      .974034    1.309612
            _Iage2_26 |   1.232802   .1011069    12.19   0.000     1.034623    1.430981
            _Iage2_27 |   1.310565   .1167473    11.23   0.000      1.08173    1.539401
            _Iage2_28 |   1.381886   .1324875    10.43   0.000     1.122198    1.641573
            _Iage2_29 |   1.445526   .1480779     9.76   0.000     1.155279    1.735772
            _Iage2_30 |   1.507051    .163832     9.20   0.000     1.185925    1.828177
            _Iage2_31 |   1.565817   .1795626     8.72   0.000     1.213857    1.917777
            _Iage2_32 |   1.619176   .1952234     8.29   0.000      1.23652    2.001832
            _Iage2_33 |   1.670107   .2109639     7.92   0.000     1.256598    2.083617
            _Iage2_34 |   1.720761   .2266868     7.59   0.000     1.276434    2.165089
            _Iage2_35 |   1.771406    .242379     7.31   0.000      1.29632    2.246491
            _Iage2_36 |   1.818675   .2580489     7.05   0.000     1.312875    2.324475
            _Iage2_37 |   1.868793   .2737999     6.83   0.000     1.332119    2.405466
            _Iage2_38 |   1.917148   .2894521     6.62   0.000     1.349794    2.484501
            _Iage2_39 |   1.964016   .3052041     6.44   0.000     1.365787    2.562244
            _Iage2_40 |   2.010952   .3209075     6.27   0.000     1.381944    2.639961
            _Iage2_41 |    2.06828   .3365777     6.15   0.000     1.408556    2.728004
            _Iage2_42 |   2.113031   .3522482     6.00   0.000     1.422591    2.803471
            _Iage2_43 |   2.155133   .3679945     5.86   0.000     1.433829    2.876437
            _Iage2_44 |   2.199945   .3837118     5.73   0.000     1.447834    2.952056
            _Iage2_45 |   2.242772   .3994092     5.62   0.000     1.459892    3.025651
            _Iage2_46 |   2.284977    .415145     5.50   0.000     1.471253      3.0987
            _Iage2_47 |   2.325138   .4308659     5.40   0.000     1.480601    3.169676
            _Iage2_48 |   2.364391   .4465939     5.29   0.000     1.489025    3.239757
            _Iage2_49 |   2.403891   .4623427     5.20   0.000     1.497656    3.310126
            _Iage2_50 |   2.440921   .4780162     5.11   0.000     1.503965    3.377878
            _Iage2_51 |   2.480001   .4937312     5.02   0.000     1.512242    3.447761
            _Iage2_52 |   2.513575   .5095173     4.93   0.000     1.514873    3.512277
            _Iage2_53 |   2.548909   .5251921     4.85   0.000     1.519483    3.578335
            _Iage2_54 |   2.581493   .5409644     4.77   0.000     1.521152    3.641834
            _Iage2_55 |   2.612166   .5567214     4.69   0.000      1.52094    3.703392
            _Iage2_56 |   2.639286   .5723668     4.61   0.000     1.517394    3.761179
            _Iage2_57 |    2.65105   .5880138     4.51   0.000     1.498488    3.803613
            _Iage2_58 |   2.662254   .6037782     4.41   0.000     1.478792    3.845716
            _Iage2_59 |   2.666871   .6194629     4.31   0.000     1.452666    3.881076
        firm_size_new |    .040635   .0131963     3.08   0.002     .0147689    .0665011
                _cons |   8.495295   .2145854    39.59   0.000     8.074687    8.915902
----------------------+----------------------------------------------------------------
              sigma_u |  .64613808
              sigma_e |    .247292
                  rho |  .87223729   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18263) =    3.78
            Prob > F =    0.0518

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18263) =    2.84
            Prob > F =    0.0919
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826672
Group variable: shnro_real                      Number of groups   =    132752

R-sq:  within  = 0.1938                         Obs per group: min =         1
       between = 0.1398                                        avg =       6.2
       overall = 0.0792                                        max =        16

                                                F(86,18263)        =    257.95
corr(u_i, Xb)  = -0.7766                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0581943   .0315851     1.84   0.065    -.0037153     .120104
           treated_ia3 |   .0044652   .0007647     5.84   0.000     .0029664     .005964
     treated_iasuorv_d |   .0212021    .019849     1.07   0.285    -.0177038     .060108
           treated_pre |  -.0162079   .0106197    -1.53   0.127    -.0370235    .0046078
       treated_pre_ia2 |   .0148613   .0128121     1.16   0.246    -.0102515    .0399741
       treated_pre_ia3 |  -.0007544   .0004901    -1.54   0.124    -.0017152    .0002063
 treated_pre_iasuorv_d |  -.0065123    .009855    -0.66   0.509    -.0258291    .0128044
          treated_post |    .016639   .0117753     1.41   0.158    -.0064417    .0397198
      treated_post_ia2 |   .0673817   .0154454     4.36   0.000     .0371072    .0976563
      treated_post_ia3 |  -.0031726   .0005496    -5.77   0.000    -.0042498   -.0020953
treated_post_iasuorv_d |  -.0498908   .0113884    -4.38   0.000    -.0722132   -.0275684
             interact2 |   .3493428   .0221772    15.75   0.000     .3058734    .3928121
             interact3 |  -.0006805   .0003256    -2.09   0.037    -.0013187   -.0000423
               suorv_d |  -.0456958   .0115148    -3.97   0.000     -.068266   -.0231256
                   l_0 |  -.1070449   .0793096    -1.35   0.177    -.2624991    .0484094
                   l_1 |  -.1028243   .0949597    -1.08   0.279    -.2889543    .0833058
                   l_2 |  -.1430232   .1107533    -1.29   0.197      -.36011    .0740636
                   l_3 |  -.1776136   .1265051    -1.40   0.160    -.4255755    .0703482
                   l_4 |  -.2109796   .1423492    -1.48   0.138    -.4899974    .0680381
                   l_5 |  -.2421188   .1581488    -1.53   0.126    -.5521053    .0678676
                   l_6 |   -.272826     .17398    -1.57   0.117     -.613843    .0681911
                   l_7 |  -.3028838   .1896845    -1.60   0.110    -.6746832    .0689157
                   l_8 |  -.3330581   .2054923    -1.62   0.105    -.7358423    .0697261
                   l_9 |  -.3610237   .2212912    -1.63   0.103    -.7947752    .0727277
                  l_10 |   -.390304   .2370832    -1.65   0.100    -.8550093    .0744013
                   f_1 |  -.0812165   .0634347    -1.28   0.200    -.2055544    .0431214
                   f_2 |  -.0547012   .0476917    -1.15   0.251    -.1481814    .0387789
                   f_3 |  -.0387605   .0320188    -1.21   0.226    -.1015204    .0239994
                   f_4 |  -.0122537   .0165778    -0.74   0.460    -.0447478    .0202404
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0449725   .0038242    11.76   0.000     .0374767    .0524684
          _Ivuosi_1996 |   .0660355   .0041254    16.01   0.000     .0579492    .0741217
          _Ivuosi_1997 |   .0649416    .003987    16.29   0.000     .0571267    .0727564
          _Ivuosi_1998 |   .0731671   .0039912    18.33   0.000     .0653441    .0809901
          _Ivuosi_1999 |   .0537265   .0039378    13.64   0.000      .046008     .061445
          _Ivuosi_2000 |   .0544791   .0038099    14.30   0.000     .0470114    .0619468
          _Ivuosi_2001 |   .0614166   .0037982    16.17   0.000     .0539718    .0688614
          _Ivuosi_2002 |   .0430697   .0035924    11.99   0.000     .0360282    .0501111
          _Ivuosi_2003 |   .0450513   .0033968    13.26   0.000     .0383933    .0517092
          _Ivuosi_2004 |   .0625085   .0033906    18.44   0.000     .0558626    .0691544
          _Ivuosi_2005 |   .0688153   .0032082    21.45   0.000     .0625268    .0751037
          _Ivuosi_2006 |   .0704018   .0034144    20.62   0.000     .0637092    .0770943
          _Ivuosi_2007 |   .0782499   .0034408    22.74   0.000     .0715056    .0849943
          _Ivuosi_2008 |   .0624443   .0031652    19.73   0.000     .0562402    .0686483
          _Ivuosi_2009 |   .0090587   .0042579     2.13   0.033     .0007129    .0174046
          _Ivuosi_2010 |   .0165733   .0034386     4.82   0.000     .0098333    .0233134
          _Ivuosi_2011 |   .0179341   .0027628     6.49   0.000     .0125187    .0233494
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5919951   .0234055    25.29   0.000      .546118    .6378721
             _Iage2_22 |   .8100718   .0388163    20.87   0.000     .7339881    .8861554
             _Iage2_23 |   .9393512   .0542658    17.31   0.000      .832985    1.045717
             _Iage2_24 |   1.042855   .0699028    14.92   0.000     .9058392    1.179871
             _Iage2_25 |   1.145728   .0858614    13.34   0.000     .9774315    1.314024
             _Iage2_26 |   1.234679   .1014239    12.17   0.000     1.035878    1.433479
             _Iage2_27 |   1.311285   .1171441    11.19   0.000     1.081672    1.540899
             _Iage2_28 |   1.382746   .1329461    10.40   0.000     1.122159    1.643333
             _Iage2_29 |   1.448281   .1486061     9.75   0.000     1.156999    1.739563
             _Iage2_30 |   1.511693   .1644416     9.19   0.000     1.189371    1.834014
             _Iage2_31 |   1.573245    .180243     8.73   0.000     1.219952    1.926538
             _Iage2_32 |   1.629554    .195982     8.31   0.000     1.245411    2.013697
             _Iage2_33 |   1.683948   .2117911     7.95   0.000     1.268818    2.099079
             _Iage2_34 |   1.738178   .2275928     7.64   0.000     1.292075    2.184281
             _Iage2_35 |   1.792574   .2433564     7.37   0.000     1.315572    2.269575
             _Iage2_36 |   1.843834   .2591024     7.12   0.000     1.335969    2.351699
             _Iage2_37 |   1.897934    .274928     6.90   0.000     1.359049    2.436818
             _Iage2_38 |   1.950357   .2906557     6.71   0.000     1.380644    2.520069
             _Iage2_39 |   2.001089   .3064807     6.53   0.000     1.400358     2.60182
             _Iage2_40 |   2.052032   .3222551     6.37   0.000     1.420381    2.683682
             _Iage2_41 |        2.1   .3380973     6.21   0.000     1.437298    2.762703
             _Iage2_42 |   2.148405   .3538449     6.07   0.000     1.454835    2.841974
             _Iage2_43 |    2.19423   .3696701     5.94   0.000     1.469641    2.918818
             _Iage2_44 |   2.242613    .385461     5.82   0.000     1.487073    2.998152
             _Iage2_45 |   2.289001   .4012312     5.70   0.000      1.50255    3.075451
             _Iage2_46 |   2.334876   .4170392     5.60   0.000      1.51744    3.152312
             _Iage2_47 |   2.378482   .4328289     5.50   0.000     1.530097    3.226867
             _Iage2_48 |   2.421392   .4486258     5.40   0.000     1.542043    3.300741
             _Iage2_49 |   2.464591   .4644447     5.31   0.000     1.554235    3.374946
             _Iage2_50 |   2.505281   .4801916     5.22   0.000     1.564061    3.446502
             _Iage2_51 |   2.547953   .4959692     5.14   0.000     1.575807    3.520099
             _Iage2_52 |   2.585178   .5118242     5.05   0.000     1.581954    3.588401
             _Iage2_53 |   2.624154   .5275612     4.97   0.000     1.590084    3.658223
             _Iage2_54 |   2.660391   .5434116     4.90   0.000     1.595253    3.725528
             _Iage2_55 |    2.69478   .5592323     4.82   0.000     1.598632    3.790928
             _Iage2_56 |   2.725458   .5749441     4.74   0.000     1.598514    3.852403
             _Iage2_57 |   2.740705   .5906598     4.64   0.000     1.582956    3.898454
             _Iage2_58 |   2.755394   .6064891     4.54   0.000     1.566619     3.94417
             _Iage2_59 |   2.763477   .6222366     4.44   0.000     1.543835    3.983119
         firm_size_new |   .0388831   .0128299     3.03   0.002     .0137353    .0640309
                 _cons |   8.451792   .2151453    39.28   0.000     8.030087    8.873497
-----------------------+----------------------------------------------------------------
               sigma_u |  .66722794
               sigma_e |  .24591743
                   rho |  .88040509   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18263) =   20.85
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =    1.41
            Prob > F =    0.2350

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18263) =   19.89
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18263) =    0.01
            Prob > F =    0.9302

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18263) =    2.75
            Prob > F =    0.0970

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18263) =    0.02
            Prob > F =    0.8895
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826672
Group variable: shnro_real                      Number of groups   =    132752

R-sq:  within  = 0.1858                         Obs per group: min =         1
       between = 0.1376                                        avg =       6.2
       overall = 0.0746                                        max =        16

                                                F(85,18263)        =    244.91
corr(u_i, Xb)  = -0.7728                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0134643   .0075467    -1.78   0.074    -.0282566     .001328
           treated_ia3 |   .0036202   .0007842     4.62   0.000     .0020831    .0051574
     treated_iasuorv_d |   .0501298   .0208493     2.40   0.016     .0092633    .0909964
           treated_pre |  -.0094639   .0104224    -0.91   0.364    -.0298927    .0109649
  treated_pre_iasenior |    .022048   .0066171     3.33   0.001     .0090779    .0350181
       treated_pre_ia3 |  -.0013705   .0005317    -2.58   0.010    -.0024127   -.0003282
 treated_pre_iasuorv_d |  -.0309144   .0115158    -2.68   0.007    -.0534864   -.0083424
          treated_post |   .0413261   .0116945     3.53   0.000     .0184039    .0642484
 treated_post_iasenior |   .0287564   .0073985     3.89   0.000     .0142547    .0432582
      treated_post_ia3 |  -.0042313   .0005862    -7.22   0.000    -.0053803   -.0030823
treated_post_iasuorv_d |  -.1022836    .012826    -7.97   0.000    -.1274238   -.0771435
                senior |   2.785603   .6210898     4.49   0.000     1.568209    4.002997
             interact3 |  -.0025485   .0003265    -7.81   0.000    -.0031885   -.0019085
               suorv_d |  -.0510857   .0112209    -4.55   0.000    -.0730798   -.0290917
                   l_0 |  -.1040669   .0791651    -1.31   0.189    -.2592379    .0511042
                   l_1 |  -.0969379   .0947855    -1.02   0.306    -.2827264    .0888505
                   l_2 |  -.1354662   .1105605    -1.23   0.220    -.3521752    .0812428
                   l_3 |  -.1683582   .1262861    -1.33   0.182    -.4158908    .0791743
                   l_4 |  -.2000777   .1421046    -1.41   0.159     -.478616    .0784607
                   l_5 |  -.2295498   .1578841    -1.45   0.146    -.5390174    .0799179
                   l_6 |  -.2586553   .1736856    -1.49   0.136    -.5990954    .0817847
                   l_7 |  -.2872085    .189372    -1.52   0.129    -.6583955    .0839784
                   l_8 |  -.3159206   .2051569    -1.54   0.124    -.7180474    .0862062
                   l_9 |   -.342215   .2209301    -1.55   0.121    -.7752588    .0908288
                  l_10 |  -.3695283   .2366925    -1.56   0.118    -.8334678    .0944113
                   f_1 |  -.0769535    .063324    -1.22   0.224    -.2010745    .0471674
                   f_2 |  -.0516306     .04761    -1.08   0.278    -.1449508    .0416896
                   f_3 |  -.0368405   .0319593    -1.15   0.249    -.0994837    .0258026
                   f_4 |  -.0114388   .0165435    -0.69   0.489    -.0438657    .0209881
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0440628   .0038317    11.50   0.000     .0365523    .0515734
          _Ivuosi_1996 |   .0651685    .004164    15.65   0.000     .0570067    .0733303
          _Ivuosi_1997 |   .0638834   .0040237    15.88   0.000     .0559966    .0717702
          _Ivuosi_1998 |   .0718035    .004034    17.80   0.000     .0638965    .0797104
          _Ivuosi_1999 |   .0518078   .0039723    13.04   0.000     .0440218    .0595938
          _Ivuosi_2000 |   .0518829    .003845    13.49   0.000     .0443463    .0594195
          _Ivuosi_2001 |   .0591653   .0038287    15.45   0.000     .0516608    .0666699
          _Ivuosi_2002 |   .0409797   .0036284    11.29   0.000     .0338676    .0480917
          _Ivuosi_2003 |   .0431693   .0034277    12.59   0.000     .0364507    .0498878
          _Ivuosi_2004 |   .0605173   .0034195    17.70   0.000     .0538148    .0672197
          _Ivuosi_2005 |   .0667724    .003242    20.60   0.000     .0604177     .073127
          _Ivuosi_2006 |   .0684353   .0034513    19.83   0.000     .0616705    .0752002
          _Ivuosi_2007 |   .0764715   .0034923    21.90   0.000     .0696262    .0833167
          _Ivuosi_2008 |   .0611059   .0032206    18.97   0.000     .0547933    .0674185
          _Ivuosi_2009 |    .007923   .0042994     1.84   0.065    -.0005043    .0163503
          _Ivuosi_2010 |    .015974   .0034762     4.60   0.000     .0091603    .0227877
          _Ivuosi_2011 |   .0174259   .0027817     6.26   0.000     .0119734    .0228783
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5927649    .023372    25.36   0.000     .5469535    .6385763
             _Iage2_22 |   .8102001   .0387916    20.89   0.000      .734165    .8862353
             _Iage2_23 |   .9386027   .0542159    17.31   0.000     .8323343    1.044871
             _Iage2_24 |   1.046045   .0698325    14.98   0.000     .9091668    1.182923
             _Iage2_25 |   1.154645   .0857427    13.47   0.000     .9865818    1.322709
             _Iage2_26 |   1.248812   .1012808    12.33   0.000     1.050293    1.447332
             _Iage2_27 |   1.329889   .1169586    11.37   0.000     1.100639    1.559139
             _Iage2_28 |   1.404859   .1327353    10.58   0.000     1.144685    1.665033
             _Iage2_29 |   1.472321   .1483669     9.92   0.000     1.181508    1.763134
             _Iage2_30 |   1.537772   .1641586     9.37   0.000     1.216006    1.859539
             _Iage2_31 |   1.600612   .1799264     8.90   0.000      1.24794    1.953285
             _Iage2_32 |   1.658076   .1956296     8.48   0.000     1.274624    2.041528
             _Iage2_33 |   1.713326   .2114113     8.10   0.000      1.29894    2.127712
             _Iage2_34 |     1.7684   .2271769     7.78   0.000     1.323112    2.213688
             _Iage2_35 |    1.82362   .2429096     7.51   0.000     1.347494    2.299745
             _Iage2_36 |   1.875664   .2586192     7.25   0.000     1.368746    2.382582
             _Iage2_37 |   1.930488   .2744166     7.03   0.000     1.392606     2.46837
             _Iage2_38 |   1.983483   .2901092     6.84   0.000     1.414842    2.552125
             _Iage2_39 |   2.034933   .3058999     6.65   0.000      1.43534    2.634525
             _Iage2_40 |   2.086436    .321642     6.49   0.000     1.455988    2.716885
             _Iage2_41 |  -.6577524   .2837891    -2.32   0.020    -1.214006   -.1014991
             _Iage2_42 |  -.6089573   .2680607    -2.27   0.023    -1.134381   -.0835333
             _Iage2_43 |  -.5629028   .2522654    -2.23   0.026    -1.057367   -.0684389
             _Iage2_44 |  -.5143948   .2365005    -2.18   0.030    -.9779581   -.0508316
             _Iage2_45 |  -.4678905   .2207539    -2.12   0.034    -.9005889   -.0351921
             _Iage2_46 |  -.4220415    .204978    -2.06   0.040    -.8238176   -.0202655
             _Iage2_47 |  -.3784109   .1892094    -2.00   0.046     -.749279   -.0075428
             _Iage2_48 |  -.3356962   .1734373    -1.94   0.053    -.6756495    .0042571
             _Iage2_49 |  -.2927168   .1576476    -1.86   0.063    -.6017209    .0162872
             _Iage2_50 |  -.2523777   .1419317    -1.78   0.075    -.5305771    .0258218
             _Iage2_51 |  -.2100778    .126181    -1.66   0.096    -.4574044    .0372488
             _Iage2_52 |  -.1733668   .1103628    -1.57   0.116    -.3896882    .0429547
             _Iage2_53 |   -.134863   .0946653    -1.42   0.154    -.3204159    .0506899
             _Iage2_54 |  -.0992286   .0788601    -1.26   0.208    -.2538018    .0553446
             _Iage2_55 |  -.0655898   .0630811    -1.04   0.298    -.1892347    .0580552
             _Iage2_56 |  -.0355954   .0474367    -0.75   0.453    -.1285758     .057385
             _Iage2_57 |  -.0211096    .031792    -0.66   0.507    -.0834249    .0412057
             _Iage2_58 |  -.0071954   .0161493    -0.45   0.656    -.0388495    .0244588
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0404871   .0130901     3.09   0.002     .0148293    .0661449
                 _cons |   8.466858   .2148278    39.41   0.000     8.045775    8.887941
-----------------------+----------------------------------------------------------------
               sigma_u |   .6632909
               sigma_e |  .24712828
                   rho |  .87810565   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18263) =   40.46
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18263) =   59.25
            Prob > F =    0.0000

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18263) =    6.64
            Prob > F =    0.0100

 ( 1)  treated_post_ia3 = 0

       F(  1, 18263) =   52.10
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18263) =   25.88
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =   10.87
            Prob > F =    0.0010

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18263) =   24.51
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826672
Group variable: shnro_real                      Number of groups   =    132752

R-sq:  within  = 0.1938                         Obs per group: min =         1
       between = 0.1399                                        avg =       6.2
       overall = 0.0793                                        max =        16

                                                F(89,18263)        =    250.19
corr(u_i, Xb)  = -0.7767                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,264 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0079399   .0075074    -1.06   0.290    -.0226551    .0067753
           treated_ia2 |   .0600163   .0316139     1.90   0.058      -.00195    .1219825
           treated_ia3 |   .0048882   .0007873     6.21   0.000      .003345    .0064314
     treated_iasuorv_d |   .0361469   .0205883     1.76   0.079    -.0042082     .076502
           treated_pre |  -.0126067   .0106186    -1.19   0.235    -.0334202    .0082067
  treated_pre_iasenior |   .0181738   .0066502     2.73   0.006     .0051387    .0312088
       treated_pre_ia2 |   .0117698   .0128997     0.91   0.362    -.0135149    .0370545
       treated_pre_ia3 |  -.0013998   .0005309    -2.64   0.008    -.0024403   -.0003592
 treated_pre_iasuorv_d |  -.0227476   .0115732    -1.97   0.049    -.0454322   -.0000631
          treated_post |   .0194321   .0117212     1.66   0.097    -.0035425    .0424066
 treated_post_iasenior |   .0159588   .0073169     2.18   0.029     .0016169    .0303007
      treated_post_ia2 |   .0646424   .0154693     4.18   0.000     .0343211    .0949638
      treated_post_ia3 |  -.0037652   .0005764    -6.53   0.000     -.004895   -.0026354
treated_post_iasuorv_d |  -.0645688   .0125816    -5.13   0.000    -.0892298   -.0399077
                senior |   2.759812   .6221477     4.44   0.000     1.540344    3.979279
             interact2 |   .3496489   .0221706    15.77   0.000     .3061924    .3931053
             interact3 |  -.0005978   .0003219    -1.86   0.063    -.0012287    .0000331
               suorv_d |  -.0458189   .0115163    -3.98   0.000     -.068392   -.0232458
                   l_0 |  -.1064551    .079298    -1.34   0.179    -.2618866    .0489764
                   l_1 |  -.1022437    .094947    -1.08   0.282    -.2883487    .0838613
                   l_2 |  -.1424526   .1107392    -1.29   0.198    -.3595119    .0746066
                   l_3 |  -.1770548   .1264899    -1.40   0.162     -.424987    .0708773
                   l_4 |  -.2104299    .142332    -1.48   0.139     -.489414    .0685543
                   l_5 |  -.2415793   .1581306    -1.53   0.127    -.5515301    .0683715
                   l_6 |  -.2723031   .1739607    -1.57   0.118    -.6132824    .0686762
                   l_7 |  -.3023591    .189664    -1.59   0.111    -.6741184    .0694001
                   l_8 |  -.3325403   .2054706    -1.62   0.106    -.7352819    .0702013
                   l_9 |  -.3605146   .2212682    -1.63   0.103    -.7942212    .0731919
                  l_10 |  -.3898155   .2370589    -1.64   0.100    -.8544732    .0748421
                   f_1 |   -.080992    .063428    -1.28   0.202    -.2053169    .0433329
                   f_2 |  -.0544603   .0476859    -1.14   0.253    -.1479292    .0390086
                   f_3 |  -.0384865   .0320143    -1.20   0.229    -.1012376    .0242645
                   f_4 |  -.0119317   .0165737    -0.72   0.472    -.0444177    .0205544
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0449763   .0038214    11.77   0.000      .037486    .0524666
          _Ivuosi_1996 |   .0660296   .0041252    16.01   0.000     .0579438    .0741154
          _Ivuosi_1997 |    .064963   .0039869    16.29   0.000     .0571483    .0727776
          _Ivuosi_1998 |   .0731822     .00399    18.34   0.000     .0653615     .081003
          _Ivuosi_1999 |   .0537281   .0039386    13.64   0.000      .046008    .0614482
          _Ivuosi_2000 |   .0544632   .0038093    14.30   0.000     .0469967    .0619297
          _Ivuosi_2001 |   .0613717   .0037987    16.16   0.000     .0539259    .0688175
          _Ivuosi_2002 |   .0430526   .0035933    11.98   0.000     .0360093    .0500959
          _Ivuosi_2003 |   .0450138   .0033957    13.26   0.000      .038358    .0516696
          _Ivuosi_2004 |   .0624833   .0033897    18.43   0.000     .0558392    .0691274
          _Ivuosi_2005 |   .0687966   .0032065    21.46   0.000     .0625116    .0750816
          _Ivuosi_2006 |   .0703727   .0034104    20.63   0.000     .0636879    .0770574
          _Ivuosi_2007 |   .0782347   .0034381    22.76   0.000     .0714957    .0849737
          _Ivuosi_2008 |   .0624281   .0031626    19.74   0.000     .0562291    .0686271
          _Ivuosi_2009 |   .0090519    .004257     2.13   0.033     .0007077    .0173961
          _Ivuosi_2010 |   .0165711   .0034374     4.82   0.000     .0098335    .0233087
          _Ivuosi_2011 |   .0179367   .0027631     6.49   0.000     .0125208    .0233527
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .5920088   .0234034    25.30   0.000      .546136    .6378815
             _Iage2_22 |   .8100842   .0388115    20.87   0.000     .7340101    .8861583
             _Iage2_23 |    .939354   .0542587    17.31   0.000      .833002    1.045706
             _Iage2_24 |   1.042857   .0698934    14.92   0.000     .9058591    1.179854
             _Iage2_25 |   1.145744   .0858497    13.35   0.000       .97747    1.314017
             _Iage2_26 |   1.234707   .1014098    12.18   0.000     1.035934     1.43348
             _Iage2_27 |   1.311336   .1171281    11.20   0.000     1.081754    1.540918
             _Iage2_28 |   1.382801   .1329274    10.40   0.000     1.122251    1.643351
             _Iage2_29 |   1.448363   .1485848     9.75   0.000     1.157123    1.739604
             _Iage2_30 |   1.511786   .1644178     9.19   0.000     1.189512    1.834061
             _Iage2_31 |   1.573366   .1802165     8.73   0.000     1.220125    1.926607
             _Iage2_32 |   1.629714   .1959528     8.32   0.000     1.245628      2.0138
             _Iage2_33 |   1.684144    .211759     7.95   0.000     1.269076    2.099211
             _Iage2_34 |   1.738407   .2275579     7.64   0.000     1.292372    2.184442
             _Iage2_35 |   1.792851   .2433187     7.37   0.000     1.315923    2.269778
             _Iage2_36 |   1.844168   .2590614     7.12   0.000     1.336383    2.351953
             _Iage2_37 |    1.89832   .2748843     6.91   0.000     1.359521    2.437119
             _Iage2_38 |   1.950786   .2906089     6.71   0.000     1.381165    2.520407
             _Iage2_39 |   2.001573   .3064316     6.53   0.000     1.400938    2.602207
             _Iage2_40 |   2.052548   .3222035     6.37   0.000     1.420999    2.684097
             _Iage2_41 |  -.6636887    .284269    -2.33   0.020    -1.220883   -.1064947
             _Iage2_42 |   -.615256   .2685116    -2.29   0.022    -1.141564    -.088948
             _Iage2_43 |  -.5694304   .2526849    -2.25   0.024    -1.064717   -.0741442
             _Iage2_44 |  -.5210178   .2368897    -2.20   0.028     -.985344   -.0566917
             _Iage2_45 |  -.4746066   .2211169    -2.15   0.032    -.9080165   -.0411966
             _Iage2_46 |  -.4287357   .2053093    -2.09   0.037    -.8311611   -.0263102
             _Iage2_47 |   -.385116   .1895145    -2.03   0.042    -.7565823   -.0136497
             _Iage2_48 |  -.3421977    .173717    -1.97   0.049    -.6826994   -.0016961
             _Iage2_49 |  -.2989846   .1579016    -1.89   0.058    -.6084865    .0105172
             _Iage2_50 |  -.2582889   .1421561    -1.82   0.069    -.5369283    .0203505
             _Iage2_51 |  -.2156287   .1263798    -1.71   0.088     -.463345    .0320876
             _Iage2_52 |   -.178402   .1105378    -1.61   0.107    -.3950664    .0382625
             _Iage2_53 |  -.1394182   .0948152    -1.47   0.141    -.3252648    .0464284
             _Iage2_54 |   -.103166   .0789812    -1.31   0.191    -.2579765    .0516445
             _Iage2_55 |  -.0688365   .0631788    -1.09   0.276    -.1926728    .0549998
             _Iage2_56 |  -.0381329   .0475074    -0.80   0.422     -.131252    .0549861
             _Iage2_57 |  -.0228589   .0318385    -0.72   0.473    -.0852653    .0395476
             _Iage2_58 |  -.0081331   .0161737    -0.50   0.615    -.0398351    .0235689
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0389157   .0127996     3.04   0.002     .0138273    .0640042
                 _cons |   8.449434   .2150933    39.28   0.000     8.027831    8.871037
-----------------------+----------------------------------------------------------------
               sigma_u |  .66727208
               sigma_e |  .24591459
                   rho |  .88042144   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18263) =   32.05
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18263) =   44.03
            Prob > F =    0.0000

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18263) =    4.11
            Prob > F =    0.0165

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18263) =   30.87
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18263) =    6.63
            Prob > F =    0.0100

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18263) =   20.92
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18263) =    1.92
            Prob > F =    0.1653

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18263) =   26.39
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18263) =    5.67
            Prob > F =    0.0173

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18263) =   25.24
            Prob > F =    0.0000
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    826835
Group variable: shnro_real                      Number of groups   =    132776

R-sq:  within  = 0.1939                         Obs per group: min =         1
       between = 0.1411                                        avg =       6.2
       overall = 0.0801                                        max =        16

                                                F(86,18268)        =    257.26
corr(u_i, Xb)  = -0.7745                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,269 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                lnwage |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |    .056507   .0315578     1.79   0.073    -.0053491    .1183632
           treated_ia3 |    .004478   .0007646     5.86   0.000     .0029792    .0059767
     treated_iasuorv_d |   .0209557    .019872     1.05   0.292    -.0179952    .0599067
           treated_pre |  -.0160073   .0106344    -1.51   0.132    -.0368516    .0048371
       treated_pre_ia2 |   .0150168   .0127804     1.17   0.240     -.010034    .0400676
       treated_pre_ia3 |  -.0007591   .0004903    -1.55   0.122    -.0017201    .0002019
 treated_pre_iasuorv_d |  -.0064283   .0098695    -0.65   0.515    -.0257734    .0129167
          treated_post |   .0167053   .0118111     1.41   0.157    -.0064455    .0398561
      treated_post_ia2 |   .0675412   .0154474     4.37   0.000     .0372629    .0978195
      treated_post_ia3 |  -.0031783   .0005501    -5.78   0.000    -.0042565   -.0021001
treated_post_iasuorv_d |  -.0498327    .011411    -4.37   0.000    -.0721994   -.0274659
             interact2 |   .3492933    .022178    15.75   0.000     .3058223    .3927642
             interact3 |  -.0006899   .0003261    -2.12   0.034    -.0013291   -.0000507
               suorv_d |  -.0456685   .0115087    -3.97   0.000    -.0682267   -.0231103
                   l_0 |  -.1058414   .0792587    -1.34   0.182     -.261196    .0495132
                   l_1 |  -.1013345   .0948958    -1.07   0.286    -.2873392    .0846702
                   l_2 |  -.1412671   .1106762    -1.28   0.202    -.3582029    .0756687
                   l_3 |  -.1756491   .1264167    -1.39   0.165    -.4234377    .0721396
                   l_4 |  -.2087715     .14225    -1.47   0.142    -.4875949    .0700518
                   l_5 |  -.2396805   .1580378    -1.52   0.129    -.5494494    .0700884
                   l_6 |  -.2701609    .173855    -1.55   0.120     -.610933    .0706112
                   l_7 |  -.2999589    .189546    -1.58   0.114    -.6714868    .0715691
                   l_8 |  -.3298376   .2053451    -1.61   0.108    -.7323332     .072658
                   l_9 |  -.3575726   .2211341    -1.62   0.106    -.7910162     .075871
                  l_10 |  -.3864693   .2369108    -1.63   0.103    -.8508367    .0778982
                   f_1 |  -.0802764   .0633929    -1.27   0.205    -.2045325    .0439797
                   f_2 |  -.0539799   .0476626    -1.13   0.257    -.1474031    .0394433
                   f_3 |  -.0382512   .0319989    -1.20   0.232     -.100972    .0244696
                   f_4 |  -.0121265   .0165595    -0.73   0.464    -.0445846    .0203317
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0449924     .00383    11.75   0.000     .0374851    .0524996
          _Ivuosi_1996 |   .0659866   .0041337    15.96   0.000     .0578841    .0740892
          _Ivuosi_1997 |   .0650295   .0039962    16.27   0.000     .0571965    .0728624
          _Ivuosi_1998 |   .0733585   .0040036    18.32   0.000     .0655111    .0812058
          _Ivuosi_1999 |    .053918   .0039489    13.65   0.000     .0461778    .0616582
          _Ivuosi_2000 |   .0547695   .0038172    14.35   0.000     .0472875    .0622516
          _Ivuosi_2001 |   .0615998   .0038061    16.18   0.000     .0541395    .0690601
          _Ivuosi_2002 |   .0431224   .0035945    12.00   0.000     .0360769    .0501679
          _Ivuosi_2003 |   .0450772   .0033908    13.29   0.000      .038431    .0517235
          _Ivuosi_2004 |   .0625337   .0033847    18.48   0.000     .0558994    .0691681
          _Ivuosi_2005 |   .0690607   .0032157    21.48   0.000     .0627576    .0753638
          _Ivuosi_2006 |   .0707246   .0034339    20.60   0.000     .0639939    .0774554
          _Ivuosi_2007 |   .0785861   .0034592    22.72   0.000     .0718057    .0853665
          _Ivuosi_2008 |   .0627391   .0031765    19.75   0.000      .056513    .0689653
          _Ivuosi_2009 |   .0090223    .004263     2.12   0.034     .0006663    .0173782
          _Ivuosi_2010 |   .0165846   .0034346     4.83   0.000     .0098525    .0233167
          _Ivuosi_2011 |   .0179373   .0027605     6.50   0.000     .0125266    .0233481
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |    .591552   .0234029    25.28   0.000     .5456801    .6374239
             _Iage2_22 |   .8094363   .0388068    20.86   0.000     .7333713    .8855014
             _Iage2_23 |   .9385174   .0542506    17.30   0.000     .8321812    1.044854
             _Iage2_24 |   1.041814   .0698813    14.91   0.000     .9048404    1.178788
             _Iage2_25 |    1.14444   .0858347    13.33   0.000     .9761956    1.312684
             _Iage2_26 |   1.233217   .1013905    12.16   0.000     1.034482    1.431952
             _Iage2_27 |    1.30973   .1171014    11.18   0.000       1.0802    1.539259
             _Iage2_28 |   1.380994   .1328941    10.39   0.000     1.120509    1.641479
             _Iage2_29 |   1.446356   .1485456     9.74   0.000     1.155193    1.737519
             _Iage2_30 |   1.509519   .1643721     9.18   0.000     1.187335    1.831704
             _Iage2_31 |   1.570953   .1801637     8.72   0.000     1.217815    1.924091
             _Iage2_32 |   1.626971   .1958937     8.31   0.000     1.243001    2.010941
             _Iage2_33 |   1.681114   .2116942     7.94   0.000     1.266173    2.096054
             _Iage2_34 |   1.735124   .2274859     7.63   0.000      1.28923    2.181018
             _Iage2_35 |   1.789371   .2432404     7.36   0.000     1.312597    2.266145
             _Iage2_36 |   1.840406   .2589772     7.11   0.000     1.332786    2.348025
             _Iage2_37 |   1.894311   .2747947     6.89   0.000     1.355688    2.432934
             _Iage2_38 |   1.946557   .2905129     6.70   0.000     1.377125     2.51599
             _Iage2_39 |   1.997108   .3063294     6.52   0.000     1.396674    2.597543
             _Iage2_40 |    2.04785   .3220948     6.36   0.000     1.416514    2.679186
             _Iage2_41 |   2.095557   .3379269     6.20   0.000     1.433189    2.757926
             _Iage2_42 |   2.143745   .3536641     6.06   0.000      1.45053     2.83696
             _Iage2_43 |   2.189344   .3694789     5.93   0.000      1.46513    2.913557
             _Iage2_44 |   2.237517   .3852599     5.81   0.000     1.482372    2.992663
             _Iage2_45 |   2.283687     .40102     5.69   0.000      1.49765    3.069724
             _Iage2_46 |   2.329302   .4168183     5.59   0.000     1.512299    3.146305
             _Iage2_47 |   2.372704   .4325981     5.48   0.000     1.524771    3.220636
             _Iage2_48 |   2.415386   .4483846     5.39   0.000      1.53651    3.294262
             _Iage2_49 |   2.458381   .4641948     5.30   0.000     1.548515    3.368246
             _Iage2_50 |   2.498888    .479933     5.21   0.000     1.558174    3.439601
             _Iage2_51 |   2.541336   .4957012     5.13   0.000     1.569715    3.512956
             _Iage2_52 |   2.578357   .5115462     5.04   0.000     1.575679    3.581036
             _Iage2_53 |   2.617122   .5272729     4.96   0.000     1.583617    3.650626
             _Iage2_54 |   2.653149   .5431139     4.89   0.000     1.588595    3.717703
             _Iage2_55 |   2.687312    .558925     4.81   0.000     1.591767    3.782858
             _Iage2_56 |   2.717779   .5746272     4.73   0.000     1.591456    3.844103
             _Iage2_57 |   2.732844   .5903342     4.63   0.000     1.575733    3.889954
             _Iage2_58 |   2.747276   .6061538     4.53   0.000     1.559158    3.935394
             _Iage2_59 |   2.755166   .6218917     4.43   0.000       1.5362    3.974132
         firm_size_new |   .0279932   .0071598     3.91   0.000     .0139593    .0420271
                 _cons |   8.458491   .2148033    39.38   0.000     8.037456    8.879526
-----------------------+----------------------------------------------------------------
               sigma_u |  .66472925
               sigma_e |  .24592713
                   rho |  .87960439   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18268) =   20.90
            Prob > F =    0.0000

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18268) =    1.41
            Prob > F =    0.2343

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18268) =   19.94
            Prob > F =    0.0000

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18268) =    0.00
            Prob > F =    0.9486

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18268) =    2.68
            Prob > F =    0.1014

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18268) =    0.01
            Prob > F =    0.9078
O:\returns
lnwage_bluec_age_shortownf_noIQownfirm_clust_G.xls
dir : seeout
lnwage_bluec_age_top3ownf_noIQownfirm_clust_G.xls
dir : seeout
(2,088,754 real changes made, 2,088,739 to missing)
(0 real changes made)

  pääasiall |
       inen |
   toiminta |
        tvm |      Freq.     Percent        Cum.
------------+-----------------------------------
         11 |    826,850      100.00      100.00
------------+-----------------------------------
      Total |    826,850      100.00
note: treated_pre_ia1_61 omitted because of collinearity
note: treated_post_ia1_61 omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity

      Source |       SS           df       MS      Number of obs   =   816,121
-------------+----------------------------------   F(87, 816033)   =    669.71
       Model |  290.720785        87  3.34161822   Prob > F        =    0.0000
    Residual |  4071.70796   816,033  .004989636   R-squared       =    0.0666
-------------+----------------------------------   Adj R-squared   =    0.0665
       Total |  4362.42875   816,120  .005345328   Root MSE        =    .07064

---------------------------------------------------------------------------------------
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |  -.0023668   .0011236    -2.11   0.035     -.004569   -.0001646
     treated_ia1_4145 |   .0012022   .0016767     0.72   0.473    -.0020841    .0044884
     treated_ia1_4650 |    .001534    .001677     0.91   0.360    -.0017529    .0048208
     treated_ia1_5160 |   .0007937   .0020849     0.38   0.703    -.0032925      .00488
          treated_pre |   .0008986   .0011774     0.76   0.445    -.0014091    .0032063
 treated_pre_ia1_4145 |   .0014968   .0017494     0.86   0.392     -.001932    .0049257
 treated_pre_ia1_4650 |    .000505   .0017532     0.29   0.773    -.0029313    .0039412
 treated_pre_ia1_5155 |   .0005539   .0021596     0.26   0.798    -.0036788    .0047865
 treated_pre_ia1_5660 |   .0005551   .0025011     0.22   0.824    -.0043469    .0054571
   treated_pre_ia1_61 |          0  (omitted)
         treated_post |   .0019971   .0011415     1.75   0.080    -.0002403    .0042345
treated_post_ia1_4145 |   -.003012   .0016842    -1.79   0.074     -.006313    .0002891
treated_post_ia1_4650 |  -.0036077   .0016847    -2.14   0.032    -.0069097   -.0003057
treated_post_ia1_5155 |  -.0022311    .002091    -1.07   0.286    -.0063294    .0018673
treated_post_ia1_5660 |  -.0018491   .0021886    -0.84   0.398    -.0061388    .0024405
  treated_post_ia1_61 |          0  (omitted)
                  l_0 |   .0181445   .0008392    21.62   0.000     .0164998    .0197892
                  l_1 |  -.0049809   .0008473    -5.88   0.000    -.0066415   -.0033203
                  l_2 |  -.0031865   .0008547    -3.73   0.000    -.0048616   -.0015114
                  l_3 |  -.0030763   .0008644    -3.56   0.000    -.0047705   -.0013822
                  l_4 |  -.0026336   .0008765    -3.00   0.003    -.0043516   -.0009156
                  l_5 |  -.0028019   .0008904    -3.15   0.002    -.0045471   -.0010567
                  l_6 |  -.0031236   .0009086    -3.44   0.001    -.0049043   -.0013429
                  l_7 |  -.0031785   .0009275    -3.43   0.001    -.0049964   -.0013605
                  l_8 |  -.0031791    .000954    -3.33   0.001     -.005049   -.0013093
                  l_9 |   -.003342   .0009833    -3.40   0.001    -.0052693   -.0014147
                 l_10 |  -.0035337    .001019    -3.47   0.001    -.0055308   -.0015365
                  f_1 |  -.0062747   .0008687    -7.22   0.000    -.0079773    -.004572
                  f_2 |  -.0009605   .0008852    -1.08   0.278    -.0026955    .0007745
                  f_3 |  -.0013296    .000902    -1.47   0.140    -.0030974    .0004383
                  f_4 |   .0002572   .0009278     0.28   0.782    -.0015613    .0020756
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0101059   .0005747    17.58   0.000     .0089794    .0112323
         _Ivuosi_1996 |   .0104111   .0005761    18.07   0.000      .009282    .0115403
         _Ivuosi_1997 |   .0096371   .0005632    17.11   0.000     .0085333     .010741
         _Ivuosi_1998 |   .0093114    .000552    16.87   0.000     .0082295    .0103933
         _Ivuosi_1999 |   .0092727   .0005451    17.01   0.000     .0082042    .0103412
         _Ivuosi_2000 |   .0105197   .0005341    19.70   0.000     .0094729    .0115665
         _Ivuosi_2001 |   .0123452   .0005377    22.96   0.000     .0112913     .013399
         _Ivuosi_2002 |    .009721   .0005387    18.05   0.000     .0086653    .0107768
         _Ivuosi_2003 |   .0108089   .0005366    20.14   0.000     .0097571    .0118607
         _Ivuosi_2004 |   .0103948   .0005359    19.40   0.000     .0093445     .011445
         _Ivuosi_2005 |   .0113723   .0005365    21.20   0.000     .0103207    .0124239
         _Ivuosi_2006 |   .0104003   .0005473    19.00   0.000     .0093276     .011473
         _Ivuosi_2007 |   .0128053   .0005437    23.55   0.000     .0117397    .0138709
         _Ivuosi_2008 |   .0178907   .0005499    32.53   0.000     .0168128    .0189686
         _Ivuosi_2009 |   .0118307   .0005701    20.75   0.000     .0107132    .0129482
         _Ivuosi_2010 |    .011672   .0005808    20.10   0.000     .0105336    .0128104
         _Ivuosi_2011 |   .0116892   .0006209    18.83   0.000     .0104722    .0129061
         _Ivuosi_2012 |   .0108663    .000653    16.64   0.000     .0095865    .0121461
            _Iage2_21 |  -.1372377   .0009921  -138.34   0.000    -.1391821   -.1352932
            _Iage2_22 |   -.136722   .0009399  -145.47   0.000    -.1385641   -.1348799
            _Iage2_23 |  -.1394203   .0009092  -153.34   0.000    -.1412023   -.1376382
            _Iage2_24 |  -.1405922   .0008891  -158.13   0.000    -.1423348   -.1388496
            _Iage2_25 |  -.1431055   .0008764  -163.29   0.000    -.1448231   -.1413878
            _Iage2_26 |  -.1434723   .0008679  -165.30   0.000    -.1451734   -.1417711
            _Iage2_27 |  -.1449312   .0008622  -168.09   0.000    -.1466212   -.1432413
            _Iage2_28 |  -.1449196   .0008589  -168.73   0.000     -.146603   -.1432362
            _Iage2_29 |  -.1449637   .0008566  -169.24   0.000    -.1466426   -.1432848
            _Iage2_30 |  -.1458726   .0008554  -170.54   0.000    -.1475491   -.1441961
            _Iage2_31 |  -.1459368   .0008543  -170.82   0.000    -.1476112   -.1442624
            _Iage2_32 |  -.1453958   .0008529  -170.47   0.000    -.1470675   -.1437241
            _Iage2_33 |  -.1455688   .0008521  -170.83   0.000    -.1472389   -.1438987
            _Iage2_34 |  -.1456735   .0008514  -171.09   0.000    -.1473422   -.1440047
            _Iage2_35 |  -.1452391   .0008492  -171.03   0.000    -.1469035   -.1435747
            _Iage2_36 |  -.1457715   .0008483  -171.84   0.000    -.1474342   -.1441088
            _Iage2_37 |  -.1458803   .0008472  -172.19   0.000    -.1475408   -.1442198
            _Iage2_38 |  -.1458937    .000846  -172.45   0.000    -.1475518   -.1442356
            _Iage2_39 |  -.1461917   .0008449  -173.04   0.000    -.1478476   -.1445358
            _Iage2_40 |  -.1456529   .0008445  -172.47   0.000     -.147308   -.1439977
            _Iage2_41 |  -.1451384   .0008786  -165.20   0.000    -.1468604   -.1434164
            _Iage2_42 |  -.1452661   .0008778  -165.49   0.000    -.1469865   -.1435456
            _Iage2_43 |  -.1459039   .0008783  -166.13   0.000    -.1476253   -.1441826
            _Iage2_44 |   -.145527   .0008777  -165.81   0.000    -.1472473   -.1438068
            _Iage2_45 |  -.1453652   .0008773  -165.70   0.000    -.1470846   -.1436457
            _Iage2_46 |  -.1446958   .0008782  -164.76   0.000     -.146417   -.1429745
            _Iage2_47 |  -.1452081   .0008782  -165.34   0.000    -.1469294   -.1434867
            _Iage2_48 |  -.1445398   .0008793  -164.38   0.000    -.1462631   -.1428164
            _Iage2_49 |  -.1454689   .0008808  -165.15   0.000    -.1471953   -.1437425
            _Iage2_50 |  -.1451752   .0008838  -164.26   0.000    -.1469074    -.143443
            _Iage2_51 |  -.1449414   .0008924  -162.42   0.000    -.1466904   -.1431924
            _Iage2_52 |  -.1443605   .0008973  -160.89   0.000    -.1461192   -.1426019
            _Iage2_53 |  -.1452532   .0009025  -160.95   0.000     -.147022   -.1434844
            _Iage2_54 |  -.1441706   .0009106  -158.33   0.000    -.1459553   -.1423859
            _Iage2_55 |  -.1442614   .0009253  -155.90   0.000     -.146075   -.1424478
            _Iage2_56 |  -.1442963   .0009776  -147.60   0.000    -.1462124   -.1423801
            _Iage2_57 |  -.1438278   .0010031  -143.39   0.000    -.1457938   -.1418619
            _Iage2_58 |   -.144606   .0010425  -138.71   0.000    -.1466493   -.1425628
            _Iage2_59 |  -.1482805   .0011019  -134.57   0.000    -.1504402   -.1461209
        firm_size_new |   .0001604   .0000783     2.05   0.041     6.88e-06    .0003138
                _cons |    .137806   .0011522   119.60   0.000     .1355477    .1400643
---------------------------------------------------------------------------------------
(2,099,468 real changes made)
dependent variable is ue_d

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.32014  .0063571  39.66227  .0603564  .0457619  15.31751
      sd |  .4328587  .0794776  10.44969  .2381464  .2089687  9.606488
     p50 |  10.37126         0        40         0         0        15
       N |    377055    377060    377060    377060    377060    253831
----------------------------------------------------------------------

   stats |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
    mean |  10.38334  .0045301    39.763  .0684506  .0511068  15.48153
      sd |  .4413684  .0671536  10.31773  .2525179  .2202158  9.596794
     p50 |  10.42875         0        40         0         0        15
       N |    439051    439061    439061    439061    439061    294198
----------------------------------------------------------------------

Summary statistics: mean, sd, p50, N
  by categories of: treated 

 treated |    lnwage      ue_d       ika       bsc       msc       dtf
---------+------------------------------------------------------------
       0 |  10.32014  .0063571  39.66227  .0603564  .0457619  15.31751
         |  .4328587  .0794776  10.44969  .2381464  .2089687  9.606488
         |  10.37126         0        40         0         0        15
         |    377055    377060    377060    377060    377060    253831
---------+------------------------------------------------------------
       1 |  10.38334  .0045301    39.763  .0684506  .0511068  15.48153
         |  .4413684  .0671536  10.31773  .2525179  .2202158  9.596794
         |  10.42875         0        40         0         0        15
         |    439051    439061    439061    439061    439061    294198
---------+------------------------------------------------------------
   Total |  10.35414  .0053742  39.71646   .064711  .0486374  15.40556
         |  .4385902  .0731117  10.37902  .2460154  .2151089  9.601625
         |  10.40108         0        40         0         0        15
         |    816106    816121    816121    816121    816121    548029
----------------------------------------------------------------------
Note: file will be replaced when the first putexcel command is issued
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQownfirm_clust.xls saved
file O:\returns\Appendix_A.2_tabstat_bluecue_d_noIQownfirm_clust.xls saved

FREQUENCY TABLES REMOVED DUE TO STATISTICS FINLAND RULES ON MINIMUM CELL SIZE - THESE ARE NOT REPORTED IN THE PAPER

Linear regression                               Number of obs     =    548,029
                                                F(1, 548027)      >   99999.00
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6588
                                                Root MSE          =     5.6088

------------------------------------------------------------------------------
             |               Robust
         dtf |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         ika |   .8230653    .000951   865.47   0.000     .8212014    .8249293
       _cons |  -15.08246   .0304175  -495.85   0.000    -15.14208   -15.02284
------------------------------------------------------------------------------

             |  age_new  dtf_cat
-------------+------------------
     age_new |   1.0000 
             |
             |
     dtf_cat |   0.7636   1.0000 
             |   0.0000
             |
(2,915,589 missing values generated)
(132,787 real changes made)
(2782802 missing values generated)
(587521 missing values generated)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0981                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(74,18221)        =     15.04
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,222 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0013045   .0010233     1.27   0.202    -.0007013    .0033103
 treated_post |   .0021205   .0010566     2.01   0.045     .0000494    .0041916
          l_0 |  -.9580432   .0377518   -25.38   0.000     -1.03204   -.8840461
          l_1 |  -1.150373   .0452689   -25.41   0.000    -1.239105   -1.061642
          l_2 |  -1.342766   .0528236   -25.42   0.000    -1.446305   -1.239226
          l_3 |  -1.533393   .0603679   -25.40   0.000     -1.65172   -1.415067
          l_4 |  -1.724351    .067915   -25.39   0.000    -1.857471   -1.591232
          l_5 |  -1.914987   .0754611   -25.38   0.000    -2.062898   -1.767076
          l_6 |  -2.106322   .0830107   -25.37   0.000     -2.26903   -1.943613
          l_7 |  -2.297357   .0905556   -25.37   0.000    -2.474855    -2.11986
          l_8 |  -2.488261   .0981053   -25.36   0.000    -2.680557   -2.295966
          l_9 |  -2.679396   .1056433   -25.36   0.000    -2.886467   -2.472325
         l_10 |  -2.870317   .1131863   -25.36   0.000    -3.092173   -2.648462
          f_1 |  -.7691096   .0302324   -25.44   0.000    -.8283679   -.7098513
          f_2 |   -.574484   .0226623   -25.35   0.000    -.6189044   -.5300637
          f_3 |  -.3834542   .0151377   -25.33   0.000    -.4131256   -.3537827
          f_4 |  -.1913403   .0075877   -25.22   0.000     -.206213   -.1764676
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0019635   .0002926     6.71   0.000     .0013899    .0025371
 _Ivuosi_1996 |   .0029983   .0004386     6.84   0.000     .0021387     .003858
 _Ivuosi_1997 |   .0022752   .0002521     9.03   0.000     .0017811    .0027692
 _Ivuosi_1998 |   .0018573   .0002582     7.19   0.000     .0013511    .0023634
 _Ivuosi_1999 |   .0014387   .0002432     5.92   0.000     .0009621    .0019153
 _Ivuosi_2000 |   .0022601   .0002874     7.86   0.000     .0016967    .0028235
 _Ivuosi_2001 |   .0029234   .0004156     7.03   0.000     .0021088     .003738
 _Ivuosi_2002 |    .002302   .0002733     8.42   0.000     .0017663    .0028377
 _Ivuosi_2003 |   .0024452   .0002953     8.28   0.000     .0018664     .003024
 _Ivuosi_2004 |   .0024227   .0002688     9.01   0.000     .0018958    .0029496
 _Ivuosi_2005 |   .0023655   .0003517     6.72   0.000      .001676    .0030549
 _Ivuosi_2006 |    .001933   .0003195     6.05   0.000     .0013067    .0025593
 _Ivuosi_2007 |    .002543   .0003662     6.94   0.000     .0018252    .0032608
 _Ivuosi_2008 |   .0036042   .0003884     9.28   0.000     .0028428    .0043656
 _Ivuosi_2009 |   .0016858   .0003414     4.94   0.000     .0010167     .002355
 _Ivuosi_2010 |   .0004187   .0002696     1.55   0.120    -.0001097    .0009472
 _Ivuosi_2011 |   .0009948   .0002463     4.04   0.000     .0005121    .0014775
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .1584786   .0068785    23.04   0.000     .1449961    .1719611
    _Iage2_22 |   .3484013   .0142194    24.50   0.000     .3205299    .3762728
    _Iage2_23 |   .5388372    .021725    24.80   0.000     .4962542    .5814202
    _Iage2_24 |   .7298104   .0292498    24.95   0.000      .672478    .7871427
    _Iage2_25 |   .9202765   .0368089    25.00   0.000     .8481277    .9924254
    _Iage2_26 |   1.110552   .0443503    25.04   0.000     1.023622    1.197483
    _Iage2_27 |   1.301885   .0518869    25.09   0.000     1.200182    1.403588
    _Iage2_28 |   1.493239   .0594217    25.13   0.000     1.376767    1.609711
    _Iage2_29 |   1.684321    .066972    25.15   0.000      1.55305    1.815592
    _Iage2_30 |   1.875356   .0745199    25.17   0.000      1.72929    2.021422
    _Iage2_31 |   2.066493   .0820673    25.18   0.000     1.905634    2.227353
    _Iage2_32 |   2.258048   .0896144    25.20   0.000     2.082395    2.433701
    _Iage2_33 |   2.448703   .0971532    25.20   0.000     2.258274    2.639132
    _Iage2_34 |   2.639914   .1047018    25.21   0.000     2.434688    2.845139
    _Iage2_35 |   2.831247   .1122514    25.22   0.000     2.611224     3.05127
    _Iage2_36 |   3.022359   .1197923    25.23   0.000     2.787555    3.257163
    _Iage2_37 |     3.2133    .127333    25.24   0.000     2.963715    3.462885
    _Iage2_38 |   3.404782   .1348822    25.24   0.000       3.1404    3.669164
    _Iage2_39 |   3.595569    .142427    25.24   0.000     3.316398    3.874739
    _Iage2_40 |   3.787112   .1499693    25.25   0.000     3.493158    4.081065
    _Iage2_41 |   3.978284   .1575169    25.26   0.000     3.669536    4.287032
    _Iage2_42 |   4.169439   .1650665    25.26   0.000     3.845893    4.492984
    _Iage2_43 |    4.36042   .1726126    25.26   0.000     4.022083    4.698757
    _Iage2_44 |   4.551815   .1801602    25.27   0.000     4.198684    4.904946
    _Iage2_45 |   4.742647    .187706    25.27   0.000     4.374725    5.110568
    _Iage2_46 |   4.934237   .1952594    25.27   0.000      4.55151    5.316964
    _Iage2_47 |   5.125261   .2028002    25.27   0.000     4.727753    5.522768
    _Iage2_48 |   5.316436    .210341    25.28   0.000     4.904148    5.728724
    _Iage2_49 |   5.507258   .2178824    25.28   0.000     5.080188    5.934328
    _Iage2_50 |   5.698182   .2254334    25.28   0.000     5.256312    6.140053
    _Iage2_51 |   5.889705   .2329776    25.28   0.000     5.433047    6.346364
    _Iage2_52 |   6.080967   .2405218    25.28   0.000     5.609522    6.552412
    _Iage2_53 |   6.272024   .2480735    25.28   0.000     5.785777    6.758271
    _Iage2_54 |   6.463365   .2556222    25.28   0.000     5.962321    6.964408
    _Iage2_55 |   6.654395   .2631656    25.29   0.000     6.138565    7.170224
    _Iage2_56 |    6.84541   .2707105    25.29   0.000     6.314792    7.376028
    _Iage2_57 |   7.036643   .2782643    25.29   0.000     6.491219    7.582067
    _Iage2_58 |   7.228235   .2858044    25.29   0.000     6.668031    7.788439
    _Iage2_59 |   7.418946     .29335    25.29   0.000     6.843953     7.99394
firm_size_new |   .0001248   .0005999     0.21   0.835    -.0010511    .0013007
        _cons |  -2.480227    .098557   -25.17   0.000    -2.673408   -2.287046
--------------+----------------------------------------------------------------
      sigma_u |  2.1259583
      sigma_e |  .03791143
          rho |   .9996821   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0981                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(79,18221)        =     14.18
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,222 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |    .000562   .0017426     0.32   0.747    -.0028537    .0039778
          treated_pre |   .0018103    .001439     1.26   0.208    -.0010103    .0046309
 treated_pre_iasenior |  -.0012385   .0017396    -0.71   0.477    -.0046483    .0021714
         treated_post |   .0020373   .0014913     1.37   0.172    -.0008858    .0049604
treated_post_iasenior |   9.58e-06   .0018067     0.01   0.996    -.0035317    .0035509
               senior |          0  (omitted)
         pre_iasenior |   .0013048   .0014649     0.89   0.373    -.0015665     .004176
        post_iasenior |  -.0000197   .0015139    -0.01   0.990    -.0029872    .0029477
                  l_0 |  -.9582754   .0377646   -25.37   0.000    -1.032297   -.8842533
                  l_1 |   -1.15065   .0452811   -25.41   0.000    -1.239406   -1.061895
                  l_2 |  -1.343091   .0528359   -25.42   0.000    -1.446655   -1.239528
                  l_3 |   -1.53377   .0603809   -25.40   0.000    -1.652123   -1.415418
                  l_4 |   -1.72478   .0679288   -25.39   0.000    -1.857927   -1.591634
                  l_5 |   -1.91547   .0754761   -25.38   0.000     -2.06341   -1.767529
                  l_6 |  -2.106857   .0830269   -25.38   0.000    -2.269598   -1.944117
                  l_7 |  -2.297946   .0905731   -25.37   0.000    -2.475478   -2.120414
                  l_8 |  -2.488903   .0981242   -25.36   0.000    -2.681236   -2.296571
                  l_9 |  -2.680094   .1056639   -25.36   0.000    -2.887205   -2.472983
                 l_10 |   -2.87107   .1132084   -25.36   0.000    -3.092969   -2.649171
                  f_1 |   -.769882   .0302681   -25.44   0.000    -.8292104   -.7105536
                  f_2 |  -.5752004   .0227008   -25.34   0.000     -.619696   -.5307048
                  f_3 |  -.3841116   .0151837   -25.30   0.000     -.413873   -.3543502
                  f_4 |  -.1919364   .0076575   -25.07   0.000    -.2069458    -.176927
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0019599   .0002923     6.71   0.000      .001387    .0025329
         _Ivuosi_1996 |   .0029951   .0004389     6.82   0.000     .0021347    .0038554
         _Ivuosi_1997 |   .0022735   .0002514     9.04   0.000     .0017807    .0027663
         _Ivuosi_1998 |    .001857   .0002582     7.19   0.000     .0013509    .0023631
         _Ivuosi_1999 |   .0014428   .0002431     5.93   0.000     .0009662    .0019194
         _Ivuosi_2000 |   .0022567   .0002875     7.85   0.000     .0016932    .0028202
         _Ivuosi_2001 |   .0029145   .0004152     7.02   0.000     .0021008    .0037283
         _Ivuosi_2002 |   .0022961   .0002733     8.40   0.000     .0017604    .0028317
         _Ivuosi_2003 |   .0024424   .0002957     8.26   0.000     .0018628     .003022
         _Ivuosi_2004 |   .0024147   .0002687     8.99   0.000      .001888    .0029414
         _Ivuosi_2005 |    .002357   .0003514     6.71   0.000     .0016681    .0030459
         _Ivuosi_2006 |   .0019249   .0003193     6.03   0.000      .001299    .0025508
         _Ivuosi_2007 |   .0025353   .0003662     6.92   0.000     .0018175     .003253
         _Ivuosi_2008 |   .0035982   .0003882     9.27   0.000     .0028372    .0043592
         _Ivuosi_2009 |    .001681   .0003411     4.93   0.000     .0010124    .0023497
         _Ivuosi_2010 |   .0004169   .0002695     1.55   0.122    -.0001113     .000945
         _Ivuosi_2011 |   .0009943   .0002462     4.04   0.000     .0005118    .0014768
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .1584961   .0068783    23.04   0.000      .145014    .1719783
            _Iage2_22 |   .3484319   .0142191    24.50   0.000     .3205612    .3763026
            _Iage2_23 |   .5388849   .0217244    24.81   0.000      .496303    .5814669
            _Iage2_24 |   .7298775   .0292493    24.95   0.000     .6725462    .7872089
            _Iage2_25 |   .9203675   .0368087    25.00   0.000     .8482189     .992516
            _Iage2_26 |   1.110674   .0443508    25.04   0.000     1.023742    1.197605
            _Iage2_27 |   1.302036   .0518879    25.09   0.000     1.200331    1.403741
            _Iage2_28 |   1.493421   .0594233    25.13   0.000     1.376946    1.609896
            _Iage2_29 |   1.684536   .0669743    25.15   0.000      1.55326    1.815812
            _Iage2_30 |   1.875606    .074523    25.17   0.000     1.729534    2.021678
            _Iage2_31 |    2.06678   .0820712    25.18   0.000     1.905913    2.227647
            _Iage2_32 |   2.258369   .0896191    25.20   0.000     2.082708    2.434031
            _Iage2_33 |   2.449058   .0971587    25.21   0.000     2.258618    2.639498
            _Iage2_34 |   2.640303   .1047081    25.22   0.000     2.435065    2.845541
            _Iage2_35 |   2.831673   .1122586    25.22   0.000     2.611636     3.05171
            _Iage2_36 |   3.022821   .1198004    25.23   0.000     2.788001    3.257641
            _Iage2_37 |     3.2138   .1273422    25.24   0.000     2.964197    3.463402
            _Iage2_38 |    3.40532   .1348924    25.24   0.000     3.140918    3.669722
            _Iage2_39 |    3.59615   .1424386    25.25   0.000     3.316957    3.875343
            _Iage2_40 |   3.787741   .1499824    25.25   0.000     3.493762    4.081721
            _Iage2_41 |   3.978532   .1575284    25.26   0.000     3.669762    4.287303
            _Iage2_42 |   4.169748   .1650798    25.26   0.000     3.846176     4.49332
            _Iage2_43 |   4.360797   .1726282    25.26   0.000      4.02243    4.699165
            _Iage2_44 |   4.552264   .1801784    25.27   0.000     4.199097    4.905431
            _Iage2_45 |   4.743168   .1877269    25.27   0.000     4.375206    5.111131
            _Iage2_46 |   4.934829   .1952826    25.27   0.000     4.552057    5.317602
            _Iage2_47 |   5.125927   .2028262    25.27   0.000     4.728369    5.523486
            _Iage2_48 |   5.317178   .2103697    25.28   0.000     4.904833    5.729522
            _Iage2_49 |   5.508078   .2179139    25.28   0.000     5.080946     5.93521
            _Iage2_50 |   5.699078   .2254676    25.28   0.000      5.25714    6.141016
            _Iage2_51 |   5.890677   .2330146    25.28   0.000     5.433946    6.347407
            _Iage2_52 |   6.082015   .2405613    25.28   0.000     5.610493    6.553538
            _Iage2_53 |   6.273149   .2481161    25.28   0.000     5.786818     6.75948
            _Iage2_54 |   6.464567   .2556677    25.29   0.000     5.963434    6.965699
            _Iage2_55 |   6.655669   .2632135    25.29   0.000     6.139745    7.171592
            _Iage2_56 |   6.846764   .2707616    25.29   0.000     6.316046    7.377482
            _Iage2_57 |   7.038083   .2783188    25.29   0.000     6.492552    7.583614
            _Iage2_58 |   7.229763   .2858625    25.29   0.000     6.669446     7.79008
            _Iage2_59 |   7.420566   .2934119    25.29   0.000     6.845451    7.995681
        firm_size_new |   .0001209   .0006014     0.20   0.841    -.0010579    .0012998
                _cons |  -2.480564   .0985537   -25.17   0.000    -2.673739    -2.28739
----------------------+----------------------------------------------------------------
              sigma_u |  2.1265094
              sigma_e |  .03791121
                  rho |  .99968227   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18221) =    2.70
            Prob > F =    0.1006

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18221) =    0.24
            Prob > F =    0.6274
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0984                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(82,18221)        =     13.71
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,222 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -3.76e-06   .0001052    -0.04   0.971      -.00021    .0002025
     treated_iasuorv_d |   .0043863   .0059118     0.74   0.458    -.0072014    .0159739
           treated_pre |   .0014869   .0018913     0.79   0.432    -.0022202     .005194
       treated_pre_ia3 |   .0000116   .0000882     0.13   0.896    -.0001614    .0001845
 treated_pre_iasuorv_d |  -.0008119   .0018148    -0.45   0.655    -.0043691    .0027452
          treated_post |   .0020603   .0020056     1.03   0.304    -.0018708    .0059915
      treated_post_ia3 |   5.97e-06   .0000942     0.06   0.949    -.0001786    .0001905
treated_post_iasuorv_d |   .0000978   .0019652     0.05   0.960    -.0037542    .0039498
             interact3 |   .0000311   .0000353     0.88   0.378    -.0000381    .0001002
               suorv_d |   .0089364   .0038749     2.31   0.021     .0013413    .0165315
                   l_0 |  -.9552539   .0376627   -25.36   0.000    -1.029076   -.8814314
                   l_1 |  -1.147015   .0451609   -25.40   0.000    -1.235535   -1.058496
                   l_2 |  -1.338844   .0526963   -25.41   0.000    -1.442134   -1.235554
                   l_3 |  -1.528909   .0602216   -25.39   0.000    -1.646949   -1.410869
                   l_4 |  -1.719302   .0677494   -25.38   0.000    -1.852097   -1.586506
                   l_5 |  -1.909377   .0752765   -25.36   0.000    -2.056926   -1.761828
                   l_6 |  -2.100148   .0828068   -25.36   0.000    -2.262457   -1.937839
                   l_7 |  -2.290626   .0903328   -25.36   0.000    -2.467687   -2.113566
                   l_8 |  -2.480972   .0978635   -25.35   0.000    -2.672794   -2.289151
                   l_9 |  -2.671556   .1053827   -25.35   0.000    -2.878116   -2.464996
                  l_10 |  -2.861933   .1129071   -25.35   0.000    -3.083242   -2.640625
                   f_1 |  -.7668706   .0301595   -25.43   0.000    -.8259861   -.7077551
                   f_2 |  -.5727992   .0226092   -25.33   0.000    -.6171155    -.528483
                   f_3 |   -.382338   .0151033   -25.31   0.000    -.4119419   -.3527341
                   f_4 |  -.1907757   .0075721   -25.19   0.000    -.2056179   -.1759336
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .001935   .0002932     6.60   0.000     .0013603    .0025097
          _Ivuosi_1996 |   .0029593   .0004391     6.74   0.000     .0020986      .00382
          _Ivuosi_1997 |   .0022223   .0002531     8.78   0.000     .0017262    .0027185
          _Ivuosi_1998 |   .0017966   .0002598     6.92   0.000     .0012875    .0023058
          _Ivuosi_1999 |   .0013795   .0002456     5.62   0.000     .0008982    .0018609
          _Ivuosi_2000 |   .0022029    .000289     7.62   0.000     .0016365    .0027694
          _Ivuosi_2001 |   .0028657   .0004195     6.83   0.000     .0020435    .0036879
          _Ivuosi_2002 |   .0022429    .000276     8.13   0.000     .0017019    .0027839
          _Ivuosi_2003 |   .0023878   .0002974     8.03   0.000     .0018048    .0029708
          _Ivuosi_2004 |   .0023685   .0002705     8.76   0.000     .0018383    .0028986
          _Ivuosi_2005 |   .0023102    .000353     6.54   0.000     .0016183    .0030021
          _Ivuosi_2006 |   .0018815   .0003191     5.90   0.000     .0012561    .0025069
          _Ivuosi_2007 |    .002501   .0003661     6.83   0.000     .0017834    .0032187
          _Ivuosi_2008 |     .00357   .0003892     9.17   0.000     .0028071    .0043329
          _Ivuosi_2009 |   .0016796   .0003408     4.93   0.000     .0010116    .0023476
          _Ivuosi_2010 |    .000421    .000269     1.57   0.118    -.0001062    .0009483
          _Ivuosi_2011 |   .0009976   .0002459     4.06   0.000     .0005156    .0014796
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1580933   .0068661    23.03   0.000      .144635    .1715515
             _Iage2_22 |   .3475015   .0141896    24.49   0.000     .3196886    .3753144
             _Iage2_23 |   .5374121   .0216773    24.79   0.000     .4949225    .5799017
             _Iage2_24 |   .7278594   .0291848    24.94   0.000     .6706544    .7850644
             _Iage2_25 |   .9177691   .0367247    24.99   0.000     .8457852     .989753
             _Iage2_26 |   1.107511   .0442485    25.03   0.000     1.020779    1.194242
             _Iage2_27 |   1.298303   .0517678    25.08   0.000     1.196833    1.399773
             _Iage2_28 |   1.489105   .0592838    25.12   0.000     1.372903    1.605307
             _Iage2_29 |   1.679627   .0668163    25.14   0.000     1.548661    1.810594
             _Iage2_30 |   1.870103   .0743457    25.15   0.000     1.724378    2.015827
             _Iage2_31 |   2.060678   .0818752    25.17   0.000     1.900195    2.221161
             _Iage2_32 |   2.251681   .0894044    25.19   0.000      2.07644    2.426922
             _Iage2_33 |   2.441776    .096925    25.19   0.000     2.251794    2.631758
             _Iage2_34 |   2.632428   .1044558    25.20   0.000     2.427684    2.837171
             _Iage2_35 |   2.823199   .1119872    25.21   0.000     2.603693    3.042704
             _Iage2_36 |   3.013745   .1195099    25.22   0.000     2.779494    3.247995
             _Iage2_37 |   3.204119   .1270326    25.22   0.000     2.955123    3.453114
             _Iage2_38 |    3.39504    .134564    25.23   0.000     3.131282    3.658798
             _Iage2_39 |   3.585265   .1420905    25.23   0.000     3.306754    3.863776
             _Iage2_40 |   3.776241   .1496147    25.24   0.000     3.482982      4.0695
             _Iage2_41 |    3.96685   .1571442    25.24   0.000     3.658833    4.274868
             _Iage2_42 |   4.157441   .1646758    25.25   0.000     3.834661    4.480221
             _Iage2_43 |   4.347855    .172204    25.25   0.000     4.010319    4.685391
             _Iage2_44 |    4.53868   .1797334    25.25   0.000     4.186386    4.890975
             _Iage2_45 |   4.728943   .1872613    25.25   0.000     4.361893    5.095993
             _Iage2_46 |   4.919968   .1947967    25.26   0.000     4.538148    5.301788
             _Iage2_47 |   5.110438   .2023196    25.26   0.000     4.713873    5.507004
             _Iage2_48 |    5.30105   .2098426    25.26   0.000     4.889738    5.712361
             _Iage2_49 |   5.491311   .2173662    25.26   0.000     5.065253    5.917369
             _Iage2_50 |    5.68166   .2248993    25.26   0.000     5.240837    6.122484
             _Iage2_51 |   5.872618   .2324255    25.27   0.000     5.417042    6.328194
             _Iage2_52 |   6.063315   .2399519    25.27   0.000     5.592987    6.533644
             _Iage2_53 |   6.253804   .2474859    25.27   0.000     5.768708    6.738899
             _Iage2_54 |   6.444574   .2550167    25.27   0.000     5.944717     6.94443
             _Iage2_55 |   6.635036   .2625424    25.27   0.000     6.120428    7.149644
             _Iage2_56 |   6.825478   .2700691    25.27   0.000     6.296117    7.354838
             _Iage2_57 |   7.016124   .2776043    25.27   0.000     6.471993    7.560254
             _Iage2_58 |   7.207134   .2851261    25.28   0.000     6.648259    7.766008
             _Iage2_59 |   7.397258   .2926538    25.28   0.000     6.823629    7.970887
         firm_size_new |   .0001286   .0006013     0.21   0.831    -.0010499    .0013072
                 _cons |   -2.47713   .0984066   -25.17   0.000    -2.670016   -2.284244
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1218802
               sigma_e |  .03790562
                   rho |  .99968097   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18221) =    1.15
            Prob > F =    0.2831

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18221) =    0.68
            Prob > F =    0.4093
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0984                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(85,18221)        =     13.28
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,222 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0001944   .0014707    -0.13   0.895    -.0030771    .0026884
           treated_ia3 |   .0000106   .0001253     0.08   0.932    -.0002351    .0002563
     treated_iasuorv_d |    .004961   .0064369     0.77   0.441    -.0076559    .0175778
           treated_pre |   .0016283   .0019921     0.82   0.414    -.0022765     .005533
  treated_pre_iasenior |   .0007792   .0014639     0.53   0.595    -.0020901    .0036485
       treated_pre_ia3 |  -.0000163   .0001121    -0.15   0.884     -.000236    .0002034
 treated_pre_iasuorv_d |  -.0015034   .0026275    -0.57   0.567    -.0066535    .0036467
          treated_post |   .0021553   .0021037     1.02   0.306    -.0019683    .0062788
 treated_post_iasenior |   .0005567   .0015144     0.37   0.713    -.0024116     .003525
      treated_post_ia3 |  -.0000161    .000118    -0.14   0.892    -.0002474    .0002153
treated_post_iasuorv_d |  -.0004372   .0027512    -0.16   0.874    -.0058298    .0049554
                senior |    7.39715    .292633    25.28   0.000     6.823562    7.970739
             interact3 |   .0000355   .0000358     0.99   0.322    -.0000347    .0001058
               suorv_d |    .008928   .0038757     2.30   0.021     .0013312    .0165248
                   l_0 |  -.9552358   .0376597   -25.36   0.000    -1.029052   -.8814192
                   l_1 |  -1.146999   .0451576   -25.40   0.000    -1.235512   -1.058486
                   l_2 |   -1.33883   .0526929   -25.41   0.000    -1.442113   -1.235547
                   l_3 |  -1.528898    .060218   -25.39   0.000     -1.64693   -1.410865
                   l_4 |  -1.719293   .0677456   -25.38   0.000    -1.852081   -1.586505
                   l_5 |   -1.90937   .0752725   -25.37   0.000    -2.056911   -1.761829
                   l_6 |  -2.100144   .0828026   -25.36   0.000    -2.262445   -1.937843
                   l_7 |  -2.290625   .0903283   -25.36   0.000    -2.467677   -2.113573
                   l_8 |  -2.480973   .0978588   -25.35   0.000    -2.672785    -2.28916
                   l_9 |  -2.671559   .1053778   -25.35   0.000    -2.878109   -2.465008
                  l_10 |  -2.861939   .1129021   -25.35   0.000    -3.083238    -2.64064
                   f_1 |  -.7668681   .0301579   -25.43   0.000    -.8259805   -.7077558
                   f_2 |   -.572794   .0226078   -25.34   0.000    -.6171075   -.5284805
                   f_3 |  -.3823288    .015102   -25.32   0.000    -.4119301   -.3527274
                   f_4 |  -.1907615   .0075709   -25.20   0.000    -.2056011   -.1759219
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0019347   .0002933     6.60   0.000     .0013598    .0025096
          _Ivuosi_1996 |   .0029587   .0004393     6.73   0.000     .0020976    .0038199
          _Ivuosi_1997 |    .002223   .0002524     8.81   0.000     .0017281    .0027178
          _Ivuosi_1998 |   .0017974   .0002598     6.92   0.000     .0012881    .0023067
          _Ivuosi_1999 |   .0013796   .0002456     5.62   0.000     .0008981     .001861
          _Ivuosi_2000 |    .002202   .0002891     7.62   0.000     .0016353    .0027687
          _Ivuosi_2001 |   .0028634   .0004194     6.83   0.000     .0020413    .0036856
          _Ivuosi_2002 |   .0022423    .000276     8.12   0.000     .0017013    .0027832
          _Ivuosi_2003 |   .0023863   .0002976     8.02   0.000      .001803    .0029695
          _Ivuosi_2004 |   .0023673   .0002705     8.75   0.000     .0018371    .0028974
          _Ivuosi_2005 |   .0023094   .0003529     6.54   0.000     .0016177    .0030011
          _Ivuosi_2006 |     .00188    .000319     5.89   0.000     .0012548    .0025052
          _Ivuosi_2007 |   .0025004   .0003661     6.83   0.000     .0017828    .0032179
          _Ivuosi_2008 |   .0035692   .0003892     9.17   0.000     .0028063    .0043321
          _Ivuosi_2009 |   .0016792   .0003408     4.93   0.000     .0010113    .0023472
          _Ivuosi_2010 |   .0004209    .000269     1.56   0.118    -.0001063    .0009481
          _Ivuosi_2011 |   .0009978   .0002459     4.06   0.000     .0005158    .0014797
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1580947    .006866    23.03   0.000     .1446367    .1715528
             _Iage2_22 |   .3475039   .0141893    24.49   0.000     .3196915    .3753162
             _Iage2_23 |    .537415   .0216768    24.79   0.000     .4949264    .5799036
             _Iage2_24 |   .7278627   .0291841    24.94   0.000     .6706592    .7850662
             _Iage2_25 |   .9177735   .0367238    24.99   0.000     .8457914    .9897556
             _Iage2_26 |   1.107516   .0442474    25.03   0.000     1.020787    1.194245
             _Iage2_27 |    1.29831   .0517665    25.08   0.000     1.196842    1.399777
             _Iage2_28 |   1.489112   .0592824    25.12   0.000     1.372913    1.605311
             _Iage2_29 |   1.679636   .0668148    25.14   0.000     1.548673      1.8106
             _Iage2_30 |   1.870112   .0743439    25.15   0.000     1.724391    2.015833
             _Iage2_31 |   2.060689   .0818733    25.17   0.000     1.900209    2.221168
             _Iage2_32 |   2.251694   .0894025    25.19   0.000     2.076457    2.426931
             _Iage2_33 |    2.44179    .096923    25.19   0.000     2.251812    2.631768
             _Iage2_34 |   2.632443   .1044537    25.20   0.000     2.427704    2.837182
             _Iage2_35 |   2.823216   .1119851    25.21   0.000     2.603714    3.042717
             _Iage2_36 |   3.013764   .1195077    25.22   0.000     2.779517     3.24801
             _Iage2_37 |   3.204139   .1270305    25.22   0.000     2.955148    3.453131
             _Iage2_38 |   3.395062   .1345619    25.23   0.000     3.131308    3.658816
             _Iage2_39 |   3.585291   .1420885    25.23   0.000     3.306784    3.863798
             _Iage2_40 |   3.776269   .1496127    25.24   0.000     3.483014    4.069524
             _Iage2_41 |   -3.43049    .135511   -25.32   0.000    -3.696105   -3.164876
             _Iage2_42 |  -3.239896   .1279792   -25.32   0.000    -3.490747   -2.989045
             _Iage2_43 |  -3.049479   .1204505   -25.32   0.000    -3.285573   -2.813385
             _Iage2_44 |  -2.858649    .112921   -25.32   0.000    -3.079984   -2.637313
             _Iage2_45 |  -2.668381   .1053928   -25.32   0.000    -2.874961   -2.461801
             _Iage2_46 |  -2.477352   .0978575   -25.32   0.000    -2.669162   -2.285542
             _Iage2_47 |  -2.286877   .0903346   -25.32   0.000    -2.463941   -2.109813
             _Iage2_48 |  -2.096262   .0828115   -25.31   0.000     -2.25858   -1.933943
             _Iage2_49 |  -1.905996   .0752879   -25.32   0.000    -2.053567   -1.758425
             _Iage2_50 |  -1.715642   .0677548   -25.32   0.000    -1.848447   -1.582836
             _Iage2_51 |  -1.524681   .0602289   -25.31   0.000    -1.642735   -1.406626
             _Iage2_52 |  -1.333979   .0527027   -25.31   0.000    -1.437281   -1.230677
             _Iage2_53 |  -1.143486   .0451688   -25.32   0.000    -1.232021   -1.054951
             _Iage2_54 |  -.9527108   .0376383   -25.31   0.000    -1.026485   -.8789362
             _Iage2_55 |  -.7622467   .0301133   -25.31   0.000    -.8212715   -.7032219
             _Iage2_56 |  -.5717993   .0225869   -25.32   0.000    -.6160718   -.5275269
             _Iage2_57 |  -.3811476   .0150517   -25.32   0.000    -.4106504   -.3516448
             _Iage2_58 |  -.1901317   .0075316   -25.24   0.000    -.2048942   -.1753691
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0001283   .0006032     0.21   0.832     -.001054    .0013106
                 _cons |  -2.477229   .0984167   -25.17   0.000    -2.670135   -2.284323
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1219024
               sigma_e |  .03790565
                   rho |  .99968098   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18221) =    0.01
            Prob > F =    0.9985

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18221) =    0.01
            Prob > F =    0.9895

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18221) =    0.02
            Prob > F =    0.8843

 ( 1)  treated_post_ia3 = 0

       F(  1, 18221) =    0.02
            Prob > F =    0.8918

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18221) =    0.78
            Prob > F =    0.3774

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18221) =    1.14
            Prob > F =    0.2855

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18221) =    0.83
            Prob > F =    0.3633
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0986                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(89,18221)        =     12.82
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,222 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0003185   .0015044    -0.21   0.832    -.0032672    .0026302
           treated_ia2 |   .0015453   .0046696     0.33   0.741    -.0076076    .0106983
           treated_ia3 |  -.0000156   .0001294    -0.12   0.904    -.0002692    .0002379
     treated_iasuorv_d |    .005258   .0064941     0.81   0.418    -.0074711     .017987
           treated_pre |   .0017416   .0020808     0.84   0.403     -.002337    .0058201
  treated_pre_iasenior |   .0008994   .0014941     0.60   0.547    -.0020292    .0038281
       treated_pre_ia2 |  -.0007993   .0013851    -0.58   0.564    -.0035141    .0019156
       treated_pre_ia3 |  -.0000171   .0001151    -0.15   0.882    -.0002427    .0002085
 treated_pre_iasuorv_d |   -.001765   .0027274    -0.65   0.518    -.0071109    .0035809
          treated_post |   .0024089   .0021928     1.10   0.272    -.0018893     .006707
 treated_post_iasenior |   .0007987   .0015449     0.52   0.605    -.0022296    .0038269
      treated_post_ia2 |    -.00046   .0014361    -0.32   0.749    -.0032748    .0023549
      treated_post_ia3 |  -.0000189   .0001213    -0.16   0.876    -.0002566    .0002188
treated_post_iasuorv_d |  -.0010707   .0028483    -0.38   0.707    -.0066536    .0045122
                senior |   7.397569   .2926056    25.28   0.000     6.824035    7.971104
             interact2 |  -.0109775   .0036532    -3.00   0.003    -.0181382   -.0038169
             interact3 |  -.0000165   .0000365    -0.45   0.652     -.000088    .0000551
               suorv_d |   .0087086     .00388     2.24   0.025     .0011034    .0163137
                   l_0 |  -.9551018   .0376553   -25.36   0.000     -1.02891   -.8812938
                   l_1 |  -1.146792   .0451525   -25.40   0.000    -1.235296   -1.058289
                   l_2 |  -1.338579   .0526871   -25.41   0.000    -1.441851   -1.235307
                   l_3 |  -1.528599   .0602115   -25.39   0.000    -1.646619   -1.410579
                   l_4 |  -1.718949   .0677384   -25.38   0.000    -1.851723   -1.586176
                   l_5 |  -1.908979   .0752645   -25.36   0.000    -2.056504   -1.761453
                   l_6 |  -2.099706    .082794   -25.36   0.000     -2.26199   -1.937422
                   l_7 |  -2.290142   .0903188   -25.36   0.000    -2.467175   -2.113109
                   l_8 |  -2.480447   .0978487   -25.35   0.000     -2.67224   -2.288655
                   l_9 |  -2.670984    .105367   -25.35   0.000    -2.877513   -2.464455
                  l_10 |  -2.861309   .1128905   -25.35   0.000    -3.082585   -2.640033
                   f_1 |  -.7667297   .0301547   -25.43   0.000    -.8258358   -.7076237
                   f_2 |   -.572692   .0226054   -25.33   0.000    -.6170006   -.5283834
                   f_3 |  -.3822652   .0151003   -25.32   0.000    -.4118632   -.3526673
                   f_4 |  -.1907306   .0075701   -25.20   0.000    -.2055686   -.1758925
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .001916   .0002928     6.54   0.000     .0013421    .0024898
          _Ivuosi_1996 |   .0029443   .0004395     6.70   0.000     .0020829    .0038057
          _Ivuosi_1997 |   .0022038   .0002525     8.73   0.000     .0017089    .0026987
          _Ivuosi_1998 |   .0017713   .0002597     6.82   0.000     .0012622    .0022805
          _Ivuosi_1999 |    .001345   .0002452     5.49   0.000     .0008644    .0018257
          _Ivuosi_2000 |   .0021502   .0002889     7.44   0.000      .001584    .0027164
          _Ivuosi_2001 |   .0028181     .00042     6.71   0.000     .0019948    .0036414
          _Ivuosi_2002 |   .0022023   .0002762     7.97   0.000      .001661    .0027437
          _Ivuosi_2003 |   .0023517   .0002969     7.92   0.000     .0017698    .0029336
          _Ivuosi_2004 |   .0023271   .0002698     8.62   0.000     .0017981     .002856
          _Ivuosi_2005 |    .002264   .0003526     6.42   0.000     .0015729    .0029551
          _Ivuosi_2006 |   .0018386   .0003193     5.76   0.000     .0012127    .0024645
          _Ivuosi_2007 |   .0024575   .0003659     6.72   0.000     .0017403    .0031747
          _Ivuosi_2008 |   .0035367   .0003891     9.09   0.000      .002774    .0042993
          _Ivuosi_2009 |   .0016536   .0003403     4.86   0.000     .0009867    .0023206
          _Ivuosi_2010 |   .0004061   .0002688     1.51   0.131    -.0001208    .0009331
          _Ivuosi_2011 |   .0009859   .0002459     4.01   0.000     .0005039    .0014679
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581282   .0068654    23.03   0.000     .1446713    .1715851
             _Iage2_22 |   .3475325   .0141883    24.49   0.000      .319722    .3753429
             _Iage2_23 |   .5374387   .0216753    24.80   0.000     .4949531    .5799242
             _Iage2_24 |   .7279883   .0291822    24.95   0.000     .6707884    .7851881
             _Iage2_25 |   .9180366    .036721    25.00   0.000     .8460599    .9900133
             _Iage2_26 |   1.107902   .0442438    25.04   0.000      1.02118    1.194624
             _Iage2_27 |   1.298794   .0517622    25.09   0.000     1.197335    1.400252
             _Iage2_28 |   1.489672   .0592777    25.13   0.000     1.373482    1.605862
             _Iage2_29 |   1.680238   .0668095    25.15   0.000     1.549285    1.811191
             _Iage2_30 |   1.870756   .0743376    25.17   0.000     1.725047    2.016464
             _Iage2_31 |   2.061354   .0818664    25.18   0.000     1.900888    2.221819
             _Iage2_32 |   2.252377   .0893948    25.20   0.000     2.077155    2.427599
             _Iage2_33 |   2.442484   .0969145    25.20   0.000     2.252522    2.632446
             _Iage2_34 |   2.633149   .1044445    25.21   0.000     2.428428     2.83787
             _Iage2_35 |   2.823931   .1119752    25.22   0.000     2.604449    3.043413
             _Iage2_36 |   3.014487   .1194972    25.23   0.000     2.780261    3.248713
             _Iage2_37 |   3.204869   .1270194    25.23   0.000     2.955899    3.453839
             _Iage2_38 |   3.395797     .13455    25.24   0.000     3.132066    3.659528
             _Iage2_39 |   3.586033   .1420761    25.24   0.000     3.307551    3.864515
             _Iage2_40 |   3.777016   .1495994    25.25   0.000     3.483787    4.070245
             _Iage2_41 |  -3.430204   .1354974   -25.32   0.000    -3.695792   -3.164617
             _Iage2_42 |  -3.239609   .1279664   -25.32   0.000    -3.490435   -2.988782
             _Iage2_43 |  -3.049192   .1204385   -25.32   0.000    -3.285263   -2.813121
             _Iage2_44 |  -2.858367   .1129097   -25.32   0.000    -3.079681   -2.637054
             _Iage2_45 |  -2.668104   .1053821   -25.32   0.000    -2.874663   -2.461545
             _Iage2_46 |  -2.477081   .0978476   -25.32   0.000    -2.668872   -2.285291
             _Iage2_47 |  -2.286615   .0903255   -25.32   0.000    -2.463661   -2.109568
             _Iage2_48 |  -2.096013   .0828032   -25.31   0.000    -2.258315   -1.933711
             _Iage2_49 |   -1.90576   .0752803   -25.32   0.000    -2.053316   -1.758203
             _Iage2_50 |  -1.715421    .067748   -25.32   0.000    -1.848214   -1.582629
             _Iage2_51 |  -1.524476   .0602229   -25.31   0.000    -1.642519   -1.406434
             _Iage2_52 |  -1.333795   .0526975   -25.31   0.000    -1.437087   -1.230503
             _Iage2_53 |  -1.143323   .0451643   -25.31   0.000    -1.231849   -1.054796
             _Iage2_54 |  -.9525717   .0376346   -25.31   0.000    -1.026339   -.8788044
             _Iage2_55 |  -.7621324   .0301103   -25.31   0.000    -.8211514   -.7031134
             _Iage2_56 |  -.5717106   .0225847   -25.31   0.000    -.6159788   -.5274425
             _Iage2_57 |  -.3810869   .0150503   -25.32   0.000    -.4105869    -.351587
             _Iage2_58 |  -.1901002   .0075308   -25.24   0.000    -.2048612   -.1753392
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0002331    .000613     0.38   0.704    -.0009684    .0014346
                 _cons |  -2.476716    .098406   -25.17   0.000    -2.669601   -2.283831
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1218796
               sigma_e |  .03790151
                   rho |  .99968104   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18221) =    0.27
            Prob > F =    0.9500

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18221) =    0.25
            Prob > F =    0.9085

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18221) =    0.17
            Prob > F =    0.8406

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18221) =    0.05
            Prob > F =    0.9499

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18221) =    1.00
            Prob > F =    0.3178

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18221) =    0.99
            Prob > F =    0.3202

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18221) =    1.31
            Prob > F =    0.2524

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18221) =    1.02
            Prob > F =    0.3134

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18221) =    1.06
            Prob > F =    0.3037

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18221) =    1.08
            Prob > F =    0.2986

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    421,696    .0766879     .266096          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
   interact2 |    394,425    .0519059    .2218374          0          1

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    345,460    10.43777    6.267384          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    202,569     23.8776    8.280261          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    313,398    10.78373    6.269695          0         24

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |    183,790    24.21649    8.251242          0         44

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     32,062    7.056079    5.137312          0         22

    Variable |        Obs        Mean    Std. Dev.       Min        Max
-------------+---------------------------------------------------------
         dtf |     18,779    20.56095    7.819003          0         41

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] *   0.08 + _b[treated_post_ia3] *  10.44
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] *   0.05 + _b[treated_post_ia3] *  23.88

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0021745    .001217     1.79   0.074    -.0002109    .0045598
       _nl_2 |   .0027326    .001293     2.11   0.035     .0001983    .0052668
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.78
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.22
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.06
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.56

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0022048   .0012351     1.79   0.074     -.000216    .0046256
       _nl_2 |   .0027491   .0013123     2.09   0.036      .000177    .0053212
       _nl_3 |   .0018153   .0015602     1.16   0.245    -.0012427    .0048733
       _nl_4 |   .0023584   .0015206     1.55   0.121    -.0006218    .0053387
------------------------------------------------------------------------------

       _nl_1:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_2:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] * 0
       _nl_3:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_4:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] * 0
       _nl_5:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *   7.06
       _nl_6:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 1 + _b[treated_post_ia3] *  20.56
       _nl_7:  _b[treated_post] + _b[treated_post_iasenior] * 0 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  10.78
       _nl_8:  _b[treated_post] + _b[treated_post_iasenior] * 1 + _b[treated_post_ia2] * 0 + _b[treated_post_ia3] *  24.22

------------------------------------------------------------------------------
        ue_d |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _nl_1 |   .0024089   .0021928     1.10   0.272     -.001889    .0067068
       _nl_2 |   .0032075   .0032106     1.00   0.318    -.0030851    .0095002
       _nl_3 |   .0019489   .0019606     0.99   0.320    -.0018939    .0057917
       _nl_4 |   .0027476   .0027251     1.01   0.313    -.0025935    .0080887
       _nl_5 |   .0018153   .0015602     1.16   0.245    -.0012427    .0048733
       _nl_6 |   .0023584   .0015206     1.55   0.121    -.0006218    .0053387
       _nl_7 |   .0022048   .0012351     1.79   0.074     -.000216    .0046256
       _nl_8 |   .0027491   .0013123     2.09   0.036      .000177    .0053212
------------------------------------------------------------------------------
(file panelA.gph saved)
(file O:\returns\Fig1_panelA_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAv2.gph saved)
(file O:\returns\Fig1_panelAv2_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelB.gph saved)
(file O:\returns\Fig1_panelB_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelBv2.gph saved)
(file O:\returns\Fig1_panelBv2_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelC.gph saved)
(file O:\returns\Fig1_panelC_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelCv2.gph saved)
(file O:\returns\Fig1_panelCv2_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelAB.gph saved)
(file Fig1_all.gph saved)
(file O:\returns\Fig1_all_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
(file panelABv2.gph saved)
(file Fig1v2_all.gph saved)
(file O:\returns\Fig1v2_all_ue_d_bluec_noIQownfirm_clust_G.pdf written in PDF format)
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0986                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(86,18221)        =     13.21
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,222 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0014649   .0046285     0.32   0.752    -.0076075    .0105372
           treated_ia3 |  -.0000354    .000107    -0.33   0.741    -.0002451    .0001742
     treated_iasuorv_d |   .0045071    .005935     0.76   0.448    -.0071261    .0161402
           treated_pre |   .0015667    .001956     0.80   0.423    -.0022673    .0054007
       treated_pre_ia2 |  -.0006467   .0013067    -0.49   0.621     -.003208    .0019145
       treated_pre_ia3 |    .000015   .0000894     0.17   0.867    -.0001602    .0001902
 treated_pre_iasuorv_d |  -.0009606    .001859    -0.52   0.605    -.0046044    .0026832
          treated_post |   .0022767   .0020716     1.10   0.272    -.0017839    .0063373
      treated_post_ia2 |  -.0003236   .0013481    -0.24   0.810     -.002966    .0023188
      treated_post_ia3 |   .0000111   .0000955     0.12   0.908    -.0001762    .0001983
treated_post_iasuorv_d |  -.0003324   .0020075    -0.17   0.868    -.0042673    .0036024
             interact2 |  -.0109967   .0036522    -3.01   0.003    -.0181555    -.003838
             interact3 |  -.0000214   .0000359    -0.60   0.551    -.0000919     .000049
               suorv_d |   .0087159   .0038792     2.25   0.025     .0011123    .0163195
                   l_0 |  -.9551367   .0376584   -25.36   0.000    -1.028951   -.8813227
                   l_1 |  -1.146827   .0451558   -25.40   0.000    -1.235336   -1.058317
                   l_2 |  -1.338613   .0526907   -25.41   0.000    -1.441891   -1.235334
                   l_3 |  -1.528632   .0602153   -25.39   0.000     -1.64666   -1.410604
                   l_4 |  -1.718981   .0677424   -25.38   0.000    -1.851763     -1.5862
                   l_5 |   -1.90901   .0752688   -25.36   0.000    -2.056544   -1.761476
                   l_6 |  -2.099737   .0827984   -25.36   0.000    -2.262029   -1.937444
                   l_7 |  -2.290173   .0903235   -25.36   0.000    -2.467215    -2.11313
                   l_8 |  -2.480477   .0978536   -25.35   0.000     -2.67228   -2.288675
                   l_9 |  -2.671014   .1053722   -25.35   0.000    -2.877553   -2.464474
                  l_10 |  -2.861337   .1128958   -25.34   0.000    -3.082624   -2.640051
                   f_1 |  -.7667429   .0301563   -25.43   0.000    -.8258522   -.7076336
                   f_2 |  -.5727063   .0226068   -25.33   0.000    -.6170178   -.5283948
                   f_3 |  -.3822814   .0151016   -25.31   0.000    -.4118819   -.3526808
                   f_4 |  -.1907496   .0075714   -25.19   0.000    -.2055902   -.1759091
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0019158   .0002927     6.55   0.000     .0013421    .0024894
          _Ivuosi_1996 |   .0029445   .0004393     6.70   0.000     .0020835    .0038055
          _Ivuosi_1997 |   .0022027   .0002532     8.70   0.000     .0017065     .002699
          _Ivuosi_1998 |   .0017704   .0002597     6.82   0.000     .0012614    .0022794
          _Ivuosi_1999 |   .0013449   .0002452     5.48   0.000     .0008642    .0018256
          _Ivuosi_2000 |   .0021509   .0002888     7.45   0.000     .0015848     .002717
          _Ivuosi_2001 |   .0028203   .0004201     6.71   0.000     .0019968    .0036437
          _Ivuosi_2002 |   .0022032   .0002762     7.98   0.000     .0016618    .0027447
          _Ivuosi_2003 |   .0023536   .0002967     7.93   0.000      .001772    .0029351
          _Ivuosi_2004 |   .0023283   .0002699     8.63   0.000     .0017993    .0028573
          _Ivuosi_2005 |    .002265   .0003527     6.42   0.000     .0015737    .0029564
          _Ivuosi_2006 |   .0018401   .0003194     5.76   0.000      .001214    .0024662
          _Ivuosi_2007 |   .0024583   .0003659     6.72   0.000      .001741    .0031755
          _Ivuosi_2008 |   .0035375   .0003891     9.09   0.000     .0027749    .0043001
          _Ivuosi_2009 |    .001654   .0003403     4.86   0.000      .000987     .002321
          _Ivuosi_2010 |   .0004062   .0002689     1.51   0.131    -.0001208    .0009332
          _Ivuosi_2011 |   .0009858   .0002459     4.01   0.000     .0005038    .0014678
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581274   .0068655    23.03   0.000     .1446703    .1715844
             _Iage2_22 |   .3475316   .0141886    24.49   0.000     .3197206    .3753427
             _Iage2_23 |   .5374383   .0216758    24.79   0.000     .4949516    .5799249
             _Iage2_24 |   .7279878    .029183    24.95   0.000     .6707864    .7851893
             _Iage2_25 |   .9180353    .036722    25.00   0.000     .8460566    .9900139
             _Iage2_26 |   1.107899    .044245    25.04   0.000     1.021175    1.194624
             _Iage2_27 |    1.29879   .0517635    25.09   0.000     1.197329    1.400251
             _Iage2_28 |   1.489668   .0592792    25.13   0.000     1.373475    1.605861
             _Iage2_29 |   1.680233   .0668112    25.15   0.000     1.549277    1.811189
             _Iage2_30 |   1.870749   .0743394    25.16   0.000     1.725037    2.016461
             _Iage2_31 |   2.061345   .0818684    25.18   0.000     1.900876    2.221815
             _Iage2_32 |   2.252366   .0893968    25.20   0.000      2.07714    2.427592
             _Iage2_33 |   2.442471   .0969167    25.20   0.000     2.252506    2.632437
             _Iage2_34 |   2.633134   .1044468    25.21   0.000     2.428409     2.83786
             _Iage2_35 |   2.823914   .1119775    25.22   0.000     2.604427      3.0434
             _Iage2_36 |   3.014466   .1194994    25.23   0.000     2.780236    3.248696
             _Iage2_37 |   3.204845   .1270216    25.23   0.000     2.955871     3.45382
             _Iage2_38 |   3.395771   .1345523    25.24   0.000     3.132036    3.659506
             _Iage2_39 |   3.586004   .1420783    25.24   0.000     3.307517    3.864491
             _Iage2_40 |   3.776985   .1496016    25.25   0.000     3.483752    4.070218
             _Iage2_41 |   3.967596   .1571304    25.25   0.000     3.659606    4.275586
             _Iage2_42 |    4.15819   .1646612    25.25   0.000     3.835439    4.480942
             _Iage2_43 |   4.348607   .1721887    25.25   0.000     4.011101    4.686113
             _Iage2_44 |    4.53943   .1797175    25.26   0.000     4.187167    4.891693
             _Iage2_45 |   4.729692   .1872446    25.26   0.000     4.362675    5.096709
             _Iage2_46 |   4.920715   .1947792    25.26   0.000     4.538929      5.3025
             _Iage2_47 |   5.111181   .2023014    25.27   0.000     4.714651     5.50771
             _Iage2_48 |   5.301782   .2098237    25.27   0.000     4.890508    5.713056
             _Iage2_49 |   5.492034   .2173465    25.27   0.000     5.066014    5.918054
             _Iage2_50 |   5.682372   .2248789    25.27   0.000     5.241588    6.123156
             _Iage2_51 |   5.873317   .2324043    25.27   0.000     5.417783    6.328852
             _Iage2_52 |   6.063998     .23993    25.27   0.000     5.593713    6.534283
             _Iage2_53 |    6.25447   .2474633    25.27   0.000     5.769419    6.739521
             _Iage2_54 |    6.44522   .2549933    25.28   0.000     5.945409    6.945031
             _Iage2_55 |   6.635662   .2625183    25.28   0.000     6.121102    7.150223
             _Iage2_56 |   6.826083   .2700442    25.28   0.000      6.29677    7.355395
             _Iage2_57 |   7.016705   .2775788    25.28   0.000     6.472624    7.560785
             _Iage2_58 |    7.20769      .2851    25.28   0.000     6.648867    7.766512
             _Iage2_59 |   7.397787   .2926269    25.28   0.000     6.824211    7.971363
         firm_size_new |   .0002333    .000611     0.38   0.703    -.0009644    .0014309
                 _cons |  -2.476594   .0983951   -25.17   0.000    -2.669458   -2.283731
-----------------------+----------------------------------------------------------------
               sigma_u |   2.121873
               sigma_e |  .03790149
                   rho |  .99968104   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18221) =    1.00
            Prob > F =    0.3166

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18221) =    1.32
            Prob > F =    0.2502

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18221) =    1.09
            Prob > F =    0.2974

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18221) =    0.24
            Prob > F =    0.6220

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18221) =    0.71
            Prob > F =    0.4000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18221) =    0.27
            Prob > F =    0.6047
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0986                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(89,18221)        =     12.82
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,222 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0003185   .0015044    -0.21   0.832    -.0032672    .0026302
           treated_ia2 |   .0015453   .0046696     0.33   0.741    -.0076076    .0106983
           treated_ia3 |  -.0000156   .0001294    -0.12   0.904    -.0002692    .0002379
     treated_iasuorv_d |    .005258   .0064941     0.81   0.418    -.0074711     .017987
           treated_pre |   .0017416   .0020808     0.84   0.403     -.002337    .0058201
  treated_pre_iasenior |   .0008994   .0014941     0.60   0.547    -.0020292    .0038281
       treated_pre_ia2 |  -.0007993   .0013851    -0.58   0.564    -.0035141    .0019156
       treated_pre_ia3 |  -.0000171   .0001151    -0.15   0.882    -.0002427    .0002085
 treated_pre_iasuorv_d |   -.001765   .0027274    -0.65   0.518    -.0071109    .0035809
          treated_post |   .0024089   .0021928     1.10   0.272    -.0018893     .006707
 treated_post_iasenior |   .0007987   .0015449     0.52   0.605    -.0022296    .0038269
      treated_post_ia2 |    -.00046   .0014361    -0.32   0.749    -.0032748    .0023549
      treated_post_ia3 |  -.0000189   .0001213    -0.16   0.876    -.0002566    .0002188
treated_post_iasuorv_d |  -.0010707   .0028483    -0.38   0.707    -.0066536    .0045122
                senior |   7.397569   .2926056    25.28   0.000     6.824035    7.971104
             interact2 |  -.0109775   .0036532    -3.00   0.003    -.0181382   -.0038169
             interact3 |  -.0000165   .0000365    -0.45   0.652     -.000088    .0000551
               suorv_d |   .0087086     .00388     2.24   0.025     .0011034    .0163137
                   l_0 |  -.9551018   .0376553   -25.36   0.000     -1.02891   -.8812938
                   l_1 |  -1.146792   .0451525   -25.40   0.000    -1.235296   -1.058289
                   l_2 |  -1.338579   .0526871   -25.41   0.000    -1.441851   -1.235307
                   l_3 |  -1.528599   .0602115   -25.39   0.000    -1.646619   -1.410579
                   l_4 |  -1.718949   .0677384   -25.38   0.000    -1.851723   -1.586176
                   l_5 |  -1.908979   .0752645   -25.36   0.000    -2.056504   -1.761453
                   l_6 |  -2.099706    .082794   -25.36   0.000     -2.26199   -1.937422
                   l_7 |  -2.290142   .0903188   -25.36   0.000    -2.467175   -2.113109
                   l_8 |  -2.480447   .0978487   -25.35   0.000     -2.67224   -2.288655
                   l_9 |  -2.670984    .105367   -25.35   0.000    -2.877513   -2.464455
                  l_10 |  -2.861309   .1128905   -25.35   0.000    -3.082585   -2.640033
                   f_1 |  -.7667297   .0301547   -25.43   0.000    -.8258358   -.7076237
                   f_2 |   -.572692   .0226054   -25.33   0.000    -.6170006   -.5283834
                   f_3 |  -.3822652   .0151003   -25.32   0.000    -.4118632   -.3526673
                   f_4 |  -.1907306   .0075701   -25.20   0.000    -.2055686   -.1758925
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .001916   .0002928     6.54   0.000     .0013421    .0024898
          _Ivuosi_1996 |   .0029443   .0004395     6.70   0.000     .0020829    .0038057
          _Ivuosi_1997 |   .0022038   .0002525     8.73   0.000     .0017089    .0026987
          _Ivuosi_1998 |   .0017713   .0002597     6.82   0.000     .0012622    .0022805
          _Ivuosi_1999 |    .001345   .0002452     5.49   0.000     .0008644    .0018257
          _Ivuosi_2000 |   .0021502   .0002889     7.44   0.000      .001584    .0027164
          _Ivuosi_2001 |   .0028181     .00042     6.71   0.000     .0019948    .0036414
          _Ivuosi_2002 |   .0022023   .0002762     7.97   0.000      .001661    .0027437
          _Ivuosi_2003 |   .0023517   .0002969     7.92   0.000     .0017698    .0029336
          _Ivuosi_2004 |   .0023271   .0002698     8.62   0.000     .0017981     .002856
          _Ivuosi_2005 |    .002264   .0003526     6.42   0.000     .0015729    .0029551
          _Ivuosi_2006 |   .0018386   .0003193     5.76   0.000     .0012127    .0024645
          _Ivuosi_2007 |   .0024575   .0003659     6.72   0.000     .0017403    .0031747
          _Ivuosi_2008 |   .0035367   .0003891     9.09   0.000      .002774    .0042993
          _Ivuosi_2009 |   .0016536   .0003403     4.86   0.000     .0009867    .0023206
          _Ivuosi_2010 |   .0004061   .0002688     1.51   0.131    -.0001208    .0009331
          _Ivuosi_2011 |   .0009859   .0002459     4.01   0.000     .0005039    .0014679
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581282   .0068654    23.03   0.000     .1446713    .1715851
             _Iage2_22 |   .3475325   .0141883    24.49   0.000      .319722    .3753429
             _Iage2_23 |   .5374387   .0216753    24.80   0.000     .4949531    .5799242
             _Iage2_24 |   .7279883   .0291822    24.95   0.000     .6707884    .7851881
             _Iage2_25 |   .9180366    .036721    25.00   0.000     .8460599    .9900133
             _Iage2_26 |   1.107902   .0442438    25.04   0.000      1.02118    1.194624
             _Iage2_27 |   1.298794   .0517622    25.09   0.000     1.197335    1.400252
             _Iage2_28 |   1.489672   .0592777    25.13   0.000     1.373482    1.605862
             _Iage2_29 |   1.680238   .0668095    25.15   0.000     1.549285    1.811191
             _Iage2_30 |   1.870756   .0743376    25.17   0.000     1.725047    2.016464
             _Iage2_31 |   2.061354   .0818664    25.18   0.000     1.900888    2.221819
             _Iage2_32 |   2.252377   .0893948    25.20   0.000     2.077155    2.427599
             _Iage2_33 |   2.442484   .0969145    25.20   0.000     2.252522    2.632446
             _Iage2_34 |   2.633149   .1044445    25.21   0.000     2.428428     2.83787
             _Iage2_35 |   2.823931   .1119752    25.22   0.000     2.604449    3.043413
             _Iage2_36 |   3.014487   .1194972    25.23   0.000     2.780261    3.248713
             _Iage2_37 |   3.204869   .1270194    25.23   0.000     2.955899    3.453839
             _Iage2_38 |   3.395797     .13455    25.24   0.000     3.132066    3.659528
             _Iage2_39 |   3.586033   .1420761    25.24   0.000     3.307551    3.864515
             _Iage2_40 |   3.777016   .1495994    25.25   0.000     3.483787    4.070245
             _Iage2_41 |  -3.430204   .1354974   -25.32   0.000    -3.695792   -3.164617
             _Iage2_42 |  -3.239609   .1279664   -25.32   0.000    -3.490435   -2.988782
             _Iage2_43 |  -3.049192   .1204385   -25.32   0.000    -3.285263   -2.813121
             _Iage2_44 |  -2.858367   .1129097   -25.32   0.000    -3.079681   -2.637054
             _Iage2_45 |  -2.668104   .1053821   -25.32   0.000    -2.874663   -2.461545
             _Iage2_46 |  -2.477081   .0978476   -25.32   0.000    -2.668872   -2.285291
             _Iage2_47 |  -2.286615   .0903255   -25.32   0.000    -2.463661   -2.109568
             _Iage2_48 |  -2.096013   .0828032   -25.31   0.000    -2.258315   -1.933711
             _Iage2_49 |   -1.90576   .0752803   -25.32   0.000    -2.053316   -1.758203
             _Iage2_50 |  -1.715421    .067748   -25.32   0.000    -1.848214   -1.582629
             _Iage2_51 |  -1.524476   .0602229   -25.31   0.000    -1.642519   -1.406434
             _Iage2_52 |  -1.333795   .0526975   -25.31   0.000    -1.437087   -1.230503
             _Iage2_53 |  -1.143323   .0451643   -25.31   0.000    -1.231849   -1.054796
             _Iage2_54 |  -.9525717   .0376346   -25.31   0.000    -1.026339   -.8788044
             _Iage2_55 |  -.7621324   .0301103   -25.31   0.000    -.8211514   -.7031134
             _Iage2_56 |  -.5717106   .0225847   -25.31   0.000    -.6159788   -.5274425
             _Iage2_57 |  -.3810869   .0150503   -25.32   0.000    -.4105869    -.351587
             _Iage2_58 |  -.1901002   .0075308   -25.24   0.000    -.2048612   -.1753392
             _Iage2_59 |          0  (omitted)
         firm_size_new |   .0002331    .000613     0.38   0.704    -.0009684    .0014346
                 _cons |  -2.476716    .098406   -25.17   0.000    -2.669601   -2.283831
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1218796
               sigma_e |  .03790151
                   rho |  .99968104   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18221) =    0.27
            Prob > F =    0.9500

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18221) =    0.25
            Prob > F =    0.9085

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18221) =    0.17
            Prob > F =    0.8406

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18221) =    0.05
            Prob > F =    0.9499

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18221) =    1.00
            Prob > F =    0.3178

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18221) =    0.99
            Prob > F =    0.3202

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18221) =    1.31
            Prob > F =    0.2524

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18221) =    1.02
            Prob > F =    0.3134

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18221) =    1.06
            Prob > F =    0.3037

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18221) =    1.08
            Prob > F =    0.2986
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    815958
Group variable: shnro_real                      Number of groups   =    131845

R-sq:  within  = 0.0981                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(74,18216)        =     15.06
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                           (Std. Err. adjusted for 18,217 clusters in my_group)
-------------------------------------------------------------------------------
              |               Robust
         ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
      treated |          0  (omitted)
  treated_pre |   .0013088   .0010224     1.28   0.201    -.0006953    .0033128
 treated_post |   .0021223   .0010562     2.01   0.045      .000052    .0041925
          l_0 |  -.9584305   .0377625   -25.38   0.000    -1.032449   -.8844124
          l_1 |   -1.15084   .0452818   -25.42   0.000    -1.239596   -1.062083
          l_2 |  -1.343309   .0528385   -25.42   0.000    -1.446877    -1.23974
          l_3 |  -1.534015   .0603851   -25.40   0.000    -1.652376   -1.415655
          l_4 |  -1.725051   .0679344   -25.39   0.000    -1.858209   -1.591893
          l_5 |  -1.915765   .0754828   -25.38   0.000    -2.063718   -1.767812
          l_6 |  -2.107178   .0830345   -25.38   0.000    -2.269934   -1.944423
          l_7 |  -2.298291   .0905815   -25.37   0.000     -2.47584   -2.120743
          l_8 |  -2.489273   .0981333   -25.37   0.000    -2.681624   -2.296923
          l_9 |  -2.680487   .1056735   -25.37   0.000    -2.887617   -2.473357
         l_10 |  -2.871484   .1132182   -25.36   0.000    -3.093403   -2.649566
          f_1 |  -.7694212   .0302411   -25.44   0.000    -.8286966   -.7101458
          f_2 |  -.5747176   .0226689   -25.35   0.000    -.6191509   -.5302843
          f_3 |  -.3836096    .015142   -25.33   0.000    -.4132894   -.3539298
          f_4 |  -.1914203     .00759   -25.22   0.000    -.2062974   -.1765431
 _Ivuosi_1992 |          0  (omitted)
 _Ivuosi_1993 |          0  (omitted)
 _Ivuosi_1995 |   .0019699   .0002928     6.73   0.000     .0013961    .0025437
 _Ivuosi_1996 |   .0029975   .0004383     6.84   0.000     .0021385    .0038566
 _Ivuosi_1997 |    .002277   .0002533     8.99   0.000     .0017804    .0027735
 _Ivuosi_1998 |   .0018605   .0002579     7.22   0.000     .0013551     .002366
 _Ivuosi_1999 |   .0014406   .0002433     5.92   0.000     .0009637    .0019175
 _Ivuosi_2000 |   .0022646   .0002877     7.87   0.000     .0017007    .0028284
 _Ivuosi_2001 |    .002927   .0004158     7.04   0.000      .002112     .003742
 _Ivuosi_2002 |   .0023031   .0002733     8.43   0.000     .0017674    .0028387
 _Ivuosi_2003 |   .0024452   .0002955     8.27   0.000     .0018659    .0030244
 _Ivuosi_2004 |   .0024227   .0002691     9.00   0.000     .0018952    .0029502
 _Ivuosi_2005 |   .0023692   .0003518     6.73   0.000     .0016796    .0030588
 _Ivuosi_2006 |   .0019389   .0003196     6.07   0.000     .0013125    .0025652
 _Ivuosi_2007 |   .0025483   .0003673     6.94   0.000     .0018285    .0032682
 _Ivuosi_2008 |   .0036091   .0003897     9.26   0.000     .0028454    .0043729
 _Ivuosi_2009 |   .0016847   .0003412     4.94   0.000      .001016    .0023534
 _Ivuosi_2010 |   .0004186   .0002694     1.55   0.120    -.0001094    .0009466
 _Ivuosi_2011 |   .0009949   .0002461     4.04   0.000     .0005124    .0014773
 _Ivuosi_2012 |          0  (omitted)
    _Iage2_21 |   .1585514   .0068808    23.04   0.000     .1450643    .1720385
    _Iage2_22 |   .3485497    .014224    24.50   0.000     .3206692    .3764302
    _Iage2_23 |    .539062   .0217318    24.81   0.000     .4964656    .5816585
    _Iage2_24 |   .7301121   .0292589    24.95   0.000     .6727618    .7874624
    _Iage2_25 |    .920653   .0368203    25.00   0.000     .8484818    .9928243
    _Iage2_26 |   1.111007    .044364    25.04   0.000     1.024049    1.197964
    _Iage2_27 |   1.302417   .0519029    25.09   0.000     1.200683    1.404152
    _Iage2_28 |    1.49385   .0594399    25.13   0.000     1.377342    1.610358
    _Iage2_29 |   1.685011   .0669926    25.15   0.000     1.553699    1.816323
    _Iage2_30 |   1.876126   .0745428    25.17   0.000     1.730015    2.022237
    _Iage2_31 |   2.067342   .0820925    25.18   0.000     1.906434    2.228251
    _Iage2_32 |   2.258976   .0896417    25.20   0.000      2.08327    2.434682
    _Iage2_33 |    2.44971   .0971827    25.21   0.000     2.259223    2.640197
    _Iage2_34 |   2.640999   .1047336    25.22   0.000     2.435712    2.846287
    _Iage2_35 |   2.832411   .1122855    25.23   0.000     2.612321    3.052502
    _Iage2_36 |   3.023602   .1198286    25.23   0.000     2.788727    3.258478
    _Iage2_37 |   3.214622   .1273717    25.24   0.000     2.964962    3.464283
    _Iage2_38 |   3.406183   .1349232    25.25   0.000     3.141721    3.670645
    _Iage2_39 |   3.597049   .1424704    25.25   0.000     3.317793    3.876304
    _Iage2_40 |    3.78867   .1500149    25.26   0.000     3.494627    4.082713
    _Iage2_41 |   3.979921   .1575648    25.26   0.000     3.671079    4.288763
    _Iage2_42 |   4.171154   .1651166    25.26   0.000      3.84751    4.494798
    _Iage2_43 |   4.362214    .172665    25.26   0.000     4.023774    4.700654
    _Iage2_44 |   4.553688   .1802148    25.27   0.000      4.20045    4.906926
    _Iage2_45 |   4.744598   .1877629    25.27   0.000     4.376566    5.112631
    _Iage2_46 |   4.936267   .1953184    25.27   0.000     4.553425     5.31911
    _Iage2_47 |    5.12737   .2028615    25.28   0.000     4.729742    5.524998
    _Iage2_48 |   5.318624   .2104045    25.28   0.000     4.906211    5.731036
    _Iage2_49 |   5.509524   .2179482    25.28   0.000     5.082325    5.936723
    _Iage2_50 |   5.700527   .2255016    25.28   0.000     5.258523    6.142531
    _Iage2_51 |   5.892129   .2330482    25.28   0.000     5.435333    6.348926
    _Iage2_52 |   6.083469   .2405946    25.29   0.000     5.611881    6.555057
    _Iage2_53 |   6.274605   .2481486    25.29   0.000      5.78821       6.761
    _Iage2_54 |   6.466024   .2556996    25.29   0.000     5.964829    6.967219
    _Iage2_55 |   6.657132   .2632453    25.29   0.000     6.141147    7.173118
    _Iage2_56 |   6.848226   .2707924    25.29   0.000     6.317448    7.379005
    _Iage2_57 |   7.039539   .2783486    25.29   0.000     6.493949    7.585128
    _Iage2_58 |   7.231209    .285891    25.29   0.000     6.670836    7.791582
    _Iage2_59 |   7.421999   .2934388    25.29   0.000     6.846831    7.997166
firm_size_new |  -.0000848   .0010167    -0.08   0.934    -.0020776    .0019081
        _cons |  -2.481402   .0985811   -25.17   0.000     -2.67463   -2.288174
--------------+----------------------------------------------------------------
      sigma_u |  2.1268545
      sigma_e |  .03791445
          rho |  .99968232   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    815958
Group variable: shnro_real                      Number of groups   =    131845

R-sq:  within  = 0.0984                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(82,18216)        =     13.73
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,217 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia3 |  -3.04e-06   .0001052    -0.03   0.977    -.0002093    .0002032
     treated_iasuorv_d |   .0043893   .0059119     0.74   0.458    -.0071986    .0159771
           treated_pre |   .0014926   .0018906     0.79   0.430    -.0022131    .0051983
       treated_pre_ia3 |   .0000113   .0000882     0.13   0.898    -.0001616    .0001843
 treated_pre_iasuorv_d |  -.0008113   .0018149    -0.45   0.655    -.0043687    .0027462
          treated_post |   .0020684   .0020054     1.03   0.302    -.0018623    .0059991
      treated_post_ia3 |   5.36e-06   .0000942     0.06   0.955    -.0001792    .0001899
treated_post_iasuorv_d |   .0000935   .0019653     0.05   0.962    -.0037587    .0039457
             interact3 |   .0000312   .0000353     0.88   0.377     -.000038    .0001003
               suorv_d |   .0089293   .0038748     2.30   0.021     .0013344    .0165243
                   l_0 |  -.9556441   .0376736   -25.37   0.000    -1.029488   -.8818003
                   l_1 |  -1.147485   .0451739   -25.40   0.000     -1.23603    -1.05894
                   l_2 |  -1.339391   .0527115   -25.41   0.000    -1.442711   -1.236072
                   l_3 |  -1.529535    .060239   -25.39   0.000    -1.647609   -1.411461
                   l_4 |  -1.720007   .0677691   -25.38   0.000     -1.85284   -1.587173
                   l_5 |   -1.91016   .0752985   -25.37   0.000    -2.057752   -1.762568
                   l_6 |  -2.101011    .082831   -25.37   0.000    -2.263367   -1.938654
                   l_7 |  -2.291568    .090359   -25.36   0.000     -2.46868   -2.114456
                   l_8 |  -2.481992    .097892   -25.35   0.000     -2.67387   -2.290115
                   l_9 |  -2.672655   .1054133   -25.35   0.000    -2.879275   -2.466035
                  l_10 |  -2.863109   .1129395   -25.35   0.000    -3.084481   -2.641737
                   f_1 |  -.7671845   .0301684   -25.43   0.000    -.8263174   -.7080517
                   f_2 |  -.5730346   .0226159   -25.34   0.000    -.6173639   -.5287053
                   f_3 |  -.3824946   .0151076   -25.32   0.000     -.412107   -.3528822
                   f_4 |  -.1908561   .0075745   -25.20   0.000    -.2057028   -.1760094
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0019413   .0002933     6.62   0.000     .0013664    .0025162
          _Ivuosi_1996 |   .0029585   .0004388     6.74   0.000     .0020984    .0038185
          _Ivuosi_1997 |   .0022239   .0002544     8.74   0.000     .0017253    .0027226
          _Ivuosi_1998 |   .0017997   .0002595     6.94   0.000     .0012911    .0023083
          _Ivuosi_1999 |   .0013812   .0002458     5.62   0.000     .0008994     .001863
          _Ivuosi_2000 |   .0022071   .0002894     7.63   0.000     .0016399    .0027743
          _Ivuosi_2001 |   .0028691   .0004197     6.84   0.000     .0020464    .0036918
          _Ivuosi_2002 |   .0022438    .000276     8.13   0.000     .0017028    .0027848
          _Ivuosi_2003 |   .0023877   .0002977     8.02   0.000     .0018042    .0029711
          _Ivuosi_2004 |   .0023683   .0002708     8.75   0.000     .0018375    .0028991
          _Ivuosi_2005 |   .0023137   .0003531     6.55   0.000     .0016215    .0030058
          _Ivuosi_2006 |    .001887   .0003192     5.91   0.000     .0012614    .0025126
          _Ivuosi_2007 |   .0025061   .0003672     6.82   0.000     .0017863    .0032259
          _Ivuosi_2008 |   .0035747   .0003905     9.16   0.000     .0028094      .00434
          _Ivuosi_2009 |   .0016785   .0003406     4.93   0.000     .0010109     .002346
          _Ivuosi_2010 |   .0004209   .0002687     1.57   0.117    -.0001059    .0009477
          _Ivuosi_2011 |   .0009977   .0002458     4.06   0.000     .0005159    .0014794
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581661   .0068685    23.03   0.000     .1447032    .1716289
             _Iage2_22 |   .3476499   .0141942    24.49   0.000     .3198279    .3754719
             _Iage2_23 |   .5376371   .0216842    24.79   0.000      .495134    .5801403
             _Iage2_24 |   .7281614    .029194    24.94   0.000     .6709383    .7853845
             _Iage2_25 |   .9181461   .0367362    24.99   0.000     .8461396    .9901526
             _Iage2_26 |   1.107966   .0442623    25.03   0.000     1.021207    1.194724
             _Iage2_27 |   1.298837   .0517839    25.08   0.000     1.197335    1.400338
             _Iage2_28 |   1.489718   .0593022    25.12   0.000      1.37348    1.605955
             _Iage2_29 |   1.680319   .0668371    25.14   0.000     1.549312    1.811326
             _Iage2_30 |   1.870876   .0743688    25.16   0.000     1.725106    2.016645
             _Iage2_31 |   2.061529   .0819006    25.17   0.000     1.900996    2.222062
             _Iage2_32 |   2.252612    .089432    25.19   0.000     2.077317    2.427907
             _Iage2_33 |   2.442786   .0969549    25.20   0.000     2.252745    2.632827
             _Iage2_34 |   2.633517   .1044879    25.20   0.000     2.428711    2.838323
             _Iage2_35 |   2.824367   .1120217    25.21   0.000     2.604794     3.04394
             _Iage2_36 |   3.014992   .1195466    25.22   0.000      2.78067    3.249315
             _Iage2_37 |   3.205446   .1270717    25.23   0.000     2.956373    3.454518
             _Iage2_38 |   3.396447   .1346055    25.23   0.000     3.132607    3.660286
             _Iage2_39 |   3.586751   .1421344    25.23   0.000     3.308154    3.865348
             _Iage2_40 |   3.777806   .1496609    25.24   0.000     3.484457    4.071156
             _Iage2_41 |   3.968495   .1571927    25.25   0.000     3.660382    4.276607
             _Iage2_42 |   4.159164   .1647266    25.25   0.000     3.836285    4.482044
             _Iage2_43 |   4.349658    .172257    25.25   0.000     4.012018    4.687298
             _Iage2_44 |   4.540562   .1797887    25.25   0.000     4.188159    4.892965
             _Iage2_45 |   4.730904   .1873189    25.26   0.000     4.363742    5.098067
             _Iage2_46 |   4.922009   .1948565    25.26   0.000     4.540072    5.303946
             _Iage2_47 |   5.112558   .2023818    25.26   0.000     4.715871    5.509246
             _Iage2_48 |   5.303248    .209907    25.26   0.000     4.891811    5.714686
             _Iage2_49 |   5.493589    .217433    25.27   0.000       5.0674    5.919778
             _Iage2_50 |   5.684018   .2249685    25.27   0.000     5.243058    6.124977
             _Iage2_51 |   5.875055    .232497    25.27   0.000     5.419339    6.330771
             _Iage2_52 |   6.065831   .2400258    25.27   0.000     5.595358    6.536305
             _Iage2_53 |   6.256399   .2475621    25.27   0.000     5.771154    6.741644
             _Iage2_54 |   6.447248   .2550952    25.27   0.000     5.947237    6.947259
             _Iage2_55 |   6.637789   .2626232    25.27   0.000     6.123023    7.152555
             _Iage2_56 |    6.82831   .2701522    25.28   0.000     6.298787    7.357834
             _Iage2_57 |   7.019036   .2776898    25.28   0.000     6.474738    7.563334
             _Iage2_58 |   7.210125   .2852139    25.28   0.000     6.651079    7.769171
             _Iage2_59 |   7.400328   .2927438    25.28   0.000     6.826523    7.974134
         firm_size_new |   -.000074   .0010191    -0.07   0.942    -.0020714    .0019235
                 _cons |  -2.478314   .0984312   -25.18   0.000    -2.671248   -2.285379
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1227801
               sigma_e |  .03790865
                   rho |  .99968119   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18216) =    1.16
            Prob > F =    0.2813

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18216) =    0.69
            Prob > F =    0.4074
note: treated omitted because of collinearity
note: senior omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    815958
Group variable: shnro_real                      Number of groups   =    131845

R-sq:  within  = 0.0982                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(79,18216)        =     14.19
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                   (Std. Err. adjusted for 18,217 clusters in my_group)
---------------------------------------------------------------------------------------
                      |               Robust
                 ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
----------------------+----------------------------------------------------------------
              treated |          0  (omitted)
     treated_iasenior |   .0005662   .0017434     0.32   0.745     -.002851    .0039835
          treated_pre |   .0018154   .0014391     1.26   0.207    -.0010053    .0046362
 treated_pre_iasenior |  -.0012408   .0017404    -0.71   0.476    -.0046522    .0021705
         treated_post |   .0020389   .0014915     1.37   0.172    -.0008845    .0049624
treated_post_iasenior |   8.55e-06    .001807     0.00   0.996    -.0035334    .0035505
               senior |          0  (omitted)
         pre_iasenior |   .0013028   .0014648     0.89   0.374    -.0015683     .004174
        post_iasenior |  -.0000271   .0015138    -0.02   0.986    -.0029943    .0029401
                  l_0 |  -.9586614   .0377751   -25.38   0.000    -1.032704   -.8846186
                  l_1 |  -1.151116   .0452938   -25.41   0.000    -1.239896   -1.062336
                  l_2 |  -1.343634   .0528507   -25.42   0.000    -1.447226   -1.240042
                  l_3 |  -1.534392    .060398   -25.40   0.000    -1.652778   -1.416006
                  l_4 |   -1.72548   .0679482   -25.39   0.000    -1.858665   -1.592295
                  l_5 |  -1.916248   .0754977   -25.38   0.000     -2.06423   -1.768265
                  l_6 |  -2.107715   .0830507   -25.38   0.000    -2.270502   -1.944927
                  l_7 |  -2.298881    .090599   -25.37   0.000    -2.476464   -2.121299
                  l_8 |  -2.489918   .0981524   -25.37   0.000    -2.682305    -2.29753
                  l_9 |  -2.681187   .1056941   -25.37   0.000    -2.888358   -2.474017
                 l_10 |   -2.87224   .1132404   -25.36   0.000    -3.094202   -2.650278
                  f_1 |  -.7701944   .0302769   -25.44   0.000    -.8295399   -.7108489
                  f_2 |  -.5754344   .0227074   -25.34   0.000     -.619943   -.5309259
                  f_3 |  -.3842671   .0151879   -25.30   0.000    -.4140367   -.3544974
                  f_4 |  -.1920159   .0076597   -25.07   0.000    -.2070297   -.1770021
         _Ivuosi_1992 |          0  (omitted)
         _Ivuosi_1993 |          0  (omitted)
         _Ivuosi_1995 |   .0019663   .0002924     6.72   0.000     .0013931    .0025394
         _Ivuosi_1996 |   .0029943   .0004386     6.83   0.000     .0021345     .003854
         _Ivuosi_1997 |   .0022753   .0002527     9.00   0.000       .00178    .0027706
         _Ivuosi_1998 |   .0018604   .0002578     7.22   0.000     .0013551    .0023657
         _Ivuosi_1999 |   .0014448   .0002433     5.94   0.000      .000968    .0019217
         _Ivuosi_2000 |   .0022613   .0002877     7.86   0.000     .0016973    .0028253
         _Ivuosi_2001 |   .0029183   .0004154     7.03   0.000     .0021041    .0037324
         _Ivuosi_2002 |   .0022972   .0002732     8.41   0.000     .0017616    .0028327
         _Ivuosi_2003 |   .0024424   .0002959     8.25   0.000     .0018624    .0030224
         _Ivuosi_2004 |   .0024147    .000269     8.98   0.000     .0018873     .002942
         _Ivuosi_2005 |   .0023608   .0003515     6.72   0.000     .0016718    .0030498
         _Ivuosi_2006 |   .0019308   .0003194     6.05   0.000     .0013049    .0025568
         _Ivuosi_2007 |   .0025407   .0003672     6.92   0.000     .0018209    .0032606
         _Ivuosi_2008 |   .0036032   .0003894     9.25   0.000     .0028399    .0043666
         _Ivuosi_2009 |   .0016799   .0003409     4.93   0.000     .0010117    .0023481
         _Ivuosi_2010 |   .0004167   .0002692     1.55   0.122    -.0001109    .0009444
         _Ivuosi_2011 |   .0009944    .000246     4.04   0.000     .0005121    .0014766
         _Ivuosi_2012 |          0  (omitted)
            _Iage2_21 |   .1585689   .0068807    23.05   0.000     .1450821    .1720557
            _Iage2_22 |   .3485804   .0142237    24.51   0.000     .3207006    .3764601
            _Iage2_23 |     .53911   .0217313    24.81   0.000     .4965146    .5817054
            _Iage2_24 |   .7301795   .0292585    24.96   0.000     .6728302    .7875288
            _Iage2_25 |   .9207444   .0368202    25.01   0.000     .8485734    .9929153
            _Iage2_26 |   1.111128   .0443645    25.05   0.000      1.02417    1.198087
            _Iage2_27 |   1.302569   .0519039    25.10   0.000     1.200833    1.404306
            _Iage2_28 |   1.494033   .0594416    25.13   0.000     1.377522    1.610544
            _Iage2_29 |   1.685227    .066995    25.15   0.000     1.553911    1.816543
            _Iage2_30 |   1.876378    .074546    25.17   0.000     1.730261    2.022495
            _Iage2_31 |   2.067631   .0820964    25.19   0.000     1.906714    2.228548
            _Iage2_32 |   2.259299   .0896465    25.20   0.000     2.083584    2.435015
            _Iage2_33 |   2.450067   .0971883    25.21   0.000     2.259569    2.640565
            _Iage2_34 |   2.641391     .10474    25.22   0.000     2.436091    2.846691
            _Iage2_35 |    2.83284   .1122928    25.23   0.000     2.612736    3.052945
            _Iage2_36 |   3.024066   .1198369    25.23   0.000     2.789175    3.258958
            _Iage2_37 |   3.215125    .127381    25.24   0.000     2.965446    3.464804
            _Iage2_38 |   3.406725   .1349336    25.25   0.000     3.142242    3.671207
            _Iage2_39 |   3.597634   .1424822    25.25   0.000     3.318355    3.876912
            _Iage2_40 |   3.789304   .1500282    25.26   0.000     3.495234    4.083373
            _Iage2_41 |   3.980178   .1575768    25.26   0.000     3.671312    4.289043
            _Iage2_42 |   4.171473   .1651306    25.26   0.000     3.847801    4.495144
            _Iage2_43 |   4.362601   .1726812    25.26   0.000      4.02413    4.701073
            _Iage2_44 |   4.554147   .1802336    25.27   0.000     4.200872    4.907422
            _Iage2_45 |    4.74513   .1877844    25.27   0.000     4.377055    5.113206
            _Iage2_46 |   4.936871   .1953424    25.27   0.000     4.553982    5.319761
            _Iage2_47 |   5.128048   .2028883    25.28   0.000     4.730368    5.525728
            _Iage2_48 |   5.319378   .2104341    25.28   0.000     4.906907    5.731848
            _Iage2_49 |   5.510358   .2179807    25.28   0.000     5.083095     5.93762
            _Iage2_50 |   5.701437   .2255368    25.28   0.000     5.259363     6.14351
            _Iage2_51 |   5.893115   .2330861    25.28   0.000     5.436244    6.349986
            _Iage2_52 |   6.084533   .2406352    25.29   0.000     5.612865    6.556201
            _Iage2_53 |   6.275746   .2481923    25.29   0.000     5.789266    6.762226
            _Iage2_54 |   6.467243   .2557463    25.29   0.000     5.965956    6.968529
            _Iage2_55 |   6.658424   .2632944    25.29   0.000     6.142342    7.174506
            _Iage2_56 |   6.849598   .2708448    25.29   0.000     6.318717     7.38048
            _Iage2_57 |   7.040997   .2784044    25.29   0.000     6.495299    7.586696
            _Iage2_58 |   7.232756   .2859504    25.29   0.000     6.672266    7.793246
            _Iage2_59 |   7.423639   .2935021    25.29   0.000     6.848347    7.998931
        firm_size_new |  -.0000934   .0010188    -0.09   0.927    -.0020903    .0019035
                _cons |  -2.481743   .0985782   -25.18   0.000    -2.674966   -2.288521
----------------------+----------------------------------------------------------------
              sigma_u |    2.12741
              sigma_e |  .03791422
                  rho |  .99968249   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18216) =    2.70
            Prob > F =    0.1003

 ( 1)  treated_pre + treated_pre_iasenior = 0

       F(  1, 18216) =    0.24
            Prob > F =    0.6253
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    815958
Group variable: shnro_real                      Number of groups   =    131845

R-sq:  within  = 0.0986                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(86,18216)        =     13.25
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,217 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0012934   .0046397     0.28   0.780    -.0078008    .0103876
           treated_ia3 |   -.000035    .000107    -0.33   0.744    -.0002446    .0001747
     treated_iasuorv_d |   .0045042   .0059354     0.76   0.448    -.0071296     .016138
           treated_pre |   .0015752   .0019553     0.81   0.420    -.0022574    .0054077
       treated_pre_ia2 |  -.0006434   .0013072    -0.49   0.623    -.0032057    .0019189
       treated_pre_ia3 |   .0000147   .0000894     0.16   0.869    -.0001605    .0001899
 treated_pre_iasuorv_d |  -.0009605   .0018592    -0.52   0.605    -.0046047    .0026837
          treated_post |   .0022918   .0020712     1.11   0.269     -.001768    .0063517
      treated_post_ia2 |  -.0003259   .0013488    -0.24   0.809    -.0029696    .0023178
      treated_post_ia3 |   .0000103   .0000955     0.11   0.914    -.0001769    .0001975
treated_post_iasuorv_d |  -.0003427   .0020076    -0.17   0.864    -.0042777    .0035923
             interact2 |  -.0109955   .0036522    -3.01   0.003    -.0181542   -.0038369
             interact3 |  -.0000216   .0000359    -0.60   0.547    -.0000921    .0000488
               suorv_d |     .00871   .0038792     2.25   0.025     .0011065    .0163136
                   l_0 |  -.9555292   .0376692   -25.37   0.000    -1.029364   -.8816941
                   l_1 |  -1.147298   .0451688   -25.40   0.000    -1.235833   -1.058763
                   l_2 |  -1.339162   .0527057   -25.41   0.000     -1.44247   -1.235854
                   l_3 |   -1.52926   .0602325   -25.39   0.000    -1.647322   -1.411199
                   l_4 |  -1.719689   .0677618   -25.38   0.000    -1.852508   -1.586869
                   l_5 |  -1.909796   .0752905   -25.37   0.000    -2.057372    -1.76222
                   l_6 |  -2.100602   .0828223   -25.36   0.000    -2.262941   -1.938262
                   l_7 |  -2.291116   .0903495   -25.36   0.000     -2.46821   -2.114023
                   l_8 |    -2.4815   .0978818   -25.35   0.000    -2.673357   -2.289642
                   l_9 |  -2.672115   .1054024   -25.35   0.000    -2.878714   -2.465516
                  l_10 |  -2.862515   .1129278   -25.35   0.000    -3.083864   -2.641166
                   f_1 |  -.7670579   .0301651   -25.43   0.000    -.8261843   -.7079315
                   f_2 |  -.5729426   .0226135   -25.34   0.000    -.6172671   -.5286181
                   f_3 |  -.3824385   .0151059   -25.32   0.000    -.4120475   -.3528295
                   f_4 |  -.1908314   .0075735   -25.20   0.000    -.2056763   -.1759866
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0019223   .0002928     6.57   0.000     .0013483    .0024962
          _Ivuosi_1996 |   .0029432   .0004389     6.71   0.000     .0020829    .0038035
          _Ivuosi_1997 |    .002205   .0002544     8.67   0.000     .0017063    .0027037
          _Ivuosi_1998 |   .0017747   .0002594     6.84   0.000     .0012662    .0022832
          _Ivuosi_1999 |   .0013466   .0002455     5.48   0.000     .0008653    .0018279
          _Ivuosi_2000 |   .0021559   .0002892     7.46   0.000     .0015891    .0027228
          _Ivuosi_2001 |   .0028245   .0004203     6.72   0.000     .0020005    .0036484
          _Ivuosi_2002 |   .0022041   .0002762     7.98   0.000     .0016627    .0027456
          _Ivuosi_2003 |    .002353    .000297     7.92   0.000     .0017709    .0029351
          _Ivuosi_2004 |   .0023278   .0002702     8.61   0.000     .0017981    .0028574
          _Ivuosi_2005 |   .0022694   .0003528     6.43   0.000     .0015779     .002961
          _Ivuosi_2006 |   .0018473   .0003194     5.78   0.000     .0012212    .0024735
          _Ivuosi_2007 |   .0024649    .000367     6.72   0.000     .0017456    .0031842
          _Ivuosi_2008 |   .0035438   .0003903     9.08   0.000     .0027788    .0043087
          _Ivuosi_2009 |   .0016522     .00034     4.86   0.000     .0009857    .0023187
          _Ivuosi_2010 |   .0004059   .0002685     1.51   0.131    -.0001204    .0009323
          _Ivuosi_2011 |   .0009857   .0002457     4.01   0.000     .0005041    .0014674
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581994   .0068679    23.03   0.000     .1447377    .1716612
             _Iage2_22 |   .3476797   .0141932    24.50   0.000     .3198597    .3754998
             _Iage2_23 |   .5376631   .0216826    24.80   0.000     .4951631    .5801631
             _Iage2_24 |   .7282911   .0291922    24.95   0.000     .6710717    .7855105
             _Iage2_25 |   .9184154   .0367335    25.00   0.000     .8464143    .9904166
             _Iage2_26 |    1.10836   .0442588    25.04   0.000     1.021609    1.195112
             _Iage2_27 |   1.299331   .0517796    25.09   0.000     1.197838    1.400824
             _Iage2_28 |   1.490289   .0592977    25.13   0.000      1.37406    1.606518
             _Iage2_29 |   1.680934    .066832    25.15   0.000     1.549937    1.811931
             _Iage2_30 |   1.871532   .0743626    25.17   0.000     1.725774    2.017289
             _Iage2_31 |   2.062207   .0818938    25.18   0.000     1.901688    2.222727
             _Iage2_32 |   2.253308   .0894244    25.20   0.000     2.078028    2.428588
             _Iage2_33 |   2.443492   .0969465    25.20   0.000     2.253468    2.633516
             _Iage2_34 |   2.634235   .1044789    25.21   0.000     2.429447    2.839024
             _Iage2_35 |   2.825094   .1120119    25.22   0.000     2.605541    3.044648
             _Iage2_36 |   3.015726   .1195361    25.23   0.000     2.781424    3.250029
             _Iage2_37 |   3.206186   .1270606    25.23   0.000     2.957135    3.455237
             _Iage2_38 |   3.397192   .1345937    25.24   0.000     3.133376    3.661008
             _Iage2_39 |   3.587505   .1421221    25.24   0.000     3.308932    3.866077
             _Iage2_40 |   3.778566   .1496476    25.25   0.000     3.485242    4.071889
             _Iage2_41 |   3.969256   .1571787    25.25   0.000     3.661171    4.277341
             _Iage2_42 |   4.159931   .1647118    25.26   0.000      3.83708    4.482781
             _Iage2_43 |   4.350427   .1722415    25.26   0.000     4.012818    4.688037
             _Iage2_44 |    4.54133   .1797725    25.26   0.000     4.188959    4.893701
             _Iage2_45 |   4.731672    .187302    25.26   0.000     4.364542    5.098801
             _Iage2_46 |   4.922775   .1948388    25.27   0.000     4.540872    5.304677
             _Iage2_47 |    5.11332   .2023633    25.27   0.000     4.716669    5.509972
             _Iage2_48 |   5.304002   .2098878    25.27   0.000     4.892602    5.715402
             _Iage2_49 |   5.494334    .217413    25.27   0.000     5.068184    5.920484
             _Iage2_50 |   5.684751   .2249477    25.27   0.000     5.243833     6.12567
             _Iage2_51 |   5.875777   .2324755    25.27   0.000     5.420103     6.33145
             _Iage2_52 |   6.066537   .2400034    25.28   0.000     5.596108    6.536966
             _Iage2_53 |   6.257089    .247539    25.28   0.000     5.771889    6.742289
             _Iage2_54 |   6.447919   .2550714    25.28   0.000     5.947955    6.947882
             _Iage2_55 |    6.63844   .2625986    25.28   0.000     6.123722    7.153158
             _Iage2_56 |    6.82894   .2701268    25.28   0.000     6.299466    7.358414
             _Iage2_57 |   7.019642   .2776638    25.28   0.000     6.475395     7.56389
             _Iage2_58 |   7.210707   .2851872    25.28   0.000     6.651713      7.7697
             _Iage2_59 |   7.400884   .2927164    25.28   0.000     6.827132    7.974635
         firm_size_new |   -.000047   .0010141    -0.05   0.963    -.0020346    .0019407
                 _cons |  -2.477753   .0984193   -25.18   0.000    -2.670664   -2.284842
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1227822
               sigma_e |  .03790444
                   rho |  .99968126   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18216) =    1.02
            Prob > F =    0.3135

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18216) =    1.34
            Prob > F =    0.2471

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18216) =    1.10
            Prob > F =    0.2944

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18216) =    0.25
            Prob > F =    0.6176

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18216) =    0.72
            Prob > F =    0.3974

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18216) =    0.27
            Prob > F =    0.6002
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    815958
Group variable: shnro_real                      Number of groups   =    131845

R-sq:  within  = 0.0984                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(85,18216)        =     13.30
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,217 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |  -.0001854   .0014734    -0.13   0.900    -.0030734    .0027026
           treated_ia3 |   .0000111   .0001253     0.09   0.929    -.0002346    .0002568
     treated_iasuorv_d |   .0049597   .0064377     0.77   0.441    -.0076588    .0175782
           treated_pre |   .0016329   .0019913     0.82   0.412    -.0022702     .005536
  treated_pre_iasenior |   .0007738   .0014667     0.53   0.598    -.0021011    .0036487
       treated_pre_ia3 |  -.0000164   .0001121    -0.15   0.884    -.0002361    .0002033
 treated_pre_iasuorv_d |  -.0014983   .0026295    -0.57   0.569    -.0066522    .0036557
          treated_post |   .0021621   .0021035     1.03   0.304     -.001961    .0062852
 treated_post_iasenior |   .0005509   .0015165     0.36   0.716    -.0024215    .0035233
      treated_post_ia3 |  -.0000165    .000118    -0.14   0.889    -.0002479    .0002149
treated_post_iasuorv_d |   -.000437   .0027528    -0.16   0.874    -.0058327    .0049587
                senior |    7.40022   .2927232    25.28   0.000     6.826455    7.973985
             interact3 |   .0000356   .0000358     0.99   0.320    -.0000346    .0001059
               suorv_d |   .0089208   .0038757     2.30   0.021     .0013242    .0165175
                   l_0 |  -.9556259   .0376706   -25.37   0.000    -1.029464    -.881788
                   l_1 |  -1.147469   .0451707   -25.40   0.000    -1.236008    -1.05893
                   l_2 |  -1.339378    .052708   -25.41   0.000     -1.44269   -1.236065
                   l_3 |  -1.529524   .0602354   -25.39   0.000    -1.647591   -1.411457
                   l_4 |  -1.719998   .0677653   -25.38   0.000    -1.852824   -1.587171
                   l_5 |  -1.910154   .0752944   -25.37   0.000    -2.057738    -1.76257
                   l_6 |  -2.101007   .0828268   -25.37   0.000    -2.263356   -1.938659
                   l_7 |  -2.291566   .0903546   -25.36   0.000     -2.46867   -2.114463
                   l_8 |  -2.481993   .0978874   -25.36   0.000    -2.673862   -2.290125
                   l_9 |  -2.672658   .1054085   -25.36   0.000    -2.879269   -2.466048
                  l_10 |  -2.863116   .1129345   -25.35   0.000    -3.084478   -2.641753
                   f_1 |  -.7671822   .0301668   -25.43   0.000    -.8263119   -.7080524
                   f_2 |  -.5730294   .0226145   -25.34   0.000     -.617356   -.5287028
                   f_3 |  -.3824853   .0151063   -25.32   0.000    -.4120951   -.3528755
                   f_4 |  -.1908417   .0075732   -25.20   0.000    -.2056859   -.1759976
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |    .001941   .0002934     6.62   0.000     .0013659    .0025161
          _Ivuosi_1996 |   .0029579    .000439     6.74   0.000     .0020974    .0038184
          _Ivuosi_1997 |   .0022246   .0002537     8.77   0.000     .0017272    .0027219
          _Ivuosi_1998 |   .0018005   .0002596     6.94   0.000     .0012917    .0023092
          _Ivuosi_1999 |   .0013812   .0002459     5.62   0.000     .0008993    .0018632
          _Ivuosi_2000 |   .0022061   .0002895     7.62   0.000     .0016388    .0027735
          _Ivuosi_2001 |   .0028668   .0004197     6.83   0.000     .0020441    .0036895
          _Ivuosi_2002 |   .0022431    .000276     8.13   0.000     .0017022    .0027841
          _Ivuosi_2003 |   .0023861   .0002978     8.01   0.000     .0018024    .0029698
          _Ivuosi_2004 |   .0023671   .0002708     8.74   0.000     .0018364    .0028979
          _Ivuosi_2005 |   .0023128    .000353     6.55   0.000     .0016209    .0030048
          _Ivuosi_2006 |   .0018855   .0003191     5.91   0.000     .0012601    .0025109
          _Ivuosi_2007 |   .0025054   .0003672     6.82   0.000     .0017857    .0032252
          _Ivuosi_2008 |   .0035739   .0003905     9.15   0.000     .0028085    .0043393
          _Ivuosi_2009 |   .0016781   .0003405     4.93   0.000     .0010106    .0023456
          _Ivuosi_2010 |   .0004208   .0002687     1.57   0.117     -.000106    .0009475
          _Ivuosi_2011 |   .0009979   .0002458     4.06   0.000     .0005161    .0014796
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581676   .0068684    23.03   0.000     .1447049    .1716302
             _Iage2_22 |   .3476523    .014194    24.49   0.000     .3198308    .3754738
             _Iage2_23 |   .5376401   .0216837    24.79   0.000     .4951379    .5801423
             _Iage2_24 |   .7281648   .0291933    24.94   0.000     .6709432    .7853864
             _Iage2_25 |   .9181506   .0367353    24.99   0.000      .846146    .9901553
             _Iage2_26 |   1.107971   .0442612    25.03   0.000     1.021215    1.194727
             _Iage2_27 |   1.298844   .0517827    25.08   0.000     1.197345    1.400343
             _Iage2_28 |   1.489725   .0593008    25.12   0.000      1.37349     1.60596
             _Iage2_29 |   1.680328   .0668356    25.14   0.000     1.549324    1.811332
             _Iage2_30 |   1.870885    .074367    25.16   0.000     1.725119    2.016652
             _Iage2_31 |    2.06154   .0818987    25.17   0.000     1.901011     2.22207
             _Iage2_32 |   2.252625   .0894301    25.19   0.000     2.077334    2.427917
             _Iage2_33 |   2.442801   .0969529    25.20   0.000     2.252764    2.632837
             _Iage2_34 |   2.633533   .1044859    25.20   0.000      2.42873    2.838335
             _Iage2_35 |   2.824385   .1120196    25.21   0.000     2.604816    3.043954
             _Iage2_36 |   3.015012   .1195445    25.22   0.000     2.780693     3.24933
             _Iage2_37 |   3.205467   .1270697    25.23   0.000     2.956399    3.454536
             _Iage2_38 |    3.39647   .1346035    25.23   0.000     3.132634    3.660305
             _Iage2_39 |   3.586777   .1421325    25.24   0.000     3.308184     3.86537
             _Iage2_40 |   3.777834   .1496589    25.24   0.000     3.484489     4.07118
             _Iage2_41 |  -3.431918   .1355528   -25.32   0.000    -3.697614   -3.166221
             _Iage2_42 |  -3.241244   .1280187   -25.32   0.000    -3.492173   -2.990316
             _Iage2_43 |  -3.050748   .1204878   -25.32   0.000    -3.286915    -2.81458
             _Iage2_44 |  -2.859838    .112956   -25.32   0.000    -3.081243   -2.638434
             _Iage2_45 |  -2.669491   .1054254   -25.32   0.000    -2.876135   -2.462847
             _Iage2_46 |  -2.478383   .0978879   -25.32   0.000    -2.670252   -2.286513
             _Iage2_47 |  -2.287829   .0903627   -25.32   0.000    -2.464948   -2.110709
             _Iage2_48 |  -2.097134   .0828373   -25.32   0.000    -2.259503   -1.934765
             _Iage2_49 |  -1.906789   .0753113   -25.32   0.000    -2.054406   -1.759171
             _Iage2_50 |  -1.716355   .0677758   -25.32   0.000    -1.849202   -1.583508
             _Iage2_51 |  -1.525315   .0602475   -25.32   0.000    -1.643405   -1.407224
             _Iage2_52 |  -1.334533   .0527191   -25.31   0.000    -1.437868   -1.231199
             _Iage2_53 |  -1.143961   .0451828   -25.32   0.000    -1.232524   -1.055399
             _Iage2_54 |  -.9531069   .0376499   -25.31   0.000    -1.026904   -.8793094
             _Iage2_55 |  -.7625636   .0301226   -25.32   0.000    -.8216068   -.7035205
             _Iage2_56 |   -.572037   .0225939   -25.32   0.000    -.6163232   -.5277508
             _Iage2_57 |  -.3813058   .0150563   -25.33   0.000    -.4108176   -.3517939
             _Iage2_58 |  -.1902107   .0075338   -25.25   0.000    -.2049777   -.1754436
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000739   .0010225    -0.07   0.942    -.0020781    .0019302
                 _cons |  -2.478412   .0984414   -25.18   0.000    -2.671367   -2.285458
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1228027
               sigma_e |  .03790868
                   rho |   .9996812   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia3 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia3 = 0

       F(  3, 18216) =    0.01
            Prob > F =    0.9985

 ( 1)  treated_pre_ia3 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18216) =    0.01
            Prob > F =    0.9893

 ( 1)  treated_pre_ia3 = 0

       F(  1, 18216) =    0.02
            Prob > F =    0.8838

 ( 1)  treated_post_ia3 = 0

       F(  1, 18216) =    0.02
            Prob > F =    0.8888

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18216) =    0.78
            Prob > F =    0.3774

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18216) =    1.15
            Prob > F =    0.2840

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18216) =    0.83
            Prob > F =    0.3634
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity
note: _Iage2_59 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    815958
Group variable: shnro_real                      Number of groups   =    131845

R-sq:  within  = 0.0986                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(89,18216)        =     12.85
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,217 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
      treated_iasenior |   -.000306   .0015073    -0.20   0.839    -.0032604    .0026484
           treated_ia2 |    .001372   .0046816     0.29   0.769    -.0078044    .0105485
           treated_ia3 |  -.0000155   .0001294    -0.12   0.905    -.0002691    .0002381
     treated_iasuorv_d |     .00525   .0064954     0.81   0.419    -.0074816    .0179817
           treated_pre |   .0017482   .0020799     0.84   0.401    -.0023286     .005825
  treated_pre_iasenior |   .0008922   .0014972     0.60   0.551    -.0020424    .0038268
       treated_pre_ia2 |  -.0007948    .001386    -0.57   0.566    -.0035115     .001922
       treated_pre_ia3 |  -.0000171   .0001151    -0.15   0.882    -.0002428    .0002085
 treated_pre_iasuorv_d |  -.0017587   .0027297    -0.64   0.519    -.0071091    .0035917
          treated_post |   .0024221   .0021924     1.10   0.269    -.0018752    .0067195
 treated_post_iasenior |   .0007923   .0015471     0.51   0.609    -.0022402    .0038247
      treated_post_ia2 |  -.0004613   .0014372    -0.32   0.748    -.0032782    .0023557
      treated_post_ia3 |  -.0000195   .0001213    -0.16   0.872    -.0002572    .0002182
treated_post_iasuorv_d |  -.0010758     .00285    -0.38   0.706     -.006662    .0045103
                senior |   7.400664   .2926952    25.28   0.000     6.826954    7.974375
             interact2 |   -.010976   .0036532    -3.00   0.003    -.0181366   -.0038154
             interact3 |  -.0000166   .0000365    -0.45   0.649    -.0000881     .000055
               suorv_d |   .0087026   .0038799     2.24   0.025     .0010975    .0163076
                   l_0 |  -.9554941   .0376662   -25.37   0.000    -1.029323   -.8816649
                   l_1 |  -1.147264   .0451655   -25.40   0.000    -1.235792   -1.058735
                   l_2 |  -1.339128   .0527021   -25.41   0.000    -1.442429   -1.235827
                   l_3 |  -1.529227   .0602288   -25.39   0.000    -1.647282   -1.411173
                   l_4 |  -1.719656   .0677579   -25.38   0.000    -1.852468   -1.586845
                   l_5 |  -1.909764   .0752863   -25.37   0.000    -2.057333   -1.762196
                   l_6 |  -2.100571   .0828179   -25.36   0.000    -2.262902   -1.938241
                   l_7 |  -2.291086   .0903448   -25.36   0.000     -2.46817   -2.114001
                   l_8 |   -2.48147   .0978769   -25.35   0.000    -2.673318   -2.289622
                   l_9 |  -2.672086   .1053973   -25.35   0.000    -2.878674   -2.465497
                  l_10 |  -2.862487   .1129225   -25.35   0.000    -3.083825   -2.641148
                   f_1 |  -.7670447   .0301635   -25.43   0.000    -.8261679   -.7079215
                   f_2 |  -.5729282    .022612   -25.34   0.000    -.6172499   -.5286065
                   f_3 |  -.3824223   .0151046   -25.32   0.000    -.4120287    -.352816
                   f_4 |  -.1908122   .0075723   -25.20   0.000    -.2056546   -.1759699
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0019224   .0002929     6.56   0.000     .0013483    .0024965
          _Ivuosi_1996 |   .0029431   .0004391     6.70   0.000     .0020823    .0038038
          _Ivuosi_1997 |   .0022061   .0002538     8.69   0.000     .0017087    .0027035
          _Ivuosi_1998 |   .0017756   .0002595     6.84   0.000      .001267    .0022842
          _Ivuosi_1999 |   .0013467   .0002455     5.49   0.000     .0008655     .001828
          _Ivuosi_2000 |   .0021552   .0002892     7.45   0.000     .0015883    .0027221
          _Ivuosi_2001 |   .0028223   .0004203     6.72   0.000     .0019986    .0036461
          _Ivuosi_2002 |   .0022032   .0002762     7.98   0.000     .0016619    .0027446
          _Ivuosi_2003 |   .0023512   .0002971     7.91   0.000     .0017687    .0029336
          _Ivuosi_2004 |   .0023265   .0002702     8.61   0.000     .0017969    .0028561
          _Ivuosi_2005 |   .0022684   .0003527     6.43   0.000     .0015771    .0029597
          _Ivuosi_2006 |   .0018458   .0003194     5.78   0.000     .0012198    .0024718
          _Ivuosi_2007 |   .0024641    .000367     6.71   0.000     .0017449    .0031834
          _Ivuosi_2008 |   .0035429   .0003903     9.08   0.000     .0027779    .0043079
          _Ivuosi_2009 |   .0016518     .00034     4.86   0.000     .0009854    .0023182
          _Ivuosi_2010 |   .0004059   .0002685     1.51   0.131    -.0001205    .0009322
          _Ivuosi_2011 |   .0009859   .0002457     4.01   0.000     .0005042    .0014675
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1582003   .0068678    23.04   0.000     .1447387    .1716618
             _Iage2_22 |   .3476806   .0141929    24.50   0.000     .3198611    .3755001
             _Iage2_23 |   .5376636   .0216821    24.80   0.000     .4951646    .5801626
             _Iage2_24 |   .7282916   .0291914    24.95   0.000     .6710737    .7855095
             _Iage2_25 |   .9184169   .0367325    25.00   0.000     .8464177    .9904161
             _Iage2_26 |   1.108362   .0442577    25.04   0.000     1.021613    1.195112
             _Iage2_27 |   1.299335   .0517783    25.09   0.000     1.197845    1.400826
             _Iage2_28 |   1.490293   .0592962    25.13   0.000     1.374067    1.606519
             _Iage2_29 |    1.68094   .0668304    25.15   0.000     1.549946    1.811934
             _Iage2_30 |   1.871539   .0743607    25.17   0.000     1.725784    2.017293
             _Iage2_31 |   2.062216   .0818918    25.18   0.000       1.9017    2.222732
             _Iage2_32 |   2.253319   .0894224    25.20   0.000     2.078043    2.428595
             _Iage2_33 |   2.443505   .0969444    25.21   0.000     2.253485    2.633526
             _Iage2_34 |    2.63425   .1044767    25.21   0.000     2.429466    2.839035
             _Iage2_35 |   2.825113   .1120097    25.22   0.000     2.605563    3.044662
             _Iage2_36 |   3.015748   .1195339    25.23   0.000      2.78145    3.250046
             _Iage2_37 |    3.20621   .1270585    25.23   0.000     2.957164    3.455257
             _Iage2_38 |   3.397219   .1345915    25.24   0.000     3.133407    3.661031
             _Iage2_39 |   3.587535   .1421199    25.24   0.000     3.308966    3.866103
             _Iage2_40 |   3.778597   .1496455    25.25   0.000     3.485278    4.071917
             _Iage2_41 |  -3.431642   .1355388   -25.32   0.000     -3.69731   -3.165973
             _Iage2_42 |  -3.240966   .1280055   -25.32   0.000    -3.491869   -2.990063
             _Iage2_43 |  -3.050469   .1204753   -25.32   0.000    -3.286612   -2.814326
             _Iage2_44 |  -2.859565   .1129443   -25.32   0.000    -3.080946   -2.638183
             _Iage2_45 |  -2.669221   .1054144   -25.32   0.000    -2.875844   -2.462599
             _Iage2_46 |  -2.478119   .0978777   -25.32   0.000    -2.669968   -2.286269
             _Iage2_47 |  -2.287572   .0903533   -25.32   0.000    -2.464673   -2.110471
             _Iage2_48 |   -2.09689   .0828287   -25.32   0.000    -2.259242   -1.934538
             _Iage2_49 |  -1.906557   .0753035   -25.32   0.000    -2.054159   -1.758955
             _Iage2_50 |  -1.716139   .0677688   -25.32   0.000    -1.848972   -1.583306
             _Iage2_51 |  -1.525114   .0602413   -25.32   0.000    -1.643193   -1.407035
             _Iage2_52 |  -1.334353   .0527137   -25.31   0.000    -1.437677   -1.231029
             _Iage2_53 |  -1.143801   .0451781   -25.32   0.000    -1.232354   -1.055247
             _Iage2_54 |  -.9529699   .0376461   -25.31   0.000     -1.02676   -.8791801
             _Iage2_55 |  -.7624512   .0301195   -25.31   0.000    -.8214883   -.7034141
             _Iage2_56 |  -.5719496   .0225916   -25.32   0.000    -.6162313   -.5276679
             _Iage2_57 |  -.3812459   .0150548   -25.32   0.000    -.4107548    -.351737
             _Iage2_58 |  -.1901796    .007533   -25.25   0.000     -.204945   -.1754141
             _Iage2_59 |          0  (omitted)
         firm_size_new |  -.0000467   .0010176    -0.05   0.963    -.0020414    .0019479
                 _cons |  -2.477875   .0984303   -25.17   0.000    -2.670808   -2.284942
-----------------------+----------------------------------------------------------------
               sigma_u |  2.1227891
               sigma_e |  .03790446
                   rho |  .99968127   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_ia2 = 0
 ( 2)  treated_ia3 = 0
 ( 3)  treated_pre_ia2 = 0
 ( 4)  treated_pre_ia3 = 0
 ( 5)  treated_post_ia2 = 0
 ( 6)  treated_post_ia3 = 0

       F(  6, 18216) =    0.27
            Prob > F =    0.9523

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0
 ( 3)  treated_post_ia2 = 0
 ( 4)  treated_post_ia3 = 0

       F(  4, 18216) =    0.25
            Prob > F =    0.9101

 ( 1)  treated_pre_ia2 = 0
 ( 2)  treated_pre_ia3 = 0

       F(  2, 18216) =    0.17
            Prob > F =    0.8426

 ( 1)  treated_post_ia2 = 0
 ( 2)  treated_post_ia3 = 0

       F(  2, 18216) =    0.05
            Prob > F =    0.9497

 ( 1)  treated_post + treated_post_iasenior = 0

       F(  1, 18216) =    1.00
            Prob > F =    0.3169

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18216) =    1.00
            Prob > F =    0.3173

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18216) =    1.32
            Prob > F =    0.2498

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 = 0

       F(  1, 18216) =    1.02
            Prob > F =    0.3123

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia3 = 0

       F(  1, 18216) =    1.06
            Prob > F =    0.3029

 ( 1)  treated_post + treated_post_iasenior + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18216) =    1.08
            Prob > F =    0.2976
note: treated omitted because of collinearity
note: _Ivuosi_1992 omitted because of collinearity
note: _Ivuosi_1993 omitted because of collinearity
note: _Ivuosi_2012 omitted because of collinearity

Fixed-effects (within) regression               Number of obs      =    816121
Group variable: shnro_real                      Number of groups   =    131869

R-sq:  within  = 0.0986                         Obs per group: min =         1
       between = 0.0103                                        avg =       6.2
       overall = 0.0032                                        max =        16

                                                F(86,18221)        =     13.21
corr(u_i, Xb)  = -0.9995                        Prob > F           =    0.0000

                                    (Std. Err. adjusted for 18,222 clusters in my_group)
----------------------------------------------------------------------------------------
                       |               Robust
                  ue_d |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
               treated |          0  (omitted)
           treated_ia2 |   .0014649   .0046285     0.32   0.752    -.0076075    .0105372
           treated_ia3 |  -.0000354    .000107    -0.33   0.741    -.0002451    .0001742
     treated_iasuorv_d |   .0045071    .005935     0.76   0.448    -.0071261    .0161402
           treated_pre |   .0015667    .001956     0.80   0.423    -.0022673    .0054007
       treated_pre_ia2 |  -.0006467   .0013067    -0.49   0.621     -.003208    .0019145
       treated_pre_ia3 |    .000015   .0000894     0.17   0.867    -.0001602    .0001902
 treated_pre_iasuorv_d |  -.0009606    .001859    -0.52   0.605    -.0046044    .0026832
          treated_post |   .0022767   .0020716     1.10   0.272    -.0017839    .0063373
      treated_post_ia2 |  -.0003236   .0013481    -0.24   0.810     -.002966    .0023188
      treated_post_ia3 |   .0000111   .0000955     0.12   0.908    -.0001762    .0001983
treated_post_iasuorv_d |  -.0003324   .0020075    -0.17   0.868    -.0042673    .0036024
             interact2 |  -.0109967   .0036522    -3.01   0.003    -.0181555    -.003838
             interact3 |  -.0000214   .0000359    -0.60   0.551    -.0000919     .000049
               suorv_d |   .0087159   .0038792     2.25   0.025     .0011123    .0163195
                   l_0 |  -.9551367   .0376584   -25.36   0.000    -1.028951   -.8813227
                   l_1 |  -1.146827   .0451558   -25.40   0.000    -1.235336   -1.058317
                   l_2 |  -1.338613   .0526907   -25.41   0.000    -1.441891   -1.235334
                   l_3 |  -1.528632   .0602153   -25.39   0.000     -1.64666   -1.410604
                   l_4 |  -1.718981   .0677424   -25.38   0.000    -1.851763     -1.5862
                   l_5 |   -1.90901   .0752688   -25.36   0.000    -2.056544   -1.761476
                   l_6 |  -2.099737   .0827984   -25.36   0.000    -2.262029   -1.937444
                   l_7 |  -2.290173   .0903235   -25.36   0.000    -2.467215    -2.11313
                   l_8 |  -2.480477   .0978536   -25.35   0.000     -2.67228   -2.288675
                   l_9 |  -2.671014   .1053722   -25.35   0.000    -2.877553   -2.464474
                  l_10 |  -2.861337   .1128958   -25.34   0.000    -3.082624   -2.640051
                   f_1 |  -.7667429   .0301563   -25.43   0.000    -.8258522   -.7076336
                   f_2 |  -.5727063   .0226068   -25.33   0.000    -.6170178   -.5283948
                   f_3 |  -.3822814   .0151016   -25.31   0.000    -.4118819   -.3526808
                   f_4 |  -.1907496   .0075714   -25.19   0.000    -.2055902   -.1759091
          _Ivuosi_1992 |          0  (omitted)
          _Ivuosi_1993 |          0  (omitted)
          _Ivuosi_1995 |   .0019158   .0002927     6.55   0.000     .0013421    .0024894
          _Ivuosi_1996 |   .0029445   .0004393     6.70   0.000     .0020835    .0038055
          _Ivuosi_1997 |   .0022027   .0002532     8.70   0.000     .0017065     .002699
          _Ivuosi_1998 |   .0017704   .0002597     6.82   0.000     .0012614    .0022794
          _Ivuosi_1999 |   .0013449   .0002452     5.48   0.000     .0008642    .0018256
          _Ivuosi_2000 |   .0021509   .0002888     7.45   0.000     .0015848     .002717
          _Ivuosi_2001 |   .0028203   .0004201     6.71   0.000     .0019968    .0036437
          _Ivuosi_2002 |   .0022032   .0002762     7.98   0.000     .0016618    .0027447
          _Ivuosi_2003 |   .0023536   .0002967     7.93   0.000      .001772    .0029351
          _Ivuosi_2004 |   .0023283   .0002699     8.63   0.000     .0017993    .0028573
          _Ivuosi_2005 |    .002265   .0003527     6.42   0.000     .0015737    .0029564
          _Ivuosi_2006 |   .0018401   .0003194     5.76   0.000      .001214    .0024662
          _Ivuosi_2007 |   .0024583   .0003659     6.72   0.000      .001741    .0031755
          _Ivuosi_2008 |   .0035375   .0003891     9.09   0.000     .0027749    .0043001
          _Ivuosi_2009 |    .001654   .0003403     4.86   0.000      .000987     .002321
          _Ivuosi_2010 |   .0004062   .0002689     1.51   0.131    -.0001208    .0009332
          _Ivuosi_2011 |   .0009858   .0002459     4.01   0.000     .0005038    .0014678
          _Ivuosi_2012 |          0  (omitted)
             _Iage2_21 |   .1581274   .0068655    23.03   0.000     .1446703    .1715844
             _Iage2_22 |   .3475316   .0141886    24.49   0.000     .3197206    .3753427
             _Iage2_23 |   .5374383   .0216758    24.79   0.000     .4949516    .5799249
             _Iage2_24 |   .7279878    .029183    24.95   0.000     .6707864    .7851893
             _Iage2_25 |   .9180353    .036722    25.00   0.000     .8460566    .9900139
             _Iage2_26 |   1.107899    .044245    25.04   0.000     1.021175    1.194624
             _Iage2_27 |    1.29879   .0517635    25.09   0.000     1.197329    1.400251
             _Iage2_28 |   1.489668   .0592792    25.13   0.000     1.373475    1.605861
             _Iage2_29 |   1.680233   .0668112    25.15   0.000     1.549277    1.811189
             _Iage2_30 |   1.870749   .0743394    25.16   0.000     1.725037    2.016461
             _Iage2_31 |   2.061345   .0818684    25.18   0.000     1.900876    2.221815
             _Iage2_32 |   2.252366   .0893968    25.20   0.000      2.07714    2.427592
             _Iage2_33 |   2.442471   .0969167    25.20   0.000     2.252506    2.632437
             _Iage2_34 |   2.633134   .1044468    25.21   0.000     2.428409     2.83786
             _Iage2_35 |   2.823914   .1119775    25.22   0.000     2.604427      3.0434
             _Iage2_36 |   3.014466   .1194994    25.23   0.000     2.780236    3.248696
             _Iage2_37 |   3.204845   .1270216    25.23   0.000     2.955871     3.45382
             _Iage2_38 |   3.395771   .1345523    25.24   0.000     3.132036    3.659506
             _Iage2_39 |   3.586004   .1420783    25.24   0.000     3.307517    3.864491
             _Iage2_40 |   3.776985   .1496016    25.25   0.000     3.483752    4.070218
             _Iage2_41 |   3.967596   .1571304    25.25   0.000     3.659606    4.275586
             _Iage2_42 |    4.15819   .1646612    25.25   0.000     3.835439    4.480942
             _Iage2_43 |   4.348607   .1721887    25.25   0.000     4.011101    4.686113
             _Iage2_44 |    4.53943   .1797175    25.26   0.000     4.187167    4.891693
             _Iage2_45 |   4.729692   .1872446    25.26   0.000     4.362675    5.096709
             _Iage2_46 |   4.920715   .1947792    25.26   0.000     4.538929      5.3025
             _Iage2_47 |   5.111181   .2023014    25.27   0.000     4.714651     5.50771
             _Iage2_48 |   5.301782   .2098237    25.27   0.000     4.890508    5.713056
             _Iage2_49 |   5.492034   .2173465    25.27   0.000     5.066014    5.918054
             _Iage2_50 |   5.682372   .2248789    25.27   0.000     5.241588    6.123156
             _Iage2_51 |   5.873317   .2324043    25.27   0.000     5.417783    6.328852
             _Iage2_52 |   6.063998     .23993    25.27   0.000     5.593713    6.534283
             _Iage2_53 |    6.25447   .2474633    25.27   0.000     5.769419    6.739521
             _Iage2_54 |    6.44522   .2549933    25.28   0.000     5.945409    6.945031
             _Iage2_55 |   6.635662   .2625183    25.28   0.000     6.121102    7.150223
             _Iage2_56 |   6.826083   .2700442    25.28   0.000      6.29677    7.355395
             _Iage2_57 |   7.016705   .2775788    25.28   0.000     6.472624    7.560785
             _Iage2_58 |    7.20769      .2851    25.28   0.000     6.648867    7.766512
             _Iage2_59 |   7.397787   .2926269    25.28   0.000     6.824211    7.971363
         firm_size_new |   .0002333    .000611     0.38   0.703    -.0009644    .0014309
                 _cons |  -2.476594   .0983951   -25.17   0.000    -2.669458   -2.283731
-----------------------+----------------------------------------------------------------
               sigma_u |   2.121873
               sigma_e |  .03790149
                   rho |  .99968104   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------

 ( 1)  treated_post + treated_post_ia2 = 0

       F(  1, 18221) =    1.00
            Prob > F =    0.3166

 ( 1)  treated_post + treated_post_ia3 = 0

       F(  1, 18221) =    1.32
            Prob > F =    0.2502

 ( 1)  treated_post + treated_post_ia2 + treated_post_ia3 = 0

       F(  1, 18221) =    1.09
            Prob > F =    0.2974

 ( 1)  treated_pre + treated_pre_ia2 = 0

       F(  1, 18221) =    0.24
            Prob > F =    0.6220

 ( 1)  treated_pre + treated_pre_ia3 = 0

       F(  1, 18221) =    0.71
            Prob > F =    0.4000

 ( 1)  treated_pre + treated_pre_ia2 + treated_pre_ia3 = 0

       F(  1, 18221) =    0.27
            Prob > F =    0.6047
O:\returns
ue_d_bluec_age_shortownf_noIQownfirm_clust_G.xls
dir : seeout
ue_d_bluec_age_top3ownf_noIQownfirm_clust_G.xls
dir : seeout

. *log close
.         
. 
. exit

end of do-file

. 
. log close
      name:  <unnamed>
       log:  O:\returns\returns_REStat_replication_23082022.log
  log type:  text
 closed on:  25 Aug 2022, 01:48:07
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
